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Bank-Affiliated Mutual Fund Managers' Trading Patterns of Parent Banks' Stocks: International Evidence

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  • Fernando Gómez-Bezares
  • Wojciech Przychodzen

Abstract

The authors explore factors influencing bank-affiliated funds' decisions to increase their holdings of parent banks' stocks by analyzing survey evidence from 113 fund managers from the United States, Canada, Great Britain, Spain, and Poland. The results suggest that the propensity to buy the controlling banks' equity among financial professionals at the time of the stock market meltdown was shaped rather by the individual taste for their assets as consumption goods than by external pressures by direct superiors or the parent banks' management. Additionally, this predisposition was influenced positively by the fund managers' tendency to herd and fund participants' expectations as well as managers' sensitivity to eventual losses and previous work experience in the owning banks. The major investment segment represented by the fund also seems to be important, with an increasing level of risk acting as the denominator. Overall, this study extends the understanding of behavioral factors in bank-affiliated funds' allocation decision making.

Suggested Citation

  • Fernando Gómez-Bezares & Wojciech Przychodzen, 2018. "Bank-Affiliated Mutual Fund Managers' Trading Patterns of Parent Banks' Stocks: International Evidence," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 19(2), pages 199-208, April.
    • Handle: RePEc:taf:hbhfxx:v:19:y:2018:i:2:p:199-208
    DOI: 10.1080/15427560.2017.1374275
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    Cited by:

    1. Wattanatorn, Woraphon & Padungsaksawasdi, Chaiyuth & Chunhachinda, Pornchai & Nathaphan, Sarayut, 2020. "Mutual fund liquidity timing ability in the higher moment framework," Research in International Business and Finance, Elsevier, vol. 51(C).
    2. Andreu, Laura & Gimeno, Ruth & Ortiz, Cristina, 2022. "Diversification and manager autonomy in fund families: Implications for investors," Research in International Business and Finance, Elsevier, vol. 60(C).

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