Abstract
This paper aims to explore whether a corporate-level strategy exists among fund companies that drives them to maximize the company’s interest at the expense of fiduciary duties to stakeholders. The results show a significant difference between high-value and low-value fund returns within the same fund company. In addition, this difference is significantly bigger in domestic fund companies than in foreign-capital fund companies, especially in high-tech funds. Our study suggests that a fund company’s self-discipline, internal control and audit regulation, as well as on-site examination of governmental authority and functional enhancement of custodian banks become increasingly important in the asset management industry.
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