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The role of bond underwriter affiliation in fixed income funds´ investment choice and performance
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Using data on1,550U.S.fixed income funds, the aim of this thesis is to investigate how the affiliation to a bond underwriting firm affects selected facets of funds’ investment behavior and returns. All in all, their portfolios are not found to be biased towards bonds the affiliated institution acted as an underwriter for, however, some signs of support for these holdings are noticeable at times of fund out flows and close tot heir issuance. The effect of underwriter affiliation on funds’ performance is insignificant, suggesting that funds’ share holders are neither better nor worse off than others that invest in to in dependent counter parts.
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Fixed income funds Bond underwriting Underwriter-affiliation Conflicts of inter-est Performance Portfolio composition