The Empirical Investigation of Global Mutual Funds: Concentration vs. Diversification

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K03554
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Tokyo University of Science
• Principal Investigator: HIRAKI Takato 東京理科大学, 経営学部経営学科, 教授 (50208815)
• Co-Investigator(Kenkyū-buntansha): Liu Ming 国際大学, 国際経営学研究科, 教授(移行) (70624675)
• Research Collaborator: SUEHARA Satoshi 杏林大学, 国際協力研究科
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: インターナショナルファイナンス / グローバルファンド / ホームバイアス / 国際分散投資 / 外国人投資家 / 機関投資家 / 新興国市場

Outline of Final Research Achievements

This research project, using holdings data recently made available, investigate the asset allocation and performance characteristics of global equity mutual funds formed in the three developed countries (Japan, the U.S., and E.U.) based on the economic hypotheses. The main results include: i) the better performance of industry-concentrated funds than the country-concentration funds is related to the global industry private information; ii) Manager teams with foreign education backgrounds, younger fund managers, MBA degrees tend to invest more in the international market, i.e., less home bias, and these attributes available for large funds bring better performance, and finally iii) global funds from the U.S. and E.U. in Japan are more preferentially allocated IPO shares for their fast performance improvement than the Japanese domestic counterparts. These results are largely consistent with the private information hypotheses proposed in this study.

Free Research Field

ファイナンス