Mutual fund ≈ Mutual fund
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Factors Associated with Membership in a Mutual Health Insurance Fund in the Thiès Region (Senegal) in 2023: Article Open
Introduction : Mutual health insurance constitutes a micro-insurance system which facilitates access to care by avoiding direct payment. They represent one of the pillars of our Universal Health Coverage. After years of existence and des…
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Runs on Money Market Mutual Funds Open
We study daily money market mutual fund flows at the individual share class level during September 2008. This fine granularity of data allows new insights into investor and portfolio holding characteristics conducive to run risk in cash-li…
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Ties That Bind: How Business Connections Affect Mutual Fund Activism Open
We investigate whether business ties with portfolio firms influence mutual funds' proxy voting using a comprehensive data set spanning 2003 to 2011. In contrast to prior literature, we find that business ties significantly influence proman…
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Managerial Activeness and Mutual Fund Performance Open
A closet indexer is more likely to meet a value-weighted investment benchmark by value weighting the portfolio. Following this intuition, we introduce a simple measure of active management, the absolute difference between the value weights…
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Walk the talk: ESG mutual fund voting on shareholder proposals Open
We document that U.S. mutual funds with investment objectives designated as “Sustainable Investment Overall” by Morningstar (ESG funds) are more likely than other mutual funds to vote in support of environmental and social (ES) shareholder…
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To Group or Not to Group? Evidence from Mutual Fund Databases Open
Despite the overwhelming trend in mutual funds toward team management, empirical studies find no performance benefits for this phenomenon. We show it is caused by large discrepancies in reported managerial structures in Center for Research…
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The implications of passive investing for securities markets Open
The popularity of passive investing through index mutual funds and exchange-traded funds (ETFs) has grown substantially over recent years, displacing higher-cost active investment styles. A shift towards passive investing could affect secu…
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Are Mutual Fund Managers Paid for Investment Skill? Open
Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between…
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How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach Open
The level of diseconomies of scale in asset management has important implications for tests of manager skill and the expected level of performance persistence. To identify the causal impact of fund size on future returns, we exploit the fa…
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Machine-learning the skill of mutual fund managers Open
We show, using machine learning, that fund characteristics can consistently differentiate high from low-performing mutual funds, before and after fees. The outperformance persists for more than three years. Fund momentum and fund flow are …
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Machine learning and fund characteristics help to select mutual funds with positive alpha Open
Machine-learning methods exploit fund characteristics to select tradable long-only portfolios of mutual funds that earn significant out-of-sample annual alphas of 2.4% net of all costs. The methods unveil interactions in the relation betwe…
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The Persistence of Fee Dispersion among Mutual Funds Open
Previous work shows large differences in fees for S&P 500 index funds and other funds and suggests that investors suffer wealth losses investing in high-fee funds when similar low-fee funds are available. In contrast, the neoclassical mode…
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The Geography of Information Acquisition Open
Using detailed data on company visits by Chinese mutual funds, we provide direct evidence of mutual fund information acquisition activities and the consequent informational advantages mutual funds establish in local firms. Mutual funds are…
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Swing Pricing and Fragility in Open-End Mutual Funds Open
How can fragility be averted in open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values t…
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Mutual Fund Managers’ Prior Work Experience and Their Investment Skill Open
This paper examines the relationship between mutual fund managers’ past professional backgrounds and their portfolio performance using Chinese mutual fund data from 2003 to 2016. We focus on managers with prior work experience either as in…
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Chinese securities investment funds: the role of luck in performance Open
Purpose The Chinese fund market has witnessed significant developments in recent years. However, although there has been a range of studies assessing fund performance in developed industries, the rapidly developing fund industry in China h…
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Don't Take Their Word for It: The Misclassification of Bond Mutual Funds Open
We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. The problem is widespread, resulting in up to 31.4% of funds being misc…
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Systemic risk from investment similarities Open
Network theory proved recently to be useful in the quantification of many properties of financial systems. The analysis of the structure of investment portfolios is a major application since their eventual correlation and overlap impact th…
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Does Sustainability Score Impact Mutual Fund Performance? Open
Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the effects of socially resp…
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Do Mutual Funds Have Decreasing Returns to Scale? Evidence from Fund Mergers Open
Using mergers as shocks to fund size, I analyze the return-to-scale property of mutual funds. I find that acquiring funds’ performance deteriorates after experiencing a positive shock in size resulting from mergers, and liquidity plays an …
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Is ESG mutual fund quality in the eye of the beholder? An experimental study of investor responses to ESG fund strategies Open
ESG‐profiled mutual funds (funds incorporating some form of Environmental, Social, or Governance‐related concern) is an increasingly prominent part of the financial services industry. While this category of funds may look homogenous on the…
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Adoption of financial technology (Fintech) in mutual fund/ unit trust investment among Malaysians: unified theory of acceptance and use of technology (UTAUT). Open
Disruptive innovation is related to financial technology and known as FinTech. It includes design, delivery, and provider of financial investment services such as payments, real estate, investment, insurance/ takaful, deposits, financing, …
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Vulnerable Asset Management? The Case of Mutual Funds Open
Is the asset management sector a source of financial instability? This paper develops a macroprudential stress test model which enables the quantification of systemic vulnerabilities due to fire sales in this sector. The model incorporates…
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A Review of the Performance Measurement of Long-Term Mutual Funds Open
We review the major models of mutual fund performance: (1) using return data to evaluate equity funds—from single to multi-index models, (2) measuring passive portfolio performance, (3) using holdings-based performance measures, (4) measur…
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Mutual Funds in Equilibrium Open
Historically, the literature on money management has inconsistently applied the rational expectations equilibrium concept. We explain why and summarize developments in the money management literature that do apply this concept correctly. W…
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The impact of country-level and fund-level factors on mutual fund performance in Vietnam Open
Purpose The purpose of this paper is to examine the determinants of mutual funds’ performance at both a country level and a fund level in Vietnam. Design/methodology/approach The different types of funds with more than three-year operation…
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New Evidence on Mutual Fund Performance: A Comparison of Alternative Bootstrap Methods Open
We compare two bootstrap methods for assessing mutual fund performance. The first produces narrow confidence intervals due to pooling over time, whereas the second produces wider confidence intervals because it preserves the cross correlat…
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A novel robust network data envelopment analysis approach for performance assessment of mutual funds under uncertainty Open
Mutual fund (MF) is one of the applicable and popular tools in investment market. The aim of this paper is to propose an approach for performance evaluation of mutual fund by considering internal structure and financial data uncertainty. T…
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Market Timing Around the World Open
This article challenges existing studies of mutual fund market timing that have found little evidence to support timing ability. Using a sample of daily returns for 35 countries, Vidal, Vidal-Garcia, and Boubaker find that more than a thir…
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Ethical strategy focus and mutual fund management: Performance and persistence Open
The aim of this study is to analyze whether managers, practitioners and individual investors could obtain higher risk-adjusted returns by allocating their investments to funds that integrate specific levels of socially responsible (SR) cri…