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Analyst forecasts and European mutual fund trading
Franck, Alexander; Kerl, Alexander - In: Journal of Banking & Finance 37 (2013) 8, pp. 2677-2692
This paper addresses the questions whether European mutual fund managers rely on sell-side analyst information and whether this behavior impacts fund performance. Results show that mutual funds significantly increase (decrease) their holdings in stocks when any of the consensus forecast measures...
Persistent link: https://www.econbiz.de/10010679251
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The wisdom of crowds: Mutual fund investors’ aggregate asset allocation decisions
Chalmers, John; Kaul, Aditya; Phillips, Blake - In: Journal of Banking & Finance 37 (2013) 9, pp. 3318-3333
We find that the aggregate asset allocation decisions of US mutual fund investors depend on economic conditions. Both anticipated economic downturns and periods of turmoil lead investors to direct flow away from risky equity funds and towards lower-risk money market funds. These patterns are...
Persistent link: https://www.econbiz.de/10010682610
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What determines corporate pension fund risk-taking strategy?
An, Heng; Huang, Zhaodan; Zhang, Ting - In: Journal of Banking & Finance 37 (2013) 2, pp. 597-613
Corporate sponsors of defined benefit pension plans generally assume low investment risk when they have low funding ratios and high default risk, consistent with the risk management hypothesis. However, for financially distressed sponsors and sponsors that freeze, terminate, or convert defined...
Persistent link: https://www.econbiz.de/10010595267
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Commonalities in investment strategy and the determinants of performance in mutual fund mergers
Namvar, Ethan; Phillips, Blake - In: Journal of Banking & Finance 37 (2013) 2, pp. 625-635
. We also examine if fund governance structures influence the fund pairing process, testing if stronger fund oversight …
Persistent link: https://www.econbiz.de/10010595287
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Integrating corporate ownership and pension fund structures: A general equilibrium approach
Ebrahim, M. Shahid; Mathur, Ike; ap Gwilym, Rhys - In: Journal of Banking & Finance 49 (2014) C, pp. 553-569
This paper studies pension fund design in the context of investment in the debt and equity of a firm. We employ a general equilibrium framework to demonstrate that: (i) the asset location ‘puzzle’ is purely a partial equilibrium phenomenon, conceived in a risk neutral setting, that...
Persistent link: https://www.econbiz.de/10011118081
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Governance, product market competition and cash management in IPO firms
Jain, Bharat A.; Li, Joanne; Shao, Yingying - In: Journal of Banking & Finance 37 (2013) 6, pp. 2052-2068
This study evaluates the link between CEO governance heterogeneity, power structure of the firm, and product market … of cash reserves are higher under a founder CEO governance regime relative to non-founder CEOs. Concentrating board power … CEOs. Further, we find that stronger internal governance reduces the tendency of IPO firms to deploy excess cash reserves …
Persistent link: https://www.econbiz.de/10010662585
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Hedge fund liquidity and performance: Evidence from the financial crisis
Schaub, Nic; Schmid, Markus - In: Journal of Banking & Finance 37 (2013) 3, pp. 671-692
We investigate how share restrictions affect hedge fund performance in crisis and non-crisis periods. Consistent with prior research, we find that in the pre-crisis period more illiquid funds generate a share illiquidity premium compensating investors for limited liquidity. In the crisis period,...
Persistent link: https://www.econbiz.de/10010875300
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Does auditor choice matter to foreign investors? Evidence from foreign mutual funds worldwide
Chou, Julia; Zaiats, Nataliya; Zhang, Bohui - In: Journal of Banking & Finance 46 (2014) C, pp. 1-20
This study explores whether a firm’s auditor choice affects its ability to access foreign equity capital. Using the equity holdings of 35,665 foreign mutual funds from 30 countries for the period 1998–2009, we find evidence that appointing a Big 4 auditor is associated with the increased...
Persistent link: https://www.econbiz.de/10010907101
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Capital requirements for over-the-counter derivatives central counterparties
Lin, Li; Surti, Jay - In: Journal of Banking & Finance 52 (2015) C, pp. 140-155
This paper assesses the sensitivity of the risk buffers, or capital requirements, of central counterparties clearing over-the-counter derivatives trades to a range of model inputs. It finds capital requirements to be highly sensitive to whether key model parameters are calibrated on a...
Persistent link: https://www.econbiz.de/10011209849
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Do mutual funds herd in industries?
Celiker, Umut; Chowdhury, Jaideep; Sonaer, Gokhan - In: Journal of Banking & Finance 52 (2015) C, pp. 1-16
This study examines whether mutual funds herd in industries and the extent to which such herding impacts industry valuations. Using two herding measures proposed by Lakonishok et al. (1992) and Sias (2004) we document that mutual funds herd in industries. We show that industry herding is not...
Persistent link: https://www.econbiz.de/10011209859