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Abstract
Mutual fund bundling services under soft-dollar arrangements may benefit shareholders—but it is also possible that they waste shareholder capital. We examine two major questions concerning bundling actively managed equity fund research and services in soft-dollar arrangements. First, do soft-dollar arrangements provide higher risk-adjusted fund performance and/or lower advisory fees? And second, are shareholder assets wasted through use of soft-dollar arrangements? The research findings answer “yes” only to the second question.
- © 2016 Pageant Media Ltd
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US and Overseas: +1 646-931-9045
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