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A Re-examination of the Effect of 12B-1 Plans on Mutual Fund Expense Ratios

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  • McLeod, Robert W
  • Malhotra, D K
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    Abstract

    In this paper we re-examine the effect of 12b-1 payments on mutual fund expense ratios by analyzing data from 1988 through 1991. The findings are consistent with previous studies that find charges are a dead-weight cost borne by shareholders. However, we show that this cost increases over time.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 17 (1994)
    Issue (Month): 2 (Summer)
    Pages: 231-40

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    Handle: RePEc:bla:jfnres:v:17:y:1994:i:2:p:231-40

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0270-2592
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    Web page: http://www.southwesternfinance.org/
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    Cited by:
    1. Estelle James & Gary Ferrier & James H. Smalhout & Dimitri Vittas, 2000. "Mutual Funds and Institutional Investments -- What Is the Most Efficient Way to Set Up Individual Accounts in a Social Security System?," NBER Chapters, in: Administrative Aspects of Investment-Based Social Security Reform, pages 77-136 National Bureau of Economic Research, Inc.
    2. Todd Houge & Jay Wellman, 2007. "The Use and Abuse of Mutual Fund Expenses," Journal of Business Ethics, Springer, Springer, vol. 70(1), pages 23-32, January.
    3. Raza, Syed Ali & Raza, Syed Aoun & Zia, Abassi, 2011. "Equity mutual funds performance in Pakistan: risk & return analysis," MPRA Paper 36804, University Library of Munich, Germany.
    4. John Banko & Scott Beyer & Richard Dowen, 2010. "Economies of scope and scale in the mutual-fund industry," Managerial Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 36(4), pages 322-336, April.
    5. Prather, Laurie & Bertin, William J. & Henker, Thomas, 2004. "Mutual fund characteristics, managerial attributes, and fund performance," Review of Financial Economics, Elsevier, Elsevier, vol. 13(4), pages 305-326.
    6. Nicolaj Siggelkow, 1999. "Expense Shifting: An Empirical Study of Agency Costs in the Mutual Fund Industry," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 99-09, Wharton School Center for Financial Institutions, University of Pennsylvania.
    7. Anolli, Mario & Del Giudice, Alfonso, 2008. "Italian Open End Mutual Fund Costs," MPRA Paper 8111, University Library of Munich, Germany.

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