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The Effects of Law, Culture and Political Risk: New Evidence from Mutual Fund Performance, Risk Taking and Fees

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Date
2014-04
Dewey
Economie financière
Sujet
Law and finance; Political risk; Compensation fees; Expense ratio; Islamic mutual funds; Conventional mutual funds
JEL code
K.K2.K29; G.G2.G23; G.G2.G24
Conference name
11th Harvard University Forum on Islamic Finance
Conference date
04-2014
Conference city
Cambridge, MA
Conference country
United States
URI
https://basepub.dauphine.fr/handle/123456789/14466
Collections
  • DRM : Publications
Metadata
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Author
Mehri, Meryem
1032 Dauphine Recherches en Management [DRM]
Jouaber, Kaouther
1032 Dauphine Recherches en Management [DRM]
Type
Communication / Conférence
Abstract (EN)
This paper considers an international sample of conventional and Islamic mutual funds to assess whether law, culture and political risk affect their compensation fees and expense ratio. The data are hand-collected from many sources. Overall, the results show strongly that legal conditions, culture and political risk have robust differential effects on fees. We find that Islamic mutual funds in countries with higher legal conditions receive lower fees, whereas conventional funds receive higher carried interest, lower fixed management fees and weaker expense ratio. Overall, Hoefsted culture’s measures affect significantly the fees’ structure with robust differential effects on Islamic and conventional funds. Focusing on political risk effects, we show that, in countries with higher political risk, the compensation fees and expense ratio will be higher. The components of country legality and political risk Index have significant differential effects on Islamic and conventional funds’ characteristics.

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