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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

Cet article traite des conflits d'intérêts existant entre les investisseurs et leur conseiller financier. Des contributions antérieures ont apporté des éclairages sur cette question en considérant soit les montants investis soit l'horizon d'investissement des investisseurs. Cet article intègre ces différentes dimensions dans une approche globale. La première partie décrit le système des frais aux Etats-Unis. La seconde, grâce à une simulation numérique, met en évidence le conflit d'intérêt en se concentrant uniquement sur l'horizon d'investissement. La troisième partie traite des changements de variables et leurs conséquences sur les caractéristiques des investisseurs concernés par ce conflit d'intérêts.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00592108.

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Date of creation: 01 Feb 2011
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Handle: RePEc:hal:journl:hal-00592108

Note: View the original document on HAL open archive server: http://hal-essec.archives-ouvertes.fr/hal-00592108/en/
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Related research

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

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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. 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.
  3. 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, Elsevier, vol. 27(7), pages 1245-1271, July.
  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, Cambridge University Press, vol. 37(04), pages 523-557, December.
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