Mutual fund industry management structure, risk and the impacts to shareholders

Lonnie L. Bryant and Hao-Chen Liu

Global Finance Journal, 2011, vol. 22, issue 2, 101-115

Abstract: This article investigates the effects of a multiple fund management structure on the risk volatility of the funds simultaneously managed. Using a sample of 1480 mutual funds managed by 407 fund managers over a 3-year period, we find that the risk volatility of at least one fund managed by a multiple fund manager is significantly higher than its objective and risk-adjusted peers. At the same time, the other funds concurrently managed display significantly less difference in risk volatility. Similarly, the return-to-risk ratio of multiple fund managers is not consistently greater than the unitary managed funds.

Keywords: Mutual fund; Management structure; Risk; Unitary; Multiple fund management (search for similar items in EconPapers)
JEL-codes: G20 G29 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:22:y:2011:i:2:p:101-115

DOI: 10.1016/j.gfj.2011.10.002

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