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Asset Management and Financial Conglomerates : Attention Through Stellar Funds

This paper provides evidence that stock returns of a financial conglomerate are affected by how successful certain funds of its asset-management division are. The results indicate a spillover effect between management companies with top-performing funds and the stocks of the parent firm. I find that the presence of star funds affects stock returns in ways consistent with investor attention, suggesting that the boost in returns is due not only to an increase in fee revenues accruing to the funds but also to an increase in firm visibility. Additional analyses suggest that managers tend to opportunistically adjust the odds of having star funds to exploit the return effect. These findings suggest that financial institutions can benefit from operating an asset-management unit as they create a brand reputation and benefit from spillover effects.

Ketersediaan

Informasi Detail

Judul Seri

MANAGEMENT SCIENCE; Vol.67 No.4 April 2021

No. Panggil

-

Penerbit

: .,

Deskripsi Fisik

p. 2500 - 2518

Bahasa

English

ISBN/ISSN

-

Klasifikasi

-

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

FINANCIAL DISTRESS
STOCK PRICES
ASSET MANAGEMENT
MUTUAL FUND
INVESTOR ATTENTION
INSTITUTIONAL INVESTOR
STAR FUNDS
MANAGERIAL BEHAVIOR
CORPORATE EVENTS

Info Detail Spesifik

https://doi.org/10.1287/mnsc.2019.3573

Pernyataan Tanggungjawab

Rafael Zambrana

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