{"title":"Family Values and the Star Phenomenon: Strategies of Mutual Fund Families","authors":"Vikram Nanda, Z. Wang, Lu Zheng","doi":"10.2139/ssrn.1906798","DOIUrl":"https://doi.org/10.2139/ssrn.1906798","url":null,"abstract":"We examine the extent to which a fund's cash flows are affected by the stellar performance of other funds in its family -- and consequences of such spillovers. We show that star performance results in greater cash inflow to the fund and to other funds in its family. Moreover, families with higher variation in investment strategies across funds are shown to be more likely to generate star performance. We argue that spillovers may induce lower ability families to pursue star-creating strategies. Consistent with our conjecture, families with high variation in investment strategies across funds significantly underperform low-variation families. Copyright 2004, Oxford University Press.","PeriodicalId":406780,"journal":{"name":"POL: Resource Financing Strategies (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132889590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Equity Share in New Issues and Aggregate Stock Returns","authors":"Malcolm P. Baker, Jeffrey Wurgler","doi":"10.2139/ssrn.172548","DOIUrl":"https://doi.org/10.2139/ssrn.172548","url":null,"abstract":"The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue relatively more equity than debt just before periods of low market returns. The equity share in new issues has stable predictive power in both halves of the sample period and after controlling for other known predictors. We do not find support for efficient market explanations of the results. Instead, the fact that the equity share sometimes predicts significantly negative market returns suggests inefficiency and that firms time the market component of their returns when issuing securities. IN THEIR CLASSIC PROOF of the irrelevance of financing policy, Modigliani and Miller ~1958! implicitly assume market efficiency. If the stock market is inefficient, however, financing policy becomes relevant in obvious ways. When equity prices are too high, existing shareholders benefit by issuing overvalued equity. When equity prices are too low, issuing debt is preferable. Consistent with this timing hypothesis, firms issuing equity have poor subsequent performance. Stigler ~1964!, Ritter ~1991!, Loughran and Ritter ~1995!, and Speiss and Aff leck-Graves ~1995! find low average returns after both initial and seasoned offerings. 1 These studies focus exclusively on issuer returns relative to some benchmark—the first term in the decomposition Ri 5 ~Ri 2 Rb! 1 Rb. The benchmark is typically the market portfolio or","PeriodicalId":406780,"journal":{"name":"POL: Resource Financing Strategies (Topic)","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126181246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Capital Policy of German Savings Banks - a Survey","authors":"Volker Kleff","doi":"10.2139/ssrn.832924","DOIUrl":"https://doi.org/10.2139/ssrn.832924","url":null,"abstract":"In contrast to earlier field studies, we survey German public savings banks on their management of capital. We find that the most important determinants of the savings banks? target capital ratio are risk aversion, the desired credit growth and profitability. Savings banks prefer to manage the level of capital rather than the level of riskweighted assets in order to reach their target capital ratio. The most important instruments to increase the level of capital are lowering costs and issuing subordinated debt. We obtain strong evidence that issuing subordinated debt is a particularly important instrument to increase capital for less capitalised savings banks.","PeriodicalId":406780,"journal":{"name":"POL: Resource Financing Strategies (Topic)","volume":"36 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116527537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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