Asset management within commercial banking groups

Bibliographic Details
Main Author: Ferreira, Miguel A.
Publication Date: 2018
Other Authors: Matos, Pedro, Pires, Pedro
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: https://doi.org/10.1111/jofi.12702
Summary: Funfing agency: International Monetary Fund (IMF), University of Toronto, Villanova University, Fuel Cell Technologies Program, Texas A and M University, University of Hong Kong, Universiteit Maastricht, Georgia State University, McGill University, Howard University School of Business, Universiteit van Tilburg, European Research Council (ERC), Fundacao para a Ciencia e Tecnologia (FCT) and Richard A. Mayo Center for Asset Management at the Darden School of Business
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network_name_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
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spelling Asset management within commercial banking groupsinternational evidenceAccountingFinanceEconomics and EconometricsFunfing agency: International Monetary Fund (IMF), University of Toronto, Villanova University, Fuel Cell Technologies Program, Texas A and M University, University of Hong Kong, Universiteit Maastricht, Georgia State University, McGill University, Howard University School of Business, Universiteit van Tilburg, European Research Council (ERC), Fundacao para a Ciencia e Tecnologia (FCT) and Richard A. Mayo Center for Asset Management at the Darden School of BusinessWe study the performance of equity mutual funds run by asset management divisions of commercial banking groups using a worldwide sample. We show that bank-affiliated funds underperform unaffiliated funds by 92 basis points per year. Consistent with conflicts of interest, the underperformance is more pronounced among those affiliated funds that overweight the stock of the bank's lending clients to a great extent. Divestitures of asset management divisions by banking groups support a causal interpretation of the results. Our findings suggest that affiliated fund managers support their lending divisions’ operations to reduce career concerns at the expense of fund investors.NOVA School of Business and Economics (NOVA SBE)RUNFerreira, Miguel A.Matos, PedroPires, Pedro2023-06-01T00:32:01Z2018-10-012018-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article47application/pdfhttps://doi.org/10.1111/jofi.12702eng0022-1082PURE: 6134106http://www.scopus.com/inward/record.url?scp=85055129429&partnerID=8YFLogxKhttps://doi.org/10.1111/jofi.12702info: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:RCAAP2024-05-22T17:35:59Zoai:run.unl.pt:10362/54010Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T17:07:01.391068Repositórios 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 Asset management within commercial banking groups
international evidence
title Asset management within commercial banking groups
spellingShingle Asset management within commercial banking groups
Ferreira, Miguel A.
Accounting
Finance
Economics and Econometrics
title_short Asset management within commercial banking groups
title_full Asset management within commercial banking groups
title_fullStr Asset management within commercial banking groups
title_full_unstemmed Asset management within commercial banking groups
title_sort Asset management within commercial banking groups
author Ferreira, Miguel A.
author_facet Ferreira, Miguel A.
Matos, Pedro
Pires, Pedro
author_role author
author2 Matos, Pedro
Pires, 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.
Matos, Pedro
Pires, Pedro
dc.subject.por.fl_str_mv Accounting
Finance
Economics and Econometrics
topic Accounting
Finance
Economics and Econometrics
description Funfing agency: International Monetary Fund (IMF), University of Toronto, Villanova University, Fuel Cell Technologies Program, Texas A and M University, University of Hong Kong, Universiteit Maastricht, Georgia State University, McGill University, Howard University School of Business, Universiteit van Tilburg, European Research Council (ERC), Fundacao para a Ciencia e Tecnologia (FCT) and Richard A. Mayo Center for Asset Management at the Darden School of Business
publishDate 2018
dc.date.none.fl_str_mv 2018-10-01
2018-10-01T00:00:00Z
2023-06-01T00:32:01Z
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/10.1111/jofi.12702
url https://doi.org/10.1111/jofi.12702
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0022-1082
PURE: 6134106
http://www.scopus.com/inward/record.url?scp=85055129429&partnerID=8YFLogxK
https://doi.org/10.1111/jofi.12702
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 47
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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instname_str 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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