An initial analysis of African Mutual Fund Fees and expenses

 

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dc.contributor.advisor Holman, Glen en_ZA
dc.contributor.author Wright, Graysen Gordon en_ZA
dc.date.accessioned 2016-02-05T07:27:26Z
dc.date.available 2016-02-05T07:27:26Z
dc.date.issued 2015 en_ZA
dc.identifier.citation Wright, G. 2015. An initial analysis of African Mutual Fund Fees and expenses. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/16795
dc.description Includes bibliographical references en_ZA
dc.description.abstract The core objective of this study is to compile an African Mutual Fund database with a focus on fees charged, expenses borne and fund sizes. Until now, no consolidated database of African Mutual Fund expenses exists. The ancillary goal of the paper is to arrange the dataset in order to perform basic statistical analysis; and to test for the existence or non-existence of a number of internationally established relationships between fund fees, expenses and other variables in an African context. The paper aims to establish both similarities and abnormalities relating to the efficiency of African Mutual Funds in comparison with their international counterparts. No prior work has been produced in the context of African Mutual Funds as the industry has been overlooked, until recently, due to the growing perception of Africa representing the final frontier for investors seeking abnormal returns. The fundamental data utilized in this research paper includes African Mutual Fund Total Expense Ratios, Net Asset Values (NAVs), and mean Total Expense Ratios (TERs) for international mutual funds with no particular geographical limitations. This paper achieves its objective of collating a comprehensive database of African Mutual Fund fees, expenses, size and other variables. Findings include weak evidence confirming the inverse relationship between the level of financial market development and mutual fund expense ratios, the inverse relationship between mean expense ratios per country and the strength of investor protection in the related country, and a positive relationship between fund family size and mean TERs - indicating the presence of scale economies in African Mutual Fund families. All such findings are in line with empirical evidence presented by international studies. Consistent with other exploratory research, the paper includes a number of unexpected findings and observations regarding the general disarray of corporate governance in the African Mutual Fund industry. A foundation for the research of African funds has been built, and is intended to serve as a platform for future research as African financial markets continue to develop. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Financial and Risk Management en_ZA
dc.title An initial analysis of African Mutual Fund Fees and expenses en_ZA
dc.type Master Thesis
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Department of Finance and Tax en_ZA
dc.type.qualificationlevel Masters
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Wright, G. G. (2015). <i>An initial analysis of African Mutual Fund Fees and expenses</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/16795 en_ZA
dc.identifier.chicagocitation Wright, Graysen Gordon. <i>"An initial analysis of African Mutual Fund Fees and expenses."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2015. http://hdl.handle.net/11427/16795 en_ZA
dc.identifier.vancouvercitation Wright GG. An initial analysis of African Mutual Fund Fees and expenses. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2015 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/16795 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Wright, Graysen Gordon AB - The core objective of this study is to compile an African Mutual Fund database with a focus on fees charged, expenses borne and fund sizes. Until now, no consolidated database of African Mutual Fund expenses exists. The ancillary goal of the paper is to arrange the dataset in order to perform basic statistical analysis; and to test for the existence or non-existence of a number of internationally established relationships between fund fees, expenses and other variables in an African context. The paper aims to establish both similarities and abnormalities relating to the efficiency of African Mutual Funds in comparison with their international counterparts. No prior work has been produced in the context of African Mutual Funds as the industry has been overlooked, until recently, due to the growing perception of Africa representing the final frontier for investors seeking abnormal returns. The fundamental data utilized in this research paper includes African Mutual Fund Total Expense Ratios, Net Asset Values (NAVs), and mean Total Expense Ratios (TERs) for international mutual funds with no particular geographical limitations. This paper achieves its objective of collating a comprehensive database of African Mutual Fund fees, expenses, size and other variables. Findings include weak evidence confirming the inverse relationship between the level of financial market development and mutual fund expense ratios, the inverse relationship between mean expense ratios per country and the strength of investor protection in the related country, and a positive relationship between fund family size and mean TERs - indicating the presence of scale economies in African Mutual Fund families. All such findings are in line with empirical evidence presented by international studies. Consistent with other exploratory research, the paper includes a number of unexpected findings and observations regarding the general disarray of corporate governance in the African Mutual Fund industry. A foundation for the research of African funds has been built, and is intended to serve as a platform for future research as African financial markets continue to develop. DA - 2015 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2015 T1 - An initial analysis of African Mutual Fund Fees and expenses TI - An initial analysis of African Mutual Fund Fees and expenses UR - http://hdl.handle.net/11427/16795 ER - en_ZA


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