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This paper investigates the role of the family organization of the mutual fund industry in shaping managerial portfolio … same fund family significantly outperform managers who passively mimic their family's portfolio. The superior performance … the family portfolio because withholding their investment ideas from family peers enables such managers to achieve top …
Persistent link: https://www.econbiz.de/10013092480
family has on performance. We test for strategic and competitive behaviour among family funds and whether this affects … performance persistence and risk taking behaviour. We find no conclusive evidence of stronger performance persistence among family … funds versus non-family funds, although we do find some significant differences in the future performance of portfolios of …
Persistent link: https://www.econbiz.de/10013063872
betweenyoung and mature funds of the same family. Cross-fund subsidization is attenuated by managerownership in subsidizing funds …
Persistent link: https://www.econbiz.de/10012911831
We show that early-life family disruption (death or divorce of a parent) causes fund managers to be more risk averse …-treated managers. This effect is most pronounced for managers who experienced family disruption during their formative years or who had …
Persistent link: https://www.econbiz.de/10011989092
This study examines the impact of mutual fund family structure on mutual fund attributes. Using a novel dataset, we … consider a two-layer fund family structure: whether an advisory firm manages one or multiple investment companies and whether … each investment company has one (standalone) fund or multiple (series) funds. Family structure impacts fund expense ratios …
Persistent link: https://www.econbiz.de/10014258596
families with which they have previous experience. Our results are consistent with the influence of family-level reputation and …-based purchases, investors earn higher returns even controlling for investor ability and within-family correlation …
Persistent link: https://www.econbiz.de/10012940260
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