Friendly investing and information sharing in the asset management industry
Autor(a) principal: | |
---|---|
Data de Publicação: | 2023 |
Outros Autores: | , |
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. |
id |
RCAP_6b49b4f08cb6bfa468473268dbd64d6a |
---|---|
oai_identifier_str |
oai:run.unl.pt:10362/163052 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
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 |
repository.mail.fl_str_mv |
|
_version_ |
1799138172258484224 |