mutual funds;
home bias;
information asymmetry;
performance evaluation;
D O I:
10.1111/j.1468-036X.2007.00379.x
中图分类号:
F8 [财政、金融];
学科分类号:
0202 ;
摘要:
In this paper we examine the performance of US equity funds (locals) versus UK equity funds (foreigners) also investing in the US equity market. Based on informational disadvantages one would expect the UK funds to under-perform the US funds, especially in the research-intensive small company market. After controlling for tax treatment, fund objectives, investment style and time-variation in betas, we do not find evidence for this. In the small company segment we even find a slight out-performance for UK funds compared to US funds. Finally we observe a home bias in the UK portfolios, which is partly attributable to UK funds investing in cross-listed stocks in the USA.
机构:
Univ Jaume 1, Dept Finances & Comptabilitat, Castellon de La Plana 12071, SpainUniv Jaume 1, Dept Finances & Comptabilitat, Castellon de La Plana 12071, Spain
Carlos Matallin-Saez, Juan
Soler-Dominguez, Amparo
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机构:
Univ Jaume 1, Dept Finances & Comptabilitat, Castellon de La Plana 12071, SpainUniv Jaume 1, Dept Finances & Comptabilitat, Castellon de La Plana 12071, Spain
Soler-Dominguez, Amparo
Tortosa-Ausina, Emili
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机构:
Univ Jaume 1, Dept Econ & Ivie, Castellon de La Plana 12071, SpainUniv Jaume 1, Dept Finances & Comptabilitat, Castellon de La Plana 12071, Spain
机构:
Univ Leeds, Business Sch, Maurice Keyworth Bldg, Leeds LS2 9JT, W Yorkshire, EnglandUniv Leeds, Business Sch, Maurice Keyworth Bldg, Leeds LS2 9JT, W Yorkshire, England
Chen, Jie
Lasfer, Meziane
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机构:
Univ London, Bayes Business Sch, 106 Bunhill Row, London EC1Y 8TZ, EnglandUniv Leeds, Business Sch, Maurice Keyworth Bldg, Leeds LS2 9JT, W Yorkshire, England
Lasfer, Meziane
Song, Wei
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h-index: 0
机构:
Univ Southampton, Southampton Business Sch, Southampton SO17 1BJ, Hants, EnglandUniv Leeds, Business Sch, Maurice Keyworth Bldg, Leeds LS2 9JT, W Yorkshire, England
Song, Wei
Zhou, Si
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机构:
Xian Jiaotong Liverpool Univ, Int Business Sch Suzhou, Suzhou 215123, Peoples R ChinaUniv Leeds, Business Sch, Maurice Keyworth Bldg, Leeds LS2 9JT, W Yorkshire, England