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Author : Ali Hortaçsu
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book Product Differentiation, Search Cots and Competition in the Mutual Fund Industry written by Ali Hortaçsu and published by . This book was released on 2003 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ali Hortacsu
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (129 download)
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.
Author :
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (524 download)
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:
Author : Ali Hortaçsu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (18 download)
Download or read book Product Differentiation, Search Costs, and Competition in the Mutual Fund Industri written by Ali Hortaçsu and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R. Glenn Hubbard
Publisher : Columbia University Press
ISBN 13 : 023152532X
Total Pages : 252 pages
Book Rating : 4.2/5 (315 download)
Download or read book The Mutual Fund Industry written by R. Glenn Hubbard and published by Columbia University Press. This book was released on 2010-04-01 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual funds form the bedrock of retirement savings in the United States, and, considering their rapid growth, are sure to be more critical in the future. Because the size of fees paid by investors to mutual fund advisers can strongly affect the return on investment, these fees have become a contentious issue in Congress and the courts, with many arguing that investment advisers grow rich at the expense of investors. This ground-breaking book not only conceptualizes a new economic model of the mutual fund industry, but also uses this model to test for price competition between investment advisers, evaluating the assertion that market forces fail to protect investors' returns from excessive fees. Highly experienced authors track the growth of the industry over the past twenty-five years and present arguments and evidence both for and against theories of adviser malfeasance. The authors review the regulatory history of mutual fund fees and summarize leading case decisions addressing excessive fees. Revealing the extent to which the governance structure of mutual funds truly impacts fund performance, this book provides the best understanding of today's mutual fund industry and is a vital tool for investors, money managers, fund directors, securities lawyers, economists, and anyone concerned with the regulation of mutual funds.
Author : Ajay Khorana
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Conflicts of Interest and Competition in the Mutual Fund Industry written by Ajay Khorana and published by . This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual fund investors generally desire high risk-adjusted performance at low cost, which is not necessarily the objective of fund families. Fund families generally want to maximize assets under management (i.e., their market share) and the resulting management fees. This paper examines how these conflicting objectives affect competition and investor behavior in the mutual fund industry for the universe of U.S. mutual fund families over the period 1979-1998. Over this period, industry assets increased by a factor of twenty, the number of active fund families tripled, and the average market share of a family declined by two thirds. We find that price competition is important in the industry. Families that charge lower fees than the competition gain market share, but only if these fees are above average to begin with. Low-cost families do not lose market share by charging higher fees. In addition, fees charged explicitly for marketing and distribution (12b-1 fees) have a positive impact on market share. We find no evidence that investors derive any benefit from 12b-1 fees. Product differentiation strategies are also effective in obtaining market share. Families that perform better, and start more funds relative to the competition (a measure of innovation) have a higher market share. Innovation is rewarded more if the new fund is more differentiated from existing offerings and is in a less crowded objective. Finally, market share within an investment objective is driven primarily by a family's policies within that objective, but there are important performance spillover effects from other funds in the family. Our findings are robust to various tests for endogeneity of the explanatory variables. Overall, this paper highlights a number of conflicts between fund families and investors.
Author : Yasuyuki Fuchita
Publisher : Brookings Institution Press
ISBN 13 : 0815701667
Total Pages : 151 pages
Book Rating : 4.8/5 (157 download)
Download or read book Pooling Money written by Yasuyuki Fuchita and published by Brookings Institution Press. This book was released on 2010-01-01 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication One of the first rules of investing is diversification: spreading resources over many types of investments in order to minimize financial risk. Mutual funds have been the diversification vehicle of choice for the last several decades. In recent years, however, other opportunities for diversification—such as separately managed accounts and exchange-traded funds—have enjoyed rapid growth. What lies ahead for the mutual fund industry in light of this increasingly competitive environment? In this volume, experts from the United States and Japan look at forces of change in their securities markets and offer their views of the future for mutual funds and other forms of securities diversification. Contributors include Harold Bradley (Kauffman Foundation), Koichi Iwai (Nomura Institute of Capital Markets Research),Ajay Khorana (Georgia Institute of Technology),Allan Mostoff (Mutual Fund Directors Forum), Brian Reid (Investment Company Institute), Henri Servaes (London Business School), Paula Tkac (Federal Reserve Bank of Atlanta), and Peter Wallison (American Enterprise Institute).
Author : Andreas Mattig
Publisher : Springer Science & Business Media
ISBN 13 : 3834983519
Total Pages : 248 pages
Book Rating : 4.8/5 (349 download)
Download or read book Industrial Dynamics and the Evolution of Markets in the Mutual Fund Industry written by Andreas Mattig and published by Springer Science & Business Media. This book was released on 2010-12-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The asset management, and more specifically the mutual fund industry, is facing major strategic challenges. Although the market is growing overall, its growth attracts a steady stream of new entrants and new products that jeopardize the position and profitability of (large) incumbent firms. In order to cope with this setting, Andreas Mattig focuses on a holistic market model to sketch the mutual fund industry structure. This allows to propose a new measurement approach and to track the industrial dynamics. Based on these theoretical contributions, he concentrates on governance aspects and moulds the results into a practice-oriented strategic framework.
Author : Emek Basker
Publisher : Edward Elgar Publishing
ISBN 13 : 1783477385
Total Pages : 513 pages
Book Rating : 4.7/5 (834 download)
Download or read book Handbook on the Economics of Retailing and Distribution written by Emek Basker and published by Edward Elgar Publishing. This book was released on 2016-01-29 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook explores and critically examines current research in economics and marketing science on key issues in retailing and distribution. Providing a rich perspective for the discussion of public policy, contributions from several disciplines and continents range from the history of chains and the impact of multinational retailers on international trade patterns to US merger policy in the retail context, the rise of the Internet, and consumer-to-consumer sales. The chapters address methodological issues such as the structural estimation of entry games between retailers, productivity measurement when both inputs and output are not fully observable, and demand estimation with variable assortment. Policy issues explored include mergers, zoning, and the regulation of buyer power, while other chapters address some of the recent exciting developments in technology, retail formats, and data availability. The book goes on to study the changes in online retailing and ‘big data’, and to examine competition in specific retail sectors including gasoline stations, automobile dealerships, supermarkets, and ‘big box’ retail. This state-of-the-art Handbook is an essential reference for students and academics of economics and marketing science, and offers an outsider’s perspective to specialists in operations research, data analytics, geography, and sociology.
Author : Luis C. Corchón
Publisher : Edward Elgar Publishing
ISBN 13 : 1788112784
Total Pages : 547 pages
Book Rating : 4.7/5 (881 download)
Download or read book Handbook of Game Theory and Industrial Organization, Volume II written by Luis C. Corchón and published by Edward Elgar Publishing. This book was released on 2018-02-23 with total page 547 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume of the Handbook includes original contribution by experts in the field. It provides up-to-date surveys of the most relevant applications of game theory to industrial organization. The book covers both classical as well as new IO topics such as mergers in markets with homogeneous and differentiated goods, leniency and coordinated effects in cartels and mergers, static and dynamic contests, consumer search and product safety, strategic delegation, platforms and network effects, auctions, environmental and resource economics, intellectual property, healthcare, corruption, experimental industrial organization and empirical models of R&D.
Author :
Publisher : Elsevier
ISBN 13 : 0323988881
Total Pages : 784 pages
Book Rating : 4.3/5 (239 download)
Download or read book Handbook of Industrial Organization written by and published by Elsevier. This book was released on 2021-12-09 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Industrial Organization Volume 4 highlights new advances in the field, with this new volume presenting interesting chapters. Each chapter is written by an international board of authors. Part of the renowned Handbooks in Economics series Chapters are contributed by some of the leading experts in their fields A source, reference and teaching supplement for industrial organizations or industrial economists
Author :
Publisher : Elsevier
ISBN 13 : 0444637656
Total Pages : 632 pages
Book Rating : 4.4/5 (446 download)
Download or read book Handbook of the Economics of Marketing written by and published by Elsevier. This book was released on 2019-09-19 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of the Economics of Marketing, Volume One: Marketing and Economics mixes empirical work in industrial organization with quantitative marketing tools, presenting tactics that help researchers tackle problems with a balance of intuition and skepticism. It offers critical perspectives on theoretical work within economics, delivering a comprehensive, critical, up-to-date, and accessible review of the field that has always been missing. This literature summary of research at the intersection of economics and marketing is written by, and for, economists, and the book's authors share a belief in analytical and integrated approaches to marketing, emphasizing data-driven, result-oriented, pragmatic strategies. Helps academic and non-academic economists understand recent, rapid changes in the economics of marketing Designed for economists already convinced of the benefits of applying economics tools to marketing Written for those who wish to become quickly acquainted with the integration of marketing and economics
Author : Sitikantha Parida
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (13 download)
Download or read book Impact of Competition on Fund Disclosures and Consumer Search Costs written by Sitikantha Parida and published by . This book was released on 2018 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the impact of competition in financial markets on the frequency of portfolio disclosures by mutual funds and its implications for consumer search costs. In a sample of open-end US domestic equity funds, it finds that voluntary disclosures decrease with market competition and this effect is amplified for funds holding illiquid assets. These results provide empirical support for the findings of Carlin et al. (2102). Mutual funds use voluntary portfolio disclosures as a marketing tool to attract new investments in a tournament-like market, where superior relative performance and greater visibility are rewarded with convex payoffs. With higher competition, the likelihood of receiving new investments goes down for each fund and funds respond by reducing costly voluntary disclosures. The disclosure costs are higher for funds holding illiquid assets and hence, the effect is stronger for them. Thus, competition appears to have an adverse impact on market transparency and hence, on consumer search costs in a tournament-like mutual fund market.
Author : Ali Hortaçsu
Publisher : Princeton University Press
ISBN 13 : 0691251002
Total Pages : 281 pages
Book Rating : 4.6/5 (912 download)
Download or read book Structural Econometric Modeling in Industrial Organization and Quantitative Marketing written by Ali Hortaçsu and published by Princeton University Press. This book was released on 2023-10-24 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise and rigorous introduction to widely used approaches in structural econometric modeling Structural econometric modeling specifies the structure of an economic model and estimates the model’s parameters from real-world data. Structural econometric modeling enables better economic theory–based predictions and policy counterfactuals. This book offers a primer on recent developments in these modeling techniques, which are used widely in empirical industrial organization, quantitative marketing, and related fields. It covers such topics as discrete choice modeling, demand modes, estimation of the firm entry models with strategic interactions, consumer search, and theory/empirics of auctions. The book makes highly technical material accessible to graduate students, describing key insights succinctly but without sacrificing rigor. • Concise overview of the most widely used structural econometric models • Rigorous and systematic treatment of the topics, emphasizing key insights • Coverage of demand estimation, estimation of static and dynamic game theoretic models, consumer search, and auctions • Focus on econometric models while providing concise reviews of relevant theoretical models
Author : Anjan V. Thakor
Publisher : Elsevier
ISBN 13 : 0080559921
Total Pages : 605 pages
Book Rating : 4.0/5 (85 download)
Download or read book Handbook of Financial Intermediation and Banking written by Anjan V. Thakor and published by Elsevier. This book was released on 2008-07-07 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
Author : Victor J. Tremblay
Publisher : Edward Elgar Publishing
ISBN 13 : 178471898X
Total Pages : 483 pages
Book Rating : 4.7/5 (847 download)
Download or read book Handbook of Behavioral Industrial Organization written by Victor J. Tremblay and published by Edward Elgar Publishing. This book was released on 2018 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 1132 pages
Book Rating : 4.:/5 (327 download)
Download or read book Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2004 with total page 1132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
