How Does Size Affect Mutual Fund Behavior?
If actively managed mutual funds suffer from diminishing returns to scale, funds should alter investment behavior as assets under management increase. Although asset growth has little effect on the behavior of the typical fund, we find that large funds and small-cap funds diversify their portfolios...
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| Veröffentlicht in: | The Journal of finance (New York) 2008-12, Vol.63 (6), p.2941-2969 |
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| container_end_page | 2969 |
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| container_issue | 6 |
| container_start_page | 2941 |
| container_title | The Journal of finance (New York) |
| container_volume | 63 |
| creator | POLLET, JOSHUA M. WILSON, MUNGO |
| description | If actively managed mutual funds suffer from diminishing returns to scale, funds should alter investment behavior as assets under management increase. Although asset growth has little effect on the behavior of the typical fund, we find that large funds and small-cap funds diversify their portfolios in response to growth. Greater diversification, especially for small-cap funds, is associated with better performance. Fund family growth is related to the introduction of new funds that hold different stocks from their existing siblings. Funds with many siblings diversify less rapidly as they grow, suggesting that the fund family may influence a fund's portfolio strategy. |
| doi_str_mv | 10.1111/j.1540-6261.2008.01417.x |
| format | Article |
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| identifier | ISSN: 0022-1082 |
| ispartof | The Journal of finance (New York), 2008-12, Vol.63 (6), p.2941-2969 |
| issn | 0022-1082 1540-6261 |
| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete; Jstor Complete Legacy |
| subjects | Asset management Diversification Economies of scale Financial investments Financial portfolios Fund management Investment funds Investment strategies Investment trusts Market share Mutual funds Portfolio diversification Portfolio investments Portfolio management Returns to scale Small cap investments Stock shares Studies |
| title | How Does Size Affect Mutual Fund Behavior? |
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