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dc.contributor.authorBerzins, Janis
dc.contributor.authorLiu, Crocker H.
dc.contributor.authorTrzcinka, Charles
dc.date.accessioned2020-09-09T16:33:33Z
dc.date.available2020-09-09T16:33:33Z
dc.date.issued2013-02-09
dc.identifier.other7351165
dc.identifier.urihttps://hdl.handle.net/1813/70903
dc.description.abstractWe 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.isoen_US
dc.relation.hasversionA later version of this article is available elsewhere in eCommons.
dc.relation.urihttps://hdl.handle.net/1813/72019
dc.rightsRequired Publisher Statement: © Cornell University. This report may not be reproduced or distributed without the express permission of the publisher.
dc.subjectCornell
dc.subjectinvestment bank
dc.subjectinstitutional funds
dc.subjecthedge funds
dc.subjectmutual funds
dc.subjectperformance evaluation
dc.titleAsset Management and Investment Banking
dc.typearticle
dc.description.legacydownloads2013_Berzins_Asset_management.pdf: 858 downloads, before Aug. 1, 2020.
local.authorAffiliationBerzins, Janis: BI Norwegian Business School
local.authorAffiliationLiu, Crocker H.: chl62@cornell.edu Cornell Universtiy
local.authorAffiliationTrzcinka, Charles: Indiana University


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