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Article: Unitary boards and mutual fund governance

TitleUnitary boards and mutual fund governance
Authors
Issue Date2008
PublisherBlackwell Publishing, Inc
Citation
Journal Of Financial Research, 2008, v. 31 n. 3, p. 193-224 How to Cite?
AbstractA unique governance structure for mutual funds is unitary board - one board overseeing all funds in the entire family. We find strong evidence for unitary board as an effective governance mechanism. Funds with unitary boards are associated with lower fees, are more likely to pass the economies of scale benefits to investors, are less likely to be involved in trading scandals, and rank higher on stewardship. In contrast, funds with larger or more independent boards charge higher fees and rank lower on stewardship. Our findings indicate that unitary boards of small size, rather than independent boards, may be more beneficial to fund shareholders. © 2008 The Southern Finance Association and the Southwestern Finance Association.
Persistent Identifierhttp://hdl.handle.net/10722/60178
ISSN
2015 SCImago Journal Rankings: 0.547
SSRN
References

 

DC FieldValueLanguage
dc.contributor.authorKong, SXen_HK
dc.contributor.authorTang, DYen_HK
dc.date.accessioned2010-05-31T04:05:19Z-
dc.date.available2010-05-31T04:05:19Z-
dc.date.issued2008en_HK
dc.identifier.citationJournal Of Financial Research, 2008, v. 31 n. 3, p. 193-224en_HK
dc.identifier.issn0270-2592en_HK
dc.identifier.urihttp://hdl.handle.net/10722/60178-
dc.description.abstractA unique governance structure for mutual funds is unitary board - one board overseeing all funds in the entire family. We find strong evidence for unitary board as an effective governance mechanism. Funds with unitary boards are associated with lower fees, are more likely to pass the economies of scale benefits to investors, are less likely to be involved in trading scandals, and rank higher on stewardship. In contrast, funds with larger or more independent boards charge higher fees and rank lower on stewardship. Our findings indicate that unitary boards of small size, rather than independent boards, may be more beneficial to fund shareholders. © 2008 The Southern Finance Association and the Southwestern Finance Association.en_HK
dc.languageengen_HK
dc.publisherBlackwell Publishing, Incen_HK
dc.relation.ispartofJournal of Financial Researchen_HK
dc.titleUnitary boards and mutual fund governanceen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0270-2592&volume=31&spage=193&epage=224&date=2008&atitle=Unitary+Boards+and+Mutual+Fund+Governanceen_HK
dc.identifier.emailTang, DY: yjtang@hku.hken_HK
dc.identifier.authorityTang, DY=rp01096en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/j.1475-6803.2008.00237.xen_HK
dc.identifier.scopuseid_2-s2.0-51249110534en_HK
dc.identifier.hkuros150665en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-51249110534&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume31en_HK
dc.identifier.issue3en_HK
dc.identifier.spage193en_HK
dc.identifier.epage224en_HK
dc.identifier.eissn1475-6803-
dc.publisher.placeUnited Statesen_HK
dc.identifier.ssrn1033057-
dc.identifier.scopusauthoridKong, SX=52763395600en_HK
dc.identifier.scopusauthoridTang, DY=13606932900en_HK
dc.identifier.citeulike3208159-

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