The Role of Brokers and Financial Advisors behind Investments into Load Funds

摘要：

This paper finds that load funds with higher loads tend to receive higher flows, suggesting that brokers and financial advisors might serve as the true decision makers behind investments into load funds. As a result, fund families have been steadily increasing fund loads since the mid 1990s. Brokers and financial advisors exhibit similar behaviors as no-load fund investors in chasing past performance and investing in fund families with more options. However, they are more likely to direct load fund investors into smaller funds, which might experience better performance, while no-load fund investors flock into larger funds with more visibility.

作者: Xinge Zhao

作者单位: School of Business Administration P.O. Box 8795 College of William & Mary Williamsburg, VA 23187

会议类型: 国际会议

会议名称: 2005年中国国际金融年会

会议地点: 昆明

会议语种:英文

在线出版日期: 2005-07-05（万方平台首次上网日期，不代表论文的发表时间）