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.