Welcome to the 2018 AFS Annual Meeting, being held this year, in conjunction with FPA in Chicago!
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Tuesday, October 2 • 10:30am - 11:20am
C2a - More than 12b-1 Fees: The Impact of Method of Sales on Return Salience Through Brokerage Channel

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Over the past four decades, there has been a dramatic change in how mutual funds are sold to investors. Before 1980, mutual funds had a single share class which was offered to all investors (Reid and Rea, 2003). This study follows Barber et al. (2015) identifying the impact of distribution channels on fund flow. We contribute by providing additional evidence that shows the variation of fund flows within different share classes and distribution channels. Our results show that distribution channels impact fund flow. Based on these results, we argue that it is critical to account for the method of sales when analyzing fund the relationship between fund flow and performance.

Author(s): Philip Gibson, Yuanshan "Jimmy" Cheng, Tao Guo


Philip Gibson

Assistant Professor of Finance, Winthrop University

Tuesday October 2, 2018 10:30am - 11:20am CDT
Michigan 1B

Attendees (3)