| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10465 |
| DP10465 Subcontracting in International Asset Management: New Evidence on Market Integration | |
| Massimo Massa | |
| 发表日期 | 2015-03-08 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study the decisions of international asset managers to outsource portfolio management of their funds and we link these decisions to market integration. Using a structural model of selfselection, we endogenize the decision to outsource in a comprehensive sample of international mutual funds and identify both performance and non-performance related determinants of outsourcing. Outsourcing fund management generates net positive gains to fund families of around 8-17 bp per month despite the ex-post underperformance of outsource funds relative to inhouse funds. Then, we establish that the performance improvements from outsourcing are directly related to segmentation in the underlying asset markets. |
| 主题 | Financial Economics |
| 关键词 | International markets market integration Mutual funds Outsourcing |
| URL | https://cepr.org/publications/dp10465 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539297 |
| 推荐引用方式 GB/T 7714 | Massimo Massa. DP10465 Subcontracting in International Asset Management: New Evidence on Market Integration. 2015. |
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