Thank you, this is a very thoughtful comment. We are working at a new piece with some trends on fees and more information, hence, stay tuned! In terms of "market maturity", we had an earlier version focusing exactly on that. See this CEPR working paper, from page 40 onward: https://repec.cepr.org/repec/cpr/ceprdp/DP18124.pdf
Thank you, this is a very thoughtful comment. We are working at a new piece with some trends on fees and more information, hence, stay tuned! In terms of "market maturity", we had an earlier version focusing exactly on that. See this CEPR working paper, from page 40 onward: https://repec.cepr.org/repec/cpr/ceprdp/DP18124.pdf