Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry

By Daniel Bergstresser, J. Chalmers, Peter Tufano. 2009

504 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8c085764628d95ceaf611472af5bb53f0c1dd22b

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Citations in the corpus

Efficiently Inefficient Markets for Assets and Asset Management (2017, background): “Bergstresser et al. (2009) report that a large fraction of mutual funds are sold via brokers and study the characteristics of these fund flows.”
WSJ Category Kings - the impact of media attention on consumer and mutual fund investment decisions (2017, unknown): “A similar attenuated response is likely for broker distributed funds, in line with the clientele characteristics described by Bergstresser, Chalmers, and Tufano (2009).”
Retail Financial Advice: Does One Size Fit All? (2015, unknown): “This finding is reminiscent of Berk and Green’s (2004) competitive mutual fund industry, in which capital flows in and out mutual funds exactly to such an extent that even though managers have skill, in expectation none of that skill gets passed on to investors in the form of positive alphas.”
Intermediated Investment Management (2011, unknown): “Third, our paper explains the underperformance of load funds relative to no-load funds, as well as indirectly sold funds relative to directly sold funds (see, for example, Carhart (1997) and Bergstresser et al. (2006)). Fourth, our analysis predicts a negative relation between net performance and ma”
Financial literacy, financial advice, and financial behavior (2017, background): “…contributions in the field find that advised accounts are on average associated with higher costs, lower returns and inferior risk-return tradeoffs (Bergstresser et al. 2009; Hackethal et al. 2012; Kramer 2012) and conclude that advisors do not add value through their investment recommendations…”
Financial Literacy and the Demand for Financial Advice (2015, unknown): “, 2011), and biased advice might not improve customers’ portfolio allocations or may even be to their detriment (Bergstresser et al., 2009; Mullainathan et al., 2010; Shapira and Venezia, 2001).”