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The Scope of International Mutual Fund Outsourcing : Fees, Performance and Risks
Cumming, Douglas J. - 2015
This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers …: advisors, custodians, administrators, and transfer agents. The data indicate outsourcing is less common among bank … funds that outsource. The effect of service outsourcing on subscription fees occurs only for funds targeting institutional …
Persistent link: https://www.econbiz.de/10013022623
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The Scope of International Mutual Fund Outsourcing : Fees, Performance and Risks
Cumming, Douglas J. - 2015
This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers …: advisors, custodians, administrators, and transfer agents. The data indicate outsourcing is less common among bank … funds that outsource. The effect of service outsourcing on subscription fees occurs only for funds targeting institutional …
Persistent link: https://www.econbiz.de/10013023462
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Outsourcing of mutual funds' non-core competencies
Sorhage, Christoph - 2015 - [This version:] August 2015
Fund families strategically shape their member funds' behavior to target specific groups of investors with varying performance and service needs. In this paper I introduce a new measure to identify performance-oriented and service-oriented funds. Matching theories from the industrial...
Persistent link: https://www.econbiz.de/10011309199
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Mutual Fund Trading Pressure : Firm-Level Stock Price Impact and Timing of SEOs
Khan, Mozaffar - 2013
We use price pressure resulting from purchases by mutual funds with large capital inflows to identify overvalued equity. This is a relatively exogenous overvaluation indicator as it is associated with who is buying, buyers with excess liquidity, rather than what is being purchased. We document...
Persistent link: https://www.econbiz.de/10013092698
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Mutual Funds’ Aversion to Tax-avoiding Firms : An Anomaly?
Doellman, Thomas W. - 2019
We document evidence that mutual funds, on average, are averse to investing in tax-avoiding firms, which seems anomalous given mutual fund managers' incentive structure. Our results remain unchanged when we address endogeneity concerns using several methods, including identification through...
Persistent link: https://www.econbiz.de/10012901997
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The Influence of Interest Rate, Inflation, Ihsg, and Foreign Stock Market to Mutual Fund Return
Pasaribu, Rowland Bismark - 2017
This study aims to determine the significant influence of SBI interest rate, inflation rate, stock price index and foreign exchange (KLSI and HSI) on return of equity mutual funds of 2008-2012 periods. From the calculation results as follows: a) SBI rate, inflation rate, stock price index and...
Persistent link: https://www.econbiz.de/10012943086
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A Dissection of Mutual Fund Fees, Flows, and Performance
Cumming, Douglas J. - 2017
This paper provides a dissection of both mutual fund fees and flows into several categories, and presents evidence that relates specific components of fees to flows, and fees and flows to performance. For stand-alone funds that cannot be purchased directly from fund managers, fees that...
Persistent link: https://www.econbiz.de/10012970784
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Measuring Mutual Fund Flow Pressure As Shock to Stock Returns
Wardlaw, Malcolm - 2020
A large and rapidly growing literature examines the impact of misvaluation on firm policies by using mutual fund outflow-induced price pressure to isolate non-fundamental price variation. I demonstrate that the standard approach to computing outflow-induced price pressure produces a measure that...
Persistent link: https://www.econbiz.de/10012851373
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What is Mutual Fund Flow?
Cumming, Douglas J. - 2019
Distinguishing between switches, pre-authorized contributions, systematic withdrawal plans, reinvestments, and distributions, we find that different types of fund flow exhibit distinct characteristics to retail fund flow with respect to fund fees and past performance. We argue that the positive...
Persistent link: https://www.econbiz.de/10012862177
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The Long and the Short : Portfolio Turnover Ratios & Mutual Fund Investment Time Horizons
Tucker, Anne M. - 2018
Mutual fund portfolio turnover ratios (PTR) are at the center of the short-termism debate, which criticizes corporate maneuvers taken to prop up near-term earnings at the expense of long-term, value focused investments and policies. Scholars and policymakers often rely on portfolio turnover...
Persistent link: https://www.econbiz.de/10012919977