Managing mutual funds or managing expense ratios? Evidence from the Greek fund industry
Alexandros Kostakis and
Nikolaos Philippas ()
Journal of Multinational Financial Management, 2009, vol. 19, issue 4, 256-272
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)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://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 currently edited by I. Mathur and G. G. Booth
More articles in Journal of Multinational Financial Management from Elsevier
Bibliographic data for series maintained by Catherine Liu ().