{"title":"共同基金选股:来自家族企业交易的证据","authors":"Jing Xie","doi":"10.2139/ssrn.2565316","DOIUrl":null,"url":null,"abstract":"I find that mutual funds that invest heavily in publicly traded family firms (pro-FF funds) outperform other funds. Trading by funds, which overweigh family firms, predicts family firms’ future stock returns and earnings announcement surprises. Consistent with an informed fund hypothesis, pro-FF funds’ outperformance is greater when family firms they hold are harder to value or less liquid. I find that pro-FF funds acquire an information advantage by investing in family firms located geographically closer to them. Mutual funds realizes a positive aggregate return on family firms. Overall, this study shows that investing in family firms benefits mutual funds.","PeriodicalId":420767,"journal":{"name":"Asian Finance Association (AsianFA) 2015 Conference (Archive)","volume":"383 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Stock-Picking by Mutual Funds: Evidence from Their Trading in Family-Controlled Firms\",\"authors\":\"Jing Xie\",\"doi\":\"10.2139/ssrn.2565316\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"I find that mutual funds that invest heavily in publicly traded family firms (pro-FF funds) outperform other funds. Trading by funds, which overweigh family firms, predicts family firms’ future stock returns and earnings announcement surprises. Consistent with an informed fund hypothesis, pro-FF funds’ outperformance is greater when family firms they hold are harder to value or less liquid. I find that pro-FF funds acquire an information advantage by investing in family firms located geographically closer to them. Mutual funds realizes a positive aggregate return on family firms. Overall, this study shows that investing in family firms benefits mutual funds.\",\"PeriodicalId\":420767,\"journal\":{\"name\":\"Asian Finance Association (AsianFA) 2015 Conference (Archive)\",\"volume\":\"383 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-09-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Finance Association (AsianFA) 2015 Conference (Archive)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2565316\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Finance Association (AsianFA) 2015 Conference (Archive)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2565316","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Stock-Picking by Mutual Funds: Evidence from Their Trading in Family-Controlled Firms
I find that mutual funds that invest heavily in publicly traded family firms (pro-FF funds) outperform other funds. Trading by funds, which overweigh family firms, predicts family firms’ future stock returns and earnings announcement surprises. Consistent with an informed fund hypothesis, pro-FF funds’ outperformance is greater when family firms they hold are harder to value or less liquid. I find that pro-FF funds acquire an information advantage by investing in family firms located geographically closer to them. Mutual funds realizes a positive aggregate return on family firms. Overall, this study shows that investing in family firms benefits mutual funds.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
