The Economics of Mutual Fund Markets: Competition Versus Regulation

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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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Author :
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 Mutual Fund Industry

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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

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.

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.

Principles of Financial Regulation

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Publisher : Oxford University Press
ISBN 13 : 0191090050
Total Pages : 780 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 780 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.

Mutual Funds in India

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Publisher : Partridge Publishing
ISBN 13 : 148287508X
Total Pages : 178 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 178 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.

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 : 279 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 2015-12-04 with total page 279 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.

The Investor's Dilemma

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Publisher : John Wiley & Sons
ISBN 13 : 0470280204
Total Pages : 242 pages
Book Rating : 4.4/5 (72 download)

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Book Synopsis The Investor's Dilemma by : Louis Lowenstein

Download or read book The Investor's Dilemma written by Louis Lowenstein and published by John Wiley & Sons. This book was released on 2008-03-31 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on cutting-edge research by leading corporate critic Louis Lowenstein, The Investor’s Dilemma: How Mutual Funds Are Betraying Your Trust and What to Do About It reveals how highly overpaid fund sponsors really operate and walks you through the conflicts of interest found throughout the industry. Page by page, you’ll discover the real problems within the world of mutual funds and learn how to overcome them through a value-oriented approach to this market.

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:

INDIAN MUTUAL FUNDS & PERFORMANCE MEASURES

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Publisher : RED'SHINE Publication. Pvt. Ltd
ISBN 13 : 9395456353
Total Pages : 235 pages
Book Rating : 4.3/5 (954 download)

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Book Synopsis INDIAN MUTUAL FUNDS & PERFORMANCE MEASURES by : Dr. Subrata Roy

Download or read book INDIAN MUTUAL FUNDS & PERFORMANCE MEASURES written by Dr. Subrata Roy and published by RED'SHINE Publication. Pvt. Ltd. This book was released on with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Administrative Aspects of Investment-Based Social Security Reform

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Publisher : University of Chicago Press
ISBN 13 : 0226754812
Total Pages : 250 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Administrative Aspects of Investment-Based Social Security Reform by : John B. Shoven

Download or read book Administrative Aspects of Investment-Based Social Security Reform written by John B. Shoven and published by University of Chicago Press. This book was released on 2007-12-01 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social security reform in the United States continues to be a pressing and contentious issue, with advocates touting some form of a centralized or a privatized system of personal accounts. In general, centralized systems offer low administrative costs, but are potentially subject to political mismanagement and appropriation. Privatized account systems, on the other hand, offer higher yields with more flexibility, but may prove too expensive and logistically daunting to implement. Uniting learned and outspoken proponents on both sides of the debate, this volume provides the first comprehensive analysis of the issues involved in administering a system of essentially private social security accounts. The contributors together come to startlingly similar conclusions, generally agreeing that a centralized system of accounts could deliver the benefits of privatization in a feasible and cost-efficient way by accessing administrative mechanisms already in existence. This is perhaps the most far-reaching synthesis yet envisioned of functional and implementable social security reform.

Quantitative Analysis In Financial Markets: Collected Papers Of The New York University Mathematical Finance Seminar (Vol Iii)

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Publisher : World Scientific
ISBN 13 : 9814490598
Total Pages : 363 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Quantitative Analysis In Financial Markets: Collected Papers Of The New York University Mathematical Finance Seminar (Vol Iii) by : Marco Avellaneda

Download or read book Quantitative Analysis In Financial Markets: Collected Papers Of The New York University Mathematical Finance Seminar (Vol Iii) written by Marco Avellaneda and published by World Scientific. This book was released on 2002-01-18 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This invaluable book contains lectures presented at the Courant Institute's Mathematical Finance Seminar. The audience consisted of academics from New York University and other universities, as well as practitioners from investment banks, hedge funds and asset-management firms.

The Privatization Process in East-Central Europe

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Publisher : Springer Science & Business Media
ISBN 13 : 1461563518
Total Pages : 346 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis The Privatization Process in East-Central Europe by : Michal Mejstrík

Download or read book The Privatization Process in East-Central Europe written by Michal Mejstrík and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is beyond any doubt that East-Central European countries such as Czech Republic, Hungary, Poland and Slovakia has dramatically changed its shape through its radical transition from centrally planned to the market economies in last 7 years. Many economists divide the process of economic transformation into areas of Stabilization, Liberalization, and Privatization/Restructuring. The traditional view is that stabilization and liberalization can be achieved rather quickly-by balancing budgets, balance of payments, tightening money supply, freeing prices and liberalizing trade-but that the area of privatization is one that could be moved to the future and will require much more time. Until 1991, none of the post-communist nations except former East Germany (which had a large decree of support from West Germany) had succeeded in privatizing large numbers of enterprises, even though more than two years had passed since the changes in government in these nations. The privatization has been, however, seen as an extremely important part of reform package together with stabilization and liberalization especially in the Czech Republic from the very beginning. The Czechs originally as a part of the Czechoslovak Federal Republic embarked on an unprecedented path that should have lead not only to stabilization and liberalization, but also to very rapid, mass privatization of its sector of large enterprises that have dominated its economy to an extreme extent.

Securities Market Issues for the 21st Century

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Publisher :
ISBN 13 : 9781982966850
Total Pages : 476 pages
Book Rating : 4.9/5 (668 download)

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Book Synopsis Securities Market Issues for the 21st Century by : Merritt B. Fox

Download or read book Securities Market Issues for the 21st Century written by Merritt B. Fox and published by . This book was released on 2018 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: