Dynamic Management of Mutual Fund Advisory Contracts
نویسندگان
چکیده
منابع مشابه
Why Do Mutual Fund Advisory Contracts Change? Performance, Growth, and Spillover Effects
We examine changes in equity mutual funds’ investment advisory contracts. There are substantial advisory compensation rate changes in both directions, with typical percentage rate shifts exceeding one-fourth. We find that rate increases are associated with superior past marketadjusted performance, whereas rate decreases reflect economies of scale associated with growth, and are not associated ...
متن کاملThe Economic Consequences of Mutual Fund Advisory Misconduct∗
I evaluate the economic consequences of advisory misconduct by estimating the effect of publicly disclosed regulatory actions of mutual fund advisors on fund flows. Based on misconduct events from 2000-2013, I find a 5% reduction in fund flows to malfeasant advisors in one year following the misconduct. Further analysis using the 2001 SEC electronic filing mandate as a positive shock to miscond...
متن کاملMutual Fund Management: Does Active Management Pay?
Recent studies have documented a positive relation between active management and mutual fund performance. We show that this relation holds only for fund managers who trade in an optimal way. The optimality measure that we develop, “investment alpha”, captures whether a mutual fund is trading towards mean-variance optimality, which, we argue, is the first best choice for mutual fund managers. Th...
متن کاملMutual fund competition in the presence of dynamic flows
This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel (2010). We characterize the set of equilibria for this portfolio management game and show that there exists a unique Pareto optimal equilibrium. The main result of this paper shows that the funds cannot differentiate themselves through portfolio choice in the sense that they sho...
متن کاملDynamics of Risk Perception Towards Mutual Fund Investment Decisions
The present paper measures the risk perception of the bank employees in respect of investment in mutual fund and to identify the factors affecting risk perception. The paper also attempts to find out the impact of these factors on overall risk perception. The study is based on primary data collected by using questionnaire from the bank employees in Tripura state of India. For the analysis of da...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.898068