Professor Susan Christoffersen from McGill University is giving a VGSF
research seminar on "Fund Flows vs. Family Flows: Evidence from the
Cross Section of Brokers" on January 25 (Friday, 15:30-17:00) at
Institute for Advanced Studies(HS II), Stumpergasse 56, 1060 Vienna. You
can download the paper to be presented at the VGSF webpage (Activities &
Events--> Research Seminars). The abstract of the paper is attached below.
Professor Christoffersen is going to visit BWZ on Jan 25. If you would
like to meet her at BWZ, please let me know as soon as possible.
Kind regards,
Youchang Wu
Evidence that brokers influence the mutual-fund flows they intermediate
suggests that
funds’ families make important choices about their use of brokerage. We
address these
choices by relating the flows in and out of funds to, on one hand, the
involvement of
brokers who are or aren’t affiliated with the fund, and their
revenue-sharing with the
family, and on the other hand, the simultaneous flows of other funds in
the same family.
Among our findings are that affiliated brokers increase recapture of
outflows but also
cannibalization of inflows, and that consumer sentiment increases the
market power of
unaffiliated brokers.