Friendly investing and information sharing in the asset management industry

Detalhes bibliográficos
Autor(a) principal: Golez, Benjamin
Data de Publicação: 2023
Outros Autores: Rizzo, Antonino Emanuele, Zambrana, Rafael
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/163052
Resumo: Publisher Copyright: © 2023 Cambridge University Press. All rights reserved.
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spelling Friendly investing and information sharing in the asset management industryAsset managementbrokerage firmsbusiness tiesfinancial conglomeratesfinancial stabilitymutual fundsprice supportAccountingFinanceEconomics and EconometricsPublisher Copyright: © 2023 Cambridge University Press. All rights reserved.Do asset managers engage in friendly investing to obtain privileged investment information? We test this hypothesis in the context of mutual fund connections to financial groups. Using brokers as the source of connections, we find that funds overweight the stock of connected financial groups and side with management in contested votes. We also find that fund performance improves with the extent of friendly investing. The improvement stems from trading the stock of companies that borrow from connected financial groups. Brokerage commissions do not drive the results. Our findings suggest that funds can obtain valuable information by acting as friendly shareholders.NOVA School of Business and Economics (NOVA SBE)RUNGolez, BenjaminRizzo, Antonino EmanueleZambrana, Rafael2024-02-02T23:06:51Z20232023-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/163052eng0022-1090PURE: 65186114https://doi.org/10.1017/S0022109023000741info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:46:06Zoai:run.unl.pt:10362/163052Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:59:14.652900Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Friendly investing and information sharing in the asset management industry
title Friendly investing and information sharing in the asset management industry
spellingShingle Friendly investing and information sharing in the asset management industry
Golez, Benjamin
Asset management
brokerage firms
business ties
financial conglomerates
financial stability
mutual funds
price support
Accounting
Finance
Economics and Econometrics
title_short Friendly investing and information sharing in the asset management industry
title_full Friendly investing and information sharing in the asset management industry
title_fullStr Friendly investing and information sharing in the asset management industry
title_full_unstemmed Friendly investing and information sharing in the asset management industry
title_sort Friendly investing and information sharing in the asset management industry
author Golez, Benjamin
author_facet Golez, Benjamin
Rizzo, Antonino Emanuele
Zambrana, Rafael
author_role author
author2 Rizzo, Antonino Emanuele
Zambrana, Rafael
author2_role author
author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Golez, Benjamin
Rizzo, Antonino Emanuele
Zambrana, Rafael
dc.subject.por.fl_str_mv Asset management
brokerage firms
business ties
financial conglomerates
financial stability
mutual funds
price support
Accounting
Finance
Economics and Econometrics
topic Asset management
brokerage firms
business ties
financial conglomerates
financial stability
mutual funds
price support
Accounting
Finance
Economics and Econometrics
description Publisher Copyright: © 2023 Cambridge University Press. All rights reserved.
publishDate 2023
dc.date.none.fl_str_mv 2023
2023-01-01T00:00:00Z
2024-02-02T23:06:51Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/163052
url http://hdl.handle.net/10362/163052
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0022-1090
PURE: 65186114
https://doi.org/10.1017/S0022109023000741
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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