التفاصيل البيبلوغرافية
| العنوان: |
Fintech Platforms and Mutual Fund Distribution. |
| المؤلفون: |
Hong, Claire Yurong1 (AUTHOR) yrhong@saif.sjtu.edu.cn, Lu, Xiaomeng2 (AUTHOR) xiaomenglu@fudan.edu.cn, Pan, Jun1,3 (AUTHOR) junpan@saif.sjtu.edu.cn |
| المصدر: |
Management Science. Jan2025, Vol. 71 Issue 1, p488-517. 30p. |
| مصطلحات موضوعية: |
*MUTUAL funds, *FINANCIAL technology, *RISK-taking behavior, *PROBABILITY theory, GRANTS (Money) |
| مستخلص: |
We document a novel platform effect caused by the emergence of fintech platforms in the intermediation of financial products. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered entrance of funds onto platforms, we find a marked increase of performance chasing driven by the centralized information flow unique to fintech platforms. This pattern is further confirmed using proprietary data from a top platform. Examining the platform impact on fund managers, we find that incentivized by the amplified performance chasing, fund managers increase risk-taking to enhance their probability of getting onto the top ranking. This paper was accepted by William Cong, finance. Funding: X. Lu acknowledges financial support from the National Natural Science Foundation of China [Grant 72003126]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01966. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Business Source Index |