Gil-Bazo and Ruiz-Verdu conclude that even after controlling for a host of fund characteristics, under-performing funds charge higher marketing and non-marketing fees.

FORBES: Na?ve Investors Taken to the Cleaners

Javier Gil-Bazo and Pablo Ruiz-Verdu studied the relationship between mutual fund performance, management fees, commissions and flow of funds in The Relation between Price and Performance in the Mutual Fund Industry.

FORBES: Na?ve Investors Taken to the Cleaners