원문정보
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초록
영어
We estimate investors' attention level to mutual fund fees based on a parsimonious asset allocation model with limited attention in an experimental setting. We find that, on average, investors allocate 62.5% of their full attention to mutual fund fees. We also find that cognitive ability is an important factor in determining investors' attention to the fees. The estimated attention level implies investors in the U.S. mutual funds market pay $16 billion more in fees per year than the level they recognize. We evaluate policy options to increase attention to fees and find that the policy effectiveness may depend on one's cognitive ability.
목차
Abstract
1. Introduction
2. Experiment design and procedures
2.1. Estimating attention level to mutual fund fees based on portfolio allocation decisions
2.2. Experiment design
2.3. Implementation procedure of the experiment
3. Empirical analysis and results
3.1. Descriptive statistics
3.2. Cognitive ability and attention level to mutual fund fees
3.3. Price complexity and attention level to mutual fund fees
3.4. Robustness check
4. Conclusion
Appendix: Variable descriptions
References
1. Introduction
2. Experiment design and procedures
2.1. Estimating attention level to mutual fund fees based on portfolio allocation decisions
2.2. Experiment design
2.3. Implementation procedure of the experiment
3. Empirical analysis and results
3.1. Descriptive statistics
3.2. Cognitive ability and attention level to mutual fund fees
3.3. Price complexity and attention level to mutual fund fees
3.4. Robustness check
4. Conclusion
Appendix: Variable descriptions
References
저자정보
참고문헌
자료제공 : 네이버학술정보