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Mutual fund tournaments and structural changes in an emerging fund market : The case of Korea

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  • Mutual fund tournaments and structural changes in an emerging fund market
  • Ko, Kwnagsoo; Ha, Yeonjeong
  • Seoul National University


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Title Mutual fund tournaments and structural changes in an emerging fund market
Similar Titles
Sub Title

The case of Korea

Material Type Articles
Author(English)

Ko, Kwnagsoo; Ha, Yeonjeong

Publisher

[Seoul, S.Korea]:Seoul National University

Date 2011-06
Journal Title; Vol./Issue Seoul Journal of Business:vol. 17(no. 1)
Pages 28
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Economy < Direct Investment
Holding Seoul National University

Abstract

The objective of this study is to evaluate the mutual fund tournament, i.e., an agency issue between fund managers and investors, in the presence of structural changes in an emerging fund market. This study extends BHS (1996), Busse (2001), and Kempf and Ruenzi (2008b). A switching regression model is employed to investigate the effects of structural changes on the mutual fund tournament. We find that structural changes in the Korean fund market alter the tournament type from a segment to a family tournament. We believe that the family tournament comes from more competition since 2005 within large families. Our evidence of tournaments is robust to return frequency. Our results indicate that regulators and fund families should exercise greater caution than is currently the case to prevent conflicts of interests between fund investors and managers.