Time distance and mutual fund holding horizon: Evidence from a quasi‐natural experiment setting of high‐speed railway opening
Abstract Using a quasi‐natural experiment, we investigate whether the opening of high‐speed railways affects mutual fund holdings. Applying the difference‐in‐difference method, we find that mutual fund holdings in remote listed companies increase after the introduction of high‐speed railways in their cities. This effect is primarily observed within the optimal interval of the railway. Opening high‐speed railways also facilitates mutual fund visits to remote listed companies, resulting in increased holdings.
Authors
- 理恵 羽佐田 (ORCID: https://orcid.org/0000-0002-3781-9912)
- Xuanyi Chen (ORCID: https://orcid.org/0009-0009-0552-7139)
- Junbo Wang (ORCID: https://orcid.org/0000-0002-9776-1441)
- Xie Jian (ORCID: https://orcid.org/0009-0000-6054-4649)
- Qiliang Liu (ORCID: https://orcid.org/0000-0002-5496-1005)
Institutions
- Guangxi University of Finance and Economics (CN)
- City University of Hong Kong (HK)
- Shenzhen Stock Exchange (CN)
- Huazhong University of Science and Technology (CN)
- Jiangxi University of Finance and Economics (CN)
Publication Details
- Journal
- Accounting and Finance
- Published
- 2024-08-05
- DOI
- https://doi.org/10.1111/acfi.13305
- Primary Topic
- Corporate Finance and Governance
- Type
- article
- Field-Weighted Citation Impact
- 0.00
Funders
- National Natural Science Foundation of China