Universität zu Köln

Cici, Gjergji, Jaspersen, Stefan and Kempf, Alexander (2017). Speed of Information Diffusion within Fund Families. Rev. Asset Pricing Stud., 7 (1). S. 144 - 171. OXFORD: OXFORD UNIV PRESS. ISSN 2045-9939

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Abstract

We document that speed of information dissemination within mutual fund families positively affects fund performance. This suggests that the resultant benefits of higher information precision far outweigh free-riding costs associated with fast internal dissemination. The performance effect is stronger when information travels across managers from different, rather than the same, styles. This is consistent with fast information diffusion aggregating complementary insights that sharpen information precision, but also with fewer free-riding opportunities among managers from different styles. Managers rationally exploit the resultant higher information precision by trading more, relying less on public information, and investing differently than unaffiliated peers.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Cici, Gjergji UNSPECIFIED UNSPECIFIED UNSPECIFIED Jaspersen, Stefan UNSPECIFIED UNSPECIFIED UNSPECIFIED Kempf, Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-228411
DOI:	10.1093/rapstu/raw007
Journal or Publication Title:	Rev. Asset Pricing Stud.
Volume:	7
Number:	1
Page Range:	S. 144 - 171
Date:	2017
Publisher:	OXFORD UNIV PRESS
Place of Publication:	OXFORD
ISSN:	2045-9939
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language MUTUAL FUNDS; PERFORMANCE; KNOWLEDGE; NETWORKS; IMPACT; INCENTIVES; RISK; ORGANIZATION; EQUILIBRIUM; PORTFOLIOS Multiple languages Business, Finance Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/22841