Do fees matter? Investor’s sensitivity to active management fees

IF 2.4 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2025-02-13 DOI:10.1016/j.jempfin.2025.101596

Trond Døskeland, André Wattø Sjuve, Andreas Ørpetveit

引用次数: 0

Abstract

Following the framework established by Berk and Green (2004), mutual fund inflows and fees should be uncorrelated at equilibrium. We empirically explore this relationship by investigating the temporal changes in fund fees and flows. Our fee metrics focus on active management services rather than diversification. We analyze the additional fee compared to passive alternatives and additional fee per unit of active management, along with the traditionally used total fee. Our analysis of global data reveals a negative time series correlation between both measures of active management fee and fund flows.

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收费重要吗？投资者对主动管理费的敏感度

根据Berk和Green（2004）建立的框架，共同基金的流入和费用在均衡状态下应该是不相关的。我们通过调查基金费用和资金流的时间变化，实证地探讨了这种关系。我们的收费标准侧重于主动管理服务，而不是多样化。我们分析了与被动替代方案相比的额外费用和主动管理单位的额外费用，以及传统上使用的总费用。我们对全球数据的分析显示，主动管理费和资金流这两个指标之间存在负时间序列相关性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.