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  1. Competition for attention in the ETF space
    Autor*in: Ben-David, Itzhak; Franzoni, Francesco; Kim, Byungwook; Moussawi, Rabih
    Erschienen: January 2021
    Verlag:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio] ; Swiss Finance Institute, Geneva

    The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios and charge high fees. Strikingly, over... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios and charge high fees. Strikingly, over their first five years, specialized ETFs lose about 30% in risk-adjusted terms. This underperformance cannot be explained by high fees or hedging demand. Rather, it is driven by the overvaluation of the underlying stocks. Overall, providers appear to cater to investors' extrapolative beliefs by issuing specialized ETFs that track attention-grabbing themes

     
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    Schriftenreihe: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 01
    Fisher College of Business working paper series ; WP 2021-03, 01
    Research paper series / Swiss Finance Institute ; no 21, 03
    Schlagworte: ETFs; investor attention; financial innovation; attention; exchange-traded funds; competition; retail investors; trading; securities; mutual funds; financial intermediation; overvaluation
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Tracking biased weights: asset pricing implications of value-weighted indexing
    Autor*in: Jiang, Hao; Vayanos, Dimitri; Lu, Zheng
    Erschienen: December 2020
    Verlag:  [LSE Financial Markets Group], [London]

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    Schriftenreihe: Discussion paper / Financial Markets Group ; no 823
    Paul Woolley Centre working paper ; no 73
    Schlagworte: Market efficiency; mutual funds; indexing; limits of arbitrage
    Umfang: 1 Online-Ressource (circa 59 Seiten)
  3. Extrapolative bubbles and trading volume
    Autor*in: Liao, Jingchi; Peng, Cameron; Zhu, Ning N.
    Erschienen: March 2021
    Verlag:  [LSE Financial Markets Group], [London]

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    Schriftenreihe: Discussion paper / Financial Markets Group ; no 828
    Paul Woolley Centre working paper ; no 74
    Schlagworte: Market efficiency; mutual funds; indexing; limits of arbitrage
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  4. Eine regulatorische und ökonomische Analyse der Währungsabsicherung von OGAW-Anteilsklassen
    empirische Nachweise aus Liechtenstein
    Autor*in: Hug, Andrej Michael
    Erschienen: 2021

    Anteilsklassen bieten die Möglichkeit, die Rahmenbedingung von Anlagefonds in beschränktem Umfang an die Bedürfnisse verschiedener Anlegergruppen anzupassen. Fremdwährungs-Anteilsklassen unterscheiden sich dabei primär durch eine von der... mehr

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    Anteilsklassen bieten die Möglichkeit, die Rahmenbedingung von Anlagefonds in beschränktem Umfang an die Bedürfnisse verschiedener Anlegergruppen anzupassen. Fremdwährungs-Anteilsklassen unterscheiden sich dabei primär durch eine von der Rechnungswährung des Fonds abweichende Nennwährung. Der OGAW stellt die europäische Form eines Publikumsfonds dar. Die ESMA hat die festzustellenden unterschiedlichen Marktpraktiken bei der Ausgestaltung von OGAW-Anteilsklassen zum Anlass genommen, im Jahr 2017 eine Stellungnahme herauszugeben. Die ESMA hat sich darin explizit für das Angebot währungsgesicherter Fremdwährungs-Anteilsklassen ausgesprochen. Durch die Währungsabsicherung wird sichergestellt, dass alle Fondsanleger im grösstmöglichen Umfang an der Performance des gemeinsamen Vermögensstocks partizipieren. Wie auf Basis einer Stichprobe von in Liechtenstein domizilierten OGAWs aufgezeigt werden kann, geniesst die Währungsabsicherung von Anteilsklassen eine hohe Verbreitung. Die diesbezüglich herrschende Offenlegungspraxis ist aus regulatorischer Sicht allerdings als unzureichend einzustufen. Ferner sind unter einer ökonomischen Betrachtungsweise aus den fehlenden resp. ungenügenden Offenlegungen in den Fondsprospekten keine Agency-Kosten nachzuweisen. Die Ergebnisse einer multiplen Regressionsanalyse unter Einbezug verschiedener potentieller Determinanten für den Tracking Error in der Wertentwicklung zwischen den Renditen der Basis- und Fremdwährungs-Anteilsklassen lassen grundsätzlich darauf schliessen, dass die Implementierung der Währungsabsicherung auf Ebene der Anteilsklassen systematisch erfolgt.

     
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    Quelle: Verbundkataloge
    Sprache: Deutsch
    Medientyp: Dissertation
    Format: Online
    Weitere Identifier:
    Dissertation no. 5112
    Schlagworte: Investmentfonds; Publizität; Fremdwährung; Hedging; mutual funds; OGAW; UCITS; share class; Publikumsfonds; Tracking Error; Währungsabsicherung; fx hedging; disclosure; Anteilsklasse
    Umfang: 1 Online-Ressource (circa 244 Seiten), Illustrationen
    Bemerkung(en):

    Dissertation, University of St. Gallen, 2021
  5. Emerging market capital flows: the role of fund manager portfolio allocation
    Autor*in: Bush, Georgia; Cañón, Carlos Iván; Gray, Daniel
    Erschienen: September 2021
    Verlag:  [Banco de México], [Ciudad de México, México]

    We exploit individual security holdings data for global mutual funds to distinguish between two reasons why a fund's holdings of emerging market economy (EME) bonds might change: (i) the amount invested in the fund changes and (ii) the fund manager... mehr

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    We exploit individual security holdings data for global mutual funds to distinguish between two reasons why a fund's holdings of emerging market economy (EME) bonds might change: (i) the amount invested in the fund changes and (ii) the fund manager changes portfolio allocations. We find that funds' responsiveness to global macroeconomic conditions, ''push factors'', is explained by investor flow decisions. Conversely, funds' responsiveness to local macroeconomic conditions, ''pull factors'', is explained by manager reallocation decisions. We also identify other institutional factors which impact reallocation decisions: their leverage, their benchmark, and risk appetite (funds reallocate towards safer EMEs when global risk increases).

     
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    hdl: 10419/251284
    Schriftenreihe: Working papers / Banco de México ; no 2021, 13
    Schlagworte: mutual funds; capital flows; emerging markets; portfolio allocation
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  6. Bank balance sheet constraints and bond liquidity
    Autor*in: Breckenfelder, Johannes; Ivashina, Victoria
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We explore the ties between bonds and individual dealers formed through home advantage and the persistence of previous underwriting relationships. Building on these connections, we show that the introduction of the leverage ratio for the European... mehr

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    We explore the ties between bonds and individual dealers formed through home advantage and the persistence of previous underwriting relationships. Building on these connections, we show that the introduction of the leverage ratio for the European banks had a large impact on exposed bonds' liquidity. Moreover, based on these ties, we show that bond mutual fund panic following the 2020 pandemic outbreak affected substantially more mutual funds with the larger exposures to dealer banks' balance sheet constraints.

     
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    ISBN: 9789289948128
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    hdl: 10419/246166
    Schriftenreihe: Working paper series / European Central Bank ; no 2589 (September 2021)
    Schlagworte: Bond liquidity; market-making; capital requirements; leverage ratio; mutual funds; COVID-19
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  7. Synthetic leverage and fund risk-taking
    Autor*in: Fricke, Daniel
    Erschienen: [2021]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    Mutual fund risk-taking via active portfolio rebalancing varies both in the crosssection and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities. For... mehr

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    Mutual fund risk-taking via active portfolio rebalancing varies both in the crosssection and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities. For this purpose, I propose a novel measure of synthetic leverage, which can be estimated based on publicly available information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage from mid-2015 up until early 2019. In the cross-section, I find that synthetically leveraged funds tend to underperform and display higher levels of fragility.

     
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    ISBN: 9789294722331
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    hdl: 10419/244278
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 126 (September 2021)
    Schlagworte: leverage; risk-taking; derivatives; securities lending; mutual funds
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  8. Discontinued positive feedback trading and the decline of momentum profitability
    Autor*in: Ben-David, Itzhak; Li, Jiacui; Rossi, Andrea; Song, Yang
    Erschienen: [2021]
    Verlag:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    We present evidence that equity momentum strategies are partially driven by positive-feedback trading intermediated via the mutual fund sector. We identify a U.S.-specific structural break to this channel that substantially weakened the relationship... mehr

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    We present evidence that equity momentum strategies are partially driven by positive-feedback trading intermediated via the mutual fund sector. We identify a U.S.-specific structural break to this channel that substantially weakened the relationship between fund flows and past style returns. As a result, trading strategies that load on flow-driven positive-feedback trading (including momentum in stocks, styles, and factors) experienced a profitability decline. Consistent with the proposed channel, the profitability decline was limited to the U.S. market. Moreover, factors that were more directly exposed to the structural break experienced a sharp return “kink” in the months after the event

     
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    Schriftenreihe: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 03
    Fisher College of Business working paper series ; WP 2021-03, 03
    Schlagworte: Positive feedback trading; mutual funds; anomalies; momentum; factormomentum
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  9. Is hard and soft information substitutable?
    evidence from lockdown
    Autor*in: Bai, Jennie; Massa, Massimo
    Erschienen: [2021]
    Verlag:  INSEAD, [Fontainebleau]

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    Schriftenreihe: Array ; 2021, 29
    Schlagworte: mutual funds; soft information; COVID-19; proximity investing; performance
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  10. A global but not spontaneous firm: co-operatives and the solidarity funds in Italy
    Autor*in: Bernardi, Andrea; Berranger, Cécile; Mannella, Anita; Monni, Salvatore; Realini, Alessio
    Erschienen: [2021]
    Verlag:  CIRIEC International, Université de Liège, Liège (Belgium)

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    ISBN: 9782931051481
    Weitere Identifier:
    hdl: 11159/5521
    Schriftenreihe: Working paper / CIRIEC ; no. 2021, 01
    Schlagworte: Non-bank financial institutions; Venture capital; Co-operatives; Labour managed firms; Employee ownership; mutual funds
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  11. What Is the impact of mutual funds' ESG references on portfolio firms?
    Autor*in: Couvert, Maxime
    Erschienen: 2021
    Verlag:  Swiss Finance Institute, Geneva

    Mutual funds must publish policies announcing how they generally vote on the different ballot items at the shareholder meetings of their portfolio firms. I manually collect 17,000 of these policies for a sample of 29 of the largest U.S. mutual fund... mehr

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    Mutual funds must publish policies announcing how they generally vote on the different ballot items at the shareholder meetings of their portfolio firms. I manually collect 17,000 of these policies for a sample of 29 of the largest U.S. mutual fund families over 2006-2018. I find that voting policies are a major predictor of funds' voting behavior. Exploiting staggered changes in funds' voting policies, I show that investee companies adopt their mutual fund shareholders' preferred governance provisions. This adoption is the result of mutual fund shareholders' active voting. Announced voting policies also stimulate strategic proposal submissions by non-mutual fund shareholders

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 21, 42
    Schlagworte: Corporate governance; corporate social responsibility; proxy voting; mutual funds
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  12. Synthetic leverage and fund risk-taking
    Autor*in: Fricke, Daniel
    Erschienen: [2021]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Mutual fund risk-taking via active portfolio rebalancing varies both in the cross-section and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities.... mehr

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    Mutual fund risk-taking via active portfolio rebalancing varies both in the cross-section and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities. For this purpose, I propose a novel measure of synthetic leverage, which can be estimated based on publicly available information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage from mid-2015 up until early 2019. In the cross-section, I find that synthetically leveraged funds tend to underperform and display higher levels of fragility.

     
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    ISBN: 9783957298171
    Weitere Identifier:
    hdl: 10419/232072
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2021, 09
    Schlagworte: leverage; risk-taking; derivatives; securities lending; mutual funds
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  13. Monetary policy and the run risk of loan funds
    Autor*in: Cetorelli, Nicola; La Spada, Gabriele; Santos, João A. C.
    Erschienen: [2022]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    Loan funds are open-end mutual funds holding predominantly corporate leveraged loans. We document empirically that loan funds are significantly more susceptible to run risk than any other category of debt funds, including corporate bond funds. Most... mehr

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    Loan funds are open-end mutual funds holding predominantly corporate leveraged loans. We document empirically that loan funds are significantly more susceptible to run risk than any other category of debt funds, including corporate bond funds. Most importantly, we establish a link between loan funds' flows and monetary policy, based on the institutional characteristics of their portfolio holdings. We find robust evidence indicating a pro-cyclical relationship between monetary policy and loan-fund flows. This relationship, however, is asymmetric: weaker for policy-rate increases and stronger for policy-rate decreases. Finally, the effect of monetary policy shocks on loan-fund flows also depends on the level of market short-term rates, suggesting that it is not only the direction of the monetary policy change that matters, but also the level of the policy rate at the time of the change. Our results thus identify a novel channel of monetary policy transmission affecting a critical segment of the credit sector, represented by leveraged lending.

     
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    hdl: 10419/262058
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1008 (March 2022)
    Schlagworte: mutual funds; monetary policy; leverage lending
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  14. Noisy factors
    Autor*in: Akey, Pat; Robertson, Adriana Z.; Simutin, Mikhail
    Erschienen: [2021]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

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    Schriftenreihe: [Rotman School of Management working paper ; no. 3930228 ]
    Schlagworte: Fama French factors; asset pricing; performance evaluation; equities; mutual funds; model fit
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  15. Is human-interaction-based information substitutable?
    evidence from lockdown
    Autor*in: Bai, Jennie; Massa, Massimo
    Erschienen: [2021]
    Verlag:  INSEAD, [Fontainebleau]

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    Auflage/Ausgabe: Revised version of 2021/29/FIN
    Schriftenreihe: Array ; 2021, 75
    Schlagworte: COVID-19; proximity investment; mutual funds; human interactions; soft information
    Umfang: 1 Online-Ressource (circa 61 Seiten)
  16. Redemption in kind and mutual fund liquidity management
    Autor*in: Agarwal, Vikas; Ren, Honglin; Shen, Ke; Zhao, Haibei
    Erschienen: 2021
    Verlag:  Centre for Financial Research, Cologne

    Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rightsto redeem in kind experience less redemption after poor performance. Evidence from... mehr

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    Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rightsto redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for redemption in kind to mitigate fund runs, including the delivery of more illiquid stocks and stocks with greater tax overhang.Funds also suffer less from the adverse impact of outflows on their performance.On the other hand, redeeming investors bear significant liquidation costs when they are forced to sell securities on their own.

     
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    Weitere Identifier:
    hdl: 10419/250747
    Schriftenreihe: CFR working paper ; no. 21, 11
    Schlagworte: redemption in kind; mutual funds; liquidity management; financial fragility
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  17. Indexing and the performance-flow relation of actively managed mutual funds
    Autor*in: Lesmeister, Simon; Limbach, Peter; Rau, P. Raghavendra; Sonnenburg, Florian
    Erschienen: 2022
    Verlag:  Centre for Financial Research, Cologne

    We exploit the staggered introduction of index funds in different segments and countries to study how increased competition from indexing affects the performance-flow relation and incentives of actively managed equity mutual funds. An increase in... mehr

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    We exploit the staggered introduction of index funds in different segments and countries to study how increased competition from indexing affects the performance-flow relation and incentives of actively managed equity mutual funds. An increase in the market shares of available country-level index funds in active fund benchmarks is associated with a significantly lower sensitivity of flows to past performance and with a shift from a convex performance-flow relation towards a more linear relation. The increased competition from index funds is also associated with a higher fund performance-liquidation sensitivity, suggesting real economic consequences for active fund managers and fund management companies.

     
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    hdl: 10419/250749
    Schriftenreihe: CFR working paper ; no. 22, 02
    Schlagworte: Performance-flow relation; performance-liquidation sensitivity; mutual funds; active management; passive management; competition
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  18. Delegation chains
    Autor*in: Dasgupta, Amil; Maug, Ernst
    Erschienen: May 2022
    Verlag:  [LSE Financial Markets Group], [London]

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    Schriftenreihe: Discussion paper / [Financial Markets Group] ; no 858
    Paul Woolley Centre working paper ; no 88
    Schlagworte: Career concerns; delegated portfolio management; money management; pension funds; mutual funds
    Umfang: 1 Online-Ressource (circa 47 Seiten)
  19. Finding your calling
    matching skills with jobs in the mutual fund industry
    Autor*in: Cici, Gjergji; Hendriock, Mario; Kempf, Alexander
    Erschienen: [2022]
    Verlag:  Centre for Financial Research, Cologne

    To best utilize labor, companies need to match employees’ skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its... mehr

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    To best utilize labor, companies need to match employees’ skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. After fund managers are matched, they improve their risk-adjusted performance significantly. Fund companies use this information to maximize company value by reallocating existing and directing new capital to their matched managers and by collecting higher fees from the matched managers’ funds. In addition, they make the expertise of matched managers available to the other managers of the fund company.

     
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    hdl: 10419/262224
    Schriftenreihe: CFR working paper ; no. 19, 05
    Schlagworte: human capital; mutual funds; occupational match finding
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  20. The effect of sentiment on institutional investors
    a gender analysis
    Autor*in: Gehde-Trapp, Monika; Klingler, Linda
    Erschienen: 2022
    Verlag:  Centre for Financial Research, Cologne

    In this paper, we explore whether male and female fund managers react differently to sentiment. Our main idea is that sentiment indicates mispricings of stocks relative to their fundamental values, and that rational fund managers should profit from... mehr

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    In this paper, we explore whether male and female fund managers react differently to sentiment. Our main idea is that sentiment indicates mispricings of stocks relative to their fundamental values, and that rational fund managers should profit from these mispricings. As trading against the mispricing is risky, we hypothesize that female fund managers take on less aggressive positions. Indeed, our empirical results show that male fund managers hold portfolios with significantly higher total fund risk and unsystematic risk when sentiment is bad. For female fund managers, we find significantly lower levels in unsystematic risk when sentiment is bad. This difference in risk-taking behavior does not affect fund returns or risk-adjusted performance.

     
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    hdl: 10419/262376
    Schriftenreihe: CFR working paper ; no. 22, 08
    Schlagworte: mutual funds; gender; sentiment; investment behavior
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  21. Sustainability preferences and financial decision-making among mutual fund investors
    Autor*in: Löfgren, Åsa; Nordblom, Katarina
    Erschienen: August 2022
    Verlag:  Department of Economics, University of Gothenburg, [Göteborg]

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    Schriftenreihe: Working paper in economics ; no. 826
    Schlagworte: Nudge; decision-making; sustainable investment; mutual funds
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  22. Essays in behavioral finance
    Autor*in: Cochardt, Alexander Elmar
    Erschienen: 2021

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    Medientyp: Dissertation
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    Schlagworte: Anlageverhalten; Investmentfonds; Fonds; Investmentgesellschaft; Vertrauen; Militär; Abstammung; Bias; Nachhaltigkeit; Greenwashing; home bias; fund flows; fund managers; behavioral finance; mutual funds; rebranding; ESG; investment decisions; ancestry; military; investors; trust; Anlageverhalten; Fondsmanager; Militär; Vertrauen; Abstammung; Nachhaltigkeit; Greenwashing
    Umfang: 1 Online-Ressource (circa 167 Seiten), Illustrationen
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    Dissertation, University of St.Gallen, 2021
  23. Who creates and who bears flow externalities in mutual funds?
    Autor*in: Fricke, Daniel; Jank, Stephan; Wilke, Hannes
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Using a unique dataset on the sectoral ownership structure of euro area equity mutual funds, we study how different investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual funds,... mehr

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    Using a unique dataset on the sectoral ownership structure of euro area equity mutual funds, we study how different investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual funds, are the main contributors to the flow externality. Insurers and households, in particular less financially-sophisticated ones, are the main receivers. These differences are due to investment funds reacting more strongly on past performance and displaying a more procyclical investment behavior compared to households and insurers. Our results raise consumer protection and financial stability concerns due to the trading activity of short-term oriented investors.

     
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    ISBN: 9783957299208
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    hdl: 10419/266344
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 41
    Schlagworte: asset management; mutual funds; externalities; contagion; performance
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  24. Corporate governance benefits of mutual fund cooperation
    Autor*in: Renjie, Rex Wang; Verwijmeren, Patrick; Xia, Shuo
    Erschienen: [05. Oktober 2022]
    Verlag:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Mutual fund families increasingly hold bonds and stocks from the same firm. We study the implications of such dual holdings for corporate governance and firm decision-making. We present evidence that dual ownership allows financially distressed firms... mehr

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    Mutual fund families increasingly hold bonds and stocks from the same firm. We study the implications of such dual holdings for corporate governance and firm decision-making. We present evidence that dual ownership allows financially distressed firms to increase investments and to refinance by issuing bonds with lower yields and fewer restrictive covenants. As such, dual ownership reduces shareholder-creditor conflicts, especially when families encourage cooperation among their managers. Overall, our results suggest that mutual fund families internalize the shareholder-creditor agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.

     
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    Weitere Identifier:
    hdl: 10419/265424
    Schriftenreihe: IWH discussion papers ; 2022, no. 21 (October 2022)
    Schlagworte: corporate governance; debt overhang; investment; mutual funds
    Umfang: 1 Online-Ressource (III, 50 Seiten, 1,08 MB), Diagramme
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    Literaturverzeichnis: Seite 30-32
  25. Do impact investments deliver on their promise?
    Assessing mutual funds as vehicles for retail impact investments
    Autor*in: Klaiber, Julian; Scheck, Barbara; Schmidkonz, Christian
    Erschienen: [2019]
    Verlag:  Munich Business School, München

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    Schriftenreihe: Munich Business School working paper ; 2019, 01
    Schlagworte: social investment; retail impact investment; mutual funds
    Umfang: 1 Online-Ressource (circa 32 Seiten)
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    Zielgruppe - Ohne Altersbeschränkung