Should you carry the load? A comprehensive analysis of load and no-load mutual fund out-of-sample performance

• Autores: Matthew R. Morey
• Localización: Journal of banking and finance, ISSN 0378-4266, Vol. 27, Nº. 7, 2003, págs. 1245-1271
• Idioma: inglés
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• Resumen

  • This paper compares the out-of-sample performance of no-load and load mutual funds. Unlike previous studies, this paper provides a more comprehensive analysis as it uses methodologies to incorporate loads directly into the returns. We find two important results. First, after adjusting for loads in the returns data, no-load funds are found to perform much better than load funds, with the differences found to be significant at the 1% level across many different performance metrics. Second, we find that within load funds themselves there is little significant difference in out-of-sample performance between high-load funds and low-load funds even after adjusting for loads