INDUSTRY AND THE BUILDING FUND DRIVE

The MUTUAL FUND INDUSTRY

A solution for financing the upstream oil and gas industry using the project fund

Financing is one of the most important challenges in launching new projects. Different methods of financing have different effects on project performance due to the variety of market and its risk and return. One of the new methods of financing projects is the creation of a project fund through the capital market, which investors are the final owner of the project, so participate in the economic...

Measuring Skill in the Mutual Fund Industry∗

Using the dollar-value that a mutual fund adds as the measure of skill, we find that the average mutual fund adds about $2 million per year and that this skill persists for as long as 10 years. We further document that investors recognize this skill and reward it by investing more capital with better funds. Better funds earn higher aggregate fees, and there is a strong positive correlation betw...

Fund Family Tournament and Performance Consequences: Evidence from the UK Fund Industry

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners outperform those of the losers following the risk taking, which implies that risk altering can be rega...

Leverage and Liquidity: Evidence from the Closed-End Fund Industry

LEVERAGE AND LIQUIDITY: EVIDENCE FROM THE CLOSED-END FUND INDUSTRY BY YUEHUA TANG APRIL 19, 2013 Committee Chair: VIKAS AGARWAL Major Academic Unit: YUEHUA TANG This paper uses the February 2008 auction rate security (ARS) market freeze to examine the spillover effects of an exogenous funding liquidity shock on the underlying asset markets. Consistent with theory, I find that the stocks held by...