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Board Structure and Fee-Setting in the U.S. Mutual Fund Industry

Abstract:

This study uses a new database to describe the composition and compensation of boards of directors of U.S. open-end mutual funds. We use these data to examine the relation between board structure and the fees charged by a fund to its shareholders. We find that shareholder fees are lower when fund boards are smaller, have a greater fraction of independent directors, and are composed of directors who sit on a large fraction of the fund sponsor's other boards. We find some evidence that funds wh...

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Authors


Peter Tufano More by this author
Matthew Sevick More by this author
Publication date:
1997-12-05
URN:
uuid:952ef77c-d9fe-4106-b9be-6b8ae50305fb
Local pid:
oai:eureka.sbs.ox.ac.uk:948

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