What is the wind behind the sails to go abroad? : Empirical evidence from the mutual fund industry

Lang, Gunnar ; Schäfer, Henry

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URL: https://ub-madoc.bib.uni-mannheim.de/33320
URN: urn:nbn:de:bsz:180-madoc-333208
Document Type: Working paper
Year of publication: 2013
The title of a journal, publication series: ZEW Discussion Papers
Volume: 13-022
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: D22 , F36 , G15 , G28,
Keywords (English): Mutual funds , business location decision , financial regulation , networks in capital markets
Abstract: Specific industry factors determining cross-border business set-up in the European mutual fund industry are analyzed to contribute to the understanding of production specificities in the financial industry. The findings indicate that the decision on where to domicile a fund is not primarily driven by traditional cost factors, such as registration charges and labor costs. Network conditions with respect to the knowledge-based production process of mutual funds and the interaction with regulating authorities such as the approval process embedded in the legal framework and the quality of the workforce in a dense specialized cluster matter most. Differences in such network conditions may allow fund companies to set up more innovative and complex funds in a shorter period of time in one country than in other countries. The findings highlight also that the practitioners agree on such network determinants as being most important.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

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