Mutual Fund Fee–setting, Market Structure and Mark–ups
构建模型研究共同基金在非竞争市场结构下如何设定费用，实证发现基金业绩、年龄、规模和现金比率显著影响费用，但费用主要由基金因市场势力而加成的部分解释。
This paper develops a model to examine how mutual funds set fees charged to investors within a context of non–competitive market structure. The empirical evidence shows that the performance, age, size and cash ratio of the fund have statistically significant impacts on the mutual fund fees but, quantitatively, the majority of the fee is explained by mark–ups that funds add to the marginal cost owing to the market power possessed by the funds. Front–end load funds have the highest mark–ups, the back–end funds have the second highest, and no–load funds have the lowest mark–up.