The purpose of this study is to review emerging capital market institutions that are considered as ‘collective investment undertakings’ under Turkish Capital Market Law: Mutual funds, pension real estate funds and venture funds. In paper, data retrieved from official website Board. With ‘VAR’ ‘Johansen Co-Integration analysis’ with ‘Vector-Error-Correction Model’, the impact FX rates on net ass...

This paper provides both theoretical and empirical analyses of market participants’ optimal decision-making in trading Japanese equity mutual funds. First, we build an intertemporal decision-making model under uncertainty in the presence of transaction costs. This setting enables us to shed light on the investors’ option to delay investment. A comparative analysis shows that an increase in unce...

In this paper, we analyze whether the domiciliation decision of mutual funds has an impact on fund fees. To explain the fee price-setting of mutual funds, we consider characteristics specific to funds, fund companies, and countries. We find that fees vary considerably across fund types and countries. Positive impacts of financial market integration can be confirmed, though funds set up under th...

This paper examines the equilibrium consequences of strategic behavior of mutual fund managers who withhold information about their funds and their managerial ability. We show that under this information asymmetry, low skills in the industry can result in a growth of passive management. A separating equilibrium in which skilled managers actively manage funds arises only if their compensation de...

This paper uses data on actual returns on taxable bonds, tax-exempt bonds, and a small sample of equity mutual funds over the 1962-1998 period to compare two asset location strategies for retirement savers who invest in equities through equity mutual funds. The first strategy, ‘defer stocks first,’ gives priority to holding equity mutual funds in a saver’s tax-deferred account, while the second...

This paper uses a large sample containing the complete return histories of 2300 UK openended mutual funds over a 23-year period to measure fund performance. We find some evidence of underperformance on a risk-adjusted basis by the average fund manager, persistence of performance and the existence of a substantial survivor bias. Similar findings have been reported for US equity mutual funds. New...