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dc.contributor.authorBerzins, Janis
dc.contributor.authorLiu, Crocker H.
dc.contributor.authorTrzcinka, Charles
dc.date.accessioned2013-11-04T13:33:21Z
dc.date.available2013-11-04T13:33:21Z
dc.date.issued2013
dc.identifier.issn1879-2774 (e-utg)
dc.identifier.urihttp://hdl.handle.net/11250/93788
dc.descriptionThis is the authors’ accepted and refereed manuscript to the articleno_NO
dc.description.abstractWe 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.no_NO
dc.language.isoengno_NO
dc.publisherElsevierno_NO
dc.subjectinvestment banksno_NO
dc.subjectinstitutional fundsno_NO
dc.subjecthedge fundsno_NO
dc.subjectmutual fundsno_NO
dc.subjectperformance valuationno_NO
dc.titleAsset management and investment bankingno_NO
dc.typeJournal articleno_NO
dc.typePeer reviewedno_NO
dc.source.pagenumber215-231no_NO
dc.source.volume110no_NO
dc.source.journalJournal of Financial Economicsno_NO
dc.source.issue1no_NO
dc.identifier.doihttp://dx.doi.org/10.1016/j.jfineco.2013.05.001


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