Time distance and mutual fund holding horizon: Evidence from a quasi‐natural experiment setting of high‐speed railway opening

Xuanyi Chen, Qiliang Liu, Li Tian, Junbo Wang and Jian Xie

Accounting and Finance, 2024, vol. 64, issue 4, 4277-4312

Abstract: Using a quasi‐natural experiment, we investigate whether the opening of high‐speed railways affects mutual fund holdings. Applying the difference‐in‐difference method, we find that mutual fund holdings in remote listed companies increase after the introduction of high‐speed railways in their cities. This effect is primarily observed within the optimal interval of the railway. Opening high‐speed railways also facilitates mutual fund visits to remote listed companies, resulting in increased holdings.

Date: 2024
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