What Do Consumers' Fund Flows Maximize? Evidence from Their Brokers' Incentives

We ask whether mutual funds' flows reflect the incentives of the brokers intermediating them. The incentives we address are those revealed in statutory filings: the brokers' shares of sales loads and other revenue, and their affiliation with the fund family. We find significant effects of...

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Veröffentlicht in:	The Journal of finance (New York) 2013-02, Vol.68 (1), p.201-235
Hauptverfasser:	CHRISTOFFERSEN, SUSAN E. K., EVANS, RICHARD, MUSTO, DAVID K.
Format:	Artikel
Sprache:	eng
Schlagworte:	Affiliates Consumer behaviour Economic incentives Economic performance Fees Financial investments Incentives Investment Investment funds Investment trusts Investors Linear regression Mutual funds Net assets Payments Portfolio performance Revenue sharing Security brokers Stock brokers Studies Tariff revenues
Online-Zugang:	Volltext
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