IDEAS home Printed from https://ideas.repec.org/a/bla/jfnres/v24y2001i3p419-42.html
   My bibliography  Save this article

The Performance of Bank-Managed Mutual Funds

Author

Listed:
  • Frye, Melissa B

Abstract

The ability of banks to offer proprietary mutual funds has expanded over recent years, and the mutual fund industry has been a significant growth area for banks. I examine the growth and performance of bank proprietary bond mutual funds. The empirical results show no evidence that bank-managed mutual funds underperform nonbank funds. I find some evidence that bank managers are more conservative than nonbank managers in terms of investment strategy and that banks appear more likely to target individual rather than institutional investors. Also, I find that abnormal fund performance does not appear to be a significant determinant of the net asset flows into and out of bank-managed mutual funds. Rather, the results suggest bank investors rely mainly on past marketing information and the general reputation of the bank.

Suggested Citation

  • Frye, Melissa B, 2001. "The Performance of Bank-Managed Mutual Funds," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(3), pages 419-442, Fall.
  • Handle: RePEc:bla:jfnres:v:24:y:2001:i:3:p:419-42
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mehran, Hamid & Stulz, Rene M., 2007. "The economics of conflicts of interest in financial institutions," Journal of Financial Economics, Elsevier, vol. 85(2), pages 267-296, August.
    2. Fabian Irek, & Jan Jaap Hazenberg & Willem van der Scheer & Mariela Stefanova, 2013. "The Lure of the Brand: Evidence from the European Mutual Fund Industry," LSF Research Working Paper Series 13-8, Luxembourg School of Finance, University of Luxembourg.
    3. Golez, Benjamin & Marin, Jose M., 2015. "Price support by bank-affiliated mutual funds," Journal of Financial Economics, Elsevier, vol. 115(3), pages 614-638.
    4. repec:luc:wpaper:13-8 is not listed on IDEAS
    5. Ken Johnston & Chris Paul, 2005. "Further evidence of the November effect," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(2), pages 280-288, June.
    6. Gallaher, Steven & Kaniel, Ron & Starks, Laura T, 2015. "Advertising and Mutual Funds: From Families to Individual Funds," CEPR Discussion Papers 10329, C.E.P.R. Discussion Papers.
    7. Geranio, Manuela & Zanotti, Giovanna, 2005. "Can mutual funds characteristics explain fees?," Journal of Multinational Financial Management, Elsevier, vol. 15(4-5), pages 354-376, October.
    8. Alves, Paulo, 2015. "The Fees of Mutual Funds and Real Estate Funds: Their Determinants in a Small Market," MPRA Paper 65490, University Library of Munich, Germany.
    9. Carlos Alves & Victor Mendes, 2004. "Self-Interest on Mutual Fund Management: Evidence from the Portuguese Market," FEP Working Papers 162, Universidade do Porto, Faculdade de Economia do Porto.
    10. Amparo Soler Domínguez & Juan Carlos Matallín Sáez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression approach," Working Papers. Serie EC 2013-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    11. Linh Tran Dieu, 2015. "A Comparison of Bank and Non-bank Funds in the French Market," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 273-294, June.
    12. J. Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression," Working Papers 2013/01, Economics Department, Universitat Jaume I, Castellón (Spain).
    13. Thomas W. Doellman & Sabuhi H. Sardarli, 2016. "Investment Fees, Net Returns, And Conflict Of Interest In 401(K) Plans," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 39(1), pages 5-33, March.
    14. Gil Bazo, Javier & Martínez Sedano, Miguel Angel, 2004. "The Black Box of Mutual Fund Fees," DFAEII Working Papers 2004-01, University of the Basque Country - Department of Foundations of Economic Analysis II.
    15. G. Koppenhaver & Travis Sapp, 2005. "Money Funds or Markets? Valuing Intermediary Services," Journal of Financial Services Research, Springer;Western Finance Association, vol. 27(1), pages 51-76, February.
    16. Alves, Paulo, 2016. "The Expenses of Real Estate Funds in a Small Market: Their Determinants," MPRA Paper 83275, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jfnres:v:24:y:2001:i:3:p:419-42. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: http://edirc.repec.org/data/sfaaaea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.