Advertising and Market Structure in the US Mutual Fund Industry
- 주제(키워드) Advertising , distribution channel , market concentration , mutual funds
- 등재 SCOPUS, KCI등재
- 발행기관 Routledge
- 발행년도 2020
- 총서유형 Journal
- URI http://www.dcollection.net/handler/ewha/000000172164
- 본문언어 영어
- Published As https://dx.doi.org/10.1080/10168737.2019.1689285
- 저작권 이화여자대학교 논문은 저작권에 의해 보호받습니다.
초록/요약
This paper empirically investigates the role played by advertising in determining market structures in various segments of the US mutual fund industry. Segments with intermediaries or sophisticated customers exhibit low advertising elasticity of demand, low advertising expenditures, and low market concentration. They also experience further market fragmentation over time. On the contrary, segments which cater to less sophisticated customers without intermediaries exhibit advertising-sensitive demand as well as high advertising expenditures. Those segments exhibit high market concentration and their market structure becomes further concentrated over time. These findings shed light on the impact of consumer characteristics on firms' optimal advertising and resultant market structure. © 2019, © 2019 Korea International Economic Association.
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