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Does direct-sold funds provide a sizeable edge to investors? : evidences from selected mutual funds in India

Seal, Jayanta Kumar; Paul, Arunima - In: Cogent economics & finance 7 (2019) 1, pp. 1-17

In this study, an attempt has been made to find out why investors still prefer broker-sold fund over direct-sold fund despite the superior performance of the latter. We find the sensitivity of funds flow in selected direct-sold funds and broker-sold funds in India. We do not find any evidence...

Persistent link: https://www.econbiz.de/10012023959

Common mutual fund ownership and systemic risk

Iselin, Michael; Liao, Scott; Zhang, Haiwen - 2021

We examine whether bank connections via common mutual fund ownership serve as a contagion channel affecting the systemic risk of the banking system. We first document that the extent of a bank’s connection with other banks via common ownership increases its contribution to systemic risk. We...

Persistent link: https://www.econbiz.de/10012595430

Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice

Fang-Klingler, Jieyan - 2020

In this paper, I investigate the asset allocation ability of mutual fund investors. Specifically, I examine differences among non-proprietary brokers, proprietary brokers and direct channels regarding their asset allocation ability. In aggregate, mutual fund investors do not seem to have...

Persistent link: https://www.econbiz.de/10012848654

Do Stock Retail Investors Show Better Portfolio Performance When They Hold Passive ETFs?

Elhichou Elmaya, Younes; D'Hondt, Catherine; Petitjean, … - 2022

We investigate the portfolio performance of retail investors who combine stocks and passive exchange traded funds (P-ETFs) by relying on both proprietary trading records and survey data. We use propensity score matching to control for all the key investor characteristics and better identify the...

Persistent link: https://www.econbiz.de/10013405055

Should Passive Investors Actively Manage Their Trades?

Li, Sida - 2021

Using novel daily holding data for exchange-traded funds (ETFs), I identify three types of ETFs that adopt distinct approaches to rebalancing their portfolios, which generates meaningful return heterogeneity. First, 56% of ETFs track public indices that pre-announce their rebalances, and they...

Persistent link: https://www.econbiz.de/10014351710

Got skin in the game? Investor reaction to managers’ signaling of private investments in mutual funds

Scheld, Dominik; Stolper, Oscar Anselm - 2023

—“Skin in the game”—money managers’ private investments in the funds they run—helps aligning potentially conflicted … interests of investors and managers. Prior research acknowledges this benefit but remains silent about how investors are … supposed to learn if fund managers have skin in the game. We fill this gap by investigating strategic signaling of aligned …

Persistent link: https://www.econbiz.de/10014258378

Are Fund Alphas Robust Proxies for Funds Managers' Managerial Skill?

Obrimah, Oghenovo A. - 2019

This study provides formal theoretical evidence that constructions of fund alpha that are implemented using robust specifications of asset pricing models generate alpha estimates that are well defined. Regardless, the formal theoretical model shows fund alphas that are constructed with the...

Persistent link: https://www.econbiz.de/10012897319

Redemptions and asset liquidations in corporate bond funds

Dötz, Niko; Weth, Mark - 2019

is only significant if fund assets are sufficiently liquid. Second, the way that fund managers liquidate their bonds to … times of high uncertainty, managers of institutional-oriented funds sell bonds in a liquidity pecking order style, thereby …

Persistent link: https://www.econbiz.de/10012268205

Redemptions and asset liquidations in corporate bond funds

Dötz, Niko; Weth, Mark - 2019

Persistent link: https://www.econbiz.de/10011995042

Investment Horizons, Systematic Risk, and Managerial Skills of Institutional Investors

Chen, Jiun-Lin - 2018

We examine the relationship between portfolio risk and equity returns over different investment horizons of institutional investors. Compared to long-term institutions, portfolios held by short-term institutions exhibit higher factor loadings in market, size, and momentum. In particular, they...

Persistent link: https://www.econbiz.de/10012928303