This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms’ commission income derived from each mutual fund client as well as the share holdings of these mutual funds, we find that an analyst’s recommendation on a stock relative to consensus is significantly h...

The trend of Do-It-Yourself (DIY) personal financing is fueled by the Internet. Toward mutual fund industry, it offers small or individual investors chances to share professional finance management provided by mutual fund companies. In this paper, we propose a novel secure mobile agent based mutual fund trading system (based on our former system [9]), which can provide complete Internet-based a...

Mutual funds hold large blocks of shares in many major corporations. Practitioners and regulators alike have been concerned that mutual funds use their proxy votes in a promanagement manner in order to garner lucrative pensions administration contracts, thus hindering shareholder value. Such concerns led the SEC to mandate the disclosure of mutual fund proxy votes starting in 2003. We present a...

Mutual fund providers serve two principals with opposing interests: their owners, who want them to maximize profits, and their fund shareholders, who want them to maximize fund returns. I investigate what role is played by customer power and information, as well as by competition among fund providers in influencing the balance of power between these two opposing principals. Using a data set of ...

Article history: Received 5 May 2010 Received in revised form 1 February 2012 Accepted 1 March 2012 Available online 8 March 2012 We examine the ability of oneand two-factor regime switching models to describe US, developed, and emerging market mutual fund returns. We find that a two-factor fixed transition probability model adequately describes the multivariate series of mutual fund returns wi...

in this study, provided preliminary evidence on a comprehensive program of study focusing on investors’ behavior in the tehran stock exchange (tse) in 2014. using a survey-based methodology, 561 investors from the tse representing individual investors, mutual fund experts, funding institutions experts, institutional investors, and stock brokers have been randomly selected to respond to a set of...

The two main stylized facts in the mutual fund literature are that funds exhibit little ability to persistently outperform their peers, but that new money flows into funds with the highest past returns. The traditional interpretation is that fund managers are unskilled and fund investors are unsophisticated. Berk and Green (2004) offer an alternative, arguing that more-skilled managers will man...