The absence of investor reaction to the poor performance of mutual funds is a widely reported phenomenon. This paper investigates the role of load costs as an explanation for the phenomenon and concludes that back-end load fees are an obstacle to reaction. We find that investors with a high...

Institutional investors are often seen as potential solutions for corporate governance problems and are requested to have a more active role in the monitoring and control of listed companies. In this paper we develop a model that, within a universal banking framework, allows one to conclude...

This paper investigates the optimum position to be adopted by a financial group relative to the agency costs of a given firm in which the funds that it trustee manages possess shareholder positions. The fundamental determining factors regarding the results that were obtained were as follows: the...