Mutual fund expenses: Evidence on the effect of distribution channels |
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Authors: | Mari Korpela Vesa Puttonen |
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Affiliation: | 1.Department of Accounting and Finance,Helsinki School of Economics, Runeberginkatu 22-24,Helsinki,Finland |
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Abstract: | This paper employs a new set of variables in examining the determinants of fund expenses. The Finnish Association of Mutual Funds requires the industry to disclose new variables such as turnover and tracking error from 2002. Using this information the authors examine whether bank-managed funds are managed more actively than their non-bank competitors, which would explain their higher management fees. Equity and balanced funds distributed through bank offices charge higher expense ratios than funds distributed through independent fund management companies. The results suggest that existing customer relationship, bank cross-selling and convenience rather than operational expenses contribute to fund selection of bank mutual fund customers. |
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