有利益冲突要申报吗?中国个人控制基金研究

IF 3.6 2区 经济学 Q1 BUSINESS, FINANCE
Zhuang Zhuang , Carl Hsin-han Shen , Juan Yao
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引用次数: 0

摘要

中国放松金融管制导致个人控制的基金管理公司兴起,这些公司的最大股东是个人,而不是机构。本研究特别从潜在利益冲突的角度考察了这些被称为“个人控制基金”(ICFs)的共同基金。ICFs更有可能优先考虑业绩,因为附属机构对其活动的干预有限。在考虑到基金的特点后,他们每月的表现始终比同行高出0.7%。当最大的个人所有者在基金公司中拥有更大的影响力时,这种优异表现更为明显。我们还记录了icf从事不当行为的倾向较低。我们的研究结果表明,最大限度地减少利益冲突有利于共同基金行业的绩效。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Conflict of interest to declare? A study of individual-controlled funds in China
China's financial deregulation has led to the rise of individual-controlled fund management companies, where the largest shareholder is a person rather than an institution. This study examines these mutual funds, known as “individual-controlled funds” (ICFs), particularly from the perspective of potential conflict of interest. ICFs are more likely to prioritize performance given there is limited interference in their activities by affiliated institutions. They consistently outperform peers by 0.7 % per month, after accounting for fund characteristics. This outperformance is more pronounced when the largest individual owner has greater influence in the fund company. We also document the lower propensity of ICFs to engage in misconduct. Our findings demonstrate that minimizing conflicts of interest benefits performance in the mutual fund industry.
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来源期刊
CiteScore
6.40
自引率
5.40%
发文量
262
期刊介绍: The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.
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