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| Tekijä: | Tufano, P. Sevick, M. |
| Otsikko: | Board structure and fee-setting in the U.S. mutual fund industry. |
| Lehti: | Journal of Financial Economics
1997 : DEC, VOL. 46:3, p. 321-355 |
| Asiasana: | UNIT TRUSTS BOARD OF DIRECTORS COSTS SHAREHOLDERS PRICING USA |
| Kieli: | eng |
| Tiivistelmä: | The study uses a new database to describe the composition and compensation of boards of directors of U.S. open-end mutual funds. They use these data to examine the relation between board structure and the fees charged by a fund to its shareholders. They find that shareholder fees are lower when fund boards are smaller, have a greater fraction of independent directors, and are composed of directors who sit on a large fraction of the fund sponsor's other boards. They find some evidence that funds whose independent directors are paid relatively higher director's fees approve higher shareholder fees. |
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