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| Author: | Khorana, A. Servaes, H. Tufano, P. |
| Title: | Explaining the size of the mutual fund industry around the world |
| Journal: | Journal of Financial Economics
2005 : OCT, VOL. 78:1, p. 145-185 |
| Index terms: | financial innovation investment law unit trusts |
| Language: | eng |
| Abstract: | In this article, the mutual fund industry is studied in 56 countries and it is examined where this financial innovation has flourished. The fund industry is larger in countries with stronger rules, laws, and regulations, and specifically where mutual fund investors' rights are better protected. The industry is also larger in countries with wealthier and more educated populations, where the industry is older, trading costs are lower and in which defined contribution pension plans are more prevalent. |
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