新监管政策对日本主题基金和月度分销基金的影响

IF 2.9 3区 经济学 Q1 ECONOMICS
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引用次数: 0

摘要

日本金融厅(JFSA)是日本的金融监管机构,它关注日本共同基金销售的商业行为,尤其是主题基金和月度分销基金。该机构于 2015 年推出了一项新的监管政策,以鼓励竞争,提供高质量、以客户为导向的金融产品和服务。与传统监管不同,该政策基于 "遵守或解释 "的方法,并不强制要求遵守。我们利用差分法(DID)研究了这一政策是否引起了基金分销商在推广这些基金方面的行为变化。我们发现,该政策的效果并不一致。在包括股票、债券和平衡型基金在内的主动型基金中,该政策对减少基金流量以及主题基金和月度分销基金规模的影响有限。相比之下,我们发现一些证据表明,相对于低成本股票指数基金,该政策减少了股票主题基金和月度分销基金的资金流量和规模。我们发现,仅靠 "遵守或解释 "的方法可能不足以规范这些基金的销售,因为分销商和基金经理可以追求自身利益。此外,该方法的有效性还取决于投资者的行为,而投资者对这些基金的特点缺乏深入了解可能会阻碍投资者的行为。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Impact of a new regulatory policy on thematic and monthly distribution funds in Japan

The Japan Financial Services Agency (JFSA), the country’s financial regulatory body, is concerned with business conduct surrounding mutual fund sales in Japan, especially regarding thematic and monthly distribution funds. The agency introduced a new regulatory policy in 2015 to encourage competition to provide high-quality, customer-oriented financial products and services. Unlike traditional regulation, this policy is based on the comply-or-explain approach, which does not mandate compliance. We utilize a difference-in-differences (DID) approach to examine whether this policy induces changes in the behavior of fund distributors regarding the promotion of these funds. We find that the effectiveness of the policy is not uniform. The policy has a limited impact on reducing fund flows and the size of thematic and monthly distribution funds among active funds, which include equity, bond, and balanced funds. By contrast, we find some evidence that the policy has reduced the fund flows and the size of equity thematic and monthly distribution funds relative to low-cost equity index funds. We find that the comply-or-explain approach alone may not suffice to regulate these fund sales, as distributors and managers can pursue their own interests. In addition, the effectiveness of the approach also depends on investors’ behavior, which may be hindered by a lack of sophistication in understanding the characteristics of these funds.

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来源期刊
CiteScore
6.00
自引率
2.90%
发文量
118
期刊介绍: The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.
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