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dc.contributor.authorMauerer, Raimonden
dc.contributor.authorSchaefer, Alexanderen
dc.date.accessioned2009-05-27-
dc.date.accessioned2010-08-19T12:32:21Z-
dc.date.available2010-08-19T12:32:21Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/39045-
dc.description.abstractIn 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.en
dc.language.isoengen
dc.publisher|aJohann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften |cFrankfurt a. M.en
dc.relation.ispartofseries|aWorking Paper Series: Finance & Accounting |x201en
dc.subject.jelG2en
dc.subject.jelL25en
dc.subject.ddc330en
dc.subject.keywordmutual fund complexen
dc.subject.keywordcost efficiencyen
dc.subject.keywordeconomies of scaleen
dc.subject.keywordhedonic translog cost functionen
dc.subject.keywordfixed effects regressionen
dc.subject.keywordone-way error component modelen
dc.subject.stwInvestmentfondsen
dc.subject.stwSkalenertragen
dc.subject.stwKostenfunktionen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleDoes size matter? Economies of scale in the German mutual fund industry-
dc.typeWorking Paperen
dc.identifier.ppn600483150en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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