The Economics of Mutual Fund Markets: Competition Versus Regulation

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Author :
Publisher : Springer Science & Business Media
ISBN 13 : 9400921853
Total Pages : 250 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis The Economics of Mutual Fund Markets: Competition Versus Regulation by : William Baumol

Download or read book The Economics of Mutual Fund Markets: Competition Versus Regulation written by William Baumol and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates regarding the fees charged to shareholders of their Prime Reserve Fund. 1940, advisers of Under the Investment Company Act of mutual funds have a fiduciary duty with respect to the level of fees they may charge a fund's shareholders. Since the passage of the Investment Company Act, there have been numerous lawsuits brought by shareholders alleging that advisory fees were excessive. In these lawsuits, the courts have failed to provide a set of standards for determining when such fees are excessive. Instead, they have relied on arbitrary and frequently ill-defined criteria for jUdging the reasonableness of fees. This failure to apply economic-based tests for evaluating the fee structure of mutual funds provided the motivation for the present book, which undertakes a comprehensive analysis of the economics of the mutual fund industry.

The Economics of Mutual Fund Markets

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Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (33 download)

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Book Synopsis The Economics of Mutual Fund Markets by : William J. Baumol

Download or read book The Economics of Mutual Fund Markets written by William J. Baumol and published by . This book was released on 1990 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Mutual Fund Markets: Competition Versus Regulation

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Author :
Publisher : Springer
ISBN 13 : 0792390431
Total Pages : 242 pages
Book Rating : 4.7/5 (923 download)

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Book Synopsis The Economics of Mutual Fund Markets: Competition Versus Regulation by : William Baumol

Download or read book The Economics of Mutual Fund Markets: Competition Versus Regulation written by William Baumol and published by Springer. This book was released on 1989-12-31 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates regarding the fees charged to shareholders of their Prime Reserve Fund. 1940, advisers of Under the Investment Company Act of mutual funds have a fiduciary duty with respect to the level of fees they may charge a fund's shareholders. Since the passage of the Investment Company Act, there have been numerous lawsuits brought by shareholders alleging that advisory fees were excessive. In these lawsuits, the courts have failed to provide a set of standards for determining when such fees are excessive. Instead, they have relied on arbitrary and frequently ill-defined criteria for jUdging the reasonableness of fees. This failure to apply economic-based tests for evaluating the fee structure of mutual funds provided the motivation for the present book, which undertakes a comprehensive analysis of the economics of the mutual fund industry.

The Mutual Fund Industry

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Author :
Publisher : Columbia University Press
ISBN 13 : 023152532X
Total Pages : 252 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis The Mutual Fund Industry by : R. Glenn Hubbard

Download or read book The Mutual Fund Industry written by R. Glenn Hubbard and published by Columbia University Press. This book was released on 2010-04-01 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual funds form the bedrock of retirement savings in the United States, and, considering their rapid growth, are sure to be more critical in the future. Because the size of fees paid by investors to mutual fund advisers can strongly affect the return on investment, these fees have become a contentious issue in Congress and the courts, with many arguing that investment advisers grow rich at the expense of investors. This ground-breaking book not only conceptualizes a new economic model of the mutual fund industry, but also uses this model to test for price competition between investment advisers, evaluating the assertion that market forces fail to protect investors' returns from excessive fees. Highly experienced authors track the growth of the industry over the past twenty-five years and present arguments and evidence both for and against theories of adviser malfeasance. The authors review the regulatory history of mutual fund fees and summarize leading case decisions addressing excessive fees. Revealing the extent to which the governance structure of mutual funds truly impacts fund performance, this book provides the best understanding of today's mutual fund industry and is a vital tool for investors, money managers, fund directors, securities lawyers, economists, and anyone concerned with the regulation of mutual funds.

Swing Pricing and Fragility in Open-end Mutual Funds

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1513519492
Total Pages : 46 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Swing Pricing and Fragility in Open-end Mutual Funds by : Dunhong Jin

Download or read book Swing Pricing and Fragility in Open-end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.

Mutual Funds in India

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Publisher : Partridge Publishing
ISBN 13 : 148287508X
Total Pages : 244 pages
Book Rating : 4.4/5 (828 download)

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Book Synopsis Mutual Funds in India by : Rakesh Kumar

Download or read book Mutual Funds in India written by Rakesh Kumar and published by Partridge Publishing. This book was released on 2016-07-07 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The services of the asset management companies are getting important for the investors, for assessing markets and investing funds are beyond the capacity of most individuals. Hence, the role of mutual fund firms in India has increased enormously in response to liberal policy regime in the recent decades. This book is an endeavour to study the various facets of the mutual fund industry to understand the complexities therein. The structure, organisation, and competition in the mutual fund industry in India have been discussed in depth. Performance of mutual fund schemes by using conditional and unconditional models has been evaluated, and investors may derive enough inkling towards their future investment plans. After going through this book, the reader is expected to develop confidence while dealing with the instruments of mutual funds.

Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry

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Publisher :
ISBN 13 :
Total Pages : 1132 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Download or read book Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2004 with total page 1132 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Improving Price Competition for Mutual Funds and Bonds

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Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Improving Price Competition for Mutual Funds and Bonds by : United States. Congress. House. Committee on Commerce. Subcommittee on Finance and Hazardous Materials

Download or read book Improving Price Competition for Mutual Funds and Bonds written by United States. Congress. House. Committee on Commerce. Subcommittee on Finance and Hazardous Materials and published by . This book was released on 1998 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Mutual Fund Industry

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Author :
Publisher : Columbia University Press
ISBN 13 : 0231151829
Total Pages : 254 pages
Book Rating : 4.2/5 (311 download)

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Book Synopsis The Mutual Fund Industry by : R. Glenn Hubbard

Download or read book The Mutual Fund Industry written by R. Glenn Hubbard and published by Columbia University Press. This book was released on 2010 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual funds form the bedrock of retirement savings in the United States, and, considering their rapid growth over recent decades, are sure to become even more financially critical in the coming decades. Because the size of fees paid by investors to mutual fund advisers can strongly affect the return on investment, these fees have become contentious in Congress and the courts, with many arguing that investment advisers grow rich at the expense of investors. This groundbreaking book not only conceptualizes a new economic model for the industry but uses this model to test price competition between investment advisers. Its highly experienced authors track the growth of the industry over the past twenty-five years and present the arguments and evidence both for and against theories of adviser malfeasance, as well as the assertion that market forces fail to protect investors' returns from excessive fees. The volume briefly reviews the regulatory history of mutual fund fees and leading case decisions addressing excessive fees. It also reveals the extent to which the governance structure of mutual funds impacts fund performance. There is no greater text for those who seek to understand today's mutual fund industry, including investors, money managers, fund directors, securities lawyers, economists, and those concerned with regulatory policy toward mutual funds

Mutual Funds

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Publisher : John Wiley & Sons
ISBN 13 : 047053091X
Total Pages : 384 pages
Book Rating : 4.4/5 (75 download)

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Book Synopsis Mutual Funds by : John A. Haslem

Download or read book Mutual Funds written by John A. Haslem and published by John Wiley & Sons. This book was released on 2009-10-08 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.

Principles of Financial Regulation

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Publisher : Oxford University Press
ISBN 13 : 0191090050
Total Pages : 520 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis Principles of Financial Regulation by : John Armour

Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016-08-04 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Macro Attractiveness and Micro Decisions in the Mutual Fund Industry

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Publisher : Springer Science & Business Media
ISBN 13 : 3642397247
Total Pages : 185 pages
Book Rating : 4.6/5 (423 download)

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Book Synopsis Macro Attractiveness and Micro Decisions in the Mutual Fund Industry by : Gunnar Lang

Download or read book Macro Attractiveness and Micro Decisions in the Mutual Fund Industry written by Gunnar Lang and published by Springer Science & Business Media. This book was released on 2013-10-11 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume addresses the attractiveness of financial centers with a primary focus on the mutual fund industry. It uses different empirical analysis approaches in an attempt to disentangle the reasons for location attractiveness and in order to identify its influence on fund pricing. The presented research tackles an issue that is fundamental to the understanding of organizational behavior in finance – the rationale in the decision-making process of market participants and its consequences for an economy.

Restructuring Regulation and Financial Institutions

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Publisher : Springer Science & Business Media
ISBN 13 : 9780792373643
Total Pages : 504 pages
Book Rating : 4.3/5 (736 download)

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Book Synopsis Restructuring Regulation and Financial Institutions by : James R. Barth

Download or read book Restructuring Regulation and Financial Institutions written by James R. Barth and published by Springer Science & Business Media. This book was released on 2001-08-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy makers around the globe will find that Restructuring Regulation and Financial Institutions offers a cogent assessment of the contemporary regulatory environment in the U.S. financial markets, and a blueprint for action in evolving global financial markets. Financial markets are among the most highly-regulated markets in the world. Nevertheless, financial crises still occur, witness the U.S. savings-and-loan fiasco of the late 1980s and early 1990s, and the Mexican and East Asian Financial implosions of 1994 and 1997. What role does regulation play in stabilizing-or-destabilizing financial markets? Restructuring Regulation and Financial Institutions answers this question with incisive analysis of financial market regulation in the United States. Each paper considers how regulation enhances or impedes the efficiency of a particular financial sector, and is followed by comments by two or three noted experts. The result of this approach is a wealth of useful information that may be applied by policy makers contemplating the restructuring of regulations and financial institutions. The contributors to this volume are distinguished economists, many of whom have careers not just in business, government, or academia, but have held influential positions in all three. Such varied backgrounds enable the contributors to offer remarkable insights based on the best of theory and practice. Never before has understanding the workings of U.S. financial market regulation been so important to the development of world financial markets. The ramifications of financial regulation in the United States extend far beyond the nation's borders. World financial markets are undergoing dramatic change, driven by the rapid development and deployment of new technology that enables information-and money-to travel farther, faster. However, a Byzantine array of regulatory structures in the international arena hinders the development of efficient global financial markets. Policy makers around the world are attempting to address the issues by emulating the financial markets of the United States.

Mutual Funds and Institutional Investments

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Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4./5 ( download)

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Book Synopsis Mutual Funds and Institutional Investments by : Estelle James

Download or read book Mutual Funds and Institutional Investments written by Estelle James and published by World Bank Publications. This book was released on 1999 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: One of the biggest criticisms leveled at defined contribution individual account (IA) components of social security systems is that they are too expensive. This paper investigates the cost-effectiveness of three options for constructing funded social security pillars: 1) IA's invested in the retail market with relatively open choice, 2) IA's invested in the institutional market with constrained choice among investment companies, and 3) a centralized fund without individual accounts or differentiated investments across individuals. Our questions: What is the most cost-effective way to organize a mandatory IA system, how does the cost of an efficient IA system compare with that of a single centralized fund, and are the cost differentials large enough to outweigh the other important considerations? Our answers, based on empirical evidence about mutual and institutional funds in the U.S.: The retail market (option 1) allows individual investors to benefit from scale economies in asset management, but at the cost of high marketing expenses that are needed to attract and aggregate small sums of money into large pools. In contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs, but gives workers no choice and hence is subject to political manipulation and misallocation of capital. Mandatory IA systems can be structured to get the best of both worlds: to obtain scale economies in asset management without incurring high marketing costs or sacrificing worker choice. To accomplish this requires centralized collections, a modest level of investor service and constrained choice. The system of constrained choice described in this paper (option 2) is much cheaper than the retail market and only slightly more expensive than a single centralized fund. We estimate that it will cost only .14-.18% of assets annually. These large administrative cost savings imply a Pareto improvement so long as choice is not constrained too much.'

Mutual Fund Industry Handbook

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Publisher : John Wiley & Sons
ISBN 13 : 1118428722
Total Pages : 295 pages
Book Rating : 4.1/5 (184 download)

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Book Synopsis Mutual Fund Industry Handbook by : Lee Gremillion

Download or read book Mutual Fund Industry Handbook written by Lee Gremillion and published by John Wiley & Sons. This book was released on 2012-06-22 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Mutual Fund Industry Handbook is a remarkably important work . . . I am profoundly impressed by the broad and comprehensive sweep of information and knowledge that this book makes available to industry participants, college and business school students, and anyone else with a serious interest in this industry." -- From the Foreword by John C. Bogle President, Bogle Financial Markets Research Center Founder and former chief executive, The Vanguard Group A Foreword by John C. Bogle, founder of The Vanguard Group and one of the most respected leaders in the mutual fund industry, sets the stage for this authoritative book that explains the complexities of the phenomenal industry in simple terms. Investors like the fact that mutual funds offer professional management, easy diversification, liquidity, convenience, a wide range of investment choices, and regulatory protection. Mutual Fund Industry Handbook touches on all of those features and focuses on the diverse functions performed in the day-to-day operations of the mutual fund industry. You'll learn about: Front-office functions-analysis, buying, and selling. Back-office functions, including settlement, custody, accounting, and reporting. Commission structures-front-end loads, back-end loads, or level loads. The various fund categories used by the Investment Company Institute, Morningstar, and Lipper. The roles played by fund managers, investment advisors, custodial banks, distributors, transfer agents, and other third-party service providers. If you want a definitive reference on the mutual fund industry, this is the book for you.

Performance of Mutual Funds

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Author :
Publisher : Springer
ISBN 13 : 0230626491
Total Pages : 258 pages
Book Rating : 4.2/5 (36 download)

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Book Synopsis Performance of Mutual Funds by : G. Gregoriou

Download or read book Performance of Mutual Funds written by G. Gregoriou and published by Springer. This book was released on 2006-11-17 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book responds to a growing demand for mutual funds. This timely collection of original papers focuses on changes of international investment in Europe, the US and New Zealand. Using a fresh approach, innovative techniques and various models this book assesses performance and provides an understanding of mutual funds on an international level.

Mutual Fund Shareholders

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Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Mutual Fund Shareholders by : Gordon J. Alexander

Download or read book Mutual Fund Shareholders written by Gordon J. Alexander and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: