Equilibrium Accounting in the Mutual Fund Industry

• 영문명: Equilibrium Accounting in the Mutual Fund Industry
• 발행기관: 한국무역연구원
• 저자명: Ju Il Ban
• 간행물 정보: 『무역연구』제10권 제5호, 15~37쪽, 전체 22쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.10.31

영문 초록

In this paper, the controversial argument that the mutual fund industry takes excessive profit from fund investors through sales expense is tested. The argument has attracted attention from the media, practitioners, and financial regulatory authorities. Unlike the previous studies that treat mutual fund expenses as a whole, Korean data are used to separately identify management expenses and sales expenses. Through a simple model it is shown that equilibrium accounting is not directly applicable to the mutual fund industry and that active mutual funds investment is not a negative sum game when overpriced sales expenses are eliminated. Admittedly, aggregate active investment per se is a negative sum game in the sense of equilibrium accounting.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Equilibrium Accounting

Ⅲ. Equilibrium Accounting in the Mutual Fund Industry: A Simple Model

Ⅳ. Data and Methodology

Ⅴ. Comparison of the Performance of Active versus Passive Funds

Ⅵ. Conclusion

References

키워드

Fund Expenses Fund Fees Fund Performance Equilibrium Accounting