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An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers

  • Narayanan Jayaraman

    (Georgia Institute of Technology,)

  • Ajay Khorana

    (Georgia Institute of Technology,)

  • Edward Nelling

    (Drexel University)

Registered author(s):

    This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of target and acquiring funds. Results indicate significant improvements in postmerger performance and a reduction in expense ratios for target fund shareholders. In contrast, acquiring fund shareholders experience a significant deterioration in postmerger performance. The net asset flows continue to remain negative for the combined fund in the year following the merger. The likelihood of a fund merger is inversely related to fund size for both within- and across-family mutual fund mergers. However, poor past performance is a significant determinant for only within-family mergers. Copyright The American Finance Association 2002.

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    Article provided by American Finance Association in its journal The Journal of Finance.

    Volume (Year): 57 (2002)
    Issue (Month): 3 (06)
    Pages: 1521-1551

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    Handle: RePEc:bla:jfinan:v:57:y:2002:i:3:p:1521-1551
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