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Exit Decisions in the U.S. Mutual Fund Industry

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  • Xinge Zhao

    (College of William & Mary and China Europe International Business School)

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    Abstract

    This 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 Info

    Article provided by University of Chicago Press in its journal Journal of Business.

    Volume (Year): 78 (2005)
    Issue (Month): 4 (July)
    Pages: 1365-1402

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    Handle: RePEc:ucp:jnlbus:v:78:y:2005:i:4:p:1365-1402

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    Web page: http://www.journals.uchicago.edu/JB/

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    Cited by:
    1. Kempf, Alexander & Ruenzi, Stefan & Thiele, Tanja, 2009. "Employment risk, compensation incentives, and managerial risk taking: Evidence from the mutual fund industry," Journal of Financial Economics, Elsevier, Elsevier, vol. 92(1), pages 92-108, April.
    2. Lang, Gunnar & Köhler, Matthias, 2011. "How does the domiciliation decision affect mutual fund fees?," ZEW Discussion Papers 11-085, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    3. Namvar, Ethan & Phillips, Blake, 2013. "Commonalities in investment strategy and the determinants of performance in mutual fund mergers," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(2), pages 625-635.
    4. Lipton, Amy F. & Kish, Richard J., 2010. "Robust performance measures for high yield bond funds," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 50(3), pages 332-340, August.
    5. Cashman, George D., 2010. "Pay-performance sensitivity and firm size: Insights from the mutual fund industry," Journal of Corporate Finance, Elsevier, Elsevier, vol. 16(4), pages 400-412, September.
    6. Khorana, Ajay & Tufano, Peter & Wedge, Lei, 2007. "Board structure, mergers, and shareholder wealth: A study of the mutual fund industry," Journal of Financial Economics, Elsevier, Elsevier, vol. 85(2), pages 571-598, August.

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