Investor-stock decoupling in mutual funds

Bibliographic Details
Main Author: Ferreira, Miguel A.
Publication Date: 2018
Other Authors: Massa, Massimo, Matos, Pedro
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: https://doi.org/10.1287/mnsc.2016.2681
Summary: Funding: Richard A. Mayo Center for Asset Management at the Darden School of Business and The European Research Council (ERC)
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spelling Investor-stock decoupling in mutual fundsFund flowsLimits to arbitrageMutual fundsPerformanceRisk takingStrategy and ManagementManagement Science and Operations ResearchFunding: Richard A. Mayo Center for Asset Management at the Darden School of Business and The European Research Council (ERC)We investigate whether mutual funds whose investors and stocks are decoupled (i.e., investor location does not coincide with that of the stock holdings) benefit from a natural hedge as they have fewer outflows during market downturns and fewer inflows during upturns. Using a sample of equity mutual funds from 26 countries, we find that funds with higher investor-stock decoupling exhibit higher performance, and this is more pronounced during the 2007-2008 financial crisis. We also find that decoupling allows fund managers to take less risk, be more active, and tilt their portfolios toward smaller and less liquid stocks.NOVA School of Business and Economics (NOVA SBE)RUNFerreira, Miguel A.Massa, MassimoMatos, Pedro2018-06-06T22:09:04Z2018-05-012018-05-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article20application/pdfhttps://doi.org/10.1287/mnsc.2016.2681eng0025-1909PURE: 4278689http://www.scopus.com/inward/record.url?scp=85047251882&partnerID=8YFLogxKhttps://doi.org/10.1287/mnsc.2016.2681info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-05-22T17:33:19Zoai:run.unl.pt:10362/38745Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T17:04:25.820095Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Investor-stock decoupling in mutual funds
title Investor-stock decoupling in mutual funds
spellingShingle Investor-stock decoupling in mutual funds
Ferreira, Miguel A.
Fund flows
Limits to arbitrage
Mutual funds
Performance
Risk taking
Strategy and Management
Management Science and Operations Research
title_short Investor-stock decoupling in mutual funds
title_full Investor-stock decoupling in mutual funds
title_fullStr Investor-stock decoupling in mutual funds
title_full_unstemmed Investor-stock decoupling in mutual funds
title_sort Investor-stock decoupling in mutual funds
author Ferreira, Miguel A.
author_facet Ferreira, Miguel A.
Massa, Massimo
Matos, Pedro
author_role author
author2 Massa, Massimo
Matos, Pedro
author2_role author
author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Ferreira, Miguel A.
Massa, Massimo
Matos, Pedro
dc.subject.por.fl_str_mv Fund flows
Limits to arbitrage
Mutual funds
Performance
Risk taking
Strategy and Management
Management Science and Operations Research
topic Fund flows
Limits to arbitrage
Mutual funds
Performance
Risk taking
Strategy and Management
Management Science and Operations Research
description Funding: Richard A. Mayo Center for Asset Management at the Darden School of Business and The European Research Council (ERC)
publishDate 2018
dc.date.none.fl_str_mv 2018-06-06T22:09:04Z
2018-05-01
2018-05-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://doi.org/10.1287/mnsc.2016.2681
url https://doi.org/10.1287/mnsc.2016.2681
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0025-1909
PURE: 4278689
http://www.scopus.com/inward/record.url?scp=85047251882&partnerID=8YFLogxK
https://doi.org/10.1287/mnsc.2016.2681
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 20
application/pdf
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
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reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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