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Title
MONEY MARKET FUNDS: GROSS RETURNS, NET RETURNS AND EXPENSES.
Authors
Kjetsaa, Richard; Kieff, Maureen
Abstract
Securities law regulations and the efficiency of money markets combine to render money market mutual funds as commodities, resulting in similar rates of return. Costs are the dominant factor explaining variation in returns. Investors have a high probability of foretelling the best-performing money market funds by being alert to a critical signpost of identifying winners-funds that levy below-average financial intermediation expenses.
Publication
Journal of Personal Finance, 2008, Vol 7, Issue 2, p71