JavaScript is disabled for your browser. Some features of this site may not work without it.
Asset Management and Investment Banking
| dc.contributor.author | Berzins, Janis | |
| dc.contributor.author | Liu, Crocker H. | |
| dc.contributor.author | Trzcinka, Charles | |
| dc.date.accessioned | 2020-09-12T21:07:18Z | |
| dc.date.available | 2020-09-12T21:07:18Z | |
| dc.date.issued | 2013-04-26 | |
| dc.identifier.other | 9285239 | |
| dc.identifier.uri | https://hdl.handle.net/1813/72019 | |
| 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 no difference exists in performance by fund type, 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 of fees across portfolios decreases alphas. The economic loss is $4.9 billion per year. | |
| dc.language.iso | en_US | |
| dc.relation.isversionof | An earlier version of this item is also available in eCommons. | |
| dc.relation.hasversion | Berzins, J., Liu, C. H., & Trzcinka, T. (2013). Asset management and investment banking. Journal of Financial Economics, 110(1), 215-231. doi:10.1016/j.jfineco.2013.05.001 | |
| dc.relation.uri | https://hdl.handle.net/1813/70903 | |
| dc.rights | Required Publisher Statement: © Elsevier. Final version published as: Berzins, J., Liu, C. H., & Trzcinka, T. (2013). Asset management and investment banking. Journal of Financial Economics, 110(1), 215-231. doi:10.1016/j.jfineco.2013.05.001 Reprinted with permission. All rights reserved. | |
| dc.subject | investment banks | |
| 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.relation.doi | https://doi.org/10.1016/j.jfineco.2013.05.001 | |
| dc.description.legacydownloads | Liu1_Asset_management.pdf: 137 downloads, before Aug. 1, 2020. | |
| local.authorAffiliation | Berzins, Janis: BI Norwegian Business School | |
| local.authorAffiliation | Liu, Crocker H.: chl62@cornell.edu Cornell University School of Hotel Administration | |
| local.authorAffiliation | Trzcinka, Charles: Indiana University |
