Does mutual fund family size matter? International evidence

IF 2.9 3区 经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI:10.1016/j.mulfin.2021.100708
Yihao Chen , Antonio F. Miguel , Xiayue Liu
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Abstract

We use data from 33 countries to study how a fund’s affiliation with large families shapes the flow–performance relationship internationally. Our results show that the effect of family size on the fund flows’ response to performance depends on the sophistication of investors in a country. While less sophisticated investors are persuaded by the great visibility and strategies of funds that are affiliated with large and established families, more sophisticated investors are not. Affiliation with a large family increases the convexity of the flow–performance relationship in countries where investors are less sophisticated, but decreases this convexity in countries with more sophisticated investors. These results are important for investors, mutual fund companies and regulators because the flow–performance sensitivity determines the assets under management, the level of fees, risk–taking, and the performance of the fund.

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共同基金家族的规模重要吗?国际证据
我们使用来自33个国家的数据来研究基金与大家族的关系如何在国际上塑造流量-绩效关系。我们的研究结果表明,家庭规模对资金流对业绩的反应的影响取决于一个国家投资者的成熟度。虽然不太老练的投资者会被那些隶属于老牌大家族的基金的巨大知名度和策略所说服,但更老练的投资者不会。在投资者不太成熟的国家,与大家庭的隶属关系增加了流动-绩效关系的凸性,但在投资者更成熟的国家,这种凸性会降低。这些结果对投资者、共同基金公司和监管机构都很重要,因为流量绩效敏感性决定了所管理的资产、费用水平、风险承担程度和基金业绩。
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来源期刊
CiteScore
7.30
自引率
4.80%
发文量
25
审稿时长
30 days
期刊介绍: International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.
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