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Influences And Trends In Mutual Fund Expense Ratios

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  • Michele LaPlante

Abstract

A common question for the mutual fund industry, which has experienced a fivefold increase in assets over the last few years, is whether it shows declining production costs. Prior studies on fund expenses give conflicting results because several factors, from asset size to management style to share class, affect costs. Controlling for these and other factors shows the average stock fund expense ratio declined 1 basis point per year and bond fund ratios decreased 1 to 3 basis points per year, depending on the investment objective, from 1994 to 1998. Funds participating in no‐transaction‐fee supermarkets are more expensive than equivalent nonparticipants. JEL classification: G20, G28

Suggested Citation

  • Michele LaPlante, 2001. "Influences And Trends In Mutual Fund Expense Ratios," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(1), pages 45-63, March.
    • Handle: RePEc:bla:jfnres:v:24:y:2001:i:1:p:45-63
    DOI: 10.1111/j.1475-6803.2001.tb00817.x
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    Citations

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    Cited by:

    1. Marco Navone & Giacomo Nocera, 2016. "Unbundling the Expense Ratio: Hidden Distribution Costs in European Mutual Fund Markets," European Financial Management, European Financial Management Association, vol. 22(4), pages 640-666, September.
    2. Anolli, Mario & Del Giudice, Alfonso, 2008. "Italian Open End Mutual Fund Costs," MPRA Paper 8111, University Library of Munich, Germany.
    3. Paulo ALVES, 2015. "The Fees Of Mutual Funds And Real Estate Funds Their Determinants In A Small Market," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 6(1), pages 20-28.
    4. Franz Diboky & Jörg Finsinger, 2006. "Total Expense Ratio — eine empirische Untersuchung der Zusatzkosten von Investmentfonds," Schmalenbach Journal of Business Research, Springer, vol. 58(6), pages 710-729, September.
    5. Soo-Wah Low, 2008. "A cross-sectional analysis of Malaysian unit trust fund expense ratios," Journal of Asset Management, Palgrave Macmillan, vol. 9(4), pages 270-277, October.
    6. G. Koppenhaver & Travis Sapp, 2005. "Money Funds or Markets? Valuing Intermediary Services," Journal of Financial Services Research, Springer;Western Finance Association, vol. 27(1), pages 51-76, February.
    7. Alves, Paulo, 2016. "The Expenses of Real Estate Funds in a Small Market: Their Determinants," MPRA Paper 83275, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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