Abstract

http://ssrn.com/abstract=1742416
 
 

References (53)



 
 

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Spillover Effects in Mutual Fund Companies


Clemens Sialm


University of Texas at Austin - McCombs School of Business; National Bureau of Economic Research (NBER)

T. Mandy Tham


Nanyang Technological University (NTU)

February 17, 2015

McCombs Research Paper Series No. FIN-03-11

Abstract:     
Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not just depend on the prior performance of the mutual funds, they also depend on the prior performance of the funds’ management companies. Flows into equity and bond mutual funds increase with the prior stock price performance of the funds’ management companies after controlling for fund performance and other fund characteristics. The sensitivity of flows to the management company’s performance is not justified by the subsequent performance of the affiliated funds. The results indicate that the reputation of a company’s brand has a significant impact on the behavior of its customers.

Number of Pages in PDF File: 35

Keywords: Mutual Fund Flows, Financial Conglomerates, Umbrella Branding, Performance Predictability

JEL Classification: G10, G14, G21, G23, G33


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Date posted: January 18, 2011 ; Last revised: February 27, 2015

Suggested Citation

Sialm, Clemens and Tham, T. Mandy, Spillover Effects in Mutual Fund Companies (February 17, 2015). McCombs Research Paper Series No. FIN-03-11. Available at SSRN: http://ssrn.com/abstract=1742416 or http://dx.doi.org/10.2139/ssrn.1742416

Contact Information

Clemens Sialm (Contact Author)
University of Texas at Austin - McCombs School of Business ( email )
Austin, TX 78712
United States
HOME PAGE: http://faculty.mccombs.utexas.edu/Clemens.Sialm/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Tze-Minn Tham
Nanyang Technological University (NTU) ( email )
S3 B1b-61 Nanyang Avenue
Singapore, 639798
Singapore
65-67906049 (Phone)
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