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On the origins of a Conflict of Interest in the Mutual Fund Industry

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Abstract

This article discusses conflicts of interest existing between investors and their financial advisors. Several contributions in this field treated this question in relation either with invested amount or with expected holding period of the mutual fund. Our paper considers an approach globalizing these two parameters. The first part describes the organization of mutual fund fees in the US. Thanks to a numerical simulation, the second part emphasizes the conflict of interest focusing on the expected holding period. The third one analyses the changes of variables and their consequences on characteristics of investors concerned by this conflict of interest.

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File URL: http://hal-essec.archives-ouvertes.fr/docs/00/59/21/08/PDF/WP1102.pdf
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Bibliographic Info

Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number WP1102.

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Length: 21 pages
Date of creation: 01 Aug 2010
Date of revision:
Handle: RePEc:ebg:essewp:dr-11002

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Postal: ESSEC Research Center, BP 105, 95021 Cergy, France
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Web page: http://www.essec.edu/
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Keywords: Mutual funds; Broker Dealer; Regulation; conflict of interest;

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  1. Alexander, Gordon J. & Jones, Jonathan D. & Nigro, Peter J., 1998. "Mutual fund shareholders: characteristics, investor knowledge, and sources of information," Financial Services Review, Elsevier, Elsevier, vol. 7(4), pages 301-316.
  2. Guercio, Diane Del & Tkac, Paula A., 2002. "The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 37(04), pages 523-557, December.
  3. Livingston, Miles & O'Neal, Edward S, 1998. "The Cost of Mutual Fund Distribution Fees," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(2), pages 205-18, Summer.
  4. Morey, Matthew R., 2003. "Should you carry the load? A comprehensive analysis of load and no-load mutual fund out-of-sample performance," Journal of Banking & Finance, Elsevier, vol. 27(7), pages 1245-1271, July.
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