Show simple item record

dc.contributor.authorNefedova, Tamara*
dc.contributor.authorParise, Gianpaolo*
dc.contributor.authorEisele, Alexander*
dc.date.accessioned2015-06-15T13:02:45Z
dc.date.available2015-06-15T13:02:45Z
dc.date.issued2015-06
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/15218
dc.language.isoenen
dc.subjectCross-tradingen
dc.subjectPerformanceen
dc.subjectGovernanceen
dc.subjectMutual Fund Familiesen
dc.subject.ddc658.1en
dc.subject.classificationjelG.G3.G34en
dc.subject.classificationjelL.L2.L25en
dc.titleAre Star Funds Really Shining? Cross-trading And Performance Shifting In Mutual Fund Familiesen
dc.typeCommunication / Conférence
dc.contributor.editoruniversityotherSwiss Finance Institute, Lugano;Suisse
dc.description.abstractenThis paper exploits institutional trade level data to study cross-trading activity inside mutual fund families. Cross-trades are opposite trades matched between siblings (i.e., funds belonging to the same fund family) without going to the open market. We find that large fund families with weak governance and high within family size dispersion cross-trade more and are more likely to misprice their cross-trades. Additionally, we find that cross-trades are used to increase the performance of the most valuable siblings (on average by 2.5% per annum) at the expense of the less valuable funds. More restrictive governance policies introduced as a consequence of the late trading scandal were effective in reducing the amount and the mispricing of cross-trades.en
dc.identifier.citationpages42en
dc.subject.ddclabelOrganisation et finances d'entrepriseen
dc.relation.conftitle32nd International Conference of the French Finance Association - AFFI 2015en
dc.relation.confdate2015-06
dc.relation.confcityCergyen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewednon
hal.person.labIds1032*
hal.person.labIds36796*
hal.person.labIds93267*
hal.identifierhal-01458357*


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record