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AFFILIATED AGENTS, BOARDS OF DIRECTORS, AND MUTUAL FUND SECURITIES LENDING RETURNS
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 37, Heft 4, S. 461-494
ISSN: 1475-6803
AbstractUsing a manually collected U.S. index mutual fund sample, we find that funds with sponsor‐affiliated lending agents have lower annual returns on lent securities and that securities lending returns are significantly higher when funds administer their own lending programs. We also document that multiple board of director appointments, more director fund ownership, higher board independence, and lower excess director compensation are associated with higher lending returns. Overall, the evidence has implications for mutual fund boards as they consider lending proposals and for future regulatory actions.
Affiliated Agents, Boards of Directors, and Mutual Fund Securities Lending Returns
In: Journal of Financial Research (2014), 37(4), 461-494.
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Public vs Private Ownership, Board Structure and Fund Manager Turnover
In: Financial Management Volume 42, Issue 1, pages 127–154, Spring 2013
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CEO perquisite compensation and M&A performance
In: The quarterly review of economics and finance, Band 90, S. 162-177
ISSN: 1062-9769
Mutual Fund Performance, Management Teams, and Boards
In: Journal of Banking and Finance, Forthcoming
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BOND MARKET REACTION TO STOCK REPURCHASES: IS THERE A WEALTH TRANSFER EFFECT?
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 34, Heft 3, S. 503-522
ISSN: 1475-6803
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