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| Author: | Massa, M. Rehman, Z. |
| Title: | Information flows within financial conglomerates: Evidence from the banks–mutual funds relation |
| Journal: | Journal of Financial Economics
2008 : AUG, VOL. 89:2, p. 288-306 |
| Index terms: | information banks portfolio selection |
| Freeterms: | mutual funds financial conglomerates conflict of interest |
| Language: | eng |
| Abstract: | By analyzing the relations btw. mutual funds and banks belonging to the same financial group (here as: fin-grp.), this paper explores how information flows within financial conglomerates. Examined is the effect of the lending behaviour of affiliated banks on the portfolio choice of the mutual funds belonging to the same fin-grp. Among others, it is shown that funds increase their stakes in the firms borrowing from their affiliated banks in the period following the deal by far greater amounts than other unaffiliated funds. There is provided evidence that this strategy is information-driven. .. This study's evidence points to information flows within conglomerates through informal channels e.g. personal acquaintances. |
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