Strategic cross-fund subsidization of China’s mutual fund families.

This paper examines the cross-fund subsidization strategies of China’s mutual fund families by investigating whether the mutual fund families boost the performance of high- performing funds at the expense of the low- performing members in order to increase the overall family profit. I find that the...

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Main Author: Shao, Tiannu.
Other Authors: Chang Xin
Format: Theses and Dissertations
Language:English
Published: 2012
Subjects:
Online Access:http://hdl.handle.net/10356/50730
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-507302024-01-12T10:28:29Z Strategic cross-fund subsidization of China’s mutual fund families. Shao, Tiannu. Chang Xin Nanyang Business School DRNTU::Business::Finance::Funds This paper examines the cross-fund subsidization strategies of China’s mutual fund families by investigating whether the mutual fund families boost the performance of high- performing funds at the expense of the low- performing members in order to increase the overall family profit. I find that the performance differences between the Net-of-Style Return of high performed funds and low performed funds are significantly greater if the pairs of funds are in the same family. These effects are independent of which set of funds is outperforming in terms of the investment style. This strategy is more prevalent in China when the investment styles of the low funds are outperforming. Moreover, the level of cross-fund subsidization is also related to family characteristics, including family age, family size, the number of funds possessed, and the size heterogeneity of the families’ member funds. ​Master of Business 2012-09-24T05:57:47Z 2012-09-24T05:57:47Z 2012 2012 Thesis http://hdl.handle.net/10356/50730 en 46 p. application/pdf
institution Nanyang Technological University
building NTU Library
continent Asia
country Singapore
Singapore
content_provider NTU Library
collection DR-NTU
language English
topic DRNTU::Business::Finance::Funds
spellingShingle DRNTU::Business::Finance::Funds
Shao, Tiannu.
Strategic cross-fund subsidization of China’s mutual fund families.
description This paper examines the cross-fund subsidization strategies of China’s mutual fund families by investigating whether the mutual fund families boost the performance of high- performing funds at the expense of the low- performing members in order to increase the overall family profit. I find that the performance differences between the Net-of-Style Return of high performed funds and low performed funds are significantly greater if the pairs of funds are in the same family. These effects are independent of which set of funds is outperforming in terms of the investment style. This strategy is more prevalent in China when the investment styles of the low funds are outperforming. Moreover, the level of cross-fund subsidization is also related to family characteristics, including family age, family size, the number of funds possessed, and the size heterogeneity of the families’ member funds.
author2 Chang Xin
author_facet Chang Xin
Shao, Tiannu.
format Theses and Dissertations
author Shao, Tiannu.
author_sort Shao, Tiannu.
title Strategic cross-fund subsidization of China’s mutual fund families.
title_short Strategic cross-fund subsidization of China’s mutual fund families.
title_full Strategic cross-fund subsidization of China’s mutual fund families.
title_fullStr Strategic cross-fund subsidization of China’s mutual fund families.
title_full_unstemmed Strategic cross-fund subsidization of China’s mutual fund families.
title_sort strategic cross-fund subsidization of china’s mutual fund families.
publishDate 2012
url http://hdl.handle.net/10356/50730
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