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Asset management and investment banking

Berzins, Janis; Liu, Crocker H.; Trzcinka, Charles
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/93788
Date
2013
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  • Scientific articles [1334]
Original version
http://dx.doi.org/10.1016/j.jfineco.2013.05.001
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.
Description
This is the authors’ accepted and refereed manuscript to the article
Publisher
Elsevier
Journal
Journal of Financial Economics

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