FinTech platforms and mutual fund markets

被引：8

作者：

You, Yu ^{[1
]}

Yu, Zongdai ^{[2
]}

Zhang, Wenqiao ^{[1
]}

Lu, Lei ^{[3
]}

机构：

[1] Liaoning Univ, Li Anmin Inst Econ Res, Shenyang, Peoples R China

[2] Liaoning Univ, Sch Int Econ & Int Relat, Shenyang, Peoples R China

[3] Univ Manitoba, Asper Sch Business, Winnipeg, MB, Canada

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2023年 / 84卷

关键词：

FinTech; Mutual funds; Fund clustering; China; PERFORMANCE; TOURNAMENTS; INVESTORS; BEHAVIOR; BROKERS; IMPACT; FLOWS; CONSUMER;

D O I：

10.1016/j.intfin.2022.101652

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the influences of FinTech platforms on Chinese mutual fund markets. Using staggered adoption of FinTech platforms as a new way of distributing mutual funds, we find that being on the FinTech platforms attracts more fund flows relative to those funds that are being distributed only through traditional ways. These results are mainly driven by top performing funds, indicating a stronger flow-performance sensitivity. Moreover, fund stock clustering reduced after the adoption of FinTech platforms for bottom performing funds as managers are incentivized to deviate from the crowds to improve performance in order to attract more fund flows.

引用

页数：18

共 50 条

[21] Strategic Choice of Risk: Evidence from Mutual Fund Families [J].

Chan, Chia-Ying ;

Lai, Christine W. ;

Lee, Liang-Chung .

JOURNAL OF FINANCIAL SERVICES RESEARCH, 2017, 51 (01) :125-163

[22] Who incentivizes the mutual fund manager, new or old shareholders? [J].

Johnson, Woodrow T. .

JOURNAL OF FINANCIAL INTERMEDIATION, 2010, 19 (02) :143-168

[23] Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices [J].

Brown, Nerissa C. ;

Wei, Kelsey D. ;

Wermers, Russ .

MANAGEMENT SCIENCE, 2014, 60 (01) :1-20

[24] The term structure of mutual fund herding [J].

Huo, Xiaolin ;

Liu, Xin ;

Zheng, Weinan .

EUROPEAN FINANCIAL MANAGEMENT, 2023, 29 (03) :901-929

[25] Recession managers and mutual fund performance [J].

Chen, Jie ;

Lasfer, Meziane ;

Song, Wei ;

Zhou, Si .

JOURNAL OF CORPORATE FINANCE, 2021, 69

[26] Financial consequences of mutual fund mergers [J].

Andreu, Laura ;

Luis Sarto, Jose .

EUROPEAN JOURNAL OF FINANCE, 2016, 22 (07) :529-550

[27] Learning about Mutual Fund Managers [J].

Choi, Darwin ;

Kahraman, Bige ;

Mukherjee, Abhiroop .

JOURNAL OF FINANCE, 2016, 71 (06) :2809-2860

[28] Gold, platinum, and mutual fund flows [J].

Malik, Ali K. ;

Colak, Gonul ;

Loflund, Anders .

JOURNAL OF EMPIRICAL FINANCE, 2024, 79

[29] Behavioral biases of mutual fund investors [J].

Bailey, Warren ;

Kumar, Alok ;

Ng, David .

JOURNAL OF FINANCIAL ECONOMICS, 2011, 102 (01) :1-27

[30] Price competition in the mutual fund industry [J].

Panida, Sitikantha ;

Tang, Zhenyang .

ECONOMIC MODELLING, 2018, 70 :29-39

← 1 2 3 4 5 →