"University of California Professor Roger Edelen and two co-authors found that trading costs are comparable to funds' expense ratios and often exceed them. "We think our study really nails down that these costs do matter more than expense ratios," Edelen said."
and later...
"Among 1,758 US equity funds, the study found a mean average trading cost of 1.44 percent, versus an average expense ratio of 1.19 percent. Large-cap funds tended to have lower trading costs than small-cap funds, partly their trades had less impact on the price of widely traded large-cap stocks."
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