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Outsourcing of mutual funds non-core competencies. (2014). Sorhage, Christoph .
In: CFR Working Papers.
RePEc:zbw:cfrwps:1404r.

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  1. Milk or wine: Mutual funds (dis)economies of life. (2015). Dahm, Laura K ; Sorhage, Christoph .
    In: CFR Working Papers.
    RePEc:zbw:cfrwps:1505.

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  2. Trading efficiency of fund families: Impact on fund performance and investment behavior. (2014). Dahm, Laura K. ; Cici, Gjergji ; Kempf, Alexander.
    In: CFR Working Papers.
    RePEc:zbw:cfrwps:1414.

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  1. Additional independent controls include Ln TNA family, Family focus, Ln TNA, Ln age, Turnover ratio. Ln TNA family, is the logarithm of the fund family’s assets under management (measured in millions of dollars). Family focus, represents the concentration of a fund family across investment objectives, defined as in Siggelkow (2003). Ln TNA, represents the logarithm of the fund’s total net assets under management. Ln TNA family, Family focus, Ln TNA are all lagged by one year. Ln age, is the logarithm of the fund’s age in years. Turnover ratio is the fund’s yearly turnover ratio. Regressions are run with year and segment fixed effects. Robust standard errors reported in parentheses are based on standard errors clustered by fund family. ***, **, * denote statistical significance at the 1%, 5%, and 10% significance level, respectively.
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  21. Dependent variable: Fund flow in t Model: 1 2 3 Service inhouse forced-0.0933-0.0944-0.0953 (0.2327) (0.2271) (0.2249) Service inhouse choice-0.1074 * -0.1088 * -0.1101 * (0.0614) (0.0581) (0.0542) PerfRank-1.1739 ** -1.2516 ** (0.0230) (0.0193) PerfRank 2.0768 *** 2.1406 *** (0.0009) (0.0008) Bottom quintile 0.1850 (0.5848) Middle quintiles 0.3594 *** (0.0000) Top quintile 5.4999 *** (0.0003) Ln TNA family 0.1727 *** 0.1728 *** 0.1727 *** (0.0020) (0.0020) (0.0020) Family focus 0.3491 *** 0.3445 *** 0.3451 *** (0.0004) (0.0004) (0.0004) Ln TNA-0.3144 *** -0.3142 *** -0.3156 *** (0.0004) (0.0004) (0.0004) Ln age-0.0397-0.0407-0.0362 (0.4704) (0.4592) (0.5176) Turnover ratio 0.0479 * 0.0492 ** 0.0483 * (0.0514) (0.0471) (0.0571) Expense ratio-22.9536 ** -22.2760 ** -22.3696 ** (0.0211) (0.0270) (0.0272) Fund flow 0.0007 ** 0.0008 * 0.0008 ** (0.0438) (0.0560) (0.0359) Sigma fund flow-0.0013-0.0012 (0.2941) (0.3145)
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  31. In column 3 (4, 5) I define a service-inhouse fund as capable to outsource if its family’s assets under management, Ln TNA family, are smaller than the assets under administration of the sixth (eighth, tenth) largest external service provider. The average life time of both fund groups are measured in years and reported for funds’ inception years starting in 1996. The last row of the table reports the difference in funds’ life time between service-outsourced funds and service-inhouse capable funds. ***, **, * denote statistical significance at the 1%, 5%, and 10% significance level, respectively.
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  48. Panel A: 6 external service providers Net-of-fee returns Gross-of-fee returns Dependent variable: Return OAR Jensen Carhart Return OAR Jensen Carhart Service inhouse forced-0.0010 0.0022-0.0006-0.0007 0.0011 0.0046 0.0020 0.0019 (0.8136) (0.6180) (0.8731) (0.8514) (0.7699) (0.2618) (0.5760) (0.5625) Service inhouse choice-0.0117 *** -0.0130 *** -0.0102 *** -0.0068 *** -0.0105 *** -0.0117 *** -0.0089 *** -0.0055 ** (0.0000) (0.0000) (0.0000) (0.0067) (0.0001) (0.0000) (0.0004) (0.0254) Advisor outsourced-0.0022-0.0028-0.0040 ** -0.0026-0.0013-0.0019-0.0031-0.0017 (0.3643) (0.2666) (0.0490) (0.1768) (0.6017) (0.4423) (0.1234) (0.3729) Fund and family controls Yes Yes Yes Yes Yes Yes Yes Yes Year fixed effects Yes Yes Yes Yes Yes Yes Yes Yes Segment fixed effects Yes No Yes Yes Yes No Yes Yes Number of Observations 18,101 18,101 18,101 18,101 18,101 18,101 18,101 18,101 Adj.-R2 0.7362 0.0055 0.1516 0.0998 0.7380 0.0062 0.1534 0.1003
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