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- Title
Mutual fund performance, management behavior, and investor costs.
- Authors
Dowen, Richard J.; Mann, Thomas
- Abstract
We examine pure no-load funds over a 5-year period. For equity funds, trading activity is negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio are positively related to return. For fixed income funds, trading activity is positively related to return. Expense ratios and tax cost ratios are negatively related to returns. Mutual funds exhibit economies of scale and managers experience scale and scope economies. The individual investor is better off in a large fund that is a member of a large fund family.
- Subjects
NO-load mutual funds; MUTUAL funds; CAPITAL gains; FIXED incomes; RATE of return
- Publication
Financial Services Review, 2004, Vol 13, Issue 1, p79
- ISSN
1057-0810
- Publication type
Article