Why Do Money Fund Managers Voluntarily Waive Their Fees ?  

Oleh:

Christoffersen, Susan E.K.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 3 (2001), page 1117-1140.
Topik: mutual funds; studies; mutual funds; portfolio performance; waivers; professional fees; investment advisors
Fulltext: p 1117.pdf (516.98KB)

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

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Over half of money fund managers voluntarily waive fees they have a contractual right to claim. Moreover, as a consequence of fee waivers, funds on average collect one half of reported expense ratios. Variation in fee waivers is significant and relates to differences in relative performance. Both low-performing retail and institutional funds waive fees to improve their net performance. More interestingly, high - performing retail, but not institutional, fund use fee waivers to strategically adjust net performance to increase expected fund flows. Despite fund flow incentives, high - performing institutional funds do not waive more because they cannot significantly improve their relative performance.

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