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The Performance of Bank-Managed Mutual Funds

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  • Frye, Melissa B
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    Abstract

    The ability of banks to offer proprietary mutual funds has expanded over recent years, and the mutual fund industry has been a significant growth area for banks. I examine the growth and performance of bank proprietary bond mutual funds. The empirical results show no evidence that bank-managed mutual funds underperform nonbank funds. I find some evidence that bank managers are more conservative than nonbank managers in terms of investment strategy and that banks appear more likely to target individual rather than institutional investors. Also, I find that abnormal fund performance does not appear to be a significant determinant of the net asset flows into and out of bank-managed mutual funds. Rather, the results suggest bank investors rely mainly on past marketing information and the general reputation of the bank.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 24 (2001)
    Issue (Month): 3 (Fall)
    Pages: 419-42

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    Handle: RePEc:bla:jfnres:v:24:y:2001:i:3:p:419-42

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    Web page: http://www.southwesternfinance.org/
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    Cited by:
    1. J. Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression," Working Papers, Economics Department, Universitat Jaume I, Castellón (Spain) 2013/01, Economics Department, Universitat Jaume I, Castellón (Spain).
    2. Mehran, Hamid & Stulz, Rene M., 2006. "The Economics of Conflicts of Interest in Financial Institutions," Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics 2006-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    3. Fabian Irek, & Jan Jaap Hazenberg & Willem van der Scheer, 2013. "The Lure of the Brand: Evidence from the European Mutual Fund Industry," CREA Discussion Paper Series 13-8, Center for Research in Economic Analysis, University of Luxembourg.
    4. Fabian Irek, & Jan Jaap Hazenberg & Willem van der Scheer & Mariela Stefanova, 2013. "The Lure of the Brand: Evidence from the European Mutual Fund Industry," LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg 13-8, Luxembourg School of Finance, University of Luxembourg.
    5. Gil Bazo, Javier & Martínez Sedano, Miguel Angel, 2003. "The Black Box of Mutual Fund Fees," DFAEII Working Papers 2004-01, University of the Basque Country - Department of Foundations of Economic Analysis II.
    6. Amparo Soler Domínguez & Juan Carlos Matallín Sáez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression approach," Working Papers. Serie EC, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) 2013-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    7. Ken Johnston & Chris Paul, 2005. "Further evidence of the November effect," Journal of Economics and Finance, Springer, Springer, vol. 29(2), pages 280-288, June.
    8. G. Koppenhaver & Travis Sapp, 2005. "Money Funds or Markets? Valuing Intermediary Services," Journal of Financial Services Research, Springer, Springer, vol. 27(1), pages 51-76, February.
    9. Geranio, Manuela & Zanotti, Giovanna, 2005. "Can mutual funds characteristics explain fees?," Journal of Multinational Financial Management, Elsevier, Elsevier, vol. 15(4-5), pages 354-376, October.
    10. Carlos Alves & Victor Mendes, 2004. "Self-Interest on Mutual Fund Management: Evidence from the Portuguese Market," FEP Working Papers 162, Universidade do Porto, Faculdade de Economia do Porto.

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