Mutual fund industry management structure, risk and the impacts to shareholders
AbstractThis article investigates the effects of a multiple fund management structure on the risk volatility of the funds simultaneously managed. Using a sample of 1480 mutual funds managed by 407 fund managers over a 3-year period, we find that the risk volatility of at least one fund managed by a multiple fund manager is significantly higher than its objective and risk-adjusted peers. At the same time, the other funds concurrently managed display significantly less difference in risk volatility. Similarly, the return-to-risk ratio of multiple fund managers is not consistently greater than the unitary managed funds.
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Bibliographic InfoArticle provided by Elsevier in its journal Global Finance Journal.
Volume (Year): 22 (2011)
Issue (Month): 2 ()
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Web page: http://www.elsevier.com/locate/inca/620162
Mutual fund; Management structure; Risk; Unitary; Multiple fund management;
Find related papers by JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- G29 - Financial Economics - - Financial Institutions and Services - - - Other
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