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Quelles incidences d’un élargissement du rôle des fonds d’investissement collectifs ?

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  • Sébastien Galanti
  • Françoise Le Quéré

Abstract

Banking disintermediation induces a greater role for shadow banking firms, among which investment funds. These funds attract a large part of savings that were previously channelled by banks. This evolution justifies scrutinizing the behavior of those agents and identifying the risks that they bear. We review theoretical and empirical literature that shows evidence for the risks caused by delegated monitoring, herding, runs and first-mover advantage. We propose a test of run risk for several French mutual funds (2005-2015), and show that funds invested in bonds exhibit a first mover advantage. We do not find such relation for funds invested in stocks. Classification JEL: G12, G18, G23, G32.

Suggested Citation

  • Sébastien Galanti & Françoise Le Quéré, 2016. "Quelles incidences d’un élargissement du rôle des fonds d’investissement collectifs ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 235-254.
    • Handle: RePEc:cai:refaef:ecofi_123_0235
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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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