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SUMMARY:Marketing Mutual Funds
DTSTART:20181214T103000
DTEND:20181214T120000
DTSTAMP:20260406T170507Z
UID:8aeb88e5cc534f661cf63aaafcc561ca2a7805e0dfdff1eca471b891
CATEGORIES:Conferences - Seminars
DESCRIPTION:Nikolai ROUSSANOV\, Wharton\nMarketing and distribution expens
 es are responsible for about a third of the cost of active management in t
 he mutual fund industry. We develop and estimate a structural model of mut
 ual fund marketing with learning about unobserved skill and costly investo
 r search. Our estimates suggest that marketing is nearly as important as p
 erformance and fees for determining fund size. Eliminating marketing subst
 antially improves welfare\, as capital shifts towards cheaper funds and co
 mpetition decreases fees. Average alpha increases as active funds shrink\,
  and capital allocation becomes more closely aligned with manager skill ne
 t of fees. Declining investor search costs over time imply a reduction in 
 marketing expenses and management fees as well as a shift towards passive 
 investing\, as observed empirically.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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