The Mutual Fund Industry: Competition and Investor Welfare

R. Glenn Hubbard, Michael F. Koehn, Stanley I. Ornstein, Marc Van Audenrode, and Jimmy Royer

eISBN: 9780231525329

2010 (256 pages 5 illus. / 26 tables)

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Complete Book Download (pages 1-252)

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Table of Contents (pages 5-10)

Download List of Figures
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List of Figures (pages 11-12)

Download List of Tables
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List of Tables (pages 13-16)

Download Foreword
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Foreword (pages 17-20)

Download Preface
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Preface (pages 21-24)

Download Introduction
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Introduction (pages 25-34)

Download 1. Mutual Fund Industry Growth and Importance in Retirement Plans
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1. Mutual Fund Industry Growth and Importance in Retirement Plans (pages 35-41)

Download 2. Mutual Funds and Charges of Excessive Fees: The Historical Background
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2. Mutual Funds and Charges of Excessive Fees: The Historical Background (pages 42-53)

Download 3. Mutual Fund Excessive Fees and the Courts
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3. Mutual Fund Excessive Fees and the Courts (pages 54-71)

Download 4. Price Competition and the Demand for Mutual Funds
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4. Price Competition and the Demand for Mutual Funds (pages 72-104)

Download 5. Mutual Fund Industry Structure and Indicators of Price Competition
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5. Mutual Fund Industry Structure and Indicators of Price Competition (pages 105-122)

Download 6. Mutual Fund Pricing, Excessive Fees, and Empirical Evidence
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6. Mutual Fund Pricing, Excessive Fees, and Empirical Evidence (pages 123-153)

Download 7. Mutual Funds’ Organizational Form and Conflicts of Interest
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7. Mutual Funds’ Organizational Form and Conflicts of Interest (pages 154-173)

Download 8. What Have We Learned?
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8. What Have We Learned? (pages 174-182)

Download Appendix to Chapter Four
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Appendix to Chapter Four (pages 183-206)

Download Appendix to Chapter Seven
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Appendix to Chapter Seven (pages 207-210)

Download Notes
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Notes (pages 211-236)

Download Bibliography
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Bibliography (pages 237-244)

Download Index
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Index (pages 245-252)

The Mutual Fund Industry: Competition and Investor Welfare

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.

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