112780 20240319080955.0 doi 10.1016/j.ribaf.2021.101605 sideral 128065 ART-2022-128065 eng Andreu, L. Universidad de Zaragoza (orcid)0000-0003-3661-5448 Diversification and manager autonomy in fund families: Implications for investors 2022 Access copy available to the general public Unrestricted This paper aims to investigate the consequences of investing in a single fund family for investors. In essence, we focus on the correlation among portfolio holdings of funds with effects in terms of under-diversification for mutual fund investors, especially, if they invest in the same fund family. We also explore the fund manager autonomy in portfolio holding allocation within families and determine the characteristics of those fund families with higher autonomy. Our results show that a higher correlation among funds not only implies that families offer a lower diversification to investors; it also has a negative effect on their performance. However, investors’ performance benefits from a higher manager autonomy. Consequently, investors who select a single fund family could obtain higher returns in smaller fund families with considerable experience that do not belong to a banking or insurance group, as in the former, diversification and manager autonomy are higher. info:eu-repo/grantAgreement/ES/DGA-IIU/1-2017 info:eu-repo/grantAgreement/ES/DGA/S38-20R info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00 info:eu-repo/grantAgreement/ES/UZ/JIUZ-2020-SOC-02 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 6.5 2022 BUSINESS, FINANCE 9 / 111 = 0.081 2022 Q1 T1 1.273 2022 Finance 2022 Q1 Business, Management and Accounting (miscellaneous) 2022 Q1 9.1 2022 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Gimeno, R. Universidad de Zaragoza (orcid)0000-0003-4675-6762 Ortiz, C. Universidad de Zaragoza (orcid)0000-0003-3275-5814 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 60 (2022), 101605 [18 pp.] RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 0275-5319 715540 http://zaguan.unizar.es/record/112780/files/texto_completo.pdf Versión publicada 2094725 http://zaguan.unizar.es/record/112780/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:112780 articulos driver 2024-03-18-13:31:10 ARTICLE