English, Article, Journal or magazine article edition: Does Size Matter? Economies of Scale in the German Mutual Fund Industry Raimond Maurer; Alexander Schaefer

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Bookmark: http://trove.nla.gov.au/version/1643
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Does Size Matter? Economies of Scale in the German Mutual Fund Industry
Author
  • Raimond Maurer
  • Alexander Schaefer
Physical Description
  • preprint
Notes
  • In this paper, we analyze economies of scale for German mutual fund complexes. Using 2002-2005 data of 41 investment management companies, we specify a hedonic translog cost function. Applying a fixed effects regression on a one-way error component model there is clear evidence of significant overall economies of scale. On the level of individual mutual fund complexes we find significant economies of scale for all of the companies in our sample. With regard to cost efficiency, we find that the average mutual fund complexes in all size quartiles deviate considerably from the best practice cost frontier.
  • RePEc:fra:franaf:201
Language
  • English
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