Timid Performance Fees in Mutual Funds
Fecha
20/12/2017Estado
info:eu-repo/semantics/publishedVersionMetadatos
Mostrar el registro completo del ítemResumen
el articulo estudia las repercusiones en captación de fondos y en medidas de rentabilidad de la estructura de comisiones de exito vigente en España desde el año 2008 In this study, we empirically explore the implications of a non-standard mutual fund performance-fee structure. This contract deviates from the designs recommended in previous literatures, in that, it lacks a benchmark portfolio and fails to apply a high-performance fee component, making a timid attempt to align investors and managers interests. Using a panel data model, we compare the risk-adjusted performance measures for funds with and without performance fees, within the same investment policies. Some investment categories that charge a performance fee component, earn superior risk-adjusted returns; additionally, they attract investors. The empirical implications of this study backs up the prevailing theory.
Timid Performance Fees in Mutual Funds
Tipo de Actividad
Artículos en revistasISSN
1470-8272Materias/ categorías / ODS
Behavioral Finance y alternativas a la teoría financiera clásicaPalabras Clave
fondos de inversión, comisiones de éxitomutual funds, performance fees, risk-adjusted returns