Asset Management and Investment Banking

Berzins, Janis; Liu, Crocker H.; Trzcinka, Charles

dc.contributor.author	Berzins, Janis
dc.contributor.author	Liu, Crocker H.
dc.contributor.author	Trzcinka, Charles
dc.date.accessioned	2020-09-09T16:33:33Z
dc.date.available	2020-09-09T16:33:33Z
dc.date.issued	2013-02-09
dc.identifier.other	7351165
dc.identifier.uri	https://hdl.handle.net/1813/70903
dc.description.abstract	We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds and institutional funds operated by investment banks and non-bank conglomerates. We find that while there is no difference in performance by fund type but being owned by an investment bank reduces alphas by 46 basis points per year in our baseline model. Making lead loans increases alphas but the dispersion
dc.language.iso	en_US
dc.relation.hasversion	A later version of this article is available elsewhere in eCommons.
dc.relation.uri	https://hdl.handle.net/1813/72019
dc.rights	Required Publisher Statement: © Cornell University. This report may not be reproduced or distributed without the express permission of the publisher.
dc.subject	Cornell
dc.subject	investment bank
dc.subject	institutional funds
dc.subject	hedge funds
dc.subject	mutual funds
dc.subject	performance evaluation
dc.title	Asset Management and Investment Banking
dc.type	article
dc.description.legacydownloads	2013_Berzins_Asset_management.pdf: 858 downloads, before Aug. 1, 2020.
local.authorAffiliation	Berzins, Janis: BI Norwegian Business School
local.authorAffiliation	Liu, Crocker H.: chl62@cornell.edu Cornell Universtiy
local.authorAffiliation	Trzcinka, Charles: Indiana University