Pricing of Mutual Fund Services in Retirement Plans: Evidence from Open-End Equity Funds |
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Authors: | Jacob De Rooy |
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Institution: | (1) School of Business Administration, Pennsylvania State University at Harrisburg, Harrisburg, PA 17057, USA |
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Abstract: | Management fees of mutual funds are more costly to
investors than is often realized. Moreover, research indicates
that in many cases, the fees are not related to performance,
contrary to what might be expected from an efficient market. This study uses sample data to illustrate
the consequences of inefficiency to an individual investor.
It then turns to an empirical examination of the determinants
of the ratio of management fees to total assets
(MER), investigating market concentration, fund performance,
and non-performance characteristics as
explanatory variables. All of these classes of variables
contributed to the variation of MERs .
JEL Classification G23 |
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Keywords: | mutual funds pricing fees efficiency retirement |
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