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Autoren: 
Sorhage, Christoph
Datum: 
2015
Reihe/Nr.: 
CFR Working Paper 14-04 [rev.2]
Zusammenfassung: 
Fund families strategically shape their member funds' behavior to target specific groups of investors with varying performance and service needs. In this paper I introduce a new measure to identify performance-oriented and service-oriented funds. Matching theories from the industrial organization literature, I suggest that funds whose families outsource the execution of services unrelated to portfolio management to external specialists are the same funds with an emphasis on their core business portfolio management. I find an outperformance of serviceoutsourced funds that is robust to a range of alternative explanations. Moreover, I show evidence that service-outsourced funds indeed possess superior investment skills.
Schlagwörter: 
Mutual funds
Fund performance
Outsourcing
Shareholder services
JEL: 
G23
L22
L84
Dokumentart: 
Working Paper
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