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The Effect of Mutual Funds on the Financial Equilibrium

Published online by Cambridge University Press:  17 August 2016

Patrick Artus
Patrick Artus*
Affiliation:
Caisse des Dépots et Consignations
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Summary

We compare, from a theoretical point of vue, the characteristics of the equilibrium of financial markets (equilibrium prices, volatility, welfare, allocation of portfolios between the different assets) in the case where individuals investors purchase directly financial assets and in the case where they have to invest through open-ended mutual funds (The “SICAV” in the French case).

Résumé

Résumé

Nous comparons, d'un point de vue théorique, les caractéristiques de l'équilibre des marchés financiers (prix d'équilibre, volatilité, bien-être, allocation des portefeuilles entre différents actifs) dans le cas où les investisseurs individuels achètent directement les actifs financiers et dans le cas où ils investissent dans des fonds communs de placement à capital variable ( les «SICAV» dans le cas français).

Nous examinons les effets de la concurrence entre fonds, qui influence la structure de leur actif et le niveau de leurs frais de participation et différentes imperfections de marché justifiant la présence de fonds.

Keywords

311313314311313314
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 60 , Issue 1 , March 1994 , pp. 107 - 120
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1994 

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References

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