scholarly journals The Impact of Mutual Fund Family Membership on Investor Risk

2007 ◽  
Vol 42 (2) ◽  
pp. 257-277 ◽  
Author(s):  
Edwin J. Elton ◽  
Martin J. Gruber ◽  
T. Clifton Green
Keyword(s):  
Mutual Fund ◽  
Retirement Savings ◽  
Portfolio Risk ◽  
Economic Sectors ◽  
The Family ◽  
Additional Fund ◽  
Fund Families ◽  
Mutual Fund Family ◽  
The Impact ◽  
Family Membership

AbstractMany investors confine their mutual fund holdings to a single fund family either for simplicity or through restrictions placed by their retirement savings plan. We find evidence that mutual fund returns are more closely correlated within than between fund families. As a result, restricting investment to one fund family leads to a greater total portfolio risk than diversifying across fund families. We examine the sources of this increased correlation and find that it is due primarily to common stock holdings, but is also more generally related to families having similar exposures to economic sectors or industries. Fund families also show a propensity to focus on high or low risk strategies, which leads to a greater dispersion of risk across restricted investors. An investor considering adding an additional fund, either in the same family or outside the family, would need to believe the inside fund offered an extra 50 to 70 basis points to have the same Sharpe ratio.

scholarly journals The Impact of Mutual Fund Family Membership on Investor Risk

2005 ◽  
Author(s):  
Edwin J. Elton ◽  
T. Clifton Green ◽  
Martin J. Gruber
Keyword(s):  
Mutual Fund ◽  
Mutual Fund Family ◽  
The Impact ◽  
Family Membership

scholarly journals The Impact of Mutual Fund Family Membership on Investor Risk

2010 ◽  
pp. 173-193
Author(s):  
Edwin J. Elton ◽  
Martin J. Gruber ◽  
T. Clifton Green
Keyword(s):  
Mutual Fund ◽  
Mutual Fund Family ◽  
The Impact ◽  
Family Membership

scholarly journals INVESTMENT OBJECTIVES AND FACTORS THAT INFLUENCE THE DISAPPEARANCE OF SPANISH MUTUAL FUNDS

2020 ◽  
Vol 21 (1) ◽  
pp. 255-276
Author(s):  
M. Glòria Barberà-Mariné ◽  
Laura Fabregat-Aibar ◽  
Antonio Terceño
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Cox Model ◽  
Sharpe Ratio ◽  
Return Volatility ◽  
Kaplan Meier ◽  
Survival Capacity ◽  
Fund Families ◽  
The Impact

This paper analyses which variables influence the disappearance of mutual funds in the Spanish market and whether these variables vary depending on the investment objectives. The following variables are tested: age, size, investment flows, return, volatility, Sharpe ratio, Morningstar rating, and fund family. The Kaplan-Meier estimator and an extension of the Cox model, the Andersen-Gill model are used and the results indicate that the impact of some variables on survival capacity is different depending on the fund’s investment objectives. The originality of this article is twofold. The analysis of disappearance takes the investment objectives of the mutual funds into account and a new variable, the Morningstar rating, is introduced. Moreover, no previous study examines survival capacity in the Spanish market according to different investment objectives. In Spain, mutual funds are highly concentrated because most of them are in the hands of a small number of banks who also control the country’s largest fund families. This characteristic not only makes the Spanish market an interesting one for analysis, but it also means that the results of this paper are significant for mutual fund investors.

scholarly journals ISLAMIC VS CONVENTIONAL FUNDS WITHIN THE FAMILY: SELECTIVITY SKILLS AND MARKET TIMING ABILITY

2020 ◽  
Vol 6 (2) ◽  
Author(s):  
Anas Ahmad Bani Atta ◽  
Ainulashikin Marzuki
Keyword(s):  
Mutual Fund ◽  
Factor Model ◽  
Market Timing ◽  
The Novel ◽  
Timing Ability ◽  
The Family ◽  
Family Level ◽  
Fund Families ◽  
The Difference ◽  
Timing Models

ABSTRACT The aim of the study is to compare the performance of Islamic mutual fund (IMF) and conventional mutual fund (CMF) within the same family, in addition, to examine the performance of fund family in Malaysia for the period from 2007 to 2018. The study used eight measures of performance, raw returns, excess returns, Sharpe ratio, Treynor ratio, Jensen alpha, Carhart four-factor model as selectivity models, In addition to Treynor & Mazuy (TM) and Hendrickson & Merton (HM) as market timing models. The study contributes by investigating and compares the performance at the family level. The results reported that IMFs exhibited some fund selection ability over CMFs. However, both types of funds displayed poor market timing ability. At a fund family level, the results show the fund families exhibited good fund selections skills, at the same time, fund family still exhibited poor market timing ability. The novel result of this study that the difference in performance between Islamic and conventional funds shrank compared to the results of previous studies. Due to the common advantages offered by the families for both types of funds. The findings are important to investors because the results provide new evidence about the fund families' performance. Most investors follow the top-down approach, where mutual fund investors initially choose fund families before deciding which funds to hold. In addition, the results are important for managers to decide which types of funds that they may issue in their own families, so that they can perform well in the future.

Interfund Lending in Mutual Fund Families: Role in Liquidity Management

2019 ◽  
Vol 32 (10) ◽  
pp. 4079-4115 ◽  
Author(s):  
Vikas Agarwal ◽  
Haibei Zhao
Keyword(s):  
Mutual Fund ◽  
Liquidity Management ◽  
Oxford University ◽  
Money Market Funds ◽  
Equity Funds ◽  
Fund Families ◽  
Mutual Fund Families ◽  
Editorial Decision ◽  
Mutual Fund Family ◽  
Published Paper

Abstract The Investment Company Act of 1940 restricts interfund lending and borrowing within a mutual fund family, but families can apply for regulatory exemptions to participate in such transactions. We find that the monitoring mechanisms and investment restrictions influence the family’s decision to apply for the interfund lending programs. We document several benefits of such programs for equity funds. First, participating funds reduce cash holdings and increase investments in illiquid assets. Second, fund investors exhibit less run-like behavior. Third, it helps mitigate asset fire sales after extreme investor redemptions. Offsetting these benefits, money market funds in participating families experience investor outflows. Received May 26, 2018; editorial decision November 27, 2018 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

“I Don’t Look Like Her”: Race, Resemblance, and Relationships in Multiracial Families

2018 ◽  
Vol 62 (2) ◽  
pp. 149-166
Author(s):  
Chandra D. L. Waring ◽  
Samit D. Bordoloi
Keyword(s):  
Family Relationships ◽  
Family Dynamics ◽  
Family Members ◽  
Family Interactions ◽  
Childhood Memories ◽  
Multiracial Families ◽  
The Family ◽  
The Impact ◽  
Family Membership ◽  
Over Time

Race and resemblance are tied to family membership, and relationships characterize family dynamics. In this article, we argue that race, resemblance, and relationships intersect in distinct, layered ways in multiracial families. While scholarship has documented how multiracial families have historically been considered outside of the norm, little research has explored the impact of this racialized reality on family relationships. This article examines how phenotype shapes family interactions and, over time, the family relationships between a child and her or his mother, father, and sibling(s) through the voices of 60 black/white biracial adults. By reflecting on their earliest childhood memories to their most recent encounters, their narratives illuminate experiences shaped by their status in a multiracial—and historically unorthodox—family. We underscore how multiracial families are perceived by others based on racial resemblance (or lack thereof), how family members contend with these racialized perceptions, and how black/white biracial Americans perceive their own family relationships.

Adolescents' Perceptions of The Impact of Caregiving on The Family

2007 ◽  
Author(s):  
Sharon B. Hamill ◽  
Tayari Shorter ◽  
Sarah Singleton ◽  
Carrie Page ◽  
Tabitha Pierce
Keyword(s):  
The Family ◽  
The Impact

Mutual Fund Herding and the Impact on Stock Prices

CFA Digest ◽  
1999 ◽  
Vol 29 (4) ◽  
pp. 48-49
Author(s):  
H. Kent Baker
Keyword(s):  
Mutual Fund ◽  
Stock Prices ◽  
The Impact
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