| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13399 |
| DP13399 The costs and benefits of performance fees in mutual funds | |
| Henri Servaes | |
| 发表日期 | 2018-12-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Funds with performance fees have annual risk-adjusted returns of 0.50% below other funds, a result mostly due to funds without a stochastic benchmark against which performance is measured and funds with a benchmark that is easy to beat. This is not due to unobservable differences in fund manager quality. Performance fee funds charge total expenses, including the performance fee, that are substantially higher than those of other funds. They are not more volatile than other funds, however. Our results indicate that investors should pay particular attention to the benchmarks employed to compute whether performance fees are paid. |
| 主题 | Financial Economics |
| 关键词 | Performance fees in mutual funds Fund returns Value added Fund expenses Risk-taking incentives |
| URL | https://cepr.org/publications/dp13399 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542209 |
| 推荐引用方式 GB/T 7714 | Henri Servaes. DP13399 The costs and benefits of performance fees in mutual funds. 2018. |
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