Arbeitspapier
Interfund lending in mutual fund families: Role of internal capital markets
Although the 1940 Act restricts interfund lending within a mutual fund family, families can apply for exemptions from the regulator to participate in interfund lending. We find that heterogeneity in portfolio liquidity and investor flows across funds, funds' investment restrictions, and governance mechanisms determine the applications for interfund lending. We document several costs and benefits of interfund lending after the application. Costs include lower sensitivity of managers' turnover to past performance and greater investor withdrawal for poorly governed funds. Benefits include funds holding more illiquid and concentrated portfolios, and being less susceptible to runs. Finally, well-governed funds perform better.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFR Working Paper ; No. 15-09 [rev.]
- Klassifikation
-
Wirtschaft
General Financial Markets: Government Policy and Regulation
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Thema
-
funding liquidity
fund families
internal capital markets
fund performance
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Agarwal, Vikas
Zhao, Haibei
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Cologne, Centre for Financial Research (CFR)
- (wo)
-
Cologne
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Agarwal, Vikas
- Zhao, Haibei
- University of Cologne, Centre for Financial Research (CFR)
Entstanden
- 2016
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