Where Do “Impatient” Mutual Funds Invest? A Special Attraction for Large Proximate Markets and Companies with Strategic Investors

Claude Dupuy, Stephanie Lavigne and Dalila Chenaf-Nicet
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Claude Dupuy: GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique
Dalila Chenaf-Nicet: Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux

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Abstract: Our study examines the investment determinants of worldwide mutual funds from the perspective of economic geography. In particular, we investigate the local preferences of "impatient" mutual funds for specific countries. By analyzing a sample of 22,996 worldwide mutual funds over the period from 2005 to 2009, we demonstrate that impatient mutual funds are favorable to 1) large stock markets, 2) markets with a high level of protection for shareholders, 3) markets with familiar institutional practices, and 4) markets dominated by the presence of "strategic" investors as main shareholders of large listed companies.

Keywords: Geography of Finance; Mutual Funds; Impatient Investors; Portfolio Turnover (search for similar items in EconPapers)
Date: 2016-11
Note: View the original document on HAL open archive server: https://hal.science/hal-03897273v1
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Published in Journal of Mathematical Finance, 2016, 06 (04), pp.502-523. ⟨10.4236/jmf.2016.64040⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03897273

DOI: 10.4236/jmf.2016.64040

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