共同基金
业务
封闭式基金
基金管理
资产净值
投资管理
财务
资产(计算机安全)
管理资产
价值(数学)
开放式基金
经理人基金经理
主权财富基金
指数基金
资产管理
机构投资者
投资基金
收益基金
目标日期基金
经济
公司治理
固定资产
激励
计算机安全
机器学习
生产(经济)
市场流动性
计算机科学
微观经济学
宏观经济学
摘要
I provide a measure for the value that investors place on trust and relationships in asset management by examining mutual fund flows around announced changes in the ownership of fund management companies. I find a decline in flows of around 7% of fund assets in the year following the announcement date, resulting primarily from fund outflows. Retail investors and investors in funds with higher expense ratios are most responsive to ownership changes, providing evidence that such investors appear to place a significant value on trust and are more likely to respond to a relationship disruption by withdrawing their assets. Received September 13, 2013; accepted August 10, 2015 by Editor Laura Starks.
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