This study analyzes whether, under oligopolistic distribution channels, mutual fund fees are primarily determined by a distribution company’s transaction-specific variables. The results empirically demonstrate that the intensity of market competition influences determinants. Through analyses at the firm level, this study demonstrates that the characteristics of an oligopolistic structure, and particularly the financial segments and scales of fund distributors, are important determinants of mutual fund fees during a collusive period. It finds that subsequent to the enforcement of pro-competitive policies, fees become more sensitive to market discipline and distributors’ transactional characteristics, particularly to sales concentration.
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