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Money market fund investors’ response to fund company mergers

Author

Listed:
  • Luis Ferruz
  • Cristina Ortiz
  • Luis Vicente

Abstract

To our best knowledge, this study conducts the first analysis of the money market fund investors’ response to the major Spanish fund company mergers from 1994 to 2004. By using an event date methodology considering three significant moments in the merger process: (1) Public announcement (2) Merger (3) Change of denomination of the funds, we obtain that investors’ response to mergers is statistically significant when considering small fund companies. On the other hand, we do not detect a significant investors’ response to large fund family mergers.

Suggested Citation

  • Luis Ferruz & Cristina Ortiz & Luis Vicente, 2008. "Money market fund investors’ response to fund company mergers," Applied Financial Economics Letters, Taylor & Francis Journals, vol. 4(2), pages 109-113.
    • Handle: RePEc:taf:raflxx:v:4:y:2008:i:2:p:109-113
    DOI: 10.1080/17446540701335466
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