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Are fund managers rewarded for taking cyclical risks?
Ryan, Ellen - 2022
implications of its risk-taking for the wider financial system and real economy. This paper provides empirical evidence for the … existence of wide- spread risk-taking incentives in the investment fund sector, with a particular focus on incentives for … synchronised, cyclical risk-taking which could have systemic effects. Incentives arise from the positive response of investors to …
Persistent link: https://www.econbiz.de/10013271218
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The Scope of International Mutual Fund Outsourcing : Fees, Performance and Risks
Cumming, Douglas J. - 2015
investors; retail investors enjoy no fee gains. The outsourcing of advisor services is associated with greater fund risk, but … also with higher risk-adjusted performance (Sharpe ratio). However, the positive link with performance disappears when …
Persistent link: https://www.econbiz.de/10013023462
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The Scope of International Mutual Fund Outsourcing : Fees, Performance and Risks
Cumming, Douglas J. - 2015
investors; retail investors enjoy no fee gains. The outsourcing of advisor services is associated with greater fund risk, but … also with higher risk-adjusted performance (Sharpe ratio). However, the positive link with performance disappears when …
Persistent link: https://www.econbiz.de/10013022458
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The Scope of International Mutual Fund Outsourcing : Fees, Performance and Risks
Cumming, Douglas J. - 2015
investors; retail investors enjoy no fee gains. The outsourcing of advisor services is associated with greater fund risk, but … also with higher risk-adjusted performance (Sharpe ratio). However, the positive link with performance disappears when …
Persistent link: https://www.econbiz.de/10013022623
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Investment funds and euro disaster risk
Anaya, Pablo; Cera, Katharina; Georgiadis, Georgios; … - 2025
disaster risk shocks, investment funds shed periphery but do not adjust core sovereign debt holdings. The periphery debt shed …
Persistent link: https://www.econbiz.de/10015339629
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Institutional Asset Managers : Industry Trends, Incentives and Implications for Market Efficiency
Fender, Ingo - 2013
The distinguishing characteristic of the institutional asset management industry is that asset management activities involve a series of delegated processes, linking the “triangle” formed by invested funds, fund owners and fund managers. As a result, contractual structures that seek to align...
Persistent link: https://www.econbiz.de/10014204024
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Performance Persistence Among Canadian Institutional Money Managers
Hochachka, Gene - 2009
-measurement periods and to risk-adjustment. We also find short-term persistence across managers, which is probably a manifestation of the …
Persistent link: https://www.econbiz.de/10014220239
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On the Role of Hedge Funds in Institutional Portfolios : Comprehensive Version
Till, Hilary - 2015
Hedge funds do not easily fit into the current way institutions go about investing. Based on a survey of recent academic and practitioner research, this article reviews six competing frameworks for how to incorporate hedge funds in institutional portfolios. Each framework has very different...
Persistent link: https://www.econbiz.de/10013023170
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Managerial Activeness and Mutual Fund Performance
Doshi, Hitesh - 2015
A closet indexer is more likely to meet a value-weighted investment benchmark by value-weighting the portfolio. Following this intuition, we introduce a simple measure of active management, the absolute difference between the value weights and the actual weights held by a fund, averaged across...
Persistent link: https://www.econbiz.de/10013033774
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Spillover Effects in Mutual Fund Companies
Sialm, Clemens - 2015
Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not just depend on the prior performance of the mutual funds, they also depend on the prior performance of...
Persistent link: https://www.econbiz.de/10013038324