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When cheaper is better: fee determination in the market for equity mutual funds
[Zeitschriftenartikel]
Abstract In this paper, we develop a model of the market for equity mutual funds that captures three key characteristics of this market. First, there is competition among funds. Second, fund managers’ ability is not observed by investors before making their investment decisions. Third, some investors do not ... mehr
In this paper, we develop a model of the market for equity mutual funds that captures three key characteristics of this market. First, there is competition among funds. Second, fund managers’ ability is not observed by investors before making their investment decisions. Third, some investors do not make optimal use of all available information. The main results of the paper are that (1) price competition is compatible with positive mark-ups in equilibrium, and (2) worse-performing funds set fees that are greater or equal to those set by better-performing funds. These predictions are supported by available empirical evidence.... weniger
Klassifikation
Volkswirtschaftstheorie
Erhebungstechniken und Analysetechniken der Sozialwissenschaften
Methode
empirisch
Freie Schlagwörter
Mutual fund fees; Mutual fund performance; Product quality; Asymmetric information; Bounded rationality
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 871-885
Zeitschriftentitel
Journal of Economic Behavior & Organization, 67 (2008) 3-4
DOI
https://doi.org/10.1016/j.jebo.2007.04.003
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)