@article {20980,
	title = {Out of Sight, Not Out of Mind: The Evidence from Taiwan},
	journal = {International Review of Economics and Finance},
	volume = {37},
	year = {2015},
	pages = {138{\textendash}156},
	abstract = {This paper extends the current literatures on the relation between fund expenses and fund flows\&amp;amp;nbsp;using data from Taiwan. Our findings for the Taiwan market differ from previous studies on the\&amp;amp;nbsp;U.S. market. Specifically, we find no support for the notion of {\textquotedblleft}out of sight, out of mind{\textquotedblright}. For\&amp;amp;nbsp;Taiwan mutual funds, net flows and inflows are negatively related to operating expenses but\&amp;amp;nbsp;not front-end loads. The discrepancy between our results and those reported for the U.S. market\&amp;amp;nbsp;may be attributed to the fee structure in Taiwan, where operating expenses are much higher\&amp;amp;nbsp;than front-end loads and seem to have a bigger impact on fund performance. The negative relation\&amp;amp;nbsp;between net flows (inflows) and operating expenses is more pronounced for funds with high\&amp;amp;nbsp;institutional investor participation and funds charging high operating expenses. However, investor types show no significant impact on the relations between front-end loads and various\&amp;amp;nbsp;measures of fund flows.},
	url = {https://doi.org/10.1016/j.iref.2014.11.019},
	author = {Jin-Ying Wang and Robert (Chi-Wing) Fok and Ming Gao and Yu-Jane Liu}
}
