Han, Jae-Joon; Kang, Kyeong-Hoon; Won, Seungyeon - In: Economic Modelling 35 (2013) C, pp. 856-864
This paper provides a theoretical model on the determination of fund expenses, focusing on vertical structures of the fund industry and customer switching costs. We also empirically test our theoretical findings using data from the Korean fund market. Our first theoretical finding is that a...