Convenience in the mutual fund industry

被引：1

作者：

Cashman, George D. ^{[1
]}

机构：

[1] Texas Tech Univ, Rawls Coll Business, Area Finance, Lubbock, TX 79409 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2012年 / 18卷 / 05期

关键词：

Mutual funds; Sub-advising; Performance-flow relation; ADVISORY CONTRACTS; PERFORMANCE; STRATEGIES; MARKETS; FLOWS;

D O I：

10.1016/j.jcorpfin.2012.09.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I examine the role of convenience in the mutual fund industry. I find that investors pay more for relatively convenient funds, and that the flows to convenient funds are less responsive to performance. These findings suggest that investors do not evaluate mutual funds independently, but rather that investors select a primary fund, likely based on beliefs about managerial ability, and then select funds which are relatively convenient to this primary fund. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：1326 / 1336

页数：11

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