131142 20240205173707.0 sideral 91766 ART-2013-91766 eng Alda García, Mercedes Universidad de Zaragoza (orcid)0000-0002-2525-9049 Management fees: determinants and influence of legal limits. Evidence from Spanish pension funds 2013 Pension 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. Access copy available to the general public Unrestricted info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 0.0 2013 ECONOMICS info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Ferruz Agudo, Luis Universidad de Zaragoza (orcid)0000-0002-3816-9747 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 40, 2 (2013), 157-177 Estud. econ Estudios de Economia 0304-2758 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/31030 Texto completo de la revista 142752 http://zaguan.unizar.es/record/131142/files/texto_completo.pdf Versión publicada 1246057 http://zaguan.unizar.es/record/131142/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:131142 articulos driver 2024-02-05-15:07:22 ARTICLE