Why is investors'mutual fund market allocation far from the optimum?

Ricardo Laborda and Ramiro Losada

CNMV Working Papers from CNMV- Spanish Securities Markets Commission - Research and Statistics Department

Abstract: In this paper, It is analysed the differences between the optimal portfolio of funds that a fully informed investor might select and the current structure of the mutual fund markets as characterized by the funds’ risk profile (conservative or aggressive) and target investor type (retail or wholesale). It is found that the relationship between fund age, market share and change in total net assets –but not fees- and the optimal portfolio of funds depends on the structure of the mutual fund market.

Keywords: Optimal portfolio of funds; fund characteristics; risk profile; retail; frictions. (search for similar items in EconPapers)
JEL-codes: G11 G19 (search for similar items in EconPapers)
Date: 2017
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