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Brown, Stephen J. - 2009

Funds of funds are an increasingly popular avenue for hedge fund investment. Despite the increasing interest in hedge funds as an alternative asset class, the high degree of fund specific risk and the lack of transparency may give fiduciaries pause. In addition, many of the most attractive hedge...

Persistent link: https://www.econbiz.de/10012767775

Do Fees Matter? Investor's Sensitivity to Active Management Fees

Døskeland, Trond M.; Sjuve, Andre; Ørpetveit, Andreas - 2023

The active mutual fund equilibrium model developed by Berk and Green (2004) predicts that fees should not matter for investors’ mutual fund choices. We examine how fees influence demand for active mutual funds by analyzing time variation in funds’ fees. Since investors should not pay "alpha...

Persistent link: https://www.econbiz.de/10014349767

Who is paying all these fees? : an empirical analysis of bank account and credit card fees

Shy, Oz; Stavins, Joanna - 2022 - This version: August 2022

Banks impose a variety of account fees, and credit card issuers impose a variety of fees related to card usage. Using detailed data from a 2021 representative diary survey of US consumers, we investigate whether lower-income consumers and Black consumers are more likely to pay bank account or...

Persistent link: https://www.econbiz.de/10013465395

The Proportional Fee, Transaction Fee and Membership Fee

Chen, Linfeng - 2019

There are in general three types of fees used by platforms: the fixed membership fee, transaction fee and proportional fee. In real-life, all three fees are used by different platforms. Often, the fee charged by the market maker is a combination of the fixed, transaction and proportional fees....

Persistent link: https://www.econbiz.de/10012894290

A Just Fee or Just a Fee? An Examination of Credit Card Late Fees

Frank, Joshua M. - 2012

dynamics of late fee charges by constructing a database of issuer practices, to help understand how issuers set fees and finds …. The type of issuer is strongly associated with late fee charges. The single best predictor of the amount an institution … charges as a late fee is whether the issuer is a credit union. Credit unions charged a median fee of $20 compared to banks …

Persistent link: https://www.econbiz.de/10013111124

The quality-assuring role of mutual fund advisory fees

Habib, Michel Antoine; Johnsen, D. Bruce - 2016

Active fund managers implicitly promise to research profitable portfolio selection. But active management is an experience good subject to moral hazard. Investors cannot tell high from low quality up front and therefore fear manager shirking. We show how the parties mitigate the moral hazard by...

Persistent link: https://www.econbiz.de/10011516010

The Dynamics of ETF Fees

Box, Travis - 2020

Despite widely publicized fee reductions, we find that average ETF expense ratios have remained relatively steady during the last 15 years. Even though thousands of new funds have entered the market, the arrival of most ETF sponsors into a narrowly defined area does not generally lead to lower...

Persistent link: https://www.econbiz.de/10012850286

The Impact of Reporting of Dollar Amount of Mutual Fund Fees on Fee Levels

Parida, Sitikantha - 2018

In 2004 the SEC began requiring mutual funds to include the dollar amount of fund fees in shareholders reports. Before that, funds reported returns net of fees and didn't disclose fees separately. This natural experiment allows me to study the impact of separate reporting of fees on the level of...

Persistent link: https://www.econbiz.de/10012932651

Are Lower Fees Better? Changing the Management Fee Basis in Private Equity

Song, YoungJun - 2022

Does reducing management fees to private equity fund managers preclude investors from hiring skilled managers and induce agency problems? I study a popular management fee contract that reduces management fees by paying a percentage of capital invested into the fund's unrealized projects. Using a...

Persistent link: https://www.econbiz.de/10014244791

Auditor Sharing in the Mutual Fund Industry : Empirical Evidence on Determinants and Audit Fees

Adams, John C. - 2015

This study examines auditor sharing by mutual fund trusts (collections of mutual funds) and parents (administrators of fund operations). We examine the determinants of auditor sharing and whether an association exists between trust audit fees and auditor sharing. Employing a sample of 2,369...

Persistent link: https://www.econbiz.de/10013016418