Linh Tran Dieu

• PhD
• Professor (Associate) at University of Paris-Saclay

Article 173-VI of France's Energy Transition for Green Growth Act requires large mutual funds to be transparent about the impacts of their investments on climate change. This article investigates whether this regulation helps discipline fund managers to reduce their carbon footprints. Using a difference-indifference method, we show that French fund...

Most studies on mutual fund outsourcing have focused on the U.S. market. The objective of our study is to investigate the determinants of the decision to outsource and the impact of outsourcing on fund performance in the European market. The European market differs from the U.S. one in terms of market structure. In the U.S., banks play a minor role...

Investor responses to mutual fund mergers: an empirical analysis of French bond funds The UCITS IV Directives in 2011 proposed measures to facilitate mutual fund mergers, especially cross-border mergers, in order to reduce the number of small and inefficient funds in Europe. However, ten years later, the European market in general and the French ma...

: The UCITS Directives IV in 2011 proposed measures to facilitate mutual fund mergers, especially cross-border mergers, in order to reduce small and inefficient funds in Europe. However, ten years later, the European market in general and the French market in particular remains very segmented with a large number of « small » funds. Previous studies...

Forthcoming in "Bankers, Markets and Investors" Although European market regulators have implemented many measures in order to make the market more integrated, a recent report by the European Fund and Asset Management Association (EFAMA) in 2015 underlines that domestic actors remain principal participants in member countries. My research question...

Résumé Depuis 2008, avec la politique européenne des déchets et le Grenelle de l’Environnement, les entreprises sont incitées à adopter des stratégies préventives de gestion des déchets en les réduisant à la source. L’objet de cet article est d’analyser les déterminants d’une stratégie préventive. Nous avons utilisé les données issues d’une enquête...

(A apparaitre dans la Revue d'Economie Financière) Nous étudions l’impact de la taille sur la performance des fonds. En utilisant les données sur les fonds actions en France pour la période de 2002 à 2014, nous trouvons une relation U-inversée entre la taille et la performance. La performance augmente et ensuite diminue avec la taille lorsque l’ac...

Although the European market regulators have implemented a lot of measures in order to make the market more integrated, a recent report of European Fund and Asset Management Association (EFAMA) in 2015 underlines that domestic actors remain principal participants in country members. My research questions the integration of the European market by in...

The main role of a depositary is to protect investors by providing safekeeping and monitoring services. In Europe in general and in France in particular, it is common for funds and their depositary belong to the same financial group. This ownership linkage between funds and their depositary can affect the effectiveness of the depositary services, a...

Previous studies on the U.S mutual fund market show that funds transfer large economies of scale to investors only if these economies come from outside service providers. Unlike the US market, in the French market, most of the fund services are provided by the fund company itself or by the companies belonging to the same group. Because scale econom...

Abstract: Many mutual fund markets in the world are dominated by banks. This bank dominance can lead to substantial costs for investors and increase the conflict of interest between investors and the funds. In this article, I present a theoretical model describing the performance competition in the mutual fund industry. The theoretical result shows...

The European mutual fund markets in general, and the French in particular, are dominated by banks that create and distribute 80% of their funds. Thus, investors can be “captive” and less sensitive to a fund’s performance, which can provide “market power” to the funds. This paper presents a comparison of the performance, fees and the investors’ perf...

This article studies the flow-performance relationship in French equity mutual funds between 1992 and 2007. Using standard errors with clustering in two dimensions we find a convex relation between current net flows and past relative performance. For high performance funds, ranks of performance influence positively the flows of funds whereas for th...

Cet article �tudie la relation entre les flux nets et la rentabilit� relative des fonds actions fran�ais pendant la p�riode 1992-2007. En utilisant la m�thode des doubles clusters, on montre qu'il existe une relation convexe entre les flux nets et le rang de performance pour l'ann�e pr�c�dente. Ainsi, au sein des fonds � stars � le rang de performa...

Rapport pour le compte de l'Observatoire de l'Epargne Européenne, 160 p

Contribution au rapport pour l'Observatoire de l'épargne européenne (OEE) intitulé "Gouvernance de l'intermédiation de marché et volatilité : 1996-2002"

The localized competition observed in French mutual fund market leads to important participation costs for investors. This reduces the intensity of performance competition, then gives funds some "market power" and thus increases the conflict of interest between investors and funds. We present in this article a model that takes into account this spe...