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Competition and cooperation in mutual fund families

2020-04-01Artigo científico Acesso aberto
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dc.contributor.authorEvans, Richard Burtis
dc.contributor.authorPrado, Melissa Porras
dc.contributor.authorZambrana, Rafael
dc.contributor.institutionNOVA School of Business and Economics (NOVA SBE)
dc.contributor.pblElsevier
dc.date.accessioned2020-02-03T23:39:26Z
dc.date.available2020-02-03T23:39:26Z
dc.date.issued2020-04-01
dc.description
dc.description.abstractUsing manager compensation disclosure and intra-family manager cooperation measures, we create indices of family-level competitive/cooperative incentives. Families that encourage cooperation among their managers are more likely to engage in coordinated behavior (e.g., cross-trading and cross-holding) and have less volatile cash flows. Families with competitive incentives generate higher performing funds, a higher fraction of “star” funds, but greater performance dispersion across funds. In examining the determinants of incentive schemes, competitive families are more likely to manage institutional money, and cooperative families are more likely to distribute through brokers, consistent with retail demand for nonperformance characteristics.en
dc.description.versionpreprint
dc.description.versionpublished
dc.format.extent658403
dc.identifier.doi10.1016/j.jfineco.2019.09.004
dc.identifier.issn0304-405X
dc.identifier.otherPURE: 16650762
dc.identifier.otherPURE UUID: e005f926-99a6-42da-81b1-a5daf753b296
dc.identifier.otherScopus: 85075422172
dc.identifier.urihttp://hdl.handle.net/10362/92162
dc.identifier.urlhttps://www.scopus.com/pages/publications/85075422172
dc.language.isoeng
dc.peerreviewedyes
dc.relationFunding text
dc.relationFCT-Fundação para a Cência e a Tecnologia
dc.relationUID/ECO/00124/2013
dc.relationNova School of Business and Economics
dc.relationProject 22209
dc.relationPOR Lisboa
dc.relationLISBOA-01-0145-FEDER-007722
dc.relationand POR Norte
dc.relationSocial Sciences DataLab, Project 22209
dc.subjectCompensation
dc.subjectCompetition
dc.subjectCooperation
dc.subjectCross-holding
dc.subjectCross-subsidization
dc.subjectIncentives
dc.subjectInternal capital markets
dc.subjectManager
dc.subjectMutual fund
dc.subjectPerformance
dc.subjectAccounting
dc.subjectFinance
dc.subjectEconomics and Econometrics
dc.subjectStrategy and Management
dc.titleCompetition and cooperation in mutual fund familiesen
dc.typejournal article
degois.publication.firstPage168
degois.publication.issue1
degois.publication.lastPage188
degois.publication.titleJournal of Financial Economics
degois.publication.volume136
dspace.entity.typePublication
oaire.awardNumberUID/ECO/00124/2013
oaire.awardTitleNova School of Business and Economics
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FECO%2F00124%2F2013/PT
oaire.fundingStream6817 - DCRRNI ID
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsrestrictedAccess
relation.isProjectOfPublication644a3f4f-817b-4d0d-aba6-f98cdca28bc7
relation.isProjectOfPublication.latestForDiscovery644a3f4f-817b-4d0d-aba6-f98cdca28bc7

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