G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13399
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
URLhttps://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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