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Advertising and Market Structure in the US Mutual Fund Industry

Title
Advertising and Market Structure in the US Mutual Fund Industry
Authors
Park M.
Ewha Authors
박민정
SCOPUS Author ID
박민정scopus
Issue Date
2020
Journal Title
International Economic Journal
ISSN
1016-8737JCR Link
Citation
International Economic Journal vol. 34, no. 2, pp. 238 - 257
Keywords
Advertisingdistribution channelmarket concentrationmutual funds
Publisher
Routledge
Indexed
SCOPUS; KCIE scopus
Document Type
Article
Abstract
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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DOI
10.1080/10168737.2019.1689285
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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