Actual rate of the management fee in mutual funds of different styles

Authors

DOI:

https://doi.org/10.24136/eq.2022.033

Keywords:

actual rate of the management fee, before-fee fund return, mutual fund operating model, mutual fund styles

Abstract

Research background: Exponential growth of passive mutual funds after 2007?2008 global financial crisis put pressure on active fund managers to lower the management fees. The real costs of active fund management are, however, very often higher than the values of management fees reported publicly. Thus it is not easy to decide on the quality of the fund management and estimate the level of management charges optimal for the future fund performance.

Purpose of the article:  In this study, we propose to utilize an actual rate of the management fee (ARMF) disclosed in the management company financial statements as a measure of the real value of the management costs and investigate its determinants in mutual funds of different styles.

Methods: Using a dataset of 21,618 monthly observations for 500 mutual funds from a market of diversified structure and high management fees charged we test the operating model of a mutual fund performance, and derive the formula of a before-fee return with the ARMF as its component. The fund performance is measured by a raw before-fee return and two types of risk-adjusted alphas based on the multifactor model of Carhart (1997) and the fund attributes. Later, using panel data we explain ARMF by mutual fund performance and attributes. We also compare the results to the ones obtained for the total operational cost (TOC) ? a value similar to ARMF that is disclosed in mutual fund financial reports.

Findings & value added: We find that the proposed ARMF is related more to the size and not to the performance, age or a cash flow of mutual funds. We observe it among all studied fund styles. The largest deviations of the average ARMF are seen in the management companies that belong to the banks? capital groups. The proposed measure of the management fee included in the operating model of a mutual fund performance can be used for any local mutual fund worldwide, and compared with other fund markets of more or less diversified style structures.

Downloads

Download data is not yet available.

Author Biography

Katarzyna Perez , Poznan University of Economics and Business

Investment and Financial Markets Department, Institute of Finance

Head of Department, Associate Prof.

References

Adams, J. C., Mansi, S. A., & Nishikawa, T. (2012). Are mutual fund fees excessive? Journal of Banking and Finance, 36(8), 2245?2259. doi: 10.1016/j. jbankfin.2012.04.003.

DOI: https://doi.org/10.1016/j.jbankfin.2012.04.003
View in Google Scholar

Anufriev, M., Bao, T., Sutan, A., & Tuinstra, J. (2019). Fee structure and mutual fund choice: an experiment. Journal of Economic Behavior and Organization, 158, 449?474. doi: 10.1016/j.jebo.2018.12.013.

DOI: https://doi.org/10.1016/j.jebo.2018.12.013
View in Google Scholar

Ayadi, M. A., Chaibi, A., & Kryzanowski, L. (2016). Performance of Canadian hybrid mutual funds. North American Journal of Economics and Finance, 38, 124?147. doi: 10.1016/J.NAJEF.2016.09.003.

DOI: https://doi.org/10.1016/j.najef.2016.09.003
View in Google Scholar

Ayadi, M. A., Chaibi, A., & Kryzanowski, L. (2022). Robust market timing tests of Canadian hybrid mutual funds. International Journal of Managerial Finance. Advance online publicaton. doi: 10.1108/IJMF-01-2022-0040/FULL/XML.

DOI: https://doi.org/10.1108/IJMF-01-2022-0040
View in Google Scholar

Babalos, V., Kostakis, A., & Philippas, N. (2009). Managing mutual funds or managing expense ratios? Evidence from the Greek fund industry. Journal of Multinational Financial Management, 19(4), 256?272. doi: 10.1016/j.mulfin.2 009.01.001.

DOI: https://doi.org/10.1016/j.mulfin.2009.01.001
View in Google Scholar

Barber, B. M., Odean, T., & Zheng, L. (2005). Out of sight, out of mind: the effects of expenses on mutual fund flows. Journal of Business, 78(6), 2095?2119. doi: 10.1086/497042.

DOI: https://doi.org/10.1086/497042
View in Google Scholar

Barras, L., Scaillet, O., & Wermers, R. (2010). False discoveries in mutual fund performance: measuring luck in estimated alphas. Journal of Finance, 65(1). doi: 10.1111/j.1540-6261.2009.01527.x.

DOI: https://doi.org/10.1111/j.1540-6261.2009.01527.x
View in Google Scholar

Bell, A., Fairbrother, M., & Jones, K. (2019). Fixed and random effects models: making an informed choice. Quality & Quantity, 53, 1051?1074. doi: 10.1007/s 11135-018-0802-x.

DOI: https://doi.org/10.1007/s11135-018-0802-x
View in Google Scholar

Berk, J. B., & Green, R. C. (2004). Mutual fund flows and performance in rational markets. Journal of Political Economy, 112(6), 1269?1295. doi: 10.1086/42 4739.

DOI: https://doi.org/10.1086/424739
View in Google Scholar

Białek-Jaworska, A. (2021). Does withholding tax reduce international income-shifting by FDI? In K. Jajuga, H. Locarek-Junge, L. T. Orlowski, & K. Staehr (Eds.) Contemporary trends and challenges in finance (pp. 25?41). Springer. doi: 10.1007/978-3-030-73667-5_2.

DOI: https://doi.org/10.1007/978-3-030-73667-5_2
View in Google Scholar

Białek-Jaworska, A., & Klapkiv, L. (2021). Does withholding tax on interest limit international profit-shifting by FDI? Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(1), 11?44. doi: 10.24136/EQ.2021.001.

DOI: https://doi.org/10.24136/eq.2021.001
View in Google Scholar

Białkowski, J., & Otten, R. (2011). Emerging market mutual fund performance: evidence for Poland. North American Journal of Economics and Finance, 22(2), 118?130. doi: 10.1016/J.NAJEF.2010.11.001.

DOI: https://doi.org/10.1016/j.najef.2010.11.001
View in Google Scholar

Birdthistle, W. A., & Morley, J. D. (Eds.). (2018). Research handbook on the regulation of mutual funds. Edward Elgar Publishing.

DOI: https://doi.org/10.4337/9781784715052.00005
View in Google Scholar

Blackburn, D. W., & Cakici, N. (2020). Frontier stock markets: local versus global Ffactors. Journal of Investing, 29(3), 108?127. doi: 10.3905/JOI.2020.1.124.

DOI: https://doi.org/10.3905/joi.2020.1.124
View in Google Scholar

Blake, C. R., Elton, E. J., & Gruber, M. J. (1993). The performance of bond mutual funds. Journal of Business, 66(3), 370?403. doi: http://dx.doi.org/10.1086/ 296609.

DOI: https://doi.org/10.1086/296609
View in Google Scholar

Brown, D. C., & Davies, S. W. (2017). Moral hazard in active asset management. Journal of Financial Economics, 125(2), 311?325. doi: 10.1016/J.JFINECO.2 017.05.010.

DOI: https://doi.org/10.1016/j.jfineco.2017.05.010
View in Google Scholar

Brown, D. P., & Wu, Y. (2016). Mutual fund flows and cross-fund learning within families. Journal of Finance, 71(1), 383?424. doi: 10.1111/jofi.12263.

DOI: https://doi.org/10.1111/jofi.12263
View in Google Scholar

Brown, S. L., & Pomerantz, S. (2017). Some clarity on mutual fund fees. Journal of Business Law, 20(4), 767?814.

DOI: https://doi.org/10.2139/ssrn.3050589
View in Google Scholar

Carhart, M. M. (1997). On persistence in mutual fund performance. Journal of Finance, 52(1), 57?82. doi: 10.1111/j.1540-6261.1997.tb03808.x.

DOI: https://doi.org/10.1111/j.1540-6261.1997.tb03808.x
View in Google Scholar

Carneiro, L. M., Eid Junior, W., & Yoshinaga, C. E. (2021). The implications of passive investments for active fund management: international evidence. Global Finance Journal, 53, 100623. doi: 10.1016/J.GFJ.2021.100623.

DOI: https://doi.org/10.1016/j.gfj.2021.100623
View in Google Scholar

Chen, H., Cohen, L., & Gurun, U. G. (2021a). Don?t take their word for it: the misclassification of bond mutual funds. Journal of Finance, 76(4), 1699?1730. doi: 10.1111/JOFI.13023.

DOI: https://doi.org/10.1111/jofi.13023
View in Google Scholar

Chen, Yihao, Miguel, A. F., & Liu, X. (2021b). Does mutual fund family size matter? International evidence. Journal of Multinational Financial Management, 62, 100708. doi: 10.1016/J.MULFIN.2021.100708.

DOI: https://doi.org/10.1016/j.mulfin.2021.100708
View in Google Scholar

Chen, Yong, Ferson, W., & Peters, H. (2010). Measuring the timing ability and performance of bond mutual funds. Journal of Financial Economics, 98(1), 72?89. doi: 10.1016/j.jfineco.2010.05.009.

DOI: https://doi.org/10.1016/j.jfineco.2010.05.009
View in Google Scholar

Chi, Y., He, J., Wu, F., & Yin, B. (2022). Optimal information production of mutual funds: evidence from China. Journal of Banking and Finance, 143, 106585. doi: 10.1016/j.jbankfin.2022.106585.

DOI: https://doi.org/10.1016/j.jbankfin.2022.106585
View in Google Scholar

Cici, G., & Gibson, S. (2012). The performance of corporate bond mutual funds: evidence based on security-level holdings. Journal of Financial and Quantitative Analysis, 47(1), 159?178. doi: 10.1017/S0022109011000640.

DOI: https://doi.org/10.1017/S0022109011000640
View in Google Scholar

Clare, A., O?Sullivan, N., Sherman, M., & Zhu, S. (2019). The performance of US bond mutual funds. International Review of Financial Analysis, 61, 1?8. doi: 10.1016/j.irfa.2018.12.001.

DOI: https://doi.org/10.1016/j.irfa.2018.12.001
View in Google Scholar

Comer, G., Larrymore, N., & Rodriguez, J. (2009a). Controlling for fixed-income exposure in portfolio evaluation: evidence from hybrid mutual funds. Review of Financial Studies, 22(2), 481?507. doi: 10.1093/rfs/hhm087.

DOI: https://doi.org/10.1093/rfs/hhm087
View in Google Scholar

Comer, G., Larrymore, N., & Rodriguez, J. (2009b). Measuring the value of active fund management: the case of hybrid mutual funds. Managerial Finance, 35(1), 63?77. doi: 10.1108/03074350910922591/FULL/XML.

DOI: https://doi.org/10.1108/03074350910922591
View in Google Scholar

Cooper, M. J., Halling, M., & Yang, W. (2021). The persistence of fee dispersion among mutual funds. Review of Finance, 25(2), 365?402. doi: 10.1093/ROF /RFAA023.

DOI: https://doi.org/10.1093/rof/rfaa023
View in Google Scholar

Cremers, M., Ferreira, M. A., Matos, P., & Starks, L. (2016). Indexing and active fund management: international evidence. Journal of Financial Economics, 120(3), 539?560. doi: 10.1016/j.jfineco.2016.02.008.

DOI: https://doi.org/10.1016/j.jfineco.2016.02.008
View in Google Scholar

Cumming, D., Schwienbacher, A., & Zhan, F. (2015). The scope of international mutual fund outsourcing: fees, performance and risks. Journal of International Financial Markets, Institutions and Money, 38, 185?199. doi: 10.1016/j.intfin. 2015.05.020.

DOI: https://doi.org/10.1016/j.intfin.2015.05.020
View in Google Scholar

Das, S., Markowitz, H., Scheid, J., & Statman, M. (2010). Portfolio optimization with mental accounts. Journal of Financial and Quantitative Analysis, 45(2), 311?334. doi: 10.1017/S0022109010000141.

DOI: https://doi.org/10.1017/S0022109010000141
View in Google Scholar

Demski, J. S., & Feltham, G. A. (1978). Economic incentives in budgetary control Systems. Accounting Review, 53(2), 336?359.
View in Google Scholar

Dumitrescu, A., & Gil-Bazo, J. (2018). Market frictions, investor sophistication, and persistence in mutual fund performance. Journal of Financial Markets, 40, 40?59. doi: 10.1016/j.finmar.2018.01.001.

DOI: https://doi.org/10.1016/j.finmar.2018.01.001
View in Google Scholar

Elton, E. J., Gruber, M. J., & Blake, C. R. (1995). Fundamental economic variables, expected returns, and bond fund performance. Journal of Finance, 50(4), 1229?1256. doi: 10.1111/j.1540-6261.1995.tb04056.x.

DOI: https://doi.org/10.1111/j.1540-6261.1995.tb04056.x
View in Google Scholar

European Commission (2018). Study on the distribution systems of retail investment products. Retrieved from https://ec.europa.eu/info/publications/ 180425-retail-investment-products-distribution-systems_en.
View in Google Scholar

Evans, R. B., & Fahlenbrach, R. (2012). Institutional investors and mutual fund governance: evidence from retail-institutional fund twins. Review of Financial Studies, 25(12), 3530?3571. doi: 10.1093/rfs/hhs105.

DOI: https://doi.org/10.1093/rfs/hhs105
View in Google Scholar

Fama, E. F., & French, K. R. (2010). Luck versus skill in the cross-section of mutual fund returns. Journal of Finance, 65(5), 1915?1947. doi: 10.1111/j. 1540-6261.2010.01598.x.

DOI: https://doi.org/10.1111/j.1540-6261.2010.01598.x
View in Google Scholar

Ferreira, M. A., Keswani, A., Miguel, A. F., & Ramos, S. B. (2013). The determinants of mutual fund performance: a cross-country study. Review of Finance, 17(2), 483?525. doi: 10.1093/rof/rfs013.

DOI: https://doi.org/10.1093/rof/rfs013
View in Google Scholar

Ferreira, M. A., Keswani, A., Miguel, A. F., & Ramos, S. B. (2019). What determines fund performance persistence? International evidence. Financial Review, 54(4), 679?708. doi: 10.1111/FIRE.12202.

DOI: https://doi.org/10.1111/fire.12202
View in Google Scholar

Fraś, A. (2018). The relation between management fees and the mutual funds` performance in Poland in 2015. Oeconomia Copernicana, 9(2), 245?259. doi: 10.24136/OC.2018.013.

DOI: https://doi.org/10.24136/10.24136/oc.2018.013
View in Google Scholar

French, K. R. (2008). Presidential address: the cost of active investing. Journal of Finance, 63(4), 1537?1573. doi: 10.1111/j.1540-6261.2008.01368.x.

DOI: https://doi.org/10.1111/j.1540-6261.2008.01368.x
View in Google Scholar

Gil-Bazo, J., & Ruiz-Verdu, P. (2009). The relation between price and performance in the mutual fund industry. Journal of Finance, 64(5), 2153?2183. doi: 10.1111/j.1540-6261.2009.01497.x.

DOI: https://doi.org/10.1111/j.1540-6261.2009.01497.x
View in Google Scholar

Goldstein, I., Jiang, H., & Ng, D. T. (2017). Investor flows and fragility in corporate bond funds. Journal of Financial Economics, 126(3), 592?613. doi: 10.1016/j.jfineco.2016.11.007.

DOI: https://doi.org/10.1016/j.jfineco.2016.11.007
View in Google Scholar

Gould, W. (2013). Interpreting the intercept in the fixed-effects model. Stata. Retrieved from https://www.stata.com/support/faqs/statistics/intercept-in-fixed-effects-model/.
View in Google Scholar

Gruber, M. J. (1996). Another puzzle: the growth in actively managed mutual funds. Journal of Finance, 51(3), 783?810. doi: 10.1111/j.1540-6261.1996.tb02 707.x.

DOI: https://doi.org/10.1111/j.1540-6261.1996.tb02707.x
View in Google Scholar

Haslem, J. A. (2015). Mutual fund heterogeneity and fee dispersion. Journal of Wealth Management, 18(1), 41?48. doi: 10.3905/JWM.2015.18.1.041.

DOI: https://doi.org/10.3905/jwm.2015.18.1.041
View in Google Scholar

He, L., Liang, Z., & Zhao, X. (2018). Tunneling behaviors of two mutual funds. Journal of Industrial and Management Optimization, 14(4), 1617?1649. doi: 10.3934/jimo.2018024.

DOI: https://doi.org/10.3934/jimo.2018024
View in Google Scholar

Herrmann, U., & Scholz, H. (2013). Short-term persistence in hybrid mutual fund performance: the role of style-shifting abilities. Journal of Banking and Finance, 37(7), 2314?2328. doi: 10.1016/j.jbankfin.2013.01.022.

DOI: https://doi.org/10.1016/j.jbankfin.2013.01.022
View in Google Scholar

Huang, C., Li, F., & Weng, X. (2020). Star ratings and the incentives of mutual funds. Journal of Finance, 75(3), 1715?1765. doi: 10.1111/jofi.12888.

DOI: https://doi.org/10.1111/jofi.12888
View in Google Scholar

Iannotta, G., & Navone, M. (2012). The cross-section of mutual fund fee dispersion. Journal of Banking and Finance, 36(3), 846?856. doi: 10.1016/j.j bankfin.2011.09.013.

DOI: https://doi.org/10.1016/j.jbankfin.2011.09.013
View in Google Scholar

Jensen, M. C. (1968). The performance of mutual funds in the period 1945-1964. Journal of Finance, 23(2), 389?416. doi: 10.1111/j.1540-6261.1968.tb00815.x.

DOI: https://doi.org/10.1111/j.1540-6261.1968.tb00815.x
View in Google Scholar

Jensen, M. C. (1969). Risk, the pricing of capital assets, and the evaluation of investment portfolios. Journal of Business, 42(2), 167. doi: 10.1086/295182.

DOI: https://doi.org/10.1086/295182
View in Google Scholar

Keswani, A., Medhat, M., Miguel, A. F., & Ramos, S. B. (2020). Uncertainty avoidance and mutual funds. Journal of Corporate Finance, 65, 101748. doi: 10.1016/J.JCORPFIN.2020.101748.

DOI: https://doi.org/10.1016/j.jcorpfin.2020.101748
View in Google Scholar

Khorana, A., Servaes, H., & Tufano, P. (2009). Mutual fund fees around the world. Review of Financial Studies, 22(3), 1279?1310. doi: 10.1093/rfs/hhn042.

DOI: https://doi.org/10.1093/rfs/hhn042
View in Google Scholar

Kiymaz, H. (2015). A performance evaluation of Chinese mutual funds. International Journal of Emerging Markets, 10(4), 820?836. doi: 10.1108/IJo EM-09-2014-0136.

DOI: https://doi.org/10.1108/IJoEM-09-2014-0136
View in Google Scholar

Liu, J., Stambaugh, R. F., & Yuan, Y. (2019). Size and value in China. Journal of Financial Economics, 134(1), 48?69. doi: 10.1016/J.JFINECO.2019.03.008.

DOI: https://doi.org/10.1016/j.jfineco.2019.03.008
View in Google Scholar

Livingston, M., Yao, P., & Zhou, L. (2019). The volatility of mutual fund performance. Journal of Economics and Business, 104. doi: 10.1016/j.jeconbus. 2019.02.001.

DOI: https://doi.org/10.1016/j.jeconbus.2019.02.001
View in Google Scholar

Malkiel, B. G. (2013). Asset management fees and the growth of finance. Journal of Economic Perspectives, 27(2), 97?108. doi: 10.1257/jep.27.2.97.

DOI: https://doi.org/10.1257/jep.27.2.97
View in Google Scholar

Miguel, A. F. (2021). Do fund flows moderate persistence? Evidence from a global study. European Journal of Finance, 27(7), 635?654. doi: 10.1080/1351847X .2020.1830820.

DOI: https://doi.org/10.1080/1351847X.2020.1830820
View in Google Scholar

Miguel, A., Keswani, A., & Ramos, S. B. (2017). Mutual fund size versus fees: when big boys become bad boys. European Financial Management Association (EFMA) Conference. June 28-July 1, Athens.
View in Google Scholar

Moneta, F. (2015). Measuring bond mutual fund performance with portfolio characteristics. Journal of Empirical Finance, 33, 223?242. doi: 10.1016/j.je mpfin.2015.03.012.

DOI: https://doi.org/10.1016/j.jempfin.2015.03.012
View in Google Scholar

Otero-González, L., Leite, P., Durán-Santomil, P., & Domingues, R. (2022). Morningstar star ratings and the performance, risk and flows of European bond mutual funds. International Review of Economics and Finance, 82, 479?496. doi: 10.1016/j.iref.2022.07.003.

DOI: https://doi.org/10.1016/j.iref.2022.07.003
View in Google Scholar

Otten, R., & Bams, D. (2002). European mutual fund performance. European Financial Management, 8(1), 75?101. doi: 10.1111/1468-036X.00177.

DOI: https://doi.org/10.1111/1468-036X.00177
View in Google Scholar

Parida, S., & Tang, Z. (2018). Price competition in the mutual fund industry. Economic Modelling, 70, 29?39. doi: 10.1016/j.econmod.2017.10.005.

DOI: https://doi.org/10.1016/j.econmod.2017.10.005
View in Google Scholar

Reynolds, S. J., Schultz, F. C., & Hekman, D. R. (2006). Stakeholder theory and managerial decision-making: constraints and implications of balancing stakeholder interests. Journal of Business Ethics, 64(3), 285?301. doi: 10.1007 /s10551-005-5493-2.

DOI: https://doi.org/10.1007/s10551-005-5493-2
View in Google Scholar

Roussanov, N., Ruan, H., & Wei, Y. (2021). Marketing mutual funds. Review of Financial Studies, 34(6), 3045?3094. doi: 10.1093/RFS/HHAA095.

DOI: https://doi.org/10.1093/rfs/hhaa095
View in Google Scholar

Schwarz, C., & Sun, Z. (2022). How fast do investors learn? Asset management investors and Bayesian learning. Review of Financial Studies, hhac086. doi: 10.1093/RFS/HHAC086.

DOI: https://doi.org/10.1093/rfs/hhac086
View in Google Scholar

Servaes, H., & Sigurdsson, K. (2022). The costs and benefits of performance fees in mutual funds. Journal of Financial Intermediation, 50, 100959. doi: 10.101 6/J.JFI.2022.100959.

DOI: https://doi.org/10.1016/j.jfi.2022.100959
View in Google Scholar

Sha, Y., & Gao, R. (2019). Which is the best: a comparison of asset pricing factor models in Chinese mutual fund industry. Economic Modelling, 83(September), 8?16. doi: 10.1016/j.econmod.2019.09.016.

DOI: https://doi.org/10.1016/j.econmod.2019.09.016
View in Google Scholar

Sharpe, W. F. (1966). Mutual fund performance. Journal of Business, 39(S1), 119. doi: 10.1086/294846.

DOI: https://doi.org/10.1086/294846
View in Google Scholar

Sheng, J., Simutin, M., & Zhang, T. (2022). Cheaper is not better: on the ?superior? performance of high-fee mutual funds. Review of Asset Pricing Studies, Advance online publication. doi: 10.1093/RAPSTU/RAAC019.

DOI: https://doi.org/10.1093/rapstu/raac019
View in Google Scholar

Song, Y. (2020). The mismatch between mutual fund scale and skill. Journal of Finance, 75(5), 2555?2589. doi: 10.1111/jofi.12950.

DOI: https://doi.org/10.1111/jofi.12950
View in Google Scholar

Stoughton, N. M. (1993). Moral hazard and the portfolio management problem. Journal of Finance, 48(5), 2009?2028. doi: 10.1111/J.1540-6261.1993.TB05 140.X.

DOI: https://doi.org/10.1111/j.1540-6261.1993.tb05140.x
View in Google Scholar

Sun, Y. (2021). Index fund entry and financial product market competition. Management Science, 67(1), 500?523. doi: 10.1287/MNSC.2019.3444.

DOI: https://doi.org/10.1287/mnsc.2019.3444
View in Google Scholar

Swinkels, L., & Rzezniczak, P. (2009). Performance evaluation of Polish mutual fund managers. International Journal of Emerging Markets, 4(1), 26?42. doi: 10.1108/17468800910931652.

DOI: https://doi.org/10.1108/17468800910931652
View in Google Scholar

Urbański, S., Winiarz, M., & Urbański, K. (2016). Long-run performance persistence of investment funds. Emerging Markets Finance and Trade, 52(8), 1813?1831. doi: 10.1080/1540496X.2015.1069134.

DOI: https://doi.org/10.1080/1540496X.2015.1069134
View in Google Scholar

Vidal-García, J., Vidal, M., Boubaker, S., & Hassan, M. (2018). The efficiency of mutual funds. Annals of Operations Research, 267(1?2), 555?584. doi: 10.1007 /s10479-017-2429-z.

DOI: https://doi.org/10.1007/s10479-017-2429-z
View in Google Scholar

Vidal, M., Vidal-García, J., Lean, H. H., & Uddin, G. S. (2015). The relation between fees and return predictability in the mutual fund industry. Economic Modelling, 47, 260?270. doi: 10.1016/j.econmod.2015.02.036.

DOI: https://doi.org/10.1016/j.econmod.2015.02.036
View in Google Scholar

Wagner, M., & Margaritis, D. (2017). All about fun(ds) in emerging markets? The case of equity mutual funds. Emerging Markets Review, 33, 62?78. doi: 10.1016/j.ememar.2017.08.004.

DOI: https://doi.org/10.1016/j.ememar.2017.08.004
View in Google Scholar

Wahal, S., & Wang, A. (Yan). (2011). Competition among mutual funds. Journal of Financial Economics, 99(1), 40?59. doi: 10.1016/j.jfineco.2010.08.012.

DOI: https://doi.org/10.1016/j.jfineco.2010.08.012
View in Google Scholar

Wongsurawat, W. (2011). Management fees and total expenses of mutual funds in Thailand. Journal of the Asia Pacific Economy, 16(1), 15?28. doi: 10.1080/13 547860.2011.539398.

DOI: https://doi.org/10.1080/13547860.2011.539398
View in Google Scholar

Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT Press Ltd.
View in Google Scholar

Zaremba, A., Czapkiewicz, A., Szczygielski, J. J., & Kaganov, V. (2019). An Application of factor pricing models to the Polish stock market. Emerging Markets Finance and Trade, 55(9), 2039?2056. doi: 10.1080/1540496X.2018 .1517042.

DOI: https://doi.org/10.1080/1540496X.2018.1517042
View in Google Scholar

Downloads

Published

2022-12-30

How to Cite

Perez , K., & Szymczyk, Łukasz. (2022). Actual rate of the management fee in mutual funds of different styles. Equilibrium. Quarterly Journal of Economics and Economic Policy, 17(4), 969–1014. https://doi.org/10.24136/eq.2022.033

Issue

Section

Articles