The Effect of Organisational Form on Investment Products: An Empirical Analysis of the UK Unit Trust Industry

摘要: The mutual versus plc debate has now branched out to include discussion of the potential benefits consumers from alternative organisational forms. This paper investigates whether performance, risk and fee levels differ across ownership groups in UK unit trust industry. To this end, uses monthly time-series data for trusts industry years 2000 2005 compares recorded performance a consumer perspective by form. finds some difference between two with respect annual management charged risk-exposures, which seem affect returns their trusts. Consistent recent studies, such results suggest that diversity form fosters product variations investment products.