搜索成本能否解释对主动型共同基金的持续投资？

IF 1.9 3区经济学 Q2 ECONOMICS

Journal of Economic Dynamics & Control Pub Date : 2025-04-11 DOI:10.1016/j.jedc.2025.105099

Aljoscha Janssen , Jurre Thiel

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引用次数: 0

摘要

虽然自上世纪90年代以来主动型基金的市场份额一直在下降，但仍占所有共同基金的近一半，但收费更高，业绩却没有更好。我们分析了基金数据和搜索模型，突出了搜索成本和主动基金偏好的影响。从1993年到2018年，搜索成本的降低扩大了市场，加剧了竞争，而从主动式基金到被动型基金的偏好转变增加了后者的市场份额。然而，那些选择主动基金的投资者，面对更高的搜索成本，并继续表现出强烈的偏好，允许这些基金继续收取更高的费用。

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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Do search costs explain persistent investment in active mutual funds?

Active funds, though losing market share since the 1990s, make up nearly half of all mutual funds but charge more without better performance. We analyze fund data and a search model, highlighting the impact of search costs and active fund preferences. From 1993 to 2018, reduced search costs expanded the market and heightened competition, while a preference shift from active to passive funds increased the latter's market share. However, investors who choose active funds, facing higher search costs, and continue to show a strong preference for them, allow these funds to keep charging higher fees.

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来源期刊

Journal of Economic Dynamics & Control ECONOMICS-

CiteScore

3.10

自引率

10.50%

发文量

199

期刊介绍： The journal provides an outlet for publication of research concerning all theoretical and empirical aspects of economic dynamics and control as well as the development and use of computational methods in economics and finance. Contributions regarding computational methods may include, but are not restricted to, artificial intelligence, databases, decision support systems, genetic algorithms, modelling languages, neural networks, numerical algorithms for optimization, control and equilibria, parallel computing and qualitative reasoning.