An initial analysis of African Mutual Fund Fees and expenses

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dc.contributor.advisorHolman, Glenen_ZA
dc.contributor.authorWright, Graysen Gordonen_ZA
dc.date.accessioned2016-02-05T07:27:26Z
dc.date.available2016-02-05T07:27:26Z
dc.date.issued2015en_ZA
dc.descriptionIncludes bibliographical referencesen_ZA
dc.description.abstractThe 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.identifier.apacitationWright, 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/11427/16795en_ZA
dc.identifier.chicagocitationWright, 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/11427/16795en_ZA
dc.identifier.citationWright, G. 2015. An initial analysis of African Mutual Fund Fees and expenses. University of Cape Town.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
dc.identifier.urihttp://hdl.handle.net/11427/16795
dc.identifier.vancouvercitationWright 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/11427/16795en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial and Risk Managementen_ZA
dc.titleAn initial analysis of African Mutual Fund Fees and expensesen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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