TY  - UNPD
A1  - Maurer, Raimond
A1  - Schaefer, Alexander
T1  - Does size matter? : Economies of scale in the German mutual fund industry
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 201
N2  - 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. JEL Classification: G2, L25 Keywords: mutual fund complex, investment management company, cost efficiency, economies of scale, hedonic translog cost function, fixed effects regression, one-way error component model
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 201 
KW  - mutual fund complex
KW  - investment management company
KW  - cost efficiency
KW  - economies of scale
KW  - hedonic translog cost function
KW  - fixed effects regression
KW  - Deutschland
KW  - Investmentfonds
KW  - Economies of scale
KW  - Skalenertrag
KW  - Geschichte 2002-2005
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6422
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-65765
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -