The Performance and Cash Flows of Newly Raised Funds
AbstractThe main purpose of this paper is to examine whether "newly raised funds" (NRFs) can actually achieve the performance targets. The targets are usually provided to investors by the fund companies at the time when such new funds are introduced. Our results show that the performance of the new funds is weakly inferior to that of existing funds. Furthermore, the results also indicate that NRFs with lower cash flows tend to outperform those with higher cash flows. We also find that reports appearing in the newspapers relating to such NRFs have significantly positive effects on cash flows. Thereby, it indicates that more promotional efforts can attract more money.
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Bibliographic InfoArticle provided by World Scientific Publishing Co. Pte. Ltd. in its journal Review of Pacific Basin Financial Markets and Policies.
Volume (Year): 13 (2010)
Issue (Month): 04 ()
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Web page: http://www.worldscinet.com/rpbfmp/rpbfmp.shtml
Find related papers by JEL classification:
- G1 - Financial Economics - - General Financial Markets
- G2 - Financial Economics - - Financial Institutions and Services
- G3 - Financial Economics - - Corporate Finance and Governance
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