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Performance And Characteristics Of Retail Sp 500 Index Mutual Funds
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Book Synopsis Performance and Characteristics of Retail S&P 500 Index Mutual Funds by : John A. Haslem
Download or read book Performance and Characteristics of Retail S&P 500 Index Mutual Funds written by John A. Haslem and published by . This book was released on 2017 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the performance and attributes of 136 retail mutual funds tracking the Samp;P 500 Index across diverse expense ratio classes. Our performance measures are the Sharpe ratio, Jensen's alpha, and annualized total returns. Attributes analyzed for their relation to expense ratios include front-end loads, deferred charges, 12b-1 fees, fund size, fund age, cash holdings and turnover. The evidence shows that Samp;P 500 Index funds with low expense ratios outperform those with high expense ratios. Expense ratios generally decrease as 12b-1 fees and deferred charges decrease and as fund size and age increase. Investors should not view Samp;P 500 Index funds as being homogeneous because significant differences exist in expenses and performance among the funds. After controlling for attributes that influence fund expense ratios, we conclude that some index funds have expense ratios that are significantly higher than the norm. Despite the often-presumed commodity-like nature of index funds, Samp;P 500 Index funds are not all created equal. Our evidence shows that investors tend to follow a policy of choosing those funds with low expense ratios.
Book Synopsis Another Look at S&P 500 Retail Index Funds by : John A. Haslem
Download or read book Another Look at S&P 500 Retail Index Funds written by John A. Haslem and published by . This book was released on 2017 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the expense ratio and attributes affecting the performance of 136 retail S&P 500 Index funds. These funds are among the simplest of financial vehicles. Nonetheless, the expense ratios and performance of these benchmark trackers differ significantly.Our univariate analysis shows that mutual fund performance, as measured by the median Sharpe ratios, Jensen's alphas and annualized total returns, increases as expense ratios decrease.In addition, a positive relation exists between expense ratios, deferred charges and 12b-1 fees. By contrast, fund size and age are negatively related to expense ratios. Thus, our analysis of mutual fund expenses suggests expense-conscious retail investors should look carefully at the deferred charges, 12b-1 fees, size and age of the S&P 500 Index fund before investing. Our multivariate model provides evidence that the expense ratios help to explain performance; that is, lower expense ratios are strongly related to higher returns.What are the implications of our findings? Investors often view index mutual funds as financial commodities because of the often-held assumption that funds tracking the same benchmark index should not differ in any meaningful way. Our evidence of large differences in expense ratios across retail S&P 500 Index funds casts serious doubt on this term as a descriptor of these funds. One explanation for the presence and enduring popularity of high-priced index funds is that some uninformed investors are paying high costs without receiving commensurate benefits. Another explanation is that such funds tend to require significantly lower minimum initial purchase amounts. The evidence suggests that despite less-than-perfect price competition among the whole of S&P 500 Index funds, the S&P 500 Index funds with the lowest expense ratios (Quartile 1) attract the majority of retail investors' funds.
Book Synopsis S&P 500 Index Mutual Funds by : John A. Haslem
Download or read book S&P 500 Index Mutual Funds written by John A. Haslem and published by . This book was released on 2017 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: For investor and institutional class index mutual funds that track the S&P 500 Index, there are just 25 funds with statistically low expense ratios (management fee findings are found above). However, there are only five index funds - all investor class - with statistically very high and extremely high expense ratios. Thus, these results contain both bad and good news for investors. Unfortunately, the complete story of high expense ratios for S&P 500Index funds finds more bad news. The Sharpe ratio, Jensen's alpha, annualized total return, Morningstar Star ratings, and average net assets are all statistically, negatively correlated with index funds with statistically high expense ratios. Further, portfolio turnover and 12b-1 fees are statistically, positively correlated with index funds with statistically high expense ratios.
Book Synopsis Performance and Characteristics of Actively Managed Retail Mutual Funds with Diverse Expense Ratios by : John A. Haslem
Download or read book Performance and Characteristics of Actively Managed Retail Mutual Funds with Diverse Expense Ratios written by John A. Haslem and published by . This book was released on 2017 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we provide extensive evidence on the performance and characteristics of 1,779 U.S. domestic, actively managed retail equity mutual funds. We find that expense ratios differ widely among Morningstar categories. Overall, our results indicate that funds with low expense ratios outperform those with higher expense ratios. An implication of these findings is that retail investors generally could gain insight into fund expenses and performance prospects relative to peers if research services such as Morningstar, Lipper, and Value Line included each fund's expense ratio standard deviation class in their basic suite of data items.Consistent with previous studies, we find strong evidence that the average actively managed mutual fund fails to outperform its benchmark after expenses. Furthermore, the probability of a fund achieving a positive risk-adjusted return increases as its expense ratio decreases. Similar findings in the past have lead many experts to conclude that investors would be better off in low-cost passively managed index funds. Our results show that expenses must be at least one and perhaps two standard deviations below the peer-group mean for investors to have close to a 50-50 chance of beating a relevant benchmark.We also examine mutual fund characteristics partitioned by expense ratio class. Compared with funds in high and very high expense ratio classes, our major results show that those in low or very low expense ratio classes have significantly lower front-end and deferred loads, 12b-1 fees, management fees, and turnover. An implication of this evidence is that expense conscious investors should look carefully at these fund characteristics before investing.Our study provides evidence that supports links between mutual fund performance and fund attributes. Based on our regression analysis, we find evidence suggesting that larger equity funds tend to outperform smaller equity funds, which may reflect economies of scale. We find a significant negative relation between performance and loads (especially front-end loads), turnover, and beta (specifically using three-year performance measures). In addition, our results indicate no significant relation between performance and 12b-1 fees. We find evidence of statistically significant but mixed performance results for beta, cash, and dividend yields. In general, investors should be aware of these relations before investing.
Book Synopsis Performance and Characteristics of Actively Managed Retail Equity Mutual Funds with Diverse Expense Ratios by : John A. Haslem
Download or read book Performance and Characteristics of Actively Managed Retail Equity Mutual Funds with Diverse Expense Ratios written by John A. Haslem and published by . This book was released on 2018 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the relation between the performance and characteristics of 1,779 domestic, actively managed retail equity mutual funds with diverse expense ratios. We show that using expense ratio standard deviation classes is an effective method for characterizing fund expenses for investors. Using various performance measures including Russell-index-adjusted returns, the results indicate that superior performance, on average, occurs among large funds with low expense ratios, low trading activity, and no or low front-end loads. Performance is invariant with respect to whether funds have 12b-1 fees.
Book Synopsis Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry by :
Download or read book Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry written by and published by . This book was released on 2003 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry by : Ali Hortacsu
Download or read book Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry written by Ali Hortacsu and published by . This book was released on 2010 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two salient features of the competitive structure of the U.S. mutual fund industry are the large number of funds and the sizeable dispersion in the fees funds charge investors, even within narrow asset classes. Portfolio financial performance differences alone do not seem able to fully explain these features. We investigate whether non-portfolio fund differentiation and information/search frictions also play a role in creating these observed industry characteristics. We focus on their impact in a case study of the retail Samp;P 500 index funds sector. We find that fund proliferation and price dispersion also exist in this sector, despite the funds' financial homogeneity. Furthermore, there was a marked shift in sector assets to more expensive (often newly entered) funds throughout our sample period. Our analysis indicates that these observations are consistent with the presence of both non-portfolio differentiation and information/search frictions. Structural estimation of a novel search-over-differentiated-products model reveals that reasonable magnitudes of investor search costs can explain the considerable price dispersion in the sector, and consumers seem to value funds'' observable attributes such as fund age and the number of other funds in the same fund family in largely plausible ways. The results also suggest that the substantial increase in mutual fund market participation observed during our sample, and the corresponding purchase decisions of novice investors, drove the shift in assets toward more expensive funds. We also find evidence consistent with the presence of switching costs, as distinct from search costs. Using structural estimates of demand parameters and search costs, we investigate the possibility that there are too many sector funds from a social welfare standpoint. The results of this exercise indicate that restricting entry would yield nontrivial gains from reduced search costs and productivity gains from scale economies, but these may be counterbalanced by losses from increased market power and reduced product variety.
Book Synopsis Captured Money? Differences in the Performance Characteristics of Retail and Institutional Mutual Funds by : Jason J. Karceski
Download or read book Captured Money? Differences in the Performance Characteristics of Retail and Institutional Mutual Funds written by Jason J. Karceski and published by . This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 1990s, a number of mutual funds have emerged that cater exclusively to institutional investors, i.e. pension funds, trusts and corporate benefit plans. Information on the performance and flows into institutional mutual funds provides a unique opportunity to compare the factors influencing investment decisions of institutional investors to those of individual retail investors. We find that despite significantly lower expenses, on average institutional funds do not outperform retail funds. In addition, investors in institutional funds do not chase returns the same way that retail customers do. One explanation for the lack of any flow performance relationship is that some investors in these funds do not closely monitor the investment decisions made on their behalf by trustees and other institutional money managers. We refer to this as the capture hypothesis. To test the capture hypothesis we split institutional funds based on investor clientele and minimum investment requirements (a proxy for the costs of monitoring). Consistent with the capture hypothesis, we find institutional funds with relatively low investment requirements and funds with retail mates perform worse than other institutional funds both before and after adjusting for risk and expenses. Moreover, while cash flows into institutional funds are less sensitive to fund performance than are flows into retail funds, flows into institutional funds with high investment requirements are significantly more sensitive to risk-adjusted measures of performance than flows into retail funds. This suggests that some institutional investors focus on different performance criteria than retail investors.
Book Synopsis Investment Criteria for Mutual Fund Selection by : Jan Harkopf
Download or read book Investment Criteria for Mutual Fund Selection written by Jan Harkopf and published by Anchor Academic Publishing. This book was released on 2016-10 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of mutual funds for individual investors has increased in recent decades. This becomes apparent when looking at the increased share of households owning mutual funds. These mutual fund investors usually want to receive a return which is above or at least close to the mutual fund’s benchmark. Consequently, investors want to invest in those funds which will show these patterns in the future. Some of these mutual funds receive much attention, since they generate extraordinary high performance. But the question that remains is whether it is possible to predict such performance before funds exhibit such outstanding performance. In the past, mutual fund investors focused extensively on performance or performance linked patterns, like the Morningstar star rating, and thus chased past performance. This seems surprising since performance persists only over a short time and is more persistent to weak mutual funds (1 and 2 star rated) than well performing mutual funds. Thus, chasing past performances seems to be a rather inferior strategy. Therefore, investors should try to identify alternative tools showing a high correlation to future mutual fund performance. In this book, mutual funds are analysed, especially open-end mutual funds and actively managed mutual funds. The main focus is on what purpose and usefulness active investments have and whether performance is persistent and what the determinants of mutual fund flows are. Moreover, some alternative measures will be introduced by explaining which attributes or methods should be used and avoided when selecting mutual funds.
Download or read book Mutual Funds written by John Haslem and published by John Wiley & Sons. This book was released on 2009-02-09 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative book enables readers to evaluate the variousperformance and risk attributes of mutual funds, while also servingas a comprehensive resource for students, academics, and generalinvestors alike. Avoiding the less useful descriptive approach tofund selection, this book employs a balanced approach includingboth technique and application. The chapters combine clearsummaries of existing research with practical guidelines for mutualfund analysis. Enables readers to analyze mutual funds by evaluating a fund'svarious performance and risk attributes. Includes templates, which provide an efficient, sound approachto fund analysis, interpretation of results, buy/sell decisions,and the timing of decisions. Combines clear summaries of existing research with practicalguidelines for mutual fund analysis.
Download or read book Mutual Funds written by John A. Haslem and published by John Wiley & Sons. This book was released on 2009-10-08 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.
Book Synopsis The White Coat Investor by : James M. Dahle
Download or read book The White Coat Investor written by James M. Dahle and published by White Coat Investor LLC the. This book was released on 2014-01 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: Graduate from medical school with as little debt as possible Escape from student loans within two to five years of residency graduation Purchase the right types and amounts of insurance Decide when to buy a house and how much to spend on it Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor Avoid investments which are designed to be sold, not bought Select advisors who give great service and advice at a fair price Become a millionaire within five to ten years of residency graduation Use a "Backdoor Roth IRA" and "Stealth IRA" to boost your retirement funds and decrease your taxes Protect your hard-won assets from professional and personal lawsuits Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die Minimize your tax burden, keeping more of your hard-earned money Decide between an employee job and an independent contractor job Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation Take a look at the first pages of the book by clicking on the Look Inside feature Praise For The White Coat Investor "Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place." - Allan S. Roth, MBA, CPA, CFP(R), Author of How a Second Grader Beats Wall Street "Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research." - William J. Bernstein, MD, Author of The Investor's Manifesto and seven other investing books "This book should be in every career counselor's office and delivered with every medical degree." - Rick Van Ness, Author of Common Sense Investing "The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk." - Joe Jones, DO "Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis." - Dennis Bethel, MD "An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust." - Greg E Wilde, M.D Scroll up, click the buy button, and get started today!
Book Synopsis Institutional S&P 500 Index Mutual Funds as Financial Commodities by : John A. Haslem
Download or read book Institutional S&P 500 Index Mutual Funds as Financial Commodities written by John A. Haslem and published by . This book was released on 2017 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given their simplicity and presumed commodity-like nature, institutional Samp;P 500 Index mutual funds should be subject to active price competition, resulting in only nominal size-adjusted differences in expenses. We find a wide disparity among fund expense ratios and their corresponding characteristics and performance. Overall, the evidence suggests some price competition among institutional Samp;P 500 Index funds, but not to the extent that they may be considered financial commodities. One explanation for the existence of high-priced index funds is that they tend to require significantly lower minimum initial purchases. Our data do not support the notion that institutional investors buy high-priced Samp;P 500 index funds to access broader or lower-cost investment services from fund families. We conclude the market for institutional Samp;P 500 Index funds is not completely homogenous.
Book Synopsis Are Retail S&P 500 Index Funds a Financial Commodity? Insights for Investors by : John A. Haslem
Download or read book Are Retail S&P 500 Index Funds a Financial Commodity? Insights for Investors written by John A. Haslem and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mutual Funds and Exchange-traded Funds by : Harold Kent Baker
Download or read book Mutual Funds and Exchange-traded Funds written by Harold Kent Baker and published by Oxford University Press, USA. This book was released on 2016 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth provides a fresh look at this intriguing but often complex subject. Its coverage spans the gamut from theoretical to practical coverage.
Book Synopsis A Guide to Financial Regulation for Fintech Entrepreneurs by : Stefan Loesch
Download or read book A Guide to Financial Regulation for Fintech Entrepreneurs written by Stefan Loesch and published by John Wiley & Sons. This book was released on 2018-02-20 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fintech Entrepreneur’s Guide to Regulation and Regulatory Strategy Fintech has been growing dramatically over the last few years, and it is now an important sector in its own right. This means that Fintech companies, who could so far often rely on a comparatively lenient regulatory regime, will now have to give serious thoughts on compliance with applicable regulatory rules. Operating in a highly regulated environment is tedious, but not all bad—companies that can play the regulatory game well have a strategic advantage, especially with regard to time-to-market and scaling. Nothing spells missed opportunity like a competitor building market share with a copycat product whilst you are still waiting for your license! Written for professionals, this book helps anyone whose job has to do with formulating or executing a Fintech startup strategy or whose job touches financial services regulation, or anyone who simply wants an easy- to-read introduction to financial services and their regulation. Describes the purpose of and principle behind modern financial services regulation Explains how to include regulation into a startup’s strategic planning to optimize time-to-market and scaling Gives an overview of the entire financial services space, and which regulations apply where Gives detailed references to 20 key regulations in the EU regulatory system, including PSD, GDPR, CRD, AMLD, MiFID, UCITSD, AIFMD The first part introduces financial services regulation, its purpose, how it is created (especially in the EU and in the US), and it develops a framework for including regulations into the strategic planning of a company. It also gives a rundown of the current financial services space—players and products—and its key regulations. The second part describes a regulatory system in more detail. The system chosen is the EU because it is more consistent and unified than the US system where a lot of the regulation still is created at the state-level. However, as most financial regulation nowadays is determined at the global level, the principles found in EU regulation will be by and large also be found the US and other systems.
Book Synopsis Exchange Traded Funds and E-Mini Stock Index Futures by : David Lerman
Download or read book Exchange Traded Funds and E-Mini Stock Index Futures written by David Lerman and published by John Wiley & Sons. This book was released on 2002-07-01 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how to use both ETFs and E-Minis for high-powered results Exchange Traded Funds (ETFs) are a remarkable new tool for trading and investing in broad market segments or narrow sectors. ETF trading volume and asset growth continue to soar at record levels. Ideal for speculating in and hedging as well as long-term investing in the broader markets, these index products work together to diversify and balance any global portfolio. Now, one of the top executives (and experts) in the industry reveals the intricacies of the products, how to use them, and what the future holds. Readers will get sample index portfolios and strategies for all market participants--ranging from the short-term trader to the long-term investor; and from the risk taker to the conservative investor. David Lerman (Chicago, IL) is the Senior Director of Equity Index Products Marketing at the Chicago Mercantile Exchange. He has traveled around the globe on behalf of the CME, giving seminars and workshops to retail and institutional audiences, including pension funds, corporations, banks and brokers on risk management/trading using equity index futures and options.
