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Mutual fund management costs and lifetime wealth accumulation : a consumption utility function

Slemenjak, Andrej
Master thesis
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http://hdl.handle.net/11250/2484997
Utgivelsesdato
2017
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Samlinger
  • Master of Science [1823]
Sammendrag
I am studying how mutual fund management costs affect lifetime wealth

accumulation and thus consumption utility. I take an individual who is 25 years old

and starts saving for retirement, retires at age 65 and stays retired until age 90. Such

an investor is faced with the decision whether to invest in actively managed mutual

funds or passively managed mutual funds. A simulation of 1,000 scenarios is

performed, where returns are randomly drawn from the sample of net-of-fees real

fund returns from the period of 1977 to 2016. I find that in 92.8% of cases an

investor experiences greater consumption utility if she is investing in passively

managed mutual funds. I conclude that higher fees of actively managed mutual

funds outweigh supposedly higher returns and do not result in higher consumption

utility.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2017
Utgiver
BI Norwegian Business School

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