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| Tekijä: | Korkeamäki, T. P. Smythe, T. I. Jr. |
| Otsikko: | Effects of market segmentation and bank concentration on mutual fund expenses and returns: evidence from Finland |
| Lehti: | European Financial Management
2004 : SEP, VOL. 10:3, p. 413-438 |
| Asiasana: | Banking Market segmentation Unit trusts Finland |
| Kieli: | eng |
| Tiivistelmä: | Finnish mutual funds are addressed in this study. Finnish fund industry has grown rapidly and the industry is strongly dominated by banks. Finland is also a relatively new member of EU. The Finnish fund market grew faster than any other EU country in 1996-2000, which makes it particularly interesting. Evidence is found that bank-managed and older funds charge higher expenses but investors are not compensated for paying higher expenses with higher risk-adjusted returns, suggesting a potential agency problem. |
SCIMA