Abstract
The purchase decision for a retail investor is complex, and is based upon multiple attributes derived from impersonal and interpersonal information sources. In this paper we look at the important role that impersonal data disclosure plays in the selection and retention of Australia's 2,637 retail equity investment funds. We find that fund size, past performance, agency ratings, and the management expense ratio (MER) are widely used by retail investors in investment decision making. We conclude that the only disclosure that provides any valuable utility to a retail investor is the MER. As such, the MER should be the key selection criteria for retail investors when making choices regarding investment funds.
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