Unbundling the Expense Ratio: Hidden Distribution Costs in European Mutual Fund Markets

Navone, M; Nocera, G

Unbundling the Expense Ratio: Hidden Distribution Costs in European Mutual Fund Markets

Navone, M

Nocera, G

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Publication Type:: Journal Article
Citation:: European Financial Management, 2016, 22 (4), pp. 640 - 666
Issue Date:: 2016-09-01

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Field	Value	Language
dc.contributor.author	Navone, M https://orcid.org/0000-0002-6273-1808	en_US
dc.contributor.author	Nocera, G	en_US
dc.date.issued	2016-09-01	en_US
dc.identifier.citation	European Financial Management, 2016, 22 (4), pp. 640 - 666	en_US
dc.identifier.issn	1354-7798	en_US
dc.identifier.uri	http://hdl.handle.net/10453/122627
dc.description.abstract	© 2015 John Wiley & Sons, Ltd. Using data on more than 5,000 mutual funds domiciled in four European countries in 2006, we investigate whether distribution costs embedded into the expense ratio can be held responsible for the differences of expense ratios of mutual funds in different countries. We confirm the existence of relevant country effects in the pricing of mutual fund management services. Comparing load and no-load funds and using survey data on fee retrocession to the distribution channel, we provide evidence that these effects are heavily influenced by the cost of the distribution embedded in the expense ratio.	en_US
dc.relation.ispartof	European Financial Management	en_US
dc.relation.isbasedon	10.1111/eufm.12078	en_US
dc.subject.classification	Finance	en_US
dc.title	Unbundling the Expense Ratio: Hidden Distribution Costs in European Mutual Fund Markets	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	22	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Finance Discipline
utslib.copyright.status	closed_access
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	22	en_US

Abstract:

© 2015 John Wiley & Sons, Ltd. Using data on more than 5,000 mutual funds domiciled in four European countries in 2006, we investigate whether distribution costs embedded into the expense ratio can be held responsible for the differences of expense ratios of mutual funds in different countries. We confirm the existence of relevant country effects in the pricing of mutual fund management services. Comparing load and no-load funds and using survey data on fee retrocession to the distribution channel, we provide evidence that these effects are heavily influenced by the cost of the distribution embedded in the expense ratio.

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http://hdl.handle.net/10453/122627