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] |
|
Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
| قاعدة البيانات: |
Complementary Index |
Full Text Finder