Conflicting Family Values in Mutual Fund Families

被引：79

作者：

Bhattacharya, Utpal ^{[1
]}

Lee, Jung H. ^{[2
]}

Pool, Veronika K. ^{[1
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Tulane Univ, AB Freeman Sch Business, New Orleans, LA 70118 USA

来源：

JOURNAL OF FINANCE | 2013年 / 68卷 / 01期

关键词：

STOCK RETURNS; FLOWS; MONEY; PERFORMANCE; RISK; STRATEGIES; SMART;

D O I：

10.1111/j.1540-6261.2012.01797.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze the investment behavior of affiliated funds of mutual funds (AFoMFs), which are mutual funds that can only invest in other funds in the family, and are offered by most large families. Though never mentioned in any prospectus, we discover that AFoMFs provide an insurance pool against temporary liquidity shocks to other funds in the family. We show that, though the family benefits because funds can avoid fire sales, the cost of this insurance is borne by the investors in the AFoMFs. The paper thus uncovers some of the hidden complexities of fiduciary responsibility in mutual fund families.

引用

页码：173 / 200

页数：28

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