Can search costs explain price differentiation in the Brazilian fund industry?: replicating Hortaçsu & Syverson (2004)

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Submitted by Paulo Sergio Soares ([e-mail]) on 2017-06-05T19:51:17Z
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Previous issue date: 2017-03-31 / This work replicates Horta¸csu & Syverson (2004) model using Brazilian data. The objective of this paper is to evaluate if search frictions explain price dispersion, administrative fees, in the Brazilian funds industry. We use in our sample passive funds targeting two market indexes: Ibovespa and IRF-M. We found evidence that search costs are higher in the Ibovespa market than the IRF-M market. Considering those funds as differentiated products we observe that the Management Company plays an important role in consumers evaluation. / Este trabalho replica o trabalho de Hotaçsu e Syverson (2004) utilizando dados brasileiros. O objetivo deste trabalho é avaliar se fricções de busca explicam dispersão de preços, taxas de administração, na industria de fundos brasileira. Nos utilizamos em nossa amostra fundos passivos que tentam replicar dois índices: o Ibovespa e o IRF-M. Nos encontramos evidência que custos de busca são maiores em no mercado de fundos Ibovespa. Considerando estes fundos como produtos diferenciados observamos que as empresas gestoras têm um papel importante nas preferências dos consumidores.

Links & Downloads

1. SOARES, Paulo Sergio de Miranda da Costa. Can search costs explain price differentiation in the Brazilian fund industry?: replicating Hortaçsu & Syverson (2004). Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2017.
2. http://hdl.handle.net/10438/18361

Tags

Search Cost

Price Dispersion

Brazilian Fund Industry

Economia

Preços

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Additional Fields

Identifer	oai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/18361
Date	31 March 2017
Creators	Soares, Paulo Sergio de Miranda da Costa
Contributors	Pessoa, Marcelo de Sales, Iachan, Felipe Saraiva, Escolas::EPGE, FGV, Braido, Luís H. B.
Source Sets	IBICT Brazilian ETDs
Language	English
Detected Language	English
Type	info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis
Source	reponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV
Rights	info:eu-repo/semantics/openAccess