How do family strategies affect fund performance? When performance-maximization is not the only game in town

Journal of Financial Economics

Volumn 67, Issue 2, 2003, Pages 249-304

  Massa, Massimo ^a  

^a INSEAD   (France)

Author keywords

Behavioral finance; Market structure; Mutual funds; Performance

Indexed keywords

EID: 0037293698     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-405X(02)00253-2     Document Type: Article

References (25)

1. Anderson, S.P., De Palma, A., Thisse, J., 1994. Discrete Choice Theory of Product Differentiation. The MIT Press, Cambridge, MA.
2. Anderson, T.W., Hsiao, C., 1981. Formulation and estimation of dynamic models using panel data. Journal of Econometrics 18, 47-82.
3. Arellano, M., 1990. Testing for autocorrelation in dynamic random effects models. Review of Economic Studies 57, 127-134.
4. Arellano, M., Bond, S.R., 1991. Some tests of specification for panel data. Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277-297.
5. Arellano, M., Bover, O., 1995. Another look at instrumental variable estimation of error-components models. Journal of Econometrics 68, 29-51.
6. Arellano, M., Honore, B., 2001. Panel data models: some recent developments. Handbook of Econometrics. Elsevier, North-Holland, Amsterdam.
7. Barberis, N., Shleifer, A., 2001. Style investing. Working paper. University of Chicago.
8. Berry, S., 1994. Estimating discrete choice models of production differentiation. Rand Journal of Economics 25, 242-261.
9. Berry, S., Levinsohn, J., Pakes, A., 1995. Automobile prices in market equilibrium. Econometrica 65, 841-890.
10. Campbell, J., 2000. Asset prices at the millennium. Journal of Finance 55, 1515-1567.
11. Campbell, J., 2001. Have individual stocks become more volatile? an empirical exploration of idiosyncratic risk. Journal of Finance 56, 1-43.
12. Chevalier, J., Ellison, G., 1997. Risk taking by mutual funds as a response to incentives. Journal of Political Economy 105, 1167-1200.
13. Dermine, J., Neven, D., Thisse, J.F., 1991. Towards an equilibrium model of the mutual funds industry. Journal of Banking and Finance 15, 485-499.
14. Grinblatt, M., Moskowitz, T., 1999. Do industries explain momentum? Journal of Finance 54, 1249-1290.
15. Ivkovich, Z., 2001. Is blood thicker than water? Spillovers in mutual fund families, Working paper. Yale School of Management.
16. Khorana, A., Servaes, H., 1999. The determinants of mutual fund starts. The Review of Financial Studies 12, 1043-1074.
17. Khorana, A., Servaes, H., 2000. What drives market share in the mutual fund industry. Unpublished Working paper.
18. Kiviet, J.F., 1995. On bias, inconsistency and efficiency of various estimators in dynamic panel data models. Journal of Econometrics 68, 53-78.
19. Mamaysky, H., Spiegel, M., 2001. A theory of mutual funds: optimal fund objectives and industry organization Working paper. Yale School of Management.
20. Massa, M., 1998. Are there too many mutual funds? Mutual fund families, market segmentation and financial performance. Working paper.
21. Nanda, V., Narayanan, M.P., Warther, V.A., 2000. Liquidity, investment ability and mutual fund structure. Journal of Financial Economics 57, 417-443.
22. Nanda, V., Wang, Z., Zheng, L., 2001. Family values and the star phenomenon. Working paper. University of Michigan.
23. Sirri, R.E., Tufano, P., 1998. Costly search and mutual fund flows. Journal of Finance 53, 1589-1622.
24. Warther, V.A., 1995. Aggregate mutual fund flows and security returns. Journal of Financial Economics 39, 209-235.
25. Zheng, L., 1999. Is money smart? a study of mutual fund investors' selection ability. Journal of Finance 54, 901-933.