| Author | Pornlapas Na Lamphun |
| Call Number | AIT Diss. no.SM-12-09 |
| Subject(s) | Mutual funds--Thailand
|
| Note | A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in International business |
| Publisher | Asian Institute of Technology |
| Series Statement | Dissertation ; no. SM-12-09 |
| Abstract | This research studies aspects of mutual fund fees and expense in the Thai mutual fund industry during the period 2005 to 2007. All data used in this study comes from annual reports filed onthe SEC and AIMC websites.Adata set of 1,193 funds (including equity funds, fixed income funds, mixed funds, foreign investment funds, retirement mutual funds, and long term equity funds)is used for the empirical analysis. The aim of this research is to examine basic statistics of fees and expense charged by mutual funds in Thailand, and to investigate the economic determinants of variations in these charges.After a brief description of the Thai market (comparedwith markets in other Asian countries), a model of management feesand total expense ratio explained by fund characteristics isintroduced. The results partially confirm results fromprevious studies, that state that equity and mixed funds charge higher fees than those chargedby debt funds, and that funds that are smalland offer special income tax benefits charge higher fees and expenses. Bond fundtypesthat produce high returns on investment tend to charge significantly lower fees and expenses when compared to those that produce low returns. Further, an analysis of total expenses confirmsthe existence of economies of scale at the fund assetlevel.This research adds to theliterature examining characteristics of asset management industries outside of developed markets. It offers a detailed overview of the mutual fundindustry in Thailand, which is known as an important emerging economy in Southeast Asia. It shows recent trends in management fees and total expenses that have emerged in a relatively young market; a marketthat has benefitted fromliberalization for less than two decades. In today’s globalized financial markets, trends and developments in developing economies should cater to a wide range of international investors. Statistics from this gathered data can help investors better evaluate Thai mutual funds. Determinants of variations in the fees and expenses can yield useful insights for policy makers regarding factors ofcompetition and efficiency inthe asset management industry. |
| Year | 2012 |
| Corresponding Series Added Entry | Asian Institute of Technology. Dissertation ; no. SM-12-09 |
| Type | Dissertation |
| School | School of Management (SOM) |
| Department | Other Field of Studies (No Department) |
| Academic Program/FoS | Master of Business Administration (MBA) (Publication code=SM) |
| Chairperson(s) | Winai Wongsurawat |
| Examination Committee(s) | Supasith Chonglerttham ;Chotchai Charoenngam |
| Degree | Thesis (Ph.D.) - Asian Institute of Technology, 2012 |