tailieunhanh - On the Origins of a Conflict of Interest in the Mutual Fund Industry

The first time a money market fund broke the buck was in 1994, when the Denver-based Community Banker’s . GovernmentMoney Market Fund reported aNAVof $. It had themisfortune of owning securities that fell sharply in value during the rapid rise in interest rates that year. Because this was a small fund held by a small number of institutional shareholders, the impact was limited. It wasn’t until the credit crisis of 2008 hit that a fund broke the buck in a dramatic way. This was the Reserve Primary Fund—the first money market fund in the United States. The Primary Fund was a $60 billion institutional money fund, open only to. | On the Origins of a Conflict of Interest in the Mutual Fund Industry Research Center ESSEC Working Paper 11002 February 2011 Sébastien M. Lemeunier fSSfC BUSINESS SCHOOL On the origins of a Conflict of Interest in the Mutual Fund Industry Sébastien M. Lemeunier1 1 Professor Department of finance European Business School Paris and Adjunct Professor Department of Economics ESSEC Business School Paris Email slemeunier@ Telephone 0033 620 23 22 10 1 On the origins of Conflict of Interest in the Mutual Fund Industry. Abstract This article discusses conflicts of interest existing between investors and their financial advisors. Several contributions in this field treated this question in relation either with invested amount or with expected holding period of the mutual fund. Our paper considers an approach globalizing these two parameters. The first part describes the organization of mutual fund fees in the US. Thanks to a numerical simulation the second part emphasizes the conflict of interest focusing on the expected holding period. The third one analyses the changes of variables and their consequences on characteristics of investors concerned by this conflict of interest. JEL classification G23 G24 G28 Keywords Mutual funds Broker Dealer Regulation conflict of interest Cet article traite des conflits d intérêts existant entre les investisseurs et leur conseiller financier. Des contributions antérieures ont apporté des éclairages sur cette question en considérant soit les montants investis soit l horizon d investissement des investisseurs. Cet article intègre ces différentes dimensions dans une approche globale. La première partie décrit le système des frais aux Etats-Unis. La seconde grâce à une simulation numérique met en évidence le conflit d intérêt en se concentrant uniquement sur l horizon d investissement. La troisième partie traite des changements de variables et leurs conséquences sur les caractéristiques des investisseurs concernés par ce conflit d .

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