| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25056 |
| 来源ID | Working Paper 25056 |
| Marketing Mutual Funds | |
| Nikolai Roussanov; Hongxun Ruan; Yanhao Wei | |
| 发表日期 | 2018-09-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Marketing and distribution expenses are responsible for about a third of the cost of active management in the mutual fund industry. We develop and estimate a structural model of mutual fund marketing with learning about unobserved skill and costly investor search. Our estimates suggest that marketing is nearly as important as performance and fees for determining fund size. Eliminating marketing substantially improves welfare, as capital shifts towards cheaper funds and competition decreases fees. Average alpha increases as active funds shrink, and capital allocation becomes more closely aligned with manager skill net of fees. Declining investor search costs over time imply a reduction in marketing expenses and management fees as well as a shift towards passive investing, as observed empirically. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w25056 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582730 |
| 推荐引用方式 GB/T 7714 | Nikolai Roussanov,Hongxun Ruan,Yanhao Wei. Marketing Mutual Funds. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25056.pdf（996KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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