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공모부동산펀드보수에 영향을 주는 요인에 관한 연구

An Empirical Analysis of Public Real Estate Fund Fee

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초록

There is very little study about the fee of real estate funds because of the short history of real estate funds in Korea. This study demonstrated and analyzed the factors affecting the fee of domestic public real estate fund for the first time in Korea. The period of analysis is from June, 2004 to May, 2009 and total 55 cases of public real estate funds were used. The result of analysis showed that the size of real estate fund had negative relationship with the fee rate of real estate fund. The total fee rate of PF type real estate fund was smaller than that of Buy-lease type. The fee rates of real estate funds changed according to location and investment assets.

Abstract

There is very little study about the fee of real estate funds because of the short history of real estate funds in Korea. This study demonstrated and analyzed the factors affecting the fee of domestic public real estate fund for the first time in Korea. The period of analysis is from June, 2004 to May, 2009 and total 55 cases of public real estate funds were used. The result of analysis showed that the size of real estate fund had negative relationship with the fee rate of real estate fund. The total fee rate of PF type real estate fund was smaller than that of Buy-lease type. The fee rates of real estate funds changed according to location and investment assets.

참고문헌 (10)

  1. 민성기, "인덱스펀드의 비용, 추적오차, 그리고 성과에 대한 실증분석", 한국재무관리학회 추계학술발표대회 (2008)
  2. 원승연, "펀드 판매사의 역할과 판매 보수의 적정성:한국의 주식형 펀드를 대상으로", 재무관리연구, 26(1), pp.31~64 (2009), 한국재무관리학회
  3. Ambrose, Brent W., "Real Estate and Economies of Scale : The Case of REITs", Real Estate Economics, 33(2), pp.323~350 (2005)
  4. Dellva, Wilfred L., "The Relationship between Mutual Fund Fees and Expenses and Their Effects on Performance", The Financial Review, 33, pp.85~104 (1998)
  5. Kihn, John, "To Load or Not to Load? A study of the Marketing and Distribution Charges of Mutual Funds", Financial Analysts Journal, 52(3), pp.28~36 (1996)
  6. Korpela, Mari, "Mutual Fund Expenses : Evidence on the Effect of Distribution Channels", Journal of Financial Services Marketing, 11(1), pp.17~29 (2006)
  7. LaPlante, Michele, "Influences and Trends in Mutual Fund Expenses Ratios", The Journal of Financial Research, 24(1), pp.45~63 (2001)
  8. Malhotra, D. K., "An Empirical Analysis of Mutual Fund Expenses", The Journal of Financial Research, 20(2), pp.175~190 (1997)
  9. McLeod, Robert W., "A Re-examination of the Effect of 12b-1 Plans on Mutual Fund Expense Ratios", The Journal of Financial Research, 17(2), pp.231~240 (1994)
  10. Yang, Shiawee X., "Is Bigger Better? A Re-examination of the Scale Economies of REITs", The Journal of Real Estate Portfolio Management, 7(1), pp.67~77 (2001)

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