Asset management within commercial banking groups

Detalhes bibliográficos
Autor(a) principal: Ferreira, Miguel A.
Data de Publicação: 2018
Outros Autores: Matos, Pedro, Pires, Pedro
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.1111/jofi.12702
Resumo: Funfing agency: International Monetary Fund (IMF), University of Toronto, Villanova University, Fuel Cell Technologies Program, Texas A and M University, University of Hong Kong, Universiteit Maastricht, Georgia State University, McGill University, Howard University School of Business, Universiteit van Tilburg, European Research Council (ERC), Fundacao para a Ciencia e Tecnologia (FCT) and Richard A. Mayo Center for Asset Management at the Darden School of Business
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spelling Asset management within commercial banking groupsinternational evidenceAccountingFinanceEconomics and EconometricsFunfing agency: International Monetary Fund (IMF), University of Toronto, Villanova University, Fuel Cell Technologies Program, Texas A and M University, University of Hong Kong, Universiteit Maastricht, Georgia State University, McGill University, Howard University School of Business, Universiteit van Tilburg, European Research Council (ERC), Fundacao para a Ciencia e Tecnologia (FCT) and Richard A. Mayo Center for Asset Management at the Darden School of BusinessWe study the performance of equity mutual funds run by asset management divisions of commercial banking groups using a worldwide sample. We show that bank-affiliated funds underperform unaffiliated funds by 92 basis points per year. Consistent with conflicts of interest, the underperformance is more pronounced among those affiliated funds that overweight the stock of the bank's lending clients to a great extent. Divestitures of asset management divisions by banking groups support a causal interpretation of the results. Our findings suggest that affiliated fund managers support their lending divisions’ operations to reduce career concerns at the expense of fund investors.NOVA School of Business and Economics (NOVA SBE)RUNFerreira, Miguel A.Matos, PedroPires, Pedro2023-06-01T00:32:01Z2018-10-012018-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article47application/pdfhttps://doi.org/10.1111/jofi.12702eng0022-1082PURE: 6134106http://www.scopus.com/inward/record.url?scp=85055129429&partnerID=8YFLogxKhttps://doi.org/10.1111/jofi.12702info: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:RCAAP2024-03-11T04:26:37Zoai:run.unl.pt:10362/54010Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:32:43.539327Repositório 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 Asset management within commercial banking groups
international evidence
title Asset management within commercial banking groups
spellingShingle Asset management within commercial banking groups
Ferreira, Miguel A.
Accounting
Finance
Economics and Econometrics
title_short Asset management within commercial banking groups
title_full Asset management within commercial banking groups
title_fullStr Asset management within commercial banking groups
title_full_unstemmed Asset management within commercial banking groups
title_sort Asset management within commercial banking groups
author Ferreira, Miguel A.
author_facet Ferreira, Miguel A.
Matos, Pedro
Pires, Pedro
author_role author
author2 Matos, Pedro
Pires, Pedro
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 Ferreira, Miguel A.
Matos, Pedro
Pires, Pedro
dc.subject.por.fl_str_mv Accounting
Finance
Economics and Econometrics
topic Accounting
Finance
Economics and Econometrics
description Funfing agency: International Monetary Fund (IMF), University of Toronto, Villanova University, Fuel Cell Technologies Program, Texas A and M University, University of Hong Kong, Universiteit Maastricht, Georgia State University, McGill University, Howard University School of Business, Universiteit van Tilburg, European Research Council (ERC), Fundacao para a Ciencia e Tecnologia (FCT) and Richard A. Mayo Center for Asset Management at the Darden School of Business
publishDate 2018
dc.date.none.fl_str_mv 2018-10-01
2018-10-01T00:00:00Z
2023-06-01T00:32:01Z
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 https://doi.org/10.1111/jofi.12702
url https://doi.org/10.1111/jofi.12702
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0022-1082
PURE: 6134106
http://www.scopus.com/inward/record.url?scp=85055129429&partnerID=8YFLogxK
https://doi.org/10.1111/jofi.12702
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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