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

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  • Sébastien M. Lemeunier

    (Finance Department - ESSEC Business School)

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/00/58/52/07/PDF/WP11002.pdf
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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00578151.

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Date of creation: 01 Feb 2011
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Handle: RePEc:hal:journl:hal-00578151

Note: View the original document on HAL open archive server: http://hal-essec.archives-ouvertes.fr/hal-00578151/en/
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Web page: http://hal.archives-ouvertes.fr/

Related research

Keywords: OPCVM ; Conseiller financier ; Réglementation ; Conflit d'intérêt;

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  1. 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.
  2. 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.
  3. Alexander, Gordon J. & Jones, Jonathan D. & Nigro, Peter J., 1998. "Mutual fund shareholders: characteristics, investor knowledge, and sources of information," Financial Services Review, Elsevier, vol. 7(4), pages 301-316.
  4. 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.
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