haku: @freeterm mutual funds / yhteensä: 29
viite: 19 / 29
| Tekijä: | Almazan, A. (et al.) |
| Otsikko: | Why constrain your mutual fund manager? |
| Lehti: | Journal of Financial Economics
2004 : AUG, VOL. 73:2, p. 289-321 |
| Asiasana: | Corporate governance Investments UNIT TRUSTS |
| Vapaa asiasana: | Mutual funds |
| Kieli: | eng |
| Tiivistelmä: | The article examines the form, adoption rates and economic rationale for various mutual fund investment restrictions. The authors use a sample of U.S. domestic equity funds from 1994 to 2000 as data. The study reveals systematic patterns in investment constraints, consistent with an optimal contracting equilibrium in the fund industry. Low- and high-constraint funds produce similar risk-adjusted returns, also consistent with an optimal contracting equilibrium. |
SCIMA