The Exclusive Role of Centralized Fund Family Management
| Autor: | Zhen Sun, David J. Hunter, Karen L. Benson |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
040101 forestry
Finance Economics and Econometrics 050208 finance Scope (project management) business.industry 05 social sciences Control (management) 04 agricultural and veterinary sciences Economies of scale Outsourcing Product (business) Accounting 0502 economics and business Financial crisis 0401 agriculture forestry and fisheries business Investment performance health care economics and organizations Financial services |
| Zdroj: | Journal of Financial Services Research. 58:199-236 |
| ISSN: | 1573-0735 0920-8550 |
| DOI: | 10.1007/s10693-019-00328-2 |
| Popis: | Fund families are centrally managed, and can directly control resource allocations between funds. We quantify multiple manageable fund family attributes, and examine their combined effects upon returns and investor flows. We focus upon five attributes that are exclusively manageable by fund families: marginal fee economies of scale, star fund offerings, mixed high and low risk product offerings, within-family manager scope, and manager outsourcing. We find sensitivity differences during the financial crisis and non-crisis time periods. Management of these exclusive attributes significantly improve a fund family’s returns and investor flows, benefiting fund families and their investors during both normal and financial crisis periods. We find that investors reward fund families with greater performance sensitive inflows and weaker performance sensitive outflows, indicating that investors identify greater utility in centrally managed fund families. |
| Databáze: | OpenAIRE |
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