English, Article, Journal or magazine article edition: Demand Curves and the Pricing of Money Management Susan Christoffersen; David K. Musto

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Bookmark: http://trove.nla.gov.au/version/189979
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Demand Curves and the Pricing of Money Management
Author
  • Susan Christoffersen
  • David K. Musto
Physical Description
  • preprint
Notes
  • Recent studies (e.g. Gruber (1996)) conclude that a subset of investors allocates away from funds with relatively worse prospects, and toward funds with better prospects. The implication for a given fund is that good prospects increase the density of performance-sensitive investors, and bad prospects increase the density of performance-insensitive investors. Since fees come out of performance, this has a straightforward pricing implication: investors remaining in the funds with bad prospects should be charged more, whether by the same fund or by a different fund that absorbs the investors. This dynamic is apparent from several angles in a sample of retail money-funds.
  • RePEc:wop:pennin:99-31
Language
  • English
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