The determinants of the intermediary spread: evidence from Australian, UK and USA-based international equity funds

Article Abstract:

A new gauge for mutual fund performance was developed using Brennan's equilibrium model of the pricing of retail financial products. The new measure considers search costs of investors to be non-trivial and results in an inelastic demand for mutual funds, thereby forming an intermediary spread. Hence, the marginal costs of the intermediary spread in the form of expenses and sales load need to be traded off specifically against the marginal advantages in terms of the fund's return relative to a standard.

Evaluation, Mutual funds

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Write down timeliness, line of business disclosures and investors' interpretations of segment divestiture announcements

Article Abstract:

A study examining the investors' anticipation and subsequent interpretations of asset-write-downs of accompanying segment-divestitures, is presented.

Financial management, Divestiture Analysis, Analysis, Company investment, Investments, Corporate divestiture, Divestiture, Divestment

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Past returns and investment trust discounts

Article Abstract:

A study examining the relationship between the past net asset value returns and the current discount on investment trusts, is presented.

Capital funds & cash flow, Valuation, Net assets

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