In the name of the law: How does legal distance affect US international mutual funds’ financial performance?

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-11-23 DOI:10.1016/j.ribaf.2024.102661

Jorge Fleta-Asín , Fernando Muñoz

引用次数: 0

Abstract

In this research, we investigate how the distance in legal features between investor and investee countries affects international mutual funds’ financial performance. We analyse a sample formed by 1160 US equity mutual funds in the period 2000–2021 (73,256 monthly portfolios) with an international investment vocation. Our results show that managers of mutual funds holding a portfolio that is exposed to more distant markets in terms of legal features jeopardize the financial performance delivered to investors. We also find a moderating factor whereby investing in larger stock markets alleviates the negative effect of the legal distance.

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以法律之名：法律距离如何影响美国国际共同基金的财务业绩？

在本研究中，我们探讨了投资国和被投资国之间法律特征的距离如何影响国际共同基金的财务绩效。我们分析了2000年至2021年期间1160只美国股票共同基金（每月73,256个投资组合）形成的样本，这些样本具有国际投资职能。我们的研究结果表明，共同基金经理持有的投资组合在法律特征方面暴露于更遥远的市场，会危及向投资者提供的财务业绩。我们还发现了一个调节因素，即投资于较大的股票市场可以缓解法律距离的负面影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance