Why are investors' mutual fund market allocations far from optimal?

被引：0

作者：

Laborda, Ricardo ^{[1
]}

Losada, Ramiro ^{[2
]}

机构：

[1] Univ Zaragoza, Ctr Univ Def, Acad Gen Mil, Carretera Huesca S-N, Zaragoza 50090, Spain

[2] CNMV, Calle Edison 4, Madrid 28006, Spain

来源：

JOURNAL OF INVESTMENT STRATEGIES | 2018年 / 7卷 / 03期

关键词：

optimal portfolio of funds; fund characteristics; risk profile; retail; frictions;

D O I：

10.21314/JOIS.2018.099

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we analyze the differences between an optimal portfolio of funds that an investor may take under complete information and the actual structure of the mutual fund market characterized by a fund's risk profile (conservative or aggressive) as well as the type of investor (retail or wholesale) at which a fund is aimed. We find that, with the exception of the fees, the relationship between the fund age, the market share and the change in the fund's total net assets and the optimal portfolio of funds depends on the mutual fund market structure.

引用

页码：1 / 28

页数：28

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