Timid performance fees in mutual funds

Santamaría, Teresa Corzo; Ibarreta, Carlos Martínez de; Calvo, Juan Rodriguez

doi:10.1057/s41260-017-0061-8

J Asset Manag

2017

DOI: 10.1057/s41260-017-0061-8

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Timid performance fees in mutual funds

Teresa Corzo Santamaría

Carlos Martínez de Ibarreta

Juan Rodriguez Calvo

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2022

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Cited by 2 publications

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References 34 publications

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“…Fewer studies are related to relation between performance and fees (Gil-Bazo & Ruiz-Verdú, 2009;Díaz-Mendoza, López-Espinosa & Martínez, 2014;Corzo Santamaría, Martinez de Ibarreta & Rodriguez Calvo, 2018;Fraś, 2018;Cooper, Halling & Yang, 2021;Sheng, Simutin & Zhang, 2021). The studies on the relation between performance and fees revealed a negative relation between the expense ratio and the future performance.…”

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confidence: 99%

Mutual Funds’ Cost Persistence

Trzebiński

2022

Financial Internet Quarterly

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The research aimed to check whether investment fund managers maintain costs similarly from period to period. The research verified the hypothesis that managers maintain costs in the subsequent periods at a similar level. The study used a method based on contingency tables which are used to analyse the persistence of performance. In this study, we replaced performance with costs, assuming that managers also control these values. Costs were defined as: (1) total costs, (2) total costs minus management fees and (3) active management costs (expressed as the active expense ratio). Based on the results obtained, it should be stated that managers maintain costs at a similar level from period to period in the case of the split using the median. On the other hand, the results indicate that the costs were not maintained at a similar level in subsequent periods when broken down into quartiles. Considering the detailed results for funds divided into quartiles, it is clearly visible that most managers keep the costs close to the average value. Less frequently, costs from period to period are changed to be allocated to the extreme quartiles.

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confidence: 99%

Mutual Funds’ Cost Persistence

Trzebiński

2022

Financial Internet Quarterly

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The impact of country-level and fund-level factors on mutual fund performance in Vietnam

Nguyen¹,

Nguyen

2019

JED

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Purpose The purpose of this paper is to examine the determinants of mutual funds’ performance at both a country level and a fund level in Vietnam. Design/methodology/approach The different types of funds with more than three-year operation are selected to remove outliers of the stock market boom from 2015 to 2018. The data set includes 54 mutual funds operating during the period from 2008 until November 2018. Findings The research finds that there is a positive relationship between macroeconomics and mutual funds’ performance. Furthermore, country-level governance such as regulation effectiveness, political stability, economic growth and financial development has a positive correlation with mutual funds’ performance. However, the impact of fund-level factors is diverse with the no significant impact of board size on mutual fund’s performance, while passive funds perform better than active funds in Vietnam. Practical implications The research results suggest that investors should pay attention to the types of funds and operating expense when making an investment decision in mutual funds. There are some recommendations for both government policy-makers and the mutual fund industry that are likely to facilitate the development of this field in Vietnam. Originality/value The research contributes to the understanding of what are the factors that should be considered when investing in mutual funds.

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Timid performance fees in mutual funds

Cited by 2 publications

References 34 publications

Mutual Funds’ Cost Persistence

Mutual Funds’ Cost Persistence

The impact of country-level and fund-level factors on mutual fund performance in Vietnam

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