InternetAppendixfor.PDF

Internet Appendix for ”Business Networks, Corporate Governance, and Contracting in the Mutual Fund Industry”∗ ∗Citation format: Kuhnen, Camelia M., 2009, Internet Appendix for “Business Networks, Corpo- rate Governance, and Contracting in the Mutual Fund Industry”, Journal of Finance 64(5), 2185-2220, /IA/2009.asp. Please note: Wiley-Blackwell is not responsible for the content or func- tionality of any supporting information supplied by the authors. Any queries (other than missing material) should be directed to the author of the article. Table IA.I Predictors of Advisory Firms Winning Subadvisory Contracts – Robustness Checks The table shows the coefficient estimates from the conditional logit model of subadvisor selection in equation (1) in the paper. Each fund hiring a subadvisor at time t can choose among 19 firms actively managing funds at t − 1 and the chosen candidate. In Panel A, the 19 alternative advisory firms are selected at random over 100 repetitions (bootstrap method). In Panel B, the 19 alternatives are those advisors with the highest propensity score to be selected based on non-connection measures only. In Panel C, they are the 19 advisors with the closest propensity score to the chosen firm to be selected based on non-connection measures only. The dependent variable is a dummy equal to one for the fund-candidate subadvisor pairs that contracted with each other at t. Standard errors are adjusted for heteroskedasticity and correlation among observations belonging to the same fund-year. t-statistics are in parentheses. All indep