Investors' response to mutual fund company mergers Allen, David en_US Parwada, Jerry en_US 2021-11-25T12:46:58Z 2021-11-25T12:46:58Z 2006 en_US
dc.description.abstract Purpose – This paper aims to examine mutual fund investors' response to mergers of Australian mutual fund companies. Design/methodology/approach – Two matching-control techniques are employed to analyse the impact of mergers on excess money in and out of open and closed funds involved in the transactions. The paper employs cross-sectional regression analyses to examine the impact of mergers on different types of parties to mergers. Findings – The results suggest that mergers are not accompanied by increased money flows. Instead investors withdraw from the target funds prior to and after the merger. Funds belonging to specialist mutual fund companies record more gains in assets under management than declines following mergers, and that money inflow gains at competing funds induce reductions of management expense ratios at target funds. Research limitations/implications – This paper studies mergers in only one industry in a single country. Future studies may extend to other industries and economies. Originality/value – This paper extends prior research on the flow effects of mergers at individual fund level by considering the issue at the corporate level. en_US
dc.identifier.issn 1743-9132 en_US
dc.language English
dc.language.iso EN en_US
dc.rights CC BY-NC-ND 3.0 en_US
dc.rights.uri en_US
dc.source Legacy MARC en_US
dc.subject.other Investor behavior en_US
dc.subject.other Online trading en_US
dc.subject.other Performance en_US
dc.title Investors' response to mutual fund company mergers en_US
dc.type Journal Article en
dcterms.accessRights metadata only access
dspace.entity.type Publication en_US
unsw.description.notePublic © 2007 Elsevier B.V. All rights reserved. en_US
unsw.identifier.doiPublisher en_US
unsw.relation.faculty Business
unsw.relation.ispartofissue 2 en_US
unsw.relation.ispartofjournal International Journal of Managerial Finance en_US
unsw.relation.ispartofpagefrompageto 121-135 en_US
unsw.relation.ispartofvolume 2 en_US
unsw.relation.originalPublicationAffiliation Allen, David en_US
unsw.relation.originalPublicationAffiliation Parwada, Jerry, Banking & Finance, Australian School of Business, UNSW en_US School of Banking & Finance *
Resource type