Revisiting Mutual Fund Portfolio Disclosure

53 Pages Posted: 26 Jun 2012 Last revised: 3 Jul 2015

See all articles by Christopher Schwarz

Christopher Schwarz

University of California at Irvine

Mark Potter

Babson College - Finance Division

Date Written: July 1, 2015

Abstract

We document that CRSP and Thomson contain a large number of voluntarily reported mutual fund portfolios that are not in SEC filings while, additionally, CRSP and Thomson are missing a large number of SEC mandated portfolios available in SEC filings. Voluntary disclosure is likely motivated by convenience and advertising. While mandated portfolios are more window dressed, performance and disclosure costs are similar using Thomson or SEC data, validating prior findings using Thomson. CRSP, however, contains inaccurate position information prior to 2008. Our findings have important implications, such as highlighting a 35% increase in observed manager trading by combining data sources.

Keywords: mutual funds, disclosure, portfolio, Thomson, CRSP

JEL Classification: G1, G2

Suggested Citation

Schwarz, Christopher and Potter, Mark E., Revisiting Mutual Fund Portfolio Disclosure (July 1, 2015). Available at SSRN: https://ssrn.com/abstract=2093688 or http://dx.doi.org/10.2139/ssrn.2093688

Christopher Schwarz (Contact Author)

University of California at Irvine ( email )

Irvine, CA 92697-3125
United States

Mark E. Potter

Babson College - Finance Division ( email )

Tomasso Hall #120
Babson Park, MA 02457-0310
United States
781-239-6492 (Phone)
781-239-5004 (Fax)

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