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Competitor Scale and Mutual Fund Beh...

The University of Chicago.

Competitor Scale and Mutual Fund Behavior.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Competitor Scale and Mutual Fund Behavior./
Author:	Jakab, Laszlo Pal.
Description:	1 online resource (84 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
Contained By:	Dissertation Abstracts International79-11A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780438088467

Competitor Scale and Mutual Fund Behavior.
Jakab, Laszlo Pal.

Competitor Scale and Mutual Fund Behavior. - 1 online resource (84 pages)

Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2018.

Includes bibliographical references

I study the effects of competition on the investment behavior and performance of active mutual funds. I find that funds respond to increased competitor scale by curtailing costly active management. To establish causality, I exploit quasi-exogenous variation in fund flows created by a natural experiment---the 2003 mutual fund scandal. Funds whose competitors were the most affected by the scandal expand active management and perform better after the scandal. Interpreting the findings through the lens of models of decreasing returns to scale indicates information asymmetry between fund managers and outside investors.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780438088467Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Competitor Scale and Mutual Fund Behavior.
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020 $a 9780438088467
035 $a (MiAaPQ)AAI10817411
035 $a (MiAaPQ)uchicago:14396
035 $a AAI10817411
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Jakab, Laszlo Pal. $3 1192542
245 1 0 $a Competitor Scale and Mutual Fund Behavior.
264 0 $c 2018
300 $a 1 online resource (84 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
500 $a Adviser: Lubos Pastor.
502 $a Thesis (Ph.D.)--The University of Chicago, 2018.
504 $a Includes bibliographical references
520 $a I study the effects of competition on the investment behavior and performance of active mutual funds. I find that funds respond to increased competitor scale by curtailing costly active management. To establish causality, I exploit quasi-exogenous variation in fund flows created by a natural experiment---the 2003 mutual fund scandal. Funds whose competitors were the most affected by the scandal expand active management and perform better after the scandal. Interpreting the findings through the lens of models of decreasing returns to scale indicates information asymmetry between fund managers and outside investors.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Chicago. $b Business. $3 1179073
773 0 $t Dissertation Abstracts International $g 79-11A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10817411 $z click for full text (PQDT)

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