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THE FEES OF MUTUAL FUNDS AND REAL ESTATE FUNDS THEIR DETERMINANTS IN A SMALL MARKET

Paulo Alves

Journal of Advanced Studies in Finance, 2015, vol. 6, issue 1, 20-28

Abstract: This paper analyses the determinants of expenses from 2007 to 2012 in the Portuguese funds industry The main contribution is to consider mutual funds and real estate funds simultaneously particularly the latter generally created according to customer s needs usually for tax reasons The results confirm the specificity of mutual funds and real estate funds In the first expenses are higher on funds composed by shares derivatives and a large number of assets In the second expenses are lower on closed end funds In this case it seems that customers are willing to pay a small fee for tax reasons once their management does not require a special skill We did not find an evident relationship between expenses and the fund net asset value for both categories of collective schemes The same occurs between expenses and fund s performance

Date: 2015
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