TAILIEUCHUNG - What Drives Market Share in the Mutual Fund Industry?*

Although the characteristics of emerging markets are relatively diverse, Thailand can represent the rest of the emerging countries, those in Asia in particular. This is because the Thai stock market exhibits several behaviours which are consistent with the average for emerging markets. For example, while the ten-year annualized growth of emerging markets ranged from (Taiwan) to (India), the Thai stock market grew by per year and this figure is comparable to the growth of the MSCI Emerging Markets index 1 , (MSCI, 2010). Also, Lim and Brooks showed that Thailand obtained a World Bank FSDI equity market. | Review of Finance 2012 16 81-113 doi rof rfr027 Advance Access publication October 19 2011 What Drives Market Share in the Mutual Fund Industry AJAY KHORANA and HENRI SERVAES1 1 London Business School Abstract. This article examines competition and investor behavior in the mutual fund industry for the universe of US mutual funds during 1976-2009. Over this period industry assets increased by a factor of 200 the number of active fund families quadrupled and the average market share of a family declined by four-fifths. We find that price competition and product differentiation are both effective strategies in obtaining market share. Families that pass along economies of scale to investors and those that charge lower fees than the competition gain market share but only if these fees are above average to begin with. Loads and 12b-1 fees however have a positive effect on market share consistent with the use of these types of fees for marketing and distribution. Families that perform better offer a wider range of products and start more funds relative to the competition a measure of innovation also have a higher market share. Innovation is rewarded more if the new fund is more differentiated from existing offerings. Overall our evidence suggests that mutual fund families compete effectively along both price and non-price dimensions. JEL Classification G23 G21 G28 1. Introduction The mutual fund industry has grown at a rapid pace partly due to the increased desire on the part of individuals to participate in financial markets without having to make individual investment decisions. For example from 1976 to 2009 assets under management in the fund industry have grown from 51 billion to trillion Much of this work was completed while the first author was at Georgia Institute of Technology. We would like to thank Joao Cocco Robert Connolly Elroy Dimson Edwin Elton Francisco Gomes Miguel Martinez Stefan Riinzi Paula Tkac Peter Tufano Larry Wall Russ Wermers Sam .

• Quỹ đầu tư
• Key Stakeholders
• Scholarship recipients
• Participating companies
• Core Measures
• Service Quality
• Improvement Requirement
• Project portfolio management
• Projects portfolio determination
• Key stakeholders’ expectations
• Public university project
• Board of trustees
• Application Information
• Candidate profile
• Eligibility
• BMC Cancer
• Cancer related fatigue
• Stakeholder engagement
• Integrative treatment program
• Complementary medicine
• Qualitative study
• BMC Geriatrics
• Person centered care
• Quality improvements
• Quality indicators
• Patient outcome assessment
• Public health
• Female condoms
• Family planning
• Reproductive health
• Women initiated contraception