Are mutual fund investors in jail?
Carlos Alves () and
Victor Mendes ()
Applied Financial Economics, 2007, vol. 17, issue 16, 1301-1312
The absence of investor reaction to the poor performance of mutual funds is a widely reported phenomenon. This article investigates the role of load costs as an explanation for the phenomenon and concludes that back-end load fees are an obstacle to reaction. We found evidence consistent with the hypothesis that medium and long-term investors do not react to poor performances due to the fact that they are 'imprisoned' by back-end load fees.
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Working Paper: Are mutual fund investors in jail? (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apfiec:v:17:y:2007:i:16:p:1301-1312
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