Welcome to the 2018 AFS Annual Meeting, being held this year, in conjunction with FPA in Chicago!
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Wednesday, October 3 • 10:45am - 11:45am
G2a - Cost Efficiencies in the Management of Commodity Mutual Funds

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We examine determinants of cost efficiencies in the U.S. commodity mutual fund industry for the period 2001 to 2016. Empirical results show that cost increases in the U.S. commodity mutual fund industry have been less than proportional to increases in fund assets, pointing to economies of scale for the industry. Average cost elasticity varies by fund size, existence of 12b-1 fees, load versus no-load funds, and institutional versus retail funds. Funds without a 12b-1 plan show larger economies of scale than funds with a 12b-1 plan. Institutional funds show greater economies of scale than retail funds since 2010.

Author(s): Tim Mooney, D.K. Malhotra, Raymond Poteau


Tim Mooney

Assistant Professor of Finance, Thomas Jefferson University

Wednesday October 3, 2018 10:45am - 11:45am CDT
Michigan 1B