La remuneración sobre resultados a los gestores de los fondos de inversión españoles

Zusammenfassung

This study provides an empirical analysis in cross-sectional of the main characteristics of the Spanish mutual funds which determine the choice among establishing the management fee on the basis of the total asset of the fund ( non- incentive fee) or the mutual fund performace (incentive fee). We found significant differences between the funds that choose a type or other of management fee regarding investing vocation, obtained returns, volatility, size and charged expenses. In particular, it is obtained that the probability of establishing the management fee based on the performace increases significantly for the funds that invest high percentages of its portfolio in equity funds, those are the yongest in the investing vocation and the most expensive