Where do “impatient” mutual funds invest? A special attraction for large proximate markets and companies with strategic investors
AbstractOur 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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Bibliographic InfoPaper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2013-12.
Date of creation: 2013
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geography of finance; mutual funds; “impatient” investors; portfolio turnover;
Find related papers by JEL classification:
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- P10 - Economic Systems - - Capitalist Systems - - - General
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