주식형 펀드의 해지와 부의 이전: 공모와 사모 펀드의 비교

This study examines wealth transfer between survival funds and funds to be liquidated in the process of liquidation. Public and privately placed equity funds are analyzed from the viewpoint of fund family. We could not find any evidence that equity fund liquidation is due to inferior fund performance. Rather the maturity of investment period leads a fund to be liquidated, which is a unique feature in the Korean fund market. When funds are to be liquidated due to expiration of investment period, a fund family is likely to benefit from a strategy of wealth transfer between funds within a family during the liquidation period. We test for the existence of wealth transfer between funds as an agency problem by studying the behavior of fund family during the liquidation period. Our findings are summarized as follows: First, there exist somewhat different investment strategies between public and privately placed equity funds. Second, the cause of fund liquidation is the expiration of fund investment period, not the under-performance of fund. Third, we find wealth transfer between survival funds and funds to be liquidated within a family. Wealth transfer must be an agency problem between fund investors and advisors. Different investment strategies between public and privately placed equity funds affect the type of wealth transfer taken by the fund family. For public equity funds, an advisor transfer wealth from the funds to be liquidated to the past winner funds among survival funds. For privately placed funds, wealth is transferred from the past winner funds among survival funds to the funds to be liquidated. As easily expected, such transfers occur when the market is in a good condition, not in a bad condition. Interestingly, we fail to find any evidence of wealth transfer between public and privately placed equity funds before liquidation.