The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Business Networks, Corporate Governance, and Contracting in the Mutual Fund Industry
Abstract
Business connections can mitigate agency conflicts by facilitating efficient information transfers, but can also be channels for inefficient favoritism. I analyze these two effects in the mutual fund industry and find that fund directors and advisory firms that manage the funds hire each other preferentially based on the intensity of their past interactions. I do not find evidence that stronger board‐advisor ties correspond to better or worse outcomes for fund shareholders. These results suggest that the two effects of board‐management connections on investor welfare—improved monitoring and increased potential for collusion—balance out in this setting.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Social Network Analysis: Methods and Applications
Wasserman, S., & Faust, K. (1994) · doi:10.1017/cbo9780511815478 · Cited by 17,557
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Mutual Fund Flows and Performance in Rational Markets
Berk, J. B., & Green, R. C. (2004) · Journal of Political Economy · doi:10.1086/424739 · Cited by 2,083
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430 · cited 2×
“Larger funds have worse performance, as suggested in prior literature (Chen et al. (2004)). If the fund’s advisor manages more money, or if more of the portfolios under their management are in the same investment category as that of the fund, the return is lower. These findings support models such as Berk and Green (2…”
Nonparametric estimates of standard error: The jackknife, the bootstrap and other methods
EFRON, B. (1981) · Biometrika · doi:10.1093/biomet/68.3.589 · Cited by 1,399
Cited by
Allen, F., & Babus, A. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1094883 · Cited by 365
Metadata
- Authors
- KUHNEN, C. M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2009-09-28
- Volume
- 64
- Issue
- 5
- Pages
- 2185-2220
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2119103422
- Cited by
- 243
- References
- 6
- FWCI
- 59.82
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
