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- Publisher Website: 10.1017/S0022109020000848
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Article: Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry
Title | Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry |
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Authors | |
Issue Date | 2020 |
Publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq |
Citation | Journal of Financial and Quantitative Analysis, 2020, Epub 2020-11-26 How to Cite? |
Abstract | We hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments). Moreover, “trust in the market” and “trust in managers” play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management. |
Persistent Identifier | http://hdl.handle.net/10722/294593 |
ISSN | 2023 Impact Factor: 3.7 2023 SCImago Journal Rankings: 3.980 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Massa, M | - |
dc.contributor.author | Wang, C | - |
dc.contributor.author | Zhang, H | - |
dc.contributor.author | Zhang, J | - |
dc.date.accessioned | 2020-12-08T07:39:10Z | - |
dc.date.available | 2020-12-08T07:39:10Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Journal of Financial and Quantitative Analysis, 2020, Epub 2020-11-26 | - |
dc.identifier.issn | 0022-1090 | - |
dc.identifier.uri | http://hdl.handle.net/10722/294593 | - |
dc.description.abstract | We hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments). Moreover, “trust in the market” and “trust in managers” play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management. | - |
dc.language | eng | - |
dc.publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq | - |
dc.relation.ispartof | Journal of Financial and Quantitative Analysis | - |
dc.rights | Journal of Financial and Quantitative Analysis. Copyright © Cambridge University Press. | - |
dc.rights | This article has been published in a revised form in [Journal] [http://doi.org/XXX]. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © copyright holder. | - |
dc.title | Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry | - |
dc.type | Article | - |
dc.identifier.email | Zhang, J: zhangj1@hku.hk | - |
dc.identifier.authority | Zhang, J=rp02698 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1017/S0022109020000848 | - |
dc.identifier.scopus | eid_2-s2.0-85097226124 | - |
dc.identifier.hkuros | 320573 | - |
dc.identifier.volume | Epub 2020-11-26 | - |
dc.identifier.isi | WOS:000741491300010 | - |
dc.publisher.place | United Kingdom | - |