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The tradeoff between mutual fund and direct stock investments : a theoretical analysis involving different types of investors

The tradeoff between mutual fund and direct stock investments : a theoretical analysis involving different types of investors

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MAREKWICA, Marcel, Bertram I. STEININGER, 2014. The tradeoff between mutual fund and direct stock investments : a theoretical analysis involving different types of investors. In: Review of Managerial Science. 8(2), pp. 197-224. ISSN 1863-6683. eISSN 1863-6691

@article{Marekwica2014trade-30787, title={The tradeoff between mutual fund and direct stock investments : a theoretical analysis involving different types of investors}, year={2014}, doi={10.1007/s11846-013-0101-9}, number={2}, volume={8}, issn={1863-6683}, journal={Review of Managerial Science}, pages={197--224}, author={Marekwica, Marcel and Steininger, Bertram I.}, note={Späterer Name von Marcel Marekwica: Marcel Fischer} }

<rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:bibo="http://purl.org/ontology/bibo/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dcterms="http://purl.org/dc/terms/" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > <rdf:Description rdf:about="https://kops.uni-konstanz.de/rdf/resource/123456789/30787"> <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2015-04-21T06:16:48Z</dc:date> <dc:creator>Steininger, Bertram I.</dc:creator> <bibo:uri rdf:resource="http://kops.uni-konstanz.de/handle/123456789/30787"/> <dc:creator>Marekwica, Marcel</dc:creator> <dc:contributor>Marekwica, Marcel</dc:contributor> <dcterms:abstract xml:lang="eng">We study the tradeoff between direct and indirect stock investments through equity mutual funds for a utility-maximizing investor. Whereas direct investments impose higher transaction costs on the formation of a well-diversified portfolio, mutual funds charge fees for their services. Our results show that the fee levels that make private investors indifferent between direct and indirect stock investments vary heavily according to risk aversion, the amounts invested, correlations between assets, transaction costs, and the length of investment horizon. In particular, our results suggest that for a wide range of actively managed mutual funds, the fees charged are too high for these mutual funds to appeal to a wide range of informed investors. However, accounting for search costs, such as costs for financial advice, can facilitate an understanding of the levels of management fees charged by mutual funds existing in the market.</dcterms:abstract> <dc:language>eng</dc:language> <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2015-04-21T06:16:48Z</dcterms:available> <dcterms:rights rdf:resource="http://nbn-resolving.de/urn:nbn:de:bsz:352-20150305140228786-3747162-5"/> <dc:contributor>Steininger, Bertram I.</dc:contributor> <dcterms:title>The tradeoff between mutual fund and direct stock investments : a theoretical analysis involving different types of investors</dcterms:title> <dcterms:issued>2014</dcterms:issued> </rdf:Description> </rdf:RDF>

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