The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry: A Case Study of S&P 500 Index Funds
Abstract
We investigate the role that nonportfolio fund differentiation and information/search frictions play in creating two salient features of the mutual fund industry: the large number of funds and the sizable dispersion in fund fees. In a case study, we find that despite the financial homogeneity of S&P 500 index funds, this sector exhibits the fund proliferation and fee dispersion observed in the broader industry. We show how extra-portfolio mechanisms explain these features. These mechanisms also suggest an explanation for the puzzling late-1990s shift in sector assets to more expensive (and often newly entered) funds: an influx of high-information-cost novice investors.
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Citations
Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Preferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings
FALKENSTEIN, E. G. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05204.x · Cited by 1,058
Cited by
A Demand System Approach to Asset Pricing
Koijen, R. S. J., & Yogo, M. (2019) · Journal of Political Economy · doi:10.1086/701683 · Cited by 688
Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry
Bergstresser, D., Chalmers, J. M. R., & Tufano, P. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhp022 · Cited by 604
Beshears, J., Choi, J. J., Laibson, D., & Madrian, B. C. (2008) · Journal of Public Economics · doi:10.1016/j.jpubeco.2008.04.010 · Cited by 362
Ursu, R. M. (2018) · Marketing Science · doi:10.1287/mksc.2017.1072 · Cited by 328
Match Quality, Search, and the Internet Market for Used Books
Ellison, G., & Ellison, S. F. (2018) · doi:10.3386/w24197 · Cited by 53
Metadata
- Authors
- Hortacsu, A., & Syverson, C.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-05-01
- Volume
- 119
- Issue
- 2
- Pages
- 403-456
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2112341467
- Cited by
- 613
- References
- 2
- FWCI
- 17.41
- Type
- journal article
- Language
- en
- Open access
- closed
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- Hortacsu, A., & Syverson, C. (2004). Product Differentiation, Search Costs, and Competition in the Mutual Fund Industry: A Case Study of S&P 500 Index Funds. The Quarterly Journal of Economics. https://doi.org/10.1162/0033553041382184
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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