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Where do “impatient” mutual funds invest? A special attraction for large proximate markets and companies with strategic investors

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  • Stéphanie LAVIGNE
  • Dalila NICET-CHENAF
  • Claude DUPUY

Abstract

Our study examines the investment determinants of worldwide mutual funds from the perspective of economic geography. In particular, we investigate the preference of “impatient” mutual funds for specific countries. By analyzing a sample of 22,996 worldwide mutual funds over the period (2005-2009), we demonstrate that “impatient” mutual funds are favorable to large stock markets, markets with a high level of protection for shareholders, markets with familiar institutional practices and markets dominated by the presence of “strategic” investors as main shareholders of large listed companies.

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File URL: http://cahiersdugretha.u-bordeaux4.fr/2013/2013-12.pdf
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Bibliographic Info

Paper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2013-12.

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Date of creation: 2013
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Handle: RePEc:grt:wpegrt:2013-12

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Keywords: geography of finance; mutual funds; “impatient” investors; portfolio turnover;

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