Managing mutual funds or managing expense ratios? Evidence from the Greek fund industry

Vassilios Babalos, Alexandros Kostakis and Nikolaos Philippas

Journal of Multinational Financial Management, 2009, vol. 19, issue 4, pages 256-272

Abstract: This study examines the expense ratio policy of Greek equity funds operating in a small emerging market with an oligopolistic, bank-dominated financial system. Constructing a unique dataset of non-publicly available expense ratios charged by these funds, we examine the impact these expenses have on funds' performance and flows. The main conclusion is that funds' performance is negatively related to their expenses, while investors' flows are not directly affected by expenses. Furthermore, the funds affiliated with one of the three dominant domestic banking groups achieve higher performance and attract higher net flows in comparison to their competitors.

Keywords: Mutual; funds; Expense; ratio; Emerging; markets; Performance; attributes (search for similar items in EconPapers)
Date: 2009

Downloads: (external link)
http://www.sciencedirect.com/science/article/B6VGV ... 358b59e518fed472d7d7
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:eee:mulfin:v:19:y:2009:i:4:p:256-272

Access Statistics for this article

Journal of Multinational Financial Management is edited by I. Mathur and G. G. Booth

More articles in Journal of Multinational Financial Management from Elsevier
Series data maintained by Heidi Boesdal ().