Broker Incentives and Mutual Fund Market Segmentation
NBER Working Paper No. 16312
---- Acknowledgements ----
We would like to thank Scott Bauguess, John Campbell, Joseph Chen, Larry Dann, Roger Edelen, Richard Evans, Ro Gutierrez, Edie Hotchkiss, Robert Hunt, Woodrow Johnson, Wayne Mikkelson, Elizabeth Odders-White, Jeff Pontiff, Antoinette Schoar, Phil Strahan, Laurens Swinkels, Peter Tufano, Eric Zitzewitz, and seminar participants at the Pacific Northwest Finance Conference, the Institutional Investors Conference at the University of Texas, Federal Reserve System Conference on Financial Markets & Institutions, 4th One-day Conference on Professional Asset Management at Erasmus University Rotterdam, NBER Summer Institute Household Finance Workshop, Boston College, Cal State Fullerton, INSEAD, Securities and Exchange Commission, Simon Fraser University, University of Arkansas, University of Texas-Dallas, and University of Wisconsin-Madison for helpful comments and discussions. Del Guercio would like to acknowledge support from the Securities Analysis Center at the University of Oregon. We thank Steven Green for excellent research assistance and Deb Wetherbee at Financial Research Corporation for generously providing data on distribution channels. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.