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...

Kostentransparenz im institutionellen Asset Management Dieses Buch gibt einen Überblick über verschiedenste Kostenfaktoren im institutionellen Asset Management in Deutschland, angefangen von der Asset Manager-Fee über Transaktionsgebühren bis hin zu den Verwahrstellenkosten. Darüber hinaus...

This study investigates how investor trading behavior affects audit pricing by examining mutual fund herding in specific. When mutual fund managers herd due to information cascade, mimicking incentive, or agency problem, it causes information friction and weakens their monitoring effectiveness....