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Are mutual fund investors in jail?

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  • Carlos Alves
  • Victor Mendes

Abstract

The absence of investor reaction to the poor performance of mutual funds is a widely reported phenomenon. This article investigates the role of load costs as an explanation for the phenomenon and concludes that back-end load fees are an obstacle to reaction. We found evidence consistent with the hypothesis that medium and long-term investors do not react to poor performances due to the fact that they are 'imprisoned' by back-end load fees.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09603100600970073
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Bibliographic Info

Article provided by Taylor and Francis Journals in its journal Applied Financial Economics.

Volume (Year): 17 (2007)
Issue (Month): 16 ()
Pages: 1301-1312

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Handle: RePEc:taf:apfiec:v:17:y:2007:i:16:p:1301-1312

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Cited by:
  1. Carlos Alves & Victor Mendes, 2011. "Does performance explain mutual fund flows in small markets? The case of Portugal," Portuguese Economic Journal, Springer, vol. 10(2), pages 129-147, August.

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