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Títol:	Risk-Adjusted Impact of Administrative Costs on the Distribution of Terminal Wealth for Long-Term Investment
Autor/a:	Guillén, Montserrat; Jarner, Søren Fiig; Nielsen, Jens Perch; Pérez Marín, Ana María
Altres autors:	Universitat de Barcelona
Abstract:	The impact of administrative costs on the distribution of terminal wealth is approximated using a simple formula applicable to many investment situations. We show that the reduction in median returns attributable to administrative fees is usually at least twice the amount of the administrative costs charged for most investment funds, when considering a risk-adjustment correction over a reasonably long-term time horizon. The example we present covers a number of standard cases and can be applied to passive investments, mutual funds, and hedge funds. Our results show investors the potential losses they face in performance due to administrative costs.
Matèries:	-Riquesa -Distribució (Teoria econòmica) -Societats d'inversió -Control de costos -Wealth -Distribution (Economic theory) -Mutual funds -Cost control
Drets:	cc-by (c) Guillén, Montserrat et al., 2014 http://creativecommons.org/licenses/by/3.0/es
Tipus de document:	Article Article - Versió publicada
Publicat per:	Hindawi Publishing Corporation
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