Dynamique des flux d'investissement en OPCVM sur le marché français : stratégies du promoteur et conflits d'intérêts avec l'investisseur

Abstract : This thesis aims to explain the convex relationship between mutual funds flows and their performance, related to the strategies of funds promoters. Our theory is the following: because the mutual fund promoter's profit is dependent on the amount of assets under management, they have a strong incitation to induce this convexity. Using Hotelling models and switching cost theory, we have identified two strategies available to promoters: the "supply policy", which consists in building and maintaining a strong customer relationship with investors and "informational policy", which aims to feed investors' beliefs according to which the promoters give more performing funds than competitors. Two empirical studies, using EUROPERFORMANCE database include 8161 French UCITS from 1998 to 2002, are proposed. We conduct multilevel models that explicitly take account of the common variance shared by UCITS that are provided through the same promoter. The main results point out that, after taking into account the non-independence of observations, the convexity of the flow-performance relationship is more or less pronounced depending on the promoters' efficiency to use their strategies. We also show that strategies adopted by promoters vary according to financial market conjuncture: the growth period is marked by a "prime to uncertainty" where the promoters reputation, which enables them to enjoy "spillover effect" is the most effective strategy to improve market share. In period of crisis, it is the ability of promoters to internalize flows and organize their internal market with an efficient "supply policy" that explains their ability to maximize market share. Finally, the reputation of the promoters has a direct positive effect on flows and increases their sensitivity to the performance of UCITS. The search for "spillover effect", which is in conflict of interests with investors, is the dominant strategy adopted by the promoters of French UCITS.
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Veasna Khim. Dynamique des flux d'investissement en OPCVM sur le marché français : stratégies du promoteur et conflits d'intérêts avec l'investisseur. Gestion et management. Université de Lorraine, 2012. Français. ⟨NNT : 2012LORR0064⟩. ⟨tel-01749188⟩

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