کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7361772 1478893 2018 58 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Playing favorites: Conflicts of interest in mutual fund management
ترجمه فارسی عنوان
علاقه مندی های بازی: منازعات مورد علاقه در مدیریت صندوق های متقابل
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
We examine the performance of mutual funds whose managers simultaneously manage portfolios with performance-based incentive fees for three account types: mutual funds, hedge funds, and separate accounts. Importantly, our data set is free of selection bias because it is hand-collected from mandatory SEC filings. We find that only funds whose managers also manage hedge funds significantly underperform peer mutual funds. Moreover, underperformance begins only after fund managers begin to manage a hedge fund. We find that managerial incentives and opportunities for cross-subsidization explain variation in underperformance across funds, supporting the conflicts of interest hypothesis in the debate on “side-by-side management.”
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 128, Issue 3, June 2018, Pages 535-557
نویسندگان
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