التفاصيل البيبلوغرافية
العنوان: |
Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry. |
المؤلفون: |
Massa, Massimo, Wang, Chengwei, Zhang, Hong, Zhang, Jian |
المصدر: |
Journal of Financial & Quantitative Analysis; Feb2022, Vol. 57 Issue 1, p240-290, 51p |
مصطلحات موضوعية: |
SOCIAL aspects of trust, MUTUAL funds, INVESTMENT policy, PORTFOLIO management (Investments), CONTRACTS |
مستخلص: |
We hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments). Moreover, "trust in the market" and "trust in managers" play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management. [ABSTRACT FROM AUTHOR] |
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قاعدة البيانات: |
Complementary Index |