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作者 Ling, Leng
書名 Two essays on managerial behaviors in the mutual fund industry
國際標準書號 9780549771494
book jacket
說明 93 p
附註 Source: Dissertation Abstracts International, Volume: 69-08, Section: A, page: 3255
Advisers: Gerald D. Gay; Jason T. Greene
Thesis (Ph.D.)--Georgia State University, 2008
Essay 1: Does mutual fund window-dressing promote fund flows? I investigate the effectiveness of window-dressing as a potential strategy to be used by mutual fund managers to promote fund flows. Using a rank gap measure as a proxy for the likelihood that window-dressing has occurred, I find that fund investors as whole punish those managers who are suspected to have engaged in window-dressing. That is, I find a negative relation between the window-dressing measure and net fund flows in subsequent quarters after controlling for fund performance, size, expense ratio, and other pertinent characteristics. I also find that window-dressing leads to higher trading activities and lower fund performance
Essay 2: A life cycle analysis of performance and growth in U.S. Mutual funds. I propose a five-stage growth model to describe the life cycle evolution of mutual funds and show that mutual funds exhibit distinctive performance, size, expense ratios, asset turnover, and other pertinent characteristics through stages of incubation, high-growth, low-growth, maturity, and decline. I also investigate the viability of managerial strategies to affect a fund's life cycle evolution and find that changing a declining fund's investment objective is effective in rejuvenating asset growth and thus repositioning the fund to younger life cycle stages. However, the strategy of adding portfolio managers appears to have no such rejuvenation effect
School code: 0079
Host Item Dissertation Abstracts International 69-08A
主題 Business Administration, Management
Economics, Finance
Economics, Theory
Alt Author Georgia State University
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