Price support by bank-affiliated mutual funds

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Show simple item record Golez, Benjamin Marin, Jose M. 2015-10-14T13:24:38Z 2019-03-01T23:00:05Z 2015-03
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
dc.identifier.issn 0304-405X
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.
dc.description.sponsorship Both authors acknowledge Financial support from the Spanish Ministry of the Economy and Competitiveness (MEC Grant ECO2012-39423)
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Elsevier
dc.rights © Elsevier
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.subject.other Price support
dc.subject.other Conflict of interests
dc.subject.other Mutual funds
dc.subject.other Banks
dc.subject.other Secondary offerings
dc.title Price support by bank-affiliated mutual funds
dc.type article
dc.subject.eciencia Empresa
dc.identifier.doi 10.1016/j.jfineco.2014.10.008
dc.rights.accessRights openAccess
dc.relation.projectID Gobierno de España. ECO2012-39423
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 614
dc.identifier.publicationissue 3
dc.identifier.publicationlastpage 638
dc.identifier.publicationtitle Journal of Financial Economics
dc.identifier.publicationvolume 115
dc.identifier.uxxi AR/0000016666
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