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. 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, especially its reputation (the start phenomenon). 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 power, vertical relation, and reputation. This result contributes by providing the insight that changes in the incentive structure of distribution channels lead to different outcomes in terms of investor protection and market competition.

목차

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

키워드

저자

• Kang Baek [ Associate Professor, Department of Business Administration and Accounting Hanbat National University ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330