Price support by bank-affiliated mutual funds

Golez, Benjamin; Marin, Jose M.

Publication:
Price support by bank-affiliated mutual funds

dc.affiliation.dpto	UC3M. Departamento de Economía de la Empresa	es
dc.contributor.author	Golez, Benjamin	es
dc.contributor.author	Marin, Jose M.	es
dc.date.accessioned	2015-10-14T13:24:38Z
dc.date.available	2019-03-01T23:00:05Z
dc.date.issued	2015-03
dc.description.abstract	Fund managers are double agents; they serve both fund investors and owners of management firms. This conflict of interest may result in trading to support securities prices. Tests of this hypothesis in the Spanish mutual fund industry indicate that bank-affiliated mutual funds systematically increase their holdings in the controlling bank stock around seasoned equity issues, at the time of bad news about the controlling bank, before anticipated price drops, and after non-anticipated price drops. The results seem mainly driven by bank managers' incentives. Ownership of asset management companies thus matters and can distort capital allocation and asset prices. (C) 2014 Elsevier B.V. All rights reserved.	en
dc.description.sponsorship	Both authors acknowledge Financial support from the Spanish Ministry of the Economy and Competitiveness (MEC Grant ECO2012-39423)	en
dc.format.mimetype	application/pdf
dc.identifier.bibliographicCitation	Goleza, Benjamin; Marin, Jose M. (2015). Price support by bank-affiliated mutual funds. Journal of Financial Economics, v. 115, n. 3, pp. 614–638	en
dc.identifier.doi	10.1016/j.jfineco.2014.10.008
dc.identifier.issn	0304-405X
dc.identifier.publicationfirstpage	614
dc.identifier.publicationissue	3
dc.identifier.publicationlastpage	638
dc.identifier.publicationtitle	Journal of Financial Economics	en
dc.identifier.publicationvolume	115
dc.identifier.uri	https://hdl.handle.net/10016/21704
dc.identifier.uxxi	AR/0000016666
dc.language.iso	eng
dc.publisher	Elsevier	en
dc.relation.projectID	Gobierno de España. ECO2012-39423	es
dc.relation.publisherversion	http://dx.doi.org/10.1016/j.jfineco.2014.10.008	es
dc.rights	© Elsevier	en
dc.rights	Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.accessRights	open access
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.eciencia	Empresa	es
dc.subject.other	Price support	en
dc.subject.other	Conflict of interests	en
dc.subject.other	Mutual funds	en
dc.subject.other	Banks	en
dc.subject.other	Secondary offerings	en
dc.title	Price support by bank-affiliated mutual funds	en
dc.type	research article	*
dc.type.hasVersion	AM	*
dspace.entity.type	Publication