Articlediamond2004

Mutual fund performance, management behavior, and investor costs

32 citations0/0 files storedFinancial Services Review

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

We examine pure no-load funds over a 5-year period. For equity funds, trading activity 1s negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio arc 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 economics. The individual investor is better off in a large fund that is a member of a large fund family.

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References

1997AN EMPIRICAL ANALYSIS OF MUTUAL FUND EXPENSES 1999ECONOMIES OF SCALE IN MUTUAL FUND ADMINISTRATION 2001Persistence of mutual fund operating characteristics: returns, turnover rates, and expense ratios 2003Regulation And The Rise In Asset‐Based Mutual Fund Management Fees 2002Managerial quality and the structure of management expenses in the US mutual fund industry

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2007Style drift, fund flow and fund performance: New cross-sectional evidence

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