Unbundling the Expense Ratio: Hidden Distribution Costs in European Mutual Fund Markets

Mutual Fund Expense Disclosures: A Behavioral Perspective

Improving Competition in European Energy Markets Through Effective Unbundling

This Article is structured as follows: first, it summarizes the European approach to developing integrated and well-functioning electricity and gas markets, giving an overview of the opening of energy markets through Community legislation and the development of the current unbundling regime. It puts the European approach in perspective, outlining experiences with unbundling in the United States...

Aggregation, Efficiency and Mutual Fund Separation in Incomplete Markets

Ce document est publié dans l'intention de rendre accessibles les résultats préliminaires de la recherche effectuée au CIRANO, afin de susciter des échanges et des suggestions. Les idées et les opinions émises sont sous l'unique responsabilité des auteurs, et ne représentent pas nécessairement les positions du CIRANO ou de ses partenaires. This paper presents preliminary research carried out at...

In which financial markets do mutual fund theorems hold true?

The mutual fund theorem (MFT) is considered in a general semimartingale financial market S with a finite time horizon T , where agents maximize expected utility of terminal wealth. The main results are: (i) Let N be the wealth process of the numéraire portfolio (i.e., the optimal portfolio for the log utility). If any path-independent option with maturity T written on the numéraire portfolio ca...

Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets