Mutual Fund Fees Around the World

• 成果类型: Article
• 署名作者: Khorana, Ajay; Servaes, Henri; Tufano, Peter
• 署名单位: University of London; London Business School; Centre for Economic Policy Research - UK; University of London; London Business School; University System of Georgia; Georgia Institute of Technology; Harvard University; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhn042
• 发表日期: 2009
• 页码: 1279
• 关键词: industry

摘要

Using a new database, we study fees charged by 46,580 mutual fund classes offered for sale in 18 countries, which account for about 86% of the world fund industry in 2002. We examine management fees, total expense ratios, and total shareholder costs (including load charges). Fees vary substantially across funds and from country to country. To explain these differences, we consider fund, sponsor, and national characteristics. Fees differ by investment objectives: larger funds and fund complexes charge lower fees; fees are higher for funds distributed in more countries and funds domiciled in certain offshore locations (especially when selling into countries levying higher taxes). Substantial cross-country differences persist even after controlling for these variables. These remaining differences can be explained by a variety of factors, the most robust of which is that fund fees are lower in countries with stronger investor protection.