scholarly journals Performance and Survival of Mutual Fund Mergers: Evidence from Frequent and Infrequent Acquirers

2012 ◽  
Author(s):  
Narjess Boubakri ◽  
Aymen Karoui ◽  
Maher Kooli
Keyword(s):  
Mutual Fund ◽  
Fund Mergers

Frenemies: Corporate Advertising Under Common Ownership

2021 ◽  
Author(s):  
Ruichang Lu ◽  
Qiaowei Shen ◽  
Tenghui Wang ◽  
Xiaojun Zhang
Keyword(s):  
Ownership Structure ◽  
Mutual Fund ◽  
Advertising Expenditure ◽  
Exogenous Shock ◽  
Advertising Intensity ◽  
Corporate Advertising ◽  
Common Ownership ◽  
Coordination Costs ◽  
Fund Mergers ◽  
The Impact

In this paper, we investigate the impact of ownership structure on corporate advertising expenditures. Using mutual fund mergers as an exogenous shock to ownership structure, we find that competing firms owned by the same institutional blockholders experience a significant reduction in advertising expenditure. The reduction in advertising expenditure is more likely to occur in the presence of higher coordination benefits or lower coordination costs. Specifically, this effect is more pronounced for firms in more competitive industries, in higher advertising-intensity industries, with greater common ownership, with more concentrated institutional ownership, and with headquarters located in the same state. Overall, our empirical evidence indicates that ownership by common institutional investors significantly affects corporate advertising strategy. This paper was accepted by Matthew Shum, marketing.

Financial consequences of mutual fund mergers

2013 ◽  
Vol 22 (7) ◽  
pp. 529-550 ◽  
Author(s):  
Laura Andreu ◽  
José Luis Sarto
Keyword(s):  
Mutual Fund ◽  
Financial Consequences ◽  
Fund Mergers

Life after death: acquired fund performance

2018 ◽  
Vol 44 (3) ◽  
pp. 389-402 ◽  
Author(s):  
Anni Lapatto ◽  
Vesa Puttonen
Keyword(s):  
Mutual Fund ◽  
Investment Strategy ◽  
Fund Performance ◽  
Wealth Effects ◽  
Data Set ◽  
Content Type ◽  
Life After Death ◽  
Novel Approach ◽  
Equity Funds ◽  
Fund Mergers

Purpose The purpose of this paper is to study how the target fund in mutual fund mergers performed compared to the acquiring funds had they not been merged but continued on their own as buy-and-hold portfolios. Design/methodology/approach The authors develop a novel approach to examine post-merger wealth effects. The authors’ study how the target portfolios would have performed compared to the funds acquiring them had they not been merged but continued on their own as passive portfolios. The data set consists of 793 merging US equity funds from January 2003 to December 2014. Findings The authors find that the target portfolio shareholders would have been better off if the target fund had been converted from an actively managed fund to a passively managed fund that maintained their current holdings. Research limitations/implications The findings are the opposite to many previous studies who view target fund shareholders as the major beneficiaries in mutual fund mergers. Practical implications Investors receiving notification of their fund merging should reconsider their investment strategy. If they wish to maintain the original strategy of their fund, they should oppose the merger. Alternatively they may withdraw their money from the (soon-to-be) merged fund, replicate the latest portfolio of their fund, and buy-and-hold that portfolio. Originality/value The authors develop a novel approach to examine post-merger wealth effects.

An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers

2002 ◽  
Vol 57 (3) ◽  
pp. 1521-1551 ◽  
Author(s):  
Narayanan Jayaraman ◽  
Ajay Khorana ◽  
Edward Nelling
Keyword(s):  
Mutual Fund ◽  
Shareholder Wealth ◽  
Wealth Effects ◽  
Fund Mergers

The Study of the Determinants Affecting the Performance of Mutual Funds in Indiaequity Mutual Fund

2019 ◽  
Vol 54 (5) ◽  
pp. 58
Author(s):  
Preeta Sinha ◽  
Tamal Taru Roy ◽  
Debi Prasad Lahiri
Keyword(s):  
Mutual Funds ◽  
Mutual Fund
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