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This study indicates, through the first two moments (mean and variance) of distribution fees and market shares, that competition in Korea’s equity fund industry has intensified since the enforcement of procompetitive policies. However, the results demonstrate that the policy effects are impeded by vertical relations among financial companies. Therefore, along with horizontal anticompetitive behaviors, fund distributors’ excessive sales concentration in the affiliated funds needs to be controlled to heighten the policy effects under oligopolistic market structures. This regulation can strengthen investor protection and promote the growth of the fund industry in an emerging financial market
