Managing mutual funds or managing expense ratios? Evidence from the Greek fund industry |
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Authors: | Vassilios Babalos Alexandros Kostakis Nikolaos Philippas |
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Institution: | 1. Department of Banking and Financial Management, University of Piraeus, Greece;2. Department of Economics, University of Glasgow, Glasgow G12 8RT, UK;3. Department of Business Administration, University of Piraeus, Greece |
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Abstract: | This study examines the expense ratio policy of Greek equity funds operating in a small emerging market with an oligopolistic, bank-dominated financial system. Constructing a unique dataset of non-publicly available expense ratios charged by these funds, we examine the impact these expenses have on funds’ performance and flows. The main conclusion is that funds’ performance is negatively related to their expenses, while investors’ flows are not directly affected by expenses. Furthermore, the funds affiliated with one of the three dominant domestic banking groups achieve higher performance and attract higher net flows in comparison to their competitors. |
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