RISS 학술연구정보서비스

검색
다국어 입력

http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.

변환된 중국어를 복사하여 사용하시면 됩니다.

예시)
  • 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
  • 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
닫기
    인기검색어 순위 펼치기

    RISS 인기검색어

      검색결과 좁혀 보기

      선택해제

      오늘 본 자료

      • 오늘 본 자료가 없습니다.
      더보기
      • 무료
      • 기관 내 무료
      • 유료
      • The Intended Consequences of More Frequent Portfolio Disclosure of Mutual Funds

        Ji-Woong Chung(정지웅),Koren Jo,Jaeouk Kim(김재욱),Sejin Kang 한국경영학회 2021 한국경영학회 통합학술발표논문집 Vol.2021 No.8

        We study the effect of increased portfolio transparency on mutual funds’ portfolio manipulation activities and investors’ capital allocation efficiency. Investigating the 2004 regulation change to increase the frequency of mutual fund portfolio disclosure in a difference-in-differences framework, we find that investment efficiency as measured by the return predictability of money flows has improved after the rule change. However, there is little evidence that portfolio manipulation practices - portfolio overlap, portfolio pumping, style drift, and window dressing - have declined after 2004. We conclude that a disclosure policy aiming to increase transparency about portfolio holdings enhances the information environment in the mutual fund market and enables investors to make more informed asset allocation decisions, but it is not sufficient to discourage fund managers from engaging in opportunistic behavior.

      연관 검색어 추천

      이 검색어로 많이 본 자료

      활용도 높은 자료

      해외이동버튼