Family status and mutual fund performance

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dc.contributor.authorClare, Andrew
dc.contributor.authorO'Sullivan, Niall
dc.contributor.authorSherman, Meadhbh
dc.date.accessioned2014-11-27T12:36:53Z
dc.date.available2015-12-01T05:00:06Z
dc.date.issued2014-06
dc.date.updated2014-05-02T09:43:14Z
dc.description.abstractUsing a large and long sample of US and European mutual funds, we examine the impact that membership of a fund family has on performance. We test for strategic and competitive behaviours among family funds and whether this affects performance persistence and risk-taking. While we do not find evidence of stronger performance persistence among family funds versus non-family funds, 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. We find strong evidence that a fund/'s mid-year ranking within its family and within its sector affects its risk-taking over the remainder of the year. However, most interestingly, we find evidence to suggest differences in the ways in which the US and European fund management industries operate, although future microstructure research would be required to identify the industry practices and cultures that may be the source of these differences.en
dc.description.statusPeer revieweden
dc.description.versionAccepted 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/10468/1715
dc.language.isoenen
dc.publisherPalgrave Macmillanen
dc.rightsThis is a post-peer-review, pre-copyedit version 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.subjectFund familyen
dc.subjectPerformance persistence and risken
dc.titleFamily status and mutual fund performanceen
dc.typeArticle (peer-reviewed)en
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