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 thei...

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Bibliographic Details
Published inAccounting and finance (Parkville)
Main Authors Chen, Xuanyi, Liu, Qiliang, Tian, Li, Wang, Junbo, Xie, Jian
Format Journal Article
LanguageEnglish
Published 05.08.2024
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Summary: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.
ISSN:0810-5391
1467-629X
DOI:10.1111/acfi.13305