Asset management and investment banking

被引：31

作者：

Berzins, Janis

Liu, Crocker H. ^{[1
]}

Trzcinka, Charles ^{[2
]}

机构：

[1] Cornell Univ, Ithaca, NY 14853 USA

[2] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 110卷 / 01期

关键词：

Investment banks; Institutional funds; Hedge funds; Mutual funds; Performance evaluation; CONFLICTS-OF-INTEREST; MUTUAL FUNDS; HEDGE FUNDS; PERFORMANCE; SPECIFICATION; FLOWS; MODEL; RISK;

D O I：

10.1016/j.jfineco.2013.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds, and institutional funds operated by investment banks and non-bank conglomerates. We find that, while no difference exists in performance by fund type, being owned by an investment bank reduces alphas by 46 basis points per year in our baseline model. Making lead loans increases alphas, but the dispersion of fees across portfolios decreases alphas. The economic loss is $4.9 billion per year. (c) 2013 Elsevier B.V. All rights reserved.

引用

页码：215 / 231

页数：17

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