The Efficiency of Performance‐Based Fee Funds
比较了完全或部分基于回报收费的基金与仅按管理资产收费的基金的效率，发现基于业绩收费的基金表现更好，且其费用与业绩正相关，表明管理更高效。
Abstract This paper compares the efficiency of mutual funds that charge management fees based totally or partially on returns (performance) with those that charge them exclusively on assets under management. We analyse Spanish risky mutual funds during 1999–2009 for which both types of management fees are authorised. We find that performance‐based fee funds perform significantly better than the other risky funds considered. Moreover, a strongly positive performance‐expenses relation is found for such funds, and negative for the other. These results seem to indicate more efficient management in performance‐based fee funds, in contrast with their low presence in the fund industry .