The cross-section of mutual fund fees dispersion

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dc.contributor.author Iannotta, Giuliano en_US
dc.contributor.author Navone, Marco en_US
dc.contributor.editor en_US
dc.date.accessioned 2012-10-12T03:35:04Z
dc.date.available 2012-10-12T03:35:04Z
dc.date.issued 2012 en_US
dc.identifier 2010006175 en_US
dc.identifier.citation Iannotta Giuliano and Navone Marco 2012, 'The cross-section of mutual fund fees dispersion', Elsevier Inc, vol. 36, no. 3, pp. 846-856. en_US
dc.identifier.issn 0378-4266 en_US
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/18873
dc.description.abstract In this paper, we empirically analyze the factors affecting the cross section of mutual fund fee dispersion. In the context of equity mutual funds, fee dispersion stems primarily from the heterogeneity of products, clienteles and production functions. However, the relevant theory predicts that search costs can also generate fee dispersion. By controlling for observable sources of heterogeneity, we find that fee dispersion decreases with fund size and age, as well as with the amount of assets under management of the investment company. In addition, we find lower levels of fee dispersion for funds that charge marketing and distribution fees. Although we cannot rule out the possibility that these factors are a proxy for some unobserved source of heterogeneity, our results are also consistent with the theoretical prediction that search costs positively affect fee dispersion. en_US
dc.language en_US
dc.publisher Elsevier Inc en_US
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon http://dx.doi.org/10.1016/j.jbankfin.2011.09.013 en_US
dc.rights NOTICE: this is the author’s version of a work that was accepted for publication in Journal of Banking & Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Banking & Finance, [Volume 36, Issue 3, March 2012, Pages 846–856] DOI# http://dx.doi.org/10.1016/j.jbankfin.2011.09.013 en_US
dc.title The cross-section of mutual fund fees dispersion en_US
dc.parent Journal of Banking and Finance en_US
dc.journal.volume 36 en_US
dc.journal.number 3 en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 846 en_US
dc.identifier.endpage 856 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 150200 en_US
dc.personcode 0000071339 en_US
dc.personcode 109036 en_US
dc.percentage 100 en_US
dc.classification.name Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords EQUILIBRIUM PRICE DISPERSION; PERFORMANCE; INDUSTRY; SEARCH; HETEROSCEDASTICITY; COSTS; FLOWS; MODEL; RISK; Mutual funds; Expense ratios; Price dispersion en_US
dc.staffid en_US
dc.staffid 109036 en_US


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