Convenience in the mutual fund industry |
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| Authors: | George D. Cashman |
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| Affiliation: | 1. Research Institute of Pharmaceutical Sciences, College of Pharmacy, Seoul National University, Seoul 151-742, South Korea;2. Department of Biomedical Engineering, Institute of Medical Engineering and Yonsei-Fraunhofer Medical Device Lab, Yonsei University, Gangwon 220-710, South Korea;3. Department of Polymer Science and Engineering, Sungkyunkwan University, Suwon 440-746, South Korea;4. Division of Rheumatology, Department of Internal Medicine, School of Medicine, Kyungpook National University, Daegu 700-842, South Korea;5. Department of Chemistry and Medicinal Chemistry Programme, National University of Singapore 117543, Singapore;6. Department of Pharmaceutical Sciences, College of Pharmacy, University of Michigan, MI 48109-1065, USA;7. Department of Molecular Medicine and Biopharmaceutical Sciences, Graduate School of Convergence Science and Technology, Seoul National University, Seoul 151-742, South Korea;1. Department of Bioengineering, University of Utah, 20 South 2030 East, Salt Lake City, UT 84112, USA;2. CONRAD, Department of Obstetrics and Gynecology, Eastern Virginia Medical School, 1911 North Fort Myer Drive, Suite 900, Arlington, VA 22209, USA;3. Department of Pharmaceutics and Pharmaceutical Chemistry, University of Utah, 20 South 2030 East, Salt Lake City, UT 84112, USA;1. Lawrence Berkeley National Laboratory, 1 Cyclotron Road, MS 74R0120, Berkeley, CA 94720, United States;2. University of Tennessee, Department of Earth and Planetary Sciences, 1412 Circle Drive, Knoxville, TN 37996, United States;3. Oak Ridge National Laboratory, 1 Bethel Valley Road, MS 6038, Oak Ridge, TN 37831-6038, United States;1. Department of Biomedical Engineering, Advanced Medical Engineering Center, National Cerebral and Cardiovascular Center Research Institute, 5-7-1 Fujishiro-dai, Suita, Osaka 565‐8565, Japan;2. Division of Bioorganic Chemistry, Graduate School of Pharmaceutical Sciences, Osaka University, 1‐6 Yamadaoka, Suita, Osaka 565‐0871, Japan;3. Department of Molecular Innovation in Lipidology, National Cerebral and Cardiovascular Center Research Institute, 5-7-1 Fujishiro-dai, Suita, Osaka 565‐8565, Japan;1. Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213, United States;2. Faculty of Business and Economics, University of Lausanne, 1015 Lausanne, Switzerland;3. Swiss Finance Institute, Bd du Pont d''Arve 40, 1211 Geneva, Switzerland;4. CEPR, 77 Bastwick St, London EC1V 3PZ, United Kingdom;1. Department of Biomedical Sciences, Cedars-Sinai Medical Center, Los Angeles, CA, USA;2. Department of Medicine, University of California Los Angeles Geffen School of Medicine, Los Angeles, CA, USA;3. Department of Biomedical Engineering, University of Southern California, Los Angeles, CA, USA;4. Beckman Institute, California Institute of Technology, Pasadena, CA, USA;5. Schulich Faculty of Chemistry, Technion-Israel Institute of Technology, Haifa, Israel |
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| Abstract: | I examine the role of convenience in the mutual fund industry. I find that investors pay more for relatively convenient funds, and that the flows to convenient funds are less responsive to performance. These findings suggest that investors do not evaluate mutual funds independently, but rather that investors select a primary fund, likely based on beliefs about managerial ability, and then select funds which are relatively convenient to this primary fund. |
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