secure persistently superior performance via investments in better management and organization. We empirically analyze the … management is driven by two key organizational trade-offs: employee initiative vs. coordination as well as exploration of novel …

Marketing and distribution expenses are responsible for about a third of the cost of active management in the mutual … skill net of fees. Declining investor search costs over time imply a reduction in marketing expenses and management fees as … fund industry. We develop and estimate a structural model of mutual fund marketing with learning about unobserved skill and …

I develop a new theory of marketing costs and introduce it into a model of trade with product differentiation and firm …