Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 13, 2020 erstellt
Description:
Many investors purchase open-end mutual funds through intermediaries, paying brokers and financial advisors for fund distribution and advice via alternative sale charge fee structures. We argue that the fee structure choice reveals valuable information about investors horizon. That allows portfolio managers to manage liquidity more efficiently, and to improve performance by timely matching their investment choices to the underlying investment horizon of their investors. Mutual funds with more committed capital hold shares longer, invest in more illiquid stocks, and take advantage of securities with slow-moving arbitrage opportunities, i.e., fire-sale stocks, innovative stocks. This evidence reveals an overlooked shadow cost of disintermediation in the mutual fund industry