Out of sight, out of mind: The effects of expenses on mutual fund flows
Out of sight, out of mind: The effects of expenses on mutual fund flows
复制标题
DOI：
10.1086/497042
复制
发表时间：
2005-11-01
影响因子：
--
通讯作者：
Zheng, L
中科院分区：
文献类型：
--
作者：
Barber, BM;Odean, T;Zheng, L
我们认为，共同基金投资者的购买决策受到引人注目的显着信息的影响。与运营费用相比，投资者对显着的、直接的费用（例如前端负载和佣金）更为敏感；他们购买通过卓越表现、营销或广告吸引他们注意的基金。我们分析了过去 30 年的共同基金流量，发现流量与前端费用之间存在负相关关系。相反，我们发现运营费用和流量之间没有关系。其他分析表明，营销和广告的成本通常包含在基金的运营费用中，是造成这一令人惊讶的结果的原因。
We argue that the purchase decisions of mutual fund investors are influenced by salient, attention- grabbing information. Investors are more sensitive to salient, in- your- face fees, like front- end loads and commissions, than operating expenses; they buy funds that attract their attention through exceptional performance, marketing, or advertising. We analyze mutual fund flows over the last 30 years and find negative relations between flows and front- end- load fees. In contrast, we find no relation between operating expenses and flows. Additional analyses indicate that marketing and advertising, the costs of which are often embedded in funds' operating expenses, account for this surprising result.