Similar Search Results

Do Mutual Funds Outperform During Recessions? International (Counter-) Evidence

Fink, Christopher; Raatz, Katharina; Weigert, Florian - School of Finance, Universität St. Gallen - 2014

Glode (2011) shows, both theoretically and empirically, that U.S. equity mutual funds have a systematically better performance during periods of economic downturn and that investors are willing to pay higher fund fees for this recession insurance. In this paper, we test these hypotheses...

Persistent link: https://www.econbiz.de/10011154587

Institutional Investors Flows and the Geography of Contagion

PUY, Damien - Department of Economics, European University Institute - 2013

) funding in isolation. We also find strong evidence of global contagion: although global waves originate in developed countries …, emerging markets’ funding is much more affected. We illustrate this finding by deriving “contagion maps” showing where … contagion spreads and with what intensity. In general, our results suggest that “push” effects from advanced market investors …

Persistent link: https://www.econbiz.de/10010709029

International Asset Allocations and Capital Flows: The Benchmark Effect

Raddatz, Claudio; Schmukler, Sergio L.; Williams, Tomas - Hong Kong Institute for Monetary Research (HKIMR), … - 2015

We study different channels through which well-known benchmark indexes impact asset allocations, capital flows, and asset prices across countries, using unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2014. Benchmarks are useful for...

Persistent link: https://www.econbiz.de/10011170338

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Lin, Chunmei; Massa, Massimo; Zhang, Hong - Tinbergen Instituut - 2014

We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semi-public information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that semi-public...

Persistent link: https://www.econbiz.de/10011272600

What is the wind behind the sails to go abroad? Empirical evidence from the mutual fund industry

Lang, Gunnar; Schäfer, Henry - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

Specific industry factors determining cross-border business set-up in the European mutual fund industry are analyzed to contribute to the understanding of production specificities in the financial industry. The findings indicate that the decision on where to domicile a fund is not primarily...

Persistent link: https://www.econbiz.de/10010985661

How does the domiciliation decision affect mutual fund fees?

Lang, Gunnar; Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

In this paper, we analyze whether the domiciliation decision of mutual funds has an impact on fund fees. To explain the fee price-setting of mutual funds, we consider characteristics specific to funds, fund companies, and countries. We find that fees vary considerably across fund types and...

Persistent link: https://www.econbiz.de/10010985715

Asset price effects of peer benchmarking : evidence from a natural experiment

Acharya, Sushant; Morales, Pedraza; Enrique, Alvaro - Economics Research, World Bank Group - 2015

This paper estimates the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due to peer benchmarking as separate from those based on fundamentals or private information, the paper exploits a natural experiment involving a change in a government...

Persistent link: https://www.econbiz.de/10011254987

Private pension systems : cross-country investment performance

Musalem, Alberto R.; Pasquini, Ricardo - World Bank Group - 2012

This study investigates the performance of private pensions systems across countries a topic which has yet to be adequately addressed in the literature. Specifically, this study examines the relationship between pension fund performance (as captured by gross real rates of return and the three...

Persistent link: https://www.econbiz.de/10010548908

On the international transmission of shocks : micro-evidence from mutual fund portfolios

Raddatz, Claudio; Schmukler, Sergio L. - Economics Research, World Bank Group - 2012

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors...

Persistent link: https://www.econbiz.de/10010548911

Financial globalization in emerging countries : diversification vs. offshoring

Ceballos, Francisco; Didier, Tatiana; Schmukler, Sergio L. - Economics Research, World Bank Group - 2012

Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. This paper examines two important, concurrent dimensions of financial globalization:...

Persistent link: https://www.econbiz.de/10010554708