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INVITED EDITOR
Editorial from
Nova SBE Finance Knowledge Center
November 16, 2022
16. Peace, justice and strong institutions

16. Peace, justice and strong institutions

Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.
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Competition and cooperation in mutual fund families

How do competitive and cooperative fund manager incentives affect fund and family strategies and outcomes? ‍The research article addresses this question.

Abstract:

Using manager compensation disclosure and intra-family manager cooperation measures, we create indices of family-level competitive/cooperative incentives. Families that encourage cooperation among their managers are more likely to engage in coordinated behavior (e.g., cross-trading and cross-holding) and have less volatile cash flows. Families with competitive incentives generate higher performing funds, a higher fraction of “star” funds, but greater performance dispersion across funds. In examining the determinants of incentive schemes, competitive families are more likely to manage institutional money, and cooperative families are more likely to distribute through brokers, consistent with retail demand for nonperformance characteristics.

Authors: Richard Burtis Evans, Melissa Porras Prado, Rafael Zambrana


You can find the research article here.

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