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Outsourcing in the international mutual fund industry : an equilibrium view
Chuprinin, Oleg; Massa, Massimo; Schumacher, David - In: The journal of finance : the journal of the American … 70 (2015) 5, pp. 2275-2308
Persistent link: https://www.econbiz.de/10011408762
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Private Placements of Equity and Firm Value : Value Enhancing or Value Destroying?
Kang, Jun-Koo - 2020
This paper reassesses two conflicting hypotheses on the valuation impacts of private placements of equity (PPEs), the monitoring/certification hypothesis and the managerial entrenchment hypothesis, by focusing on the shareholder approval, active buyer, and premium pricing features of PPEs. We...
Persistent link: https://www.econbiz.de/10012857208
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Collaborative investor engagement with policymakers : changing the rules of the game?
Yamahaki, Camila; Marchewitz, Catherine - 2023
Although a growing number of investors are engaging with sovereign entities on environmental, social, and governance (ESG) issues, little academic research investigates this new form of investor activism. Applying universal ownership theory and drawing on eleven case studies of policy...
Persistent link: https://www.econbiz.de/10014338086
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Mutual Fund Flows and Cross-Fund Learning Within Families
Brown, David P. - 2014
We develop a model of performance evaluation and fund flows for mutual funds in a family. Family performance has two effects on the estimate of a member fund's skill and its inflows: a positive common-skill effect, and a negative correlated-noise effect. The overall spillover is either positive...
Persistent link: https://www.econbiz.de/10013069170
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Learning About Mutual Fund Managers
Choi, Darwin - 2016
We study capital allocations to managers with two mutual funds, and show that investors learn about managers from their performance records. Flows into a fund are predicted by the manager's performance in his other fund, especially when he outperforms and when signals from the other fund are...
Persistent link: https://www.econbiz.de/10013007677
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Detecting Superior Mutual Fund Managers : Evidence from Copycats
Phillips, Blake - 2014
We examine the ex ante ability of investors to identify superior mutual fund managers among the investor set likely most able, and with the greatest incentive to do so, their rivals. Identifying actual copycat funds via comparisons of trading in consecutive periods, we find little evidence to...
Persistent link: https://www.econbiz.de/10013047376
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Measuring institutional investors' skill from their investments in private equity
Cavagnaro, Daniel R.; Sensoy, Berk A.; Wang, Yingdi; … - 2018
Using a large sample of institutional investors' investments in private equity funds raised between 1991 and 2011, we estimate the extent to which investors' skill affects their returns. Bootstrap analyses show that the variance of actual performance is higher than would be expected by chance,...
Persistent link: https://www.econbiz.de/10011962225
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Operational Risk Management in Practice : Implementation, Success Factors and Pitfalls: Efficient Implementation for Midsize and Small Asset Managers, Hedge Funds, Private Equity F...
Huber, Claus - 2012
According to the often-cited CapCo study (2003) about hedge fund failures, 50% of the failures were driven by Operational Risk. Not only for hedge funds, but also for other asset management companies – such as private equity companies, family offices or independent asset managers - operational...
Persistent link: https://www.econbiz.de/10013098444
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Happy Losers : Subcontracting in International Asset Management
Chuprinin, Oleg - 2014
We study international outsourcing in the asset management industry. We argue that subcontractor management companies … mitigates the negative performance impact of large outflows of an inhouse fund by up to 30%. However, outsourcing families still … benefit from outsourcing even after subsidization. We endogenize the outsourcing decision and we see that, via outsourcing …
Persistent link: https://www.econbiz.de/10013068446
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Information Barriers in Global Markets : Evidence from International Subcontracting Relationships
Massa, Massimo - 2019
of self-selection, we endogenize the outsourcing decision and estimate positive gains from outsourcing of 4­14 basis …. The gains from outsourcing provide a novel proxy for the information barriers that segment global financial markets: the … more segmented the underlying markets where the funds invest, the larger the gains from outsourcing …
Persistent link: https://www.econbiz.de/10012904162