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Information Diffusion among International Fund Managers: Multicountry Evidence

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  • Jerry T. Parwada
  • Joey W. Yang
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    Abstract

    "Investors seeking exposure to global equity markets commonly buy international mutual funds managed by locally based fund managers. How competitive is this form of intermediated investing? We investigate whether international equity fund managers mimic each other's portfolio holdings and analyze the performance implications of these actions. Managers based in the same country have more stocks held in common than those of their peers in other countries. Correlated trading among domestic fund managers contributes significantly to this pattern. Cross-border managers' portfolio holdings and trades are also relevant to the actions of domestic managers. Stock selection strategies based on mimicry and differentiation both deliver short-term superior performance. Mimicked sales occur while prices are rising." Copyright (c) 2009 Financial Management Association International.

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    Bibliographic Info

    Article provided by Financial Management Association International in its journal Financial Management.

    Volume (Year): 38 (2009)
    Issue (Month): 4 (December)
    Pages: 817-835

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    Handle: RePEc:bla:finmgt:v:38:y:2009:i:4:p:817-835

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    Cited by:
    1. Massa, Massimo & ┼Żaldokas, Alminas, 2014. "Investor base and corporate borrowing: Evidence from international bonds," Journal of International Economics, Elsevier, vol. 92(1), pages 95-110.

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