지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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In this paper, the controversial argument that the mutual fund industry takes excessiveprofit from fund investors through sales expense is tested. The argument has attractedattention from the media, practitioners, and financial regulatory authorities. Unlike theprevious studies that treat mutual fund expenses as a whole, Korean data are used toseparately identify management expenses and sales expenses. Through a simple model it is shown that equilibrium accounting is not directly applicable to the mutual fund industry and that active mutual funds investment is not a negative sum game when overpriced sales expenses are eliminated. Admittedly, aggregate active investment per se is a negative sum game in the sense of equilibrium accounting.
목차
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참고문헌 (28)
참고문헌 신청
Anagol, Santosh / 2012 / The impact of shrouded fees : Evidence from a natural experiment in the indian mutual funds market / American Economic Review 102 : 576 ~ 593
Bailey, Warren / 2011 / Behavioral biases of mutual fund investors / Journal of Financial Economics 102 : 1 ~ 27
Berk, Jonathan B / 2004 / Mutual fund flows and performance in rational markets / Journal of Political Economy 112 : 1269 ~ 1295
Bogle, John / 2007 / The little book of common sense investing / John Wiley & Sons, Inc
Business Week / 2009 / Husbanding that $27 Billion / Business Week
Bailey, Warren / 2011 / Behavioral biases of mutual fund investors / Journal of Financial Economics 102 : 1 ~ 27
Berk, Jonathan B / 2004 / Mutual fund flows and performance in rational markets / Journal of Political Economy 112 : 1269 ~ 1295
Bogle, John / 2007 / The little book of common sense investing / John Wiley & Sons, Inc
Business Week / 2009 / Husbanding that $27 Billion / Business Week
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