Mutual Fund Advisory Contracts : An Empirical Investigation  

Oleh:

Deli, Daniel N.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 1 (2002), page 109-134.
Topik: mutual funds; studies; mutual funds; financial planners; compensation
Fulltext: p 109.pdf (125.6KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We investigate marginal compensation rates in mutual fund advisory contracts and find the following : Equity and foreig fund advisors receive higher marginal compensation than debt and domestic fund advisors. Advisors of funds with greater turnover receive higher marginal compensation. Also, closed - end fund advisors receive higher marginal compensation. Also, closed - end fund advisors reveive higher marginal compensation than open - end fund advisors. Finally, we find that marginal compensation is lower for advisors of large funds and members of large fund families. We argue that these differences in marginal compensation reflect differences in advisor marginal product, differences in the difficulty of monitoing performance, differences in control environments and scale economies.

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