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Mutual Fund Tournaments and Structural Changes in an Emerging Fund Market: The Case of Korea
DC Field | Value | Language |
---|---|---|
dc.contributor.author | KO, KWANGSOO | - |
dc.contributor.author | HA, YEONJEONG | - |
dc.date.accessioned | 2012-03-21T08:28:49Z | - |
dc.date.available | 2012-03-21T08:28:49Z | - |
dc.date.issued | 2011-06 | - |
dc.identifier.citation | Seoul Journal of Business, Vol.17 No.1, pp. 37-64 | - |
dc.identifier.issn | 1226-9816 | - |
dc.identifier.uri | https://hdl.handle.net/10371/75583 | - |
dc.description.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. | - |
dc.language.iso | en | - |
dc.publisher | College of Business Administration (경영대학) | - |
dc.subject | Segment Tournaments | - |
dc.subject | Family Tournaments | - |
dc.subject | Korean Fund Market | - |
dc.subject | Structural Changes | - |
dc.subject | Conflicts of Interests | - |
dc.title | Mutual Fund Tournaments and Structural Changes in an Emerging Fund Market: The Case of Korea | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 고광수 | - |
dc.contributor.AlternativeAuthor | 하연정 | - |
dc.citation.journaltitle | Seoul Journal of Business | - |
dc.citation.endpage | 64 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 37-64 | - |
dc.citation.startpage | 37 | - |
dc.citation.volume | 17 | - |
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