Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5089562 | Journal of Banking & Finance | 2013 | 22 Pages |
Abstract
⺠We investigate how share restrictions and asset liquidity affect fund performance. ⺠We differentiate between crisis and non-crisis periods. ⺠We document a share illiquidity premium (discount) in non-crisis (crisis) periods. ⺠An asset-liability mismatch results in poor performance and fund outflows in crises. ⺠Higher incentive fees help to overcome incentive problems of share restrictions.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Nic Schaub, Markus Schmid,