Impact of Competition on Mutual Fund Marketing Expenses
نویسندگان
چکیده
منابع مشابه
Mutual fund competition and stock market liquidity
We study how competition in the mutual fund industry affects the stock market and its liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds. We show that competition between fund families distorts the incentives to collect information and induces the families to trade off performance and number of funds. An increase ...
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Mutual fund investors desire high risk-adjusted performance at low cost, which may not necessarily be the objective of fund families. Fund families want to maximize assets under management (i.e., their market share) and the resulting management fees. This paper studies the extent to which conflicts of interest are mitigated by competition in the mutual fund industry using the universe of U.S. m...
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This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel (2010). We characterize the set of equilibria for this portfolio management game and show that there exists a unique Pareto optimal equilibrium. The main result of this paper shows that the funds cannot differentiate themselves through portfolio choice in the sense that they sho...
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ژورنال
عنوان ژورنال: International Journal of Financial Studies
سال: 2018
ISSN: 2227-7072
DOI: 10.3390/ijfs6010029