Can mutual funds characteristics explain fees?

被引：12

作者：

Geranio, Manuela ^{[1
]}

Zanotti, Giovanna ^{[1
]}

机构：

[1] Univ Bocconi, SDA Bocconi & Newfin Res Ctr, IEMIF, Financial Markets & Inst Dept, Viale Isonzo 25, I-20136 Milan, Italy

来源：

JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2005年 / 15卷 / 4-5期

关键词：

Mutual fund expenses; Mutual fund size; Total expense ratio;

D O I：

10.1016/j.mulfin.2005.04.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the determinants of mutual fund fees in the Italian funds industry. After a brief description of the Italian market, we introduce a model to describe how the total expense ratio can be explained by fund characteristics. A dataset including 1958 funds sold to Italian investors in the period 1999-2002 is used for the empirical analysis. Our results partially confirm the evidence found by previous studies. Larger funds, bigger asset management companies and funds domiciled abroad charge lower costs. Funds sold to institutional investors and/or by financial advisors are cheaper. Total expense ratio is lower for load funds. (C) 2005 Elsevier B.V. All rights reserved.

引用

页码：354 / 376

页数：23

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