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The Relationship between Mutual Fund Fees and Expenses and Their Effects on Performance

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  • Dellva, Wilfred L
  • Olson, Gerard T

Abstract

Fees charged by mutual funds include front-end load charges, deferred sales charges that decrease over time, redemption fees that are imposed whenever shares are sold, and 12b-1 fees. Fees may be justified if they allow the fund to lower other costs or improve performance. In this paper, we find that, on average, 12b-1 fees, deferred sales charges, and redemption fees increase expenses whereas funds with front-end loads generally have lower expenses. We also find that funds with 12b-1 fees and redemption fees, on average, earn higher risk adjusted returns but funds with front-end load charges earn lower risk adjusted returns. Copyright 1998 by MIT Press.

Suggested Citation

  • Dellva, Wilfred L & Olson, Gerard T, 1998. "The Relationship between Mutual Fund Fees and Expenses and Their Effects on Performance," The Financial Review, Eastern Finance Association, vol. 33(1), pages 85-103, February.
    • Handle: RePEc:bla:finrev:v:33:y:1998:i:1:p:85-103
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