Mutual funds' selective participation and subsequent performance of seasoned equity offerings

doi:10.1007/s00181-018-1420-0

CORC > 上海财经大学 > 上海财经大学

	Mutual funds' selective participation and subsequent performance of seasoned equity offerings
	Feng, Xunan 1; Chan, Kam C.2
刊名	EMPIRICAL ECONOMICS
	2019-06
卷号	56 期号:6 页码:1797-1822
关键词	Seasoned equities offerings Mutual fund Selection ability
ISSN号	0377-7332
DOI	10.1007/s00181-018-1420-0
英文摘要	We study the stock-picking ability of the mutual fund industry in China based on its selective participation in the SEO market. Mutual funds, as an industry, have selection ability if SEO firms with more subscriptions by mutual funds have better future performance than those with fewer subscriptions. To isolate the effect of mutual funds' favorable opinions about the future performance of an SEO firm, we use a statistical model to exclude the impact of a set of extensive factors on the decision to subscribe to an SEO. We use the model residuals as the ex ante favorable expectations about SEO firms by the mutual fund industry. Our findings suggest that those SEO firms being favored by the mutual fund industry perform statistically and economically significantly better than those SEO firms not favored by the industry. Investors can draw valuable inferences from mutual funds' aggregate decision to participate in the SEO offer market.
WOS研究方向	Business & Economics ; Mathematical Methods In Social Sciences
语种	英语
出版者	PHYSICA-VERLAG GMBH & CO
WOS记录号	WOS:000467642300001
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/237]
专题	上海财经大学
通讯作者	Chan, Kam C.
作者单位	1.Shanghai Univ Finance & Econ, Shanghai, Peoples R China; 2.Western Kentucky Univ, Gordon Ford Coll Business, Bowling Green, KY 42101 USA
推荐引用方式 GB/T 7714	Feng, Xunan,Chan, Kam C.. Mutual funds' selective participation and subsequent performance of seasoned equity offerings[J]. EMPIRICAL ECONOMICS,2019,56(6):1797-1822.
APA	Feng, Xunan,&Chan, Kam C..(2019).Mutual funds' selective participation and subsequent performance of seasoned equity offerings.EMPIRICAL ECONOMICS,56(6),1797-1822.
MLA	Feng, Xunan,et al."Mutual funds' selective participation and subsequent performance of seasoned equity offerings".EMPIRICAL ECONOMICS 56.6(2019):1797-1822.