Financial Management, Issue FALL 2018, pages 715-737

镇上唯一的基金？美国共同基金业的地理分割

作者：Jesse A. Ellis（North Carolina State University）

Shane Underwood（Baylor University）

摘要：我们发现，位于竞争性较强的地区的共同基金收取的管理费较低，但是与销售和分销有关的费用(12b-1费用)、销售负荷和其他非管理费支出较高。有证据表明，在竞争力较强的地区，基金总费用的比率高于竞争力较弱地区的类似基金。我们的结果表明，在竞争加剧导致基金利润下降的同时，通过增加销售费用产生了负外部性。总的来说，我们的研究结果表明，共同基金业的特点是地方层面的垄断竞争。

The Only Fund in Town? Geographic Segmentation in the US Mutual Fund Industry

Jesse A. Ellis（North Carolina State University），Shane Underwood（Baylor University）

ABSTRACT

We find that mutual funds located in regions with more competing funds charge lower management fees, but higher fees related to sales and distribution (12b-1 fees), sales loads, and other nonmanagement fee expenses. There is some evidence that funds in more competitive regions have higher total expense ratios than similar funds in less competitive regions. Our results indicate that while increased competition drives down fund profits, it creates a negative externality by way of increased sales expenses. Overall, our results suggest the mutual fund industry is characterized by monopolistic competition determined at the local level.

原文链接：https://onlinelibrary.wiley.com/doi/pdf/10.1111/fima.12216

翻译：董宇佳