Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice


Fang, Jieyan


URL: http://www.cfr-cologne.de/download/kolloquium/2010...
Dokumenttyp: Arbeitspapier
Erscheinungsjahr: 2010
Ort der Veröffentlichung: Mannheim
Sprache der Veröffentlichung: Englisch
Einrichtung: Fakultät für Betriebswirtschaftslehre > Internat. Finanzierung (Ruenzi)
Fachgebiet: 330 Wirtschaft
Abstract: In this paper, I investigate the asset allocation ability of mutual fund investors. Specifically, I examine differences among non-proprietary brokers, proprietary brokers and direct channels regarding their asset allocation ability. In aggregate, mutual fund investors do not seem to have superior asset allocation ability. However, I do find that money flows through non-proprietary brokers show significantly higher asset allocation performance than money flows through proprietary brokers. This is consistent with the view that non-proprietary agents are more likely to act on behalf of their customers as opposed to proprietary agents who represent their affiliated companies.

Dieser Eintrag ist Teil der Universitätsbibliographie.




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Fang, Jieyan (2010) Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice. Mannheim [Arbeitspapier]



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