This article examines competition and investor behavior in the mutual fund industry for the universe of US mutual funds during 1976-2009. Over this period, industry assets increased by a factor of 200, the number of active fund families quadrupled, and the average market share of a family...

This paper studies the mutual fund industry in 56 countries and tests various hypotheses to explain the extent to which this innovative form of financial intermediation has flourished. Consistent with related findings from the law and economics literature, the mutual fund industry is larger in...

Using a new database, we study fees charged by 46,580 mutual fund classes offered for sale in 18 countries, which account for about 86% of the world fund industry in 2002. We examine management fees, total expense ratios, and total shareholder costs (which include load charges). Fees vary...

For a sample of 1163 mutual funds started over the period 1979-1992, we find that fund initiations are positively related to the level of assets invested in and the capital gains embedded in other funds with the same objective, the fund family's prior performance, the fraction of funds in the...

For a sample of 1163 mutual funds started over the period 1979-1992, we find that fund initiations are positively related to the level of assets invested in and the capital gains embedded in other funds with the same objective, the fund family's prior performance, the fraction of funds in the...

Using a new database, we study fees charged by 46,580 mutual fund classes offered for sale in 18 countries, which account for about 86% of the world fund industry in 2002. We examine management fees, total expense ratios, and total shareholder costs (including load charges). Fees vary...

This paper studies the mutual fund industry in 56 countries and tests various hypotheses to explain the extent to which this innovative form of financial intermediation has flourished. Consistent with related findings from the law and economics literature, the mutual fund industry is larger in...

For a sample of 1163 mutual funds started over the period 1979-1992, we find that fund initiations are positively related to the level of assets invested in and the capital gains embedded in other funds with the same objective, the fund family's prior performance, the fraction of funds in the...

Mutual fund investors generally desire high risk-adjusted performance at low cost, which is not necessarily the objective of fund families. Fund families generally want to maximize assets under management (i.e., their market share) and the resulting management fees. This paper examines how these...

This article examines competition and investor behavior in the mutual fund industry for the universe of US mutual funds during 1976--2009. Over this period, industry assets increased by a factor of 200, the number of active fund families quadrupled, and the average market share of a family...