| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11990 |
| DP11990 Inefficient Globalization of Finance: Evidence from Marketing-Oriented Overseas Expansions of Low-Skilled Mutual Fund Families | |
| Massimo Massa; Si Cheng; Hong Zhang | |
| 发表日期 | 2017-04-24 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We study how the globalization of finance may unintendedly reduce market efficiency through low-skilled financial institutions. Particularly, it may allow these companies to achieve product differentiation by launching new products for “marketing” purposes rather than for the goal of improving investor welfare or market efficiency. Using a complete sample of global mutual funds, we find that low-skill fund companies are more likely to launch new funds that track less-explored foreign equity market indices. However, these new funds typically deliver lower returns and lower diversification benefits. The associated cross-border capital flows reduce price efficiency and liquidity. |
| 主题 | Financial Economics |
| 关键词 | Globalization of finance Cross-border capital flows Mutual funds Market efficiency |
| URL | https://cepr.org/publications/dp11990 |
| 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/540802 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Si Cheng,Hong Zhang. DP11990 Inefficient Globalization of Finance: Evidence from Marketing-Oriented Overseas Expansions of Low-Skilled Mutual Fund Families. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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