Recherche


S'identifier

Fax Quotidien
Daily Fax

mercredi 11 septembre 2019

Tous les titres

Fax du mercredi 11 septembre 2019 - Tous les titres

go back Retour << Article précédent Article suivant >>

Research in Finance : On governance problems between Commercial Banking and Asset Management

A relatively recent literature that focusses on the fund industry often pinpoints governance issues. Most funds seem to underperform correct model-based benchmarks such as the Fama-French 4-factor model estimated for the respective investment fund. Sensoy (2009) indicates that most benchmarks are not correct. There is also evidence that management companies, managing families of funds subsidize often better performing funds at the disadvantage of less performing funds that also tend to have less sophisticated investors and thus face a less elastic flow-performance relationship (Bhattacharya et al. (2012)). The convexity of the flow-performance relationship actually creates incentives for such behaviour. The cost structures of the fund industry also exhibit interesting features. If we...

Cette page n'est accessible qu'aux abonnés payants.
Veuillez vous identifier si vous êtes abonnés à la consultation de nos archives.
Nous vous invitons à souscrire un abonnement, ou à prendre contact avec nous.

This page is only accessible to paying subscribers.
Please identify yourself if you have subscribed to the consultation of our archives.
We invite you to take out a subscription, or to contact us.

Ces entreprises nous font bénéficier de leur expertise en collaborant avec Agefi Luxembourg.

These companies give us the benefit of their expertise by collaborating with Agefi Luxembourg.

E-mail:
Mot de passe:
	Rester connecté


Mot de passe oublié ?