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Dynamic Setting of Distribution Fees in the US Mutual Fund Industry
Casavecchia, Lorenzo - 2010
The distribution strategies of mutual funds directly or indirectly affect both their growth and their revenues. The extent of resources dedicated by a fund to its distribution channel(s) is therefore an important strategic decision. For a sample of US diversified equity mutual funds in the...
Persistent link: https://www.econbiz.de/10013152774
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Diversification Bias and the Law of One Price : An Experiment on Index Mutual Funds
Mauck, Nathan - 2016
diversification in some settings may be beneficial, in the case of assets with identical payouts, fee minimization is the only …
Persistent link: https://www.econbiz.de/10013005429
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Mutual Fund Heterogenity and Fee Dispersion
Haslem, John A. - 2016
The purpose of this study is to discuss research that identifies heterogeneous mutual fund and investor attributes and relations that explain dispersion in fund fees. One might think there is a short list of attributes and relations, such as high versus low expense ratios, that tells the full...
Persistent link: https://www.econbiz.de/10013007640
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Managerial rents vs. shareholder value in delegated portfolio management : the case of closed-end funds
Wu, Youchang; Wermers, Russ; Zechner, Josef - 2016
We examine the dynamics of assets under management (AUM) and management fees at the portfolio manager level in the closed-end fund industry. We find that managers capitalize on good past performance and favorable investor perception about future performance, as reflected in fund premiums,...
Persistent link: https://www.econbiz.de/10011550404
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Managerial Rents vs. Shareholder Value in Delegated Portfolio Management : The Case of Closed-End Funds
Wu, Youchang - 2016
We examine the dynamics of assets under management (AUM) and management fees at the portfolio manager level in the closed-end fund industry. We find that managers capitalize on good past performance and favorable investor perceptions about future performance, as reflected in fund premiums,...
Persistent link: https://www.econbiz.de/10013007812
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Mutual Fund Heterogeneity and Fee Dispersion
Haslem, John A. - 2019
The purpose of this study is to discuss research that identifies heterogeneous mutual fund and investor attributes and relations that explain dispersion in fund fees. One might think there is a short list of attributes and relations, such as high versus low expense ratios, that tells the full...
Persistent link: https://www.econbiz.de/10012904305
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Fee Structure, Return Chasing and Mutual Fund Choice : An Experiment
Anufriev, Mikhail - 2015
We present an experiment that investigates the effect of the fee structure and past returns on mutual fund choice. We find that subjects pay too little attention to the (periodic and small) operation expenses fee, but the more salient front-end load is used as a commitment device and leads to...
Persistent link: https://www.econbiz.de/10013037051
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Fund Flow Diversification : Implications for Asset Stability, Fee-Setting and Performance
Casavecchia, Lorenzo - 2019
competitive advisory fees across their funds. Our findings suggest that the diversification of fund families' asset flows is an …
Persistent link: https://www.econbiz.de/10012890927
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How Homogeneous Diversification in Balanced Investment Funds Affects Portfolio and Systemic Risk
Ciciretti, Rocco; Corvino, Raffaele - 2014
analyze the relation between systemic risk and portfolio diversification, highlighting the differences between heterogeneous … and homogeneous diversification. Diversification is generally accepted to be the main tool for reducing idiosyncratic or … portfolio-specific financial risk, but the homogeneous diversification produces also effects on systemic risk. The research …
Persistent link: https://www.econbiz.de/10014180183
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Hedge Fund Strategies, Performance & Diversification : A Portfolio Theory & Stochastic Discount Factor Approach
Newton, David - 2020
strategies using a stochastic discount factor approach. Employing the same data, we then consider the diversification benefits of … diversification benefits. The higher is an investor's risk aversion, the more beneficial is diversification into hedge funds …
Persistent link: https://www.econbiz.de/10012849217