000131142 001__ 131142
000131142 005__ 20240205173707.0
000131142 0248_ $$2sideral$$a91766
000131142 037__ $$aART-2013-91766
000131142 041__ $$aeng
000131142 100__ $$0(orcid)0000-0002-2525-9049$$aAlda García, Mercedes$$uUniversidad de Zaragoza
000131142 245__ $$aManagement fees: determinants and influence of legal limits. Evidence from Spanish pension funds
000131142 260__ $$c2013
000131142 5060_ $$aAccess copy available to the general public$$fUnrestricted
000131142 5203_ $$aPension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact of fees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in many countries, traditional models do not take these limits into account, and results could be biased; therefore, censored models (such as Tobit or CLAD) may provide a better fit. In this work, we study the determinants of management fees in Spanish equity pension funds. We find a better fit in the CLAD model, which provides unbiased and consistent estimators. Additionally, older and larger pension funds charge greater management fees and these fees increase with low volatility. However, fund returns and market returns barely affect such fees.
000131142 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
000131142 590__ $$a0.0$$b2013
000131142 591__ $$aECONOMICS
000131142 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000131142 700__ $$0(orcid)0000-0002-3816-9747$$aFerruz Agudo, Luis$$uUniversidad de Zaragoza
000131142 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000131142 773__ $$g40, 2 (2013), 157-177$$pEstud. econ$$tEstudios de Economia$$x0304-2758
000131142 85641 $$uhttps://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/31030$$zTexto completo de la revista
000131142 8564_ $$s142752$$uhttps://zaguan.unizar.es/record/131142/files/texto_completo.pdf$$yVersión publicada
000131142 8564_ $$s1246057$$uhttps://zaguan.unizar.es/record/131142/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000131142 909CO $$ooai:zaguan.unizar.es:131142$$particulos$$pdriver
000131142 951__ $$a2024-02-05-15:07:22
000131142 980__ $$aARTICLE