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Total Expense Ratio — eine empirische Untersuchung der Zusatzkosten von Investmentfonds

Author

Listed:
  • Franz Diboky

    (Universität Wien)

  • Jörg Finsinger

    (Universität Wien)

Abstract

Zusammenfassung Während in den USA die Veröffentlichung der Gesamtkostenquote (Total Expense Ratio) von Investmentfonds im Sinne von Informationstransparenz und Produktvergleichbarkeit üblich ist, gaben Fondsgesellschaften in Europa bis vor kurzem nur über die Höhe der Management Fee (welche ein wesentlicher, aber eben nur ein Teil der gesamten Kosten ist) Auskunft. Im Gegensatz zu bisher veröffentlichten Studien über Fondskosten, die auf den US-Markt ausgerichtet waren, untersuchen wir in Europa beheimatete Fonds und analysieren jene Faktoren, welche die „hidden costs“ beeinflussen, also den Anteil der Gesamtkosten, der den Investoren aufgrund fehlender Publikationsvorschriften bis zur schrittweisen Umsetzung der UCITS III-Richtlinien im Jahre 2004 kaum bekannt war (und zumeist noch immer kaum bekannt ist). Dabei zeigt sich, dass neben der Höhe der Management Fee vor allem das Volumen eines Fonds sowie das Sitzland und die Anlageregion einen Einfluss auf diese bislang „versteckten“, weil nicht Publikationspflichtigen Zusatzkosten haben.

Suggested Citation

  • 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.
    • Handle: RePEc:spr:sjobre:v:58:y:2006:i:6:d:10.1007_bf03371678
    DOI: 10.1007/BF03371678
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    References listed on IDEAS

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    Keywords

    G21; G28;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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