학회소식
[2009년 제 1차] 주식형 펀드의 특성과 성과에 관한 연구
작성자 : 관리자
조회수 : 1151
게시일 :
2009-02-26
The objective of this study is to evaluate mutual fund tournaments in the presence of structural changes in an emerging fund market (Korea), i.e., an agency issue between fund managers and investors. This study also extends BHS (1996), Busse (2001), and Kempf and Ruenzi (2008). A switching regression model is utilized to study the effect of structural changes on mutual fund tournament. We find that the structural changes in the Korean fund market alter the tournament type from segment to family tournament. Our evidence of tournaments is robust to return frequency and the effects of start-up funds and survivorship bias. The non-tournament behavior of privately-placed equity funds also verifies the robustness of our findings. To resolve this agency problem, this study proposes an appropriate government regulation to be enforced, for example, disclosure of the risk profile of a fund and the segment to which it belongs, or a fund portfolio.
