Regulation And The Rise In Asset-Based Mutual Fund Management Fees
AbstractIn this article I explain why asset-based fees are common for mutual fund management companies and why the average fee has increased recently. I argue that Securities and Exchange Commission fee regulations make alternative fee types illegal or unattractive. Management companies can maintain higher fees because regulations and brand-name capital partly insulate them from competition and because investors cannot easily distinguish between performance-oriented and marketing-oriented fund companies. Index funds and unit investment trusts may offer competition to mutual funds in the future because they are designed to minimize management fees. 2003 The Southern Finance Association and the Southwestern Finance Association.
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Bibliographic InfoArticle provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.
Volume (Year): 26 (2003)
Issue (Month): 1 ()
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