Product differentiation, search costs, and competition in the mutual fund industry:: A case study of S&P 500 index funds
Product differentiation, search costs, and competition in the mutual fund industry:: A case study of S&P 500 index funds
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DOI：
10.1162/0033553041382184
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发表时间：
2004-05-01
影响因子：
13.7
通讯作者：
Syverson, C
中科院分区：
文献类型：
--
作者：
Hortaçsu, A;Syverson, C
我们研究了投资组合基金的差异化和信息/搜索摩擦在共同基金行业的两个显着特征（基金数量众多和基金费用的巨大分散）中所发挥的作用。在案例研究中，我们发现，尽管标准普尔 500 指数基金的财务同质性，该行业仍表现出在更广泛的行业中观察到的基金扩散和费用分散。我们展示了额外投资组合机制如何解释这些特征。这些机制还为 20 世纪 90 年代末部门资产向更昂贵（通常是新进入的）基金的令人费解的转变提供了一个解释：高信息成本新手投资者的涌入。
We investigate the role that ronportfolio fund differentiation and information/search frictions play in creating two salient features of the mutual fund industry: the large number of funds and the sizable dispersion in fund fees. In a case study, we find that despite the financial homogeneity of S&P 500 index funds, this sector exhibits the fund proliferation and fee dispersion observed in the broader industry. We show how extra-portfolio mechanisms explain these features. These mechanisms also suggest an explanation for the puzzling late-1990s shift in sector assets to more expensive (and often newly entered) funds: an influx of high-information-cost novice investors.