Contracting in the investment management industry: evidence from mutual funds

• 成果类型: Article
• 署名作者: Deli, DN; Varma, R
• 署名单位: University of Delaware; Arizona State University; Arizona State University-Tempe
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(01)00090-3
• 发表日期: 2002
• 页码: 79-98
• 关键词: mutual funds; CONTRACTING; derivatives

摘要

We investigate the option to invest in derivative securities using a large sample of mutual funds. We find that those funds with the greatest transaction-cost benefit tend to permit investment in derivatives, and that funds tend to permit investment only in those derivatives that offer transaction-cost benefits. Our results indicate that a fund's decision to permit investment in derivatives is driven by increased efficiency rather than advisor opportunism. (C) 2002 Published by Elsevier Science S.A.