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Customer loyalty, scale economies and economies of scope in french funds: additional evidence

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The paper evaluates the effects of rapid market growth and product-age on economies of scale and scope in the French mutual funds (SICAV industry). This segment of the financial sector offers some unique characteristics. The first is that some firms specialize while others supply several products. The second is that the French mutual funds industry has grown by 35% from 1987 to 1989. The third is that the age (time since creation) of each mutual fund is known, so that product-age effects can be identified. By using jointly the 1987 and 1989 cross-sectional data sets and the age of each mutual fund, we are able to test the stability of economies of scale scope estimates reported in a previous study

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en

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application/pdf

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http://flora.insead.edu/fichiersti_wp/Inseadwp1993/93-08.pdf

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Copyright INSEAD. All rights reserved