Mutual fund performance and families

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dc.contributor.authorClare, Andrew
dc.contributor.authorO'Sullivan, Niall
dc.contributor.authorSherman, Meadhbh
dc.date.accessioned2014-11-27T12:47:04Z
dc.date.available2014-11-27T12:47:04Z
dc.date.issued2014-06
dc.date.updated2013-05-28T14:53:33Z
dc.description.abstractUsing a large and long sample of US and European mutual funds we examine the impact that the membership of a fund family has on performance. We test for strategic and competitive behaviour among family funds and whether this affects performance persistence and risk taking behaviour. We find no conclusive evidence of stronger performance persistence among family funds versus non-family funds, although we do find some significant differences in the future performance of portfolios of family and non-family funds formed on the basis of past performance. However, we do provide strong evidence to suggest that a fund s mid-year ranking within its family affects its risk over the remainder of the year and, most interestingly, that family mid-year rankings have a different impact in the US mutual fund industry than it does in its European equivalent. Among US funds, the results point to intra-family competition where mid-year losers increase risk by more than mid-year winners in an attempt to catch up. The opposite is found to be true for European family funds. Our results therefore highlight significant differences in the ways in which the US and European fund management industries operate.en
dc.description.statusNot peer revieweden
dc.description.versionSubmitted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationCLARE, A., O'SULLIVAN, N. & SHERMAN, M. 2014. Family status and mutual fund performance. Journal of Asset Management, 15, 163-175. http://dx.doi.org/10.1057/jam.2014.19en
dc.identifier.doi10.1057/jam.2014.19
dc.identifier.endpage175en
dc.identifier.issn1470-8272
dc.identifier.journaltitleJournal of Asset Managementen
dc.identifier.startpage163en
dc.identifier.urihttps://hdl.handle.net/10468/1716
dc.language.isoenen
dc.publisherPalgrave Macmillanen
dc.rightsThis is a pre-print of an article published in Journal of Asset Management. The definitive publisher-authenticated version CLARE, A., O'SULLIVAN, N. & SHERMAN, M. 2014. Family status and mutual fund performance. Journal of Asset Management, 15, 163-175. is available online at: http://dx.doi.org/10.1057/jam.2014.19en
dc.subjectxen
dc.titleMutual fund performance and familiesen
dc.title.alternativeFamily status and mutual fund performanceen
dc.typeArticle (non peer-reviewed)en
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