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

Fang, Jieyan

Document Type: Working paper
Year of publication: 2010
Place of publication: Mannheim
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi)
Subject: 330 Economics
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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