کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
959829 | 929370 | 2015 | 25 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Price support by bank-affiliated mutual funds
ترجمه فارسی عنوان
پشتیبانی قیمت توسط صندوق های متقابل بانکی
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
Fund managers are double agents; they serve both fund investors and owners of management firms. This conflict of interest may result in trading to support securities prices. Tests of this hypothesis in the Spanish mutual fund industry indicate that bank-affiliated mutual funds systematically increase their holdings in the controlling bank stock around seasoned equity issues, at the time of bad news about the controlling bank, before anticipated price drops, and after non-anticipated price drops. The results seem mainly driven by bank managers׳ incentives. Ownership of asset management companies thus matters and can distort capital allocation and asset prices.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 115, Issue 3, March 2015, Pages 614–638
Journal: Journal of Financial Economics - Volume 115, Issue 3, March 2015, Pages 614–638
نویسندگان
Benjamin Golez, Jose M. Marin,