This study investigates the effect of marketing expenses on fund asset flows based on the Chinese open-end fund market data in the period of 2005-2010 using a fixed effect panel data regression model. The results show that, compared with the factors of fund rating, fund performance, and institutional investor holding that may impact fund asset flows as shown in existed literature, fund marketing expenses have more prominent influence on investors' purchase and redemption behavior and net fund asset flows. The results also show that the increase of fund marketing expenses may hurt fund performance.

对WTO条约的解释离不开对法律解释方法的运用和选择。由于法律解释方法的多样性,采用不同的法律解释方法会对同一规范得出不同的结论,解释者在选择解释方法上拥有很大的自主权,因而对法律解释的运用与选择就必须慎之又慎。

我国1994年税制改革以来,生产型增值税在经济的稳定和发展中发挥了其应有的作用,但是随着经济的不断深化,它逐渐暴露众多缺点,新的形势要求我们必须进行改革.