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The Factors Affecting Distribution of Fund Fees between Managing Firms and Selling Channels (in Korean)

Author

Listed:
  • Sejin Min

    (Dongguk University)

  • Kyoungwon Rhee

    (Dongguk University)

Abstract

The fees that the investors pay are shared between managing companies and selling channels. In Korea, a share for the latter is in general larger than that for the former. This article shows that this stylized fact can depends on their bargaining powers, and empirically points out the factors generating the current fact. The article finds that exclusive dealing is used for the selling channel to make its share larger. More interestingly, contrary to common conjecture, it argues that even with bigger networks, banks cannot have larger share than securities companies.

Suggested Citation

  • Sejin Min & Kyoungwon Rhee, 2010. "The Factors Affecting Distribution of Fund Fees between Managing Firms and Selling Channels (in Korean)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 16(1), pages 71-105, March.
    • Handle: RePEc:bok:journl:v:16:y:2010:i:1:p:71-105
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    More about this item

    Keywords

    Fund fees and loads; Nash bargaining; Fund managing company; Selling channel;
    All these keywords.

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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