The Corporate Investment Benefits of Mutual Fund Dual Holdings
研究发现共同基金家族同时持有同一家公司的债券和股票，能帮助企业增加有价值的投资、以更低成本和更少限制发行债券，并防止过度投资，对面临财务困境的企业尤其有益。
Abstract Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower yields and fewer restrictive covenants, especially when firms face financial distress. Dual holders also prevent overinvestment by firms with entrenched managers. Overall, our results suggest that mutual fund families internalize the agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.