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EN
The authors try to identify the main factors impacting the value of inflows to mutual funds in Poland. The inflows to mutual funds are compared to the following data: costs (total expense ratios), investment performance in the current and previous year, and fund size. The data was collected from 451 financial statements of Polish mutual funds, for the years 2012–2016. The funds belong to three categories: bond, equity, small, and mid cap equity. The findings suggest that the connection between the funds fees — the price — and inflows to funds is relatively weak. Investment performance in the same year is the only factor that shows significant correlation with mutual fund flows.
EN
The management fee is one of the fundamental factors in determining the efficiency of real estate funds. As a  main cost component it affects the periodic fund’s financial result and assets value. The analysis of 9 polish public closed-end real estate funds shows that the system used for calculating the management fee on the basis of periodic net assets value appears to be an inadequate motivator for fund managers to create value for investors. Its current construction is one of the sources of poor performance achievements of polish public real estate funds in the last decade, measured by long-term rates of return or efficiency indicators. Based on that, the author develops an alternative, more adequate and “fair” system which contributes more to the improvement of the funds performance.
PL
Artykuł nie zawiera abstraktu w języku polskim
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