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Article: Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry

TitleInvesting in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry
Authors
Issue Date2020
PublisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq
Citation
Journal of Financial and Quantitative Analysis, 2020, Epub 2020-11-26 How to Cite?
AbstractWe hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments). Moreover, “trust in the market” and “trust in managers” play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management.
Persistent Identifierhttp://hdl.handle.net/10722/294593
ISSN
2020 Impact Factor: 3.745
2020 SCImago Journal Rankings: 4.657

 

DC FieldValueLanguage
dc.contributor.authorMassa, M-
dc.contributor.authorWang, C-
dc.contributor.authorZhang, H-
dc.contributor.authorZhang, J-
dc.date.accessioned2020-12-08T07:39:10Z-
dc.date.available2020-12-08T07:39:10Z-
dc.date.issued2020-
dc.identifier.citationJournal of Financial and Quantitative Analysis, 2020, Epub 2020-11-26-
dc.identifier.issn0022-1090-
dc.identifier.urihttp://hdl.handle.net/10722/294593-
dc.description.abstractWe hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments). Moreover, “trust in the market” and “trust in managers” play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management.-
dc.languageeng-
dc.publisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq-
dc.relation.ispartofJournal of Financial and Quantitative Analysis-
dc.rightsJournal of Financial and Quantitative Analysis. Copyright © Cambridge University Press.-
dc.rightsThis article has been published in a revised form in [Journal] [http://doi.org/XXX]. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © copyright holder.-
dc.titleInvesting in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry-
dc.typeArticle-
dc.identifier.emailZhang, J: zhangj1@hku.hk-
dc.identifier.authorityZhang, J=rp02698-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1017/S0022109020000848-
dc.identifier.scopuseid_2-s2.0-85097226124-
dc.identifier.hkuros320573-
dc.identifier.volumeEpub 2020-11-26-
dc.publisher.placeUnited Kingdom-

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