Can search costs explain price differentiation in the Brazilian fund industry?: replicating Hortaçsu & Syverson (2004)

• Main Author: Soares, Paulo Sergio de Miranda da Costa
• Other Authors: Pessoa, Marcelo de Sales
• Language: English
• Published: 2017
• Subjects: Search Cost; Price Dispersion; Brazilian Fund Industry; Economia; Preços; Fundo mútuo de renda fixa
• Online Access: http://hdl.handle.net/10438/18361

Submitted by Paulo Sergio Soares ([e-mail]) on 2017-06-05T19:51:17Z No. of bitstreams: 1 Dissertação_Final.pdf: 620762 bytes, checksum: 4b6198b156d7085162e70f3152b74284 (MD5) === Approved for entry into archive by GILSON ROCHA MIRANDA ([e-mail]) on 2017-06-06T13:11:24Z (GMT) No. of bitstreams: 1 Dissertação_Final.pdf: 620762 bytes, checksum: 4b6198b156d7085162e70f3152b74284 (MD5) === Made available in DSpace on 2017-06-22T12:45:10Z (GMT). No. of bitstreams: 1 Dissertação_Final.pdf: 620762 bytes, checksum: 4b6198b156d7085162e70f3152b74284 (MD5) Previous issue date: 2017-03-31 === This work replicates Horta¸csu & Syverson (2004) model using Brazilian data. The objective of this paper is to evaluate if search frictions explain price dispersion, administrative fees, in the Brazilian funds industry. We use in our sample passive funds targeting two market indexes: Ibovespa and IRF-M. We found evidence that search costs are higher in the Ibovespa market than the IRF-M market. Considering those funds as differentiated products we observe that the Management Company plays an important role in consumers evaluation. === Este trabalho replica o trabalho de Hotaçsu e Syverson (2004) utilizando dados brasileiros. O objetivo deste trabalho é avaliar se fricções de busca explicam dispersão de preços, taxas de administração, na industria de fundos brasileira. Nos utilizamos em nossa amostra fundos passivos que tentam replicar dois índices: o Ibovespa e o IRF-M. Nos encontramos evidência que custos de busca são maiores em no mercado de fundos Ibovespa. Considerando estes fundos como produtos diferenciados observamos que as empresas gestoras têm um papel importante nas preferências dos consumidores.