Earticle

초록

영어

Uninformed investors preferentially select distribution companies to purchase funds that suit their investment objectives because they cannot evaluate each product themselves. Thus, the investment decision depends significantly on their chosen fund distributor’s recommendation, as well as fund and fund management company characteristics. This study analyzes whether fund flows from each distribution channel indicate different responses to the determinants of investment decisions and whether this distinction is caused by a fund distributor’s transaction-specific variables. The results demonstrate that fund and fund management company flows have significantly different patterns according to distribution channels, and fund distributor flows are affected by their financial business segment, market share, vertical relation, and company evaluation grade. This result contributes by providing the insight that changes in the incentive structure of distribution channels lead to very different outcomes in terms of investor protection and market competition.

목차

Abstract
 1. Introduction
 2. The Korean Fund Industry
 3. Research Data
 4. Research Design
 5. Empirical Results
  5.1. Do fund flows from each distribution channel respond to the determinants of investment decisions in similar ways?
  5.2. Do fund management company flows from each distribution channel react to the determinants of investment decisions in similar ways?
  5.3. What drives fund distributor flows in the Korean equity fund industry?
 6. Conclusion
 7. References

키워드

저자

• Kang Baek [ Sogang Business School ]
• Young S. Park [ Sogang Business School ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330