Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds

Pension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact offees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in many cou...

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Autores principales:	Alda,Mercedes, Ferruz,Luis
Lenguaje:	English
Publicado:	Universidad de Chile. Departamento de Economía 2013
Materias:	Pension funds management fees determinants censored models
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862013000200003
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spelling	oai:scielo:S0718-528620130002000032014-04-28Management fees: Determinants and influence of legal limits. Evidence from Spanish pension fundsAlda,MercedesFerruz,Luis Pension funds management fees determinants censored models Pension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact offees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in many countries, traditional models do not take these limits into account, and results could be biased; therefore, censored models (such as Tobit or CLAD) may provide a better fit. In this work, we study the determinants of management fees in Spanish equity pension funds. We find a better fit in the CLAD model, which provides unbiased and consistent estimators. Additionally, older and larger pension funds charge greater management fees and these fees increase with low volatility. However, fund returns and market returns barely affect such fees.info:eu-repo/semantics/openAccessUniversidad de Chile. Departamento de EconomíaEstudios de economía v.40 n.2 20132013-12-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862013000200003en10.4067/S0718-52862013000200003
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Pension funds management fees determinants censored models
spellingShingle	Pension funds management fees determinants censored models Alda,Mercedes Ferruz,Luis Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds
description	Pension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact offees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in many countries, traditional models do not take these limits into account, and results could be biased; therefore, censored models (such as Tobit or CLAD) may provide a better fit. In this work, we study the determinants of management fees in Spanish equity pension funds. We find a better fit in the CLAD model, which provides unbiased and consistent estimators. Additionally, older and larger pension funds charge greater management fees and these fees increase with low volatility. However, fund returns and market returns barely affect such fees.
author	Alda,Mercedes Ferruz,Luis
author_facet	Alda,Mercedes Ferruz,Luis
author_sort	Alda,Mercedes
title	Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds
title_short	Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds
title_full	Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds
title_fullStr	Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds
title_full_unstemmed	Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds
title_sort	management fees: determinants and influence of legal limits. evidence from spanish pension funds
publisher	Universidad de Chile. Departamento de Economía
publishDate	2013
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862013000200003
work_keys_str_mv	AT aldamercedes managementfeesdeterminantsandinfluenceoflegallimitsevidencefromspanishpensionfunds AT ferruzluis managementfeesdeterminantsandinfluenceoflegallimitsevidencefromspanishpensionfunds
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Management fees: Determinants and influence of legal limits. Evidence from Spanish pension funds

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