An Analysis of The Determinants and Shareholder Wealth Effects of Mutual Funds Mergers  

Oleh:

Nelling, Edward ; Khorana, Ajay ; Jayaraman, Narayanan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 3 (2002), page 1521-1552.
Topik: WEALTH; studies; mutual funds; acquisitions & mergers; sharehoders wealth; impact analysis; financial performance
Fulltext: p 1521.pdf (141.06KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study examines the determinants of mutual fund mergers and their subsequent wealt impact on shareholders of target and acquiring funds. Results indicate significant improvements in post merger performance and a reduction in expense ratios for target fund shareholders. In contrast, acquiring fund shareholders experience a significant deterioration in post merger performance. The net asset flows continue to remain negative for the combined fund in the year following the merger. The likelihood of a fund merger is inversely related to fund size for both within and across - family mutual fund mergers. However, poor past performance is a significant determinant for only within - family mergers.

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