L'impact de la taille de l'actif sous gestion sur la performance des fonds de placement collectif

Linh Tran Dieu

Revue d'économie financière, 2018, vol. N° 131, issue 3, 285-316

Abstract: Weanalyze the impact of fund size on fund performance. Using a sample of equity funds in the French market for the period from 2002 to 2014, we obtain a U-inverse relation between these two variables. Fund performance increases first and then decreases with fund size as assets under management reach a critical size. This result highlights the conflict of interest between investors and fund managers. Being payed a percentage of assets under management, fund managers try to maximize the fund?s size. An increase in fund assets, favorable to the manager, may negatively impact fund performance. Classement JEL : G20, G23, G20.

JEL-codes: G20 G23 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_131_0285 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2018-3-page-285.htm (text/html)
free

Related works:
Working Paper: L’impact de la taille de l’actif sous gestion sur la performance des fonds de placement collectif (2018)
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: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_131_0285

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().