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- Title
Multiple-share classes and mutual fund composition.
- Authors
Morey, Matthew R.
- Abstract
This article investigates the effect of multiple-share classes on mutual fund composition. Using 10 annual samples of data, we find that before the mass adoption of multiple-share classes, load funds held less cash relative to no-load funds. However, after most load funds had adopted multiple-share classes, we find no difference in cash held between load and no-load funds. These results suggest that the rise of multiple-share-class funds has reduced the compositional advantages of load funds, and hence makes the case for investors to hold single-class, no-load funds.
- Subjects
MUTUAL funds; NO-load mutual funds; INVESTMENT products; INVESTMENTS; FINANCE
- Publication
Financial Services Review, 2004, Vol 13, Issue 1, p33
- ISSN
1057-0810
- Publication type
Article