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Affiliated Agents, Boards Of Directors, And Mutual Fund Securities Lending Returns

Author

Listed:
  • John C. Adams
  • Sattar A. Mansi
  • Takeshi Nishikawa

Abstract

type="main" xml:lang="en"> Using a manually collected U.S. index mutual fund sample, we find that funds with sponsor-affiliated lending agents have lower annual returns on lent securities and that securities lending returns are significantly higher when funds administer their own lending programs. We also document that multiple board of director appointments, more director fund ownership, higher board independence, and lower excess director compensation are associated with higher lending returns. Overall, the evidence has implications for mutual fund boards as they consider lending proposals and for future regulatory actions.

Suggested Citation

  • John C. Adams & Sattar A. Mansi & Takeshi Nishikawa, 2014. "Affiliated Agents, Boards Of Directors, And Mutual Fund Securities Lending Returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 37(4), pages 461-494, December.
    • Handle: RePEc:bla:jfnres:v:37:y:2014:i:4:p:461-494
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    Cited by:

    1. Cici, Gjergji & Dahm, Laura K. & Kempf, Alexander, 2018. "Trading efficiency of fund families: Impact on fund performance and investment behavior," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 1-14.
    2. Dong, Yunhe & Luo, Haoyi & Xu, Zijin & Yang, Xing, 2024. "Investing while lending: Do index funds improve managerial information disclosure?," International Review of Financial Analysis, Elsevier, vol. 94(C).
    3. Richard Evans & Miguel A. Ferreira & Melissa Porras Prado, 2017. "Fund Performance and Equity Lending: Why Lend What You Can Sell?," Review of Finance, European Finance Association, vol. 21(3), pages 1093-1121.
    4. Jing Xie, 2024. "Are passive investors also passive voters? Evidence from securities lending by mutual funds," Working Papers 202410, University of Macau, Faculty of Business Administration.
    5. Yeongsuk Cho & Youngsik Kwak, 2018. "A Comparative Study on the Information Effect of Stock Lending and Borrowing and Short Selling between the Korea Stock Exchange and the New Stock Exchange," American Journal of Economics and Business Administration, Science Publications, vol. 10(1), pages 11-21, October.

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