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Brokerage Commissions And Mutual Fund Performance

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  • Miles Livingston
  • Lei Zhou

Abstract

type="main" xml:lang="en"> In this article we analyze fund-level data on brokerage commissions paid by diversified U.S. equity mutual funds from 2001 to 2011. We find that brokerage commission per dollar traded has a positive and significant impact on mutual fund performance, indicating that funds paying premium brokerage commissions were able to improve performance net of all expenses. The positive impact of premium brokerage services (better execution quality, timely research reports, etc.) purchased through higher commissions is more pronounced during volatile market times.

Suggested Citation

  • Miles Livingston & Lei Zhou, 2015. "Brokerage Commissions And Mutual Fund Performance," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 38(3), pages 283-303, September.
    • Handle: RePEc:bla:jfnres:v:38:y:2015:i:3:p:283-303
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    Cited by:

    1. Yacine Belghitar & Ephraim Clark & Nitin Deshmukh, 2017. "Importance Of The Fund Management Company In The Performance Of Socially Responsible Mutual Funds," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 40(3), pages 349-367, September.
    2. Mattia Landoni & Stephen P. Zeldes, 2020. "Should the Government be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?," NBER Working Papers 26700, National Bureau of Economic Research, Inc.
    3. Ling, Aifan & Huang, Xinrui & Ling, Boya (Vivye), 2022. "Fund immunity to the COVID-19 pandemic: Evidence from Chinese equity funds," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).

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