| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12225 |
| DP12225 Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families | |
| Kim Peijnenburg; Gianpaolo Parise; Alexander Eisele | |
| 发表日期 | 2017-08-18 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper explores the incentives for mutual funds to trade with sibling funds affiliated with the same group. To this end, we construct a dataset of almost one million equity transactions and compare the pricing of trades crossed internally (cross-trades) with that of twin trades executed with external counterparties. We find that cross-trades are used either to opportunistically reallocate performance among trading funds or to reduce transaction costs for both counterparties. The prevalent incentive depends on the intensity of internal monitoring and the market state. We discuss the implications for the literature on fund performance and the current regulatory debate. |
| 主题 | Financial Economics |
| 关键词 | Mutual fund families Cross-trades Performance-shifting Monitoring Opaque trading |
| URL | https://cepr.org/publications/dp12225 |
| 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/541036 |
| 推荐引用方式 GB/T 7714 | Kim Peijnenburg,Gianpaolo Parise,Alexander Eisele. DP12225 Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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