This paper investigates the optimum position to be adopted by a financial group relative to the agency costs of a given firm in which the funds that it trustee manages possess shareholder positions. The fundamental determining factors regarding the results that were obtained were as follows: the...

Previous research has concluded that mutual funds' clients do have asymmetric performance reactions. Such behavior gives the fund manager the opportunity to optimize the fund's own interests. Using a unique database from a financial system wherein commercial interests, investment banking and...

The absence of investor reaction to the poor performance of mutual funds is a widely reported phenomenon. This paper investigates the role of load costs as an explanation for the phenomenon and concludes that back-end load fees are an obstacle to reaction. We found evidence consistent with the...