The business models of banks are often seen as the result of a variety of simultaneously determined managerial choices, such as those regarding the types of activities, funding sources, level of diversification, and size. Moreover, owing to the fuzziness of data and the possibility that some...

Previous research has concluded that mutual funds' clients do have asymmetric performance reactions. Such behavior gives the fund manager the opportunity to optimize the fund's own interests. Using a unique database from a financial system wherein commercial interests, investment banking and...

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 found evidence consistent with the...