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Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice
Fang, Jieyan
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URL:
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http://www.cfr-cologne.de/download/kolloquium/2010...
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Dokumenttyp:
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Arbeitspapier
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Erscheinungsjahr:
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2010
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Ort der Veröffentlichung:
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Mannheim
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > Internat. Finanzierung (Ruenzi 2009-)
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Fachgebiet:
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330 Wirtschaft
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Abstract:
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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.
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 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
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