共同基金诞生中的选择效应

IF 2.1 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2025-01-27 DOI:10.1111/jfir.12437

André de Souza

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引用次数: 0

摘要

新生基金不成比例地持有热门股票，代表着长期的战略选择。这表明，在选择推出新基金的策略时，家族不仅考虑对自身业绩的预期，还考虑投资者对这些策略的情绪。这两种进入动机导致竞争性进入和策略受欢迎程度之间的相互作用，从而影响现有基金和新基金的业绩和流量。新成立的基金对业绩的预期在一定程度上取决于基金经理在这些策略方面的技能，但这不是唯一的因素，时变的投资机会也会发挥作用。

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Selection effects in the births of mutual funds

Newborn funds disproportionately hold popular stocks, representing long-lived strategic choices. This suggests that when choosing strategies in which to launch new funds, families do not consider only expectations for their own performance but also consider investor sentiment toward those strategies. The two motives for entry result in an interaction effect between competitive entry and strategy popularity, which affects performance and flows for both existing and newborn funds. Newborn funds' expectations for performance are partly driven by fund manager skill in those strategies, but this is not the only factor, leaving a role for time-varying investment opportunities.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.