The invisible hand of internal markets in mutual fund families
Luis Goncalves-Pinto, Juan Sotes-Paladino, Jing Xu
Journal of Banking & Finance | ELSEVIER SCIENCE BV | Published : 2018
Awarded by Singapore MOE AcRF
For helpful comments and discussions, we thank Elias Albagli, Gordon Alexander, David Gallagher, Hugh H. Kim, Alberto Manconi, Filippo Massari, Pedro Matos, Marco Navone, Marcel Rindisbacher, Antonios Sangvinatsos, Giorgo Sertsios, Nico Singer, Chengwei Wang, and Fernando Zapatero. We also appreciate the comments of participants at the Australasian Finance and Banking Conference, the International Conference on Asia-Pacific Financial Markets (CAFM), the FIRN Conference, the FMA Asia Conference, the FIRS Conference, the FMA European Conference, the LBS Annual Trans-Atlantic Doctoral Conference, the Portuguese Finance Network Conference, the World Finance Conference, and seminar participants at Deakin University, Instituto de Empresa, Manchester Business School, Nova School of Business and Economics, Pontificia Universidad Catolica de Chile, Universidad de los Andes (Chile) and Vienna Graduate School of Finance. This paper previously circulated under the title "The Value of Cross-Trading to Mutual Fund Families in Illiquid Markets: A Portfolio Choice Approach." Goncalves-Pinto gratefully acknowledges financial support from Singapore MOE AcRF Tier-1 Grant No. R-315-000-094-133.