tailieunhanh - Explaining the size of the mutual fund industry around the world

ATP is Denmark‟s largest pension fund with total assets of more than EUR 66 billion. As of 31 December 2009 ATP‟s infrastructure investments equated to of the total portfolio. With just below 3% committed. ATP does not have a target for its infrastructure investments but has an overall target of 25- 30% of its risk budget to inflation class. ATP Pension Fund has invested in renewable energy infrastructure and technology, such as solar wind and hydro, as well as emerging technologies, such as biofuels and biomass for a long time. ATP invested DK 600 million in renewable. | Journal of Financial Economics 00 2005 000-000 Explaining the size of the mutual fund industry around the world Ajay Khorana a Henri Servaes b c Peter Tufanod e College of Management Georgia Institute of Technology 800 West Peachtree Street NW Atlanta Georgia 30332-0520 USA bLondon Business School Regent s Park Sussex Place London NW1 4SA United Kingdom cCEPR 90-98 Goswell Road London EC1V 7RR United Kingdom dHarvardBusiness School Soldiers Field Boston Massachusetts 02163 USA eNBER Cambridge MA 02138 USA Received 15 January 2004 received in revised form 2 July 2004 accepted 9 August 2004 Abstract This paper studies the mutual fund industry in 56 countries and examines where this financial innovation has flourished. The fund industry is larger in countries with stronger rules laws and regulations and specifically where mutual fund investors rights are better protected. The industry is also larger in countries with wealthier and more educated populations where the industry is older trading costs are lower and in which defined contribution pension plans are more prevalent. The industry is smaller in countries where barriers to entry are higher. These results indicate that laws and regulations supply-side and demand-side factors simultaneously affect the size of the fund industry. JEL classification G23 G15 G18 Keywords Mutual fund industry Financial development Law and economics UCITs A previous version of this paper was entitled The World of Mutual Funds. We would like to thank an anomymous referee Viral Acharya Christa Bouwman Marc Buffenoir Morningstar Sally Buxton Cadogan Financial Kurt Cerulli Cerulli Associates Elizabeth Corley Merrill Lynch Investment Managers Neil Fatherly KPMG Sylvester Flood Morningstar Julian Franks David Gallagher Michele Gambera Morningstar Francisco Gomes Steven Kaplan Diana Mackay FERI Fund Market Information Hamid Mehran Wolfgang Mansfeld Union Asset Management and FEFSI Ben Phillips Cerulli Associates Stefan Runzi Michael Schill Bill