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This paper documents the level of portfolio manager ownership in the funds they manage and examines whether higher ownership is associated with improved future performance. Almost half of all managers have ownership stakes in their funds, though the absolute investment is modest. Future...
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This paper documents the range of portfolio manager ownership in the funds they manage and examines whether higher ownership is associated with improved future performance. Almost half of all managers have ownership stakes in their funds, though the absolute investment is modest. Future...
Persistent link: https://www.econbiz.de/10005123498
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We study mutual fund mergers between 1999 and 2001 to understand the role and effectiveness of fund boards. Some fund mergers - typically across-family fund mergers - benefit target shareholders but are costly to target fund directors. We examine whether certain governance structures relate to...
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This paper studies the mutual fund industry in 56 countries and tests various hypotheses to explain the extent to which this innovative form of financial intermediation has flourished. Consistent with related findings from the law and economics literature, the mutual fund industry is larger in...
Persistent link: https://www.econbiz.de/10012721906
Using a new database, we study fees charged by 46,580 mutual fund classes offered for sale in 18 countries, which account for about 86% of the world fund industry in 2002. We examine management fees, total expense ratios, and total shareholder costs (which include load charges). Fees vary...
Persistent link: https://www.econbiz.de/10012731780
For a sample of 1163 mutual funds started over the period 1979-1992, we find that fund initiations are positively related to the level of assets invested in and the capital gains embedded in other funds with the same objective, the fund family's prior performance, the fraction of funds in the...
Persistent link: https://www.econbiz.de/10012788191