Exit Decisions in the U.S. Mutual Fund Industry
AbstractThis paper examines the similarities and differences in the determinants of the three mutual fund exit forms: liquidation, within-family merger, and across-family merger. All defunct mutual fund portfolios have smaller size and lower inflows. A family is less willing to liquidate a portfolio but more likely to merge a portfolio within the family if it offers more share classes. Large families are more likely to merge portfolios within the family, while a family with poor performance is more likely to sell relatively unique portfolios to other families to stay focused. This paper also compares within-objective mergers with across-objective mergers.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Business.
Volume (Year): 78 (2005)
Issue (Month): 4 (July)
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Web page: http://www.journals.uchicago.edu/JB/
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