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首页> 外文期刊>Journal of banking & finance >Trading efficiency of fund families: Impact on fund performance and investment behavior
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Trading efficiency of fund families: Impact on fund performance and investment behavior

机译：基金家族的交易效率：对基金业绩和投资行为的影响

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摘要

This study examines how the efficiency of trading desks operated by mutual fund families affects portfolio performance and investment behavior of affiliated funds. We estimate the trading efficiency of a fund family's trading desk as the difference between the gross return of the family's index fund, which incorporates trading costs, and the return of the underlying index, which does not incorporate trading costs, around index adjustment dates. By operating more efficient trading desks that help reduce trading costs, fund families improve the performance of their funds significantly and also enable their funds to trade more and hold less liquid portfolios. (C) 2017 Elsevier B.V. All rights reserved.
机译：这项研究探讨了共同基金家族经营的交易柜台的效率如何影响投资组合的表现和附属基金的投资行为。我们将基金家族交易平台的交易效率估算为该家族指数基金的总收益（包括交易成本）与相关指数收益（不包括交易成本）在指数调整日期前后的差额。通过运营效率更高的交易台来帮助降低交易成本，基金家族可以显着改善其基金的绩效，还可以使他们的基金进行更多的交易并持有更少的流动资产。 （C）2017 Elsevier B.V.保留所有权利。

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