What Do We Know About the Mutual Fund Industry?

Massimo Massa ()
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Massimo Massa: INSEAD

Chapter 2 in Global Asset Management, 2013, pp 36-55 from Palgrave Macmillan

Abstract: Abstract The Holy Grail in mutual funds literature has always been the analysis of performance. The literature has searched for answers to whether funds generate performance, whether they persist in doing so and whether it is enough to compensate for the fees that are charged. The answers have been mostly negative. Thus, a new question arises: if performance is not sizable and not persistent, what helps to justify the existence of the industry? The answer we will give in the following analysis is ‘marketing’. We will see how marketing strategies help to disguise poor performance and attract clients by focusing on non-performance-related features.

Keywords: Mutual Fund; Hedge Fund; Fund Manager; Family Model; Liquid Asset (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32887-8_2

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DOI: 10.1057/9781137328878_2

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