The structure of mutual fund charges

被引：107

作者：

Chordia, T

机构：

[1] Owen Graduate School of Management, Vanderbilt University, Nashville

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1996年 / 41卷 / 01期

关键词：

mutual fund fees; risk sharing;

D O I：

10.1016/0304-405X(95)00856-A

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper provides an explanation for the diversity in investment strategies and fees of open-end mutual funds. Mutual funds seek to dissuade redemptions through front- and back-end load fees. The empirical evidence is consistent with model predictions that such fees dissuade redemptions in open-end funds, and that funds hold more cash when there is uncertainty about redemptions. Furthermore, funds with load and redemption fees hold less cash that their no-load counterparts. The results suggest that aggressive funds are sensitive to cash flows and are likely to rely on fees to dissuade redemptions.

引用

页码：3 / 39

页数：37