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Mutual Fund Tournaments and Structural Changes in an Emerging Fund Market: The Case of Korea

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Authors
KO, KWANGSOO; HA, YEONJEONG
Issue Date
2011-06
Publisher
College of Business Administration (경영대학)
Citation
Seoul Journal of Business, Vol.17(1): 37~64
Keywords
Segment TournamentsFamily TournamentsKorean Fund MarketStructural ChangesConflicts of Interests
Abstract
The objective of this study is to evaluate the mutual fund tournament,
i.e., an agency issue between fund managers and investors, in the presence
of structural changes in an emerging fund market. This study extends
BHS (1996), Busse (2001), and Kempf and Ruenzi (2008b). A switching
regression model is employed to investigate the effects of structural changes
on the mutual fund tournament. We find that structural changes in the
Korean fund market alter the tournament type from a segment to a family
tournament. We believe that the family tournament comes from more
competition since 2005 within large families. Our evidence of tournaments
is robust to return frequency. Our results indicate that regulators and
fund families should exercise greater caution than is currently the case to
prevent conflicts of interests between fund investors and managers.
ISSN
1226-9816
Language
English
URI
http://hdl.handle.net/10371/75583
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Seoul Journal of BusinessSeoul Journal of Business Volume 17, Number 1/2 (2011)
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