The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.

Colonization and development of Oribatida mite communities (Acari: Oribatida) in the forest reclaimed limestone mine dumps

In order to study the colonization and development of moss mites (Oribatida) communities in a Scots pine forest of a reclaimed limestone mine dump in Northern Poland, 3 plots from the dump were chosen. The selected plots differed in age, 5 years old, 35 and 50 years old. From a total of 30 samples 499 mites (Acari) were extracted in Tullgren funnel from which 262 were Oribatida. Abundance (N) was analyzed in all mites and after determining the species of both, juvenile and adult stages of oribatids, the following indices were analyzed: Abundance (N), Dominance (D), Species diversity (S), Species richness (s) and Shannon’s diversity index (H). Regarding to the results obtained; oribatid mites were dominant with the highest abundance in all assemblages (Plot 1: 139 Oribatida /299 Acari. Plot 2: 40/55 and Plot 3: 83/145). Tectocepheus velatus showed a very high dominance (45,99%) in plot 1; the highest value for Shannon’s diversity index belonged to plot 3. On the other hand, juvenile’s percentage was significantly higher than adult’s percentage, especially at plot 2 (95,02%). These results made us to conclude that the high abundance of oribatids in the youngest forest is due to T. velatus’s high abundance and that plot 3 is the best habitat for mites. Finally, the high occurrence of juvenile stages requires keeping on studying the area.

Classifying Ecosystem Services for Economic Valuation: The case of forest water services

30 p.

Economic Assessment of Forest Ecosystem Services Losses: Cost of Policy Inaction

52 p.

Modeling the Links between Biodiversity, Ecosystem Services and Human Wellbeing in the Context of Climate Change: Results from an Econometric Analysis on the European Forest Ecosystems

25 p.

Study and comparison of four forest structures on Mt. Chortiatis (northern Greece)

EL proyecto estudia y analiza la estructura de cuatro bosques en el monte Chortiatis, Grecia.