Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/287862 
Year of Publication: 
2022
Citation: 
[Journal:] Review of Financial Economics [ISSN:] 1873-5924 [Volume:] 41 [Issue:] 1 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2022 [Pages:] 23-42
Publisher: 
Wiley, Hoboken, NJ
Abstract: 
After analyzing portfolio differences between separate account‐mutual fund twins, we find that dissimilar “fraternal twins” show significantly lower joint performance than “identical twins.” This finding is consistent with fraternal twins competing for the limited attention of a manager while identical twins mutually profit. Furthermore, the effect is stronger for separate accounts, which is probably due to investors having the opportunity to influence managers’ investment decisions according to their preferences. These results are independent of differences in known investment constraints. However, the findings may be driven by separate account investors’ preferences for higher liquidity and lower idiosyncratic risk.
Subjects: 
mutual funds
performance
portfolio holdings
separate accounts
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
Document Version: 
Published Version

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