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.
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.
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.
From Artisan to Worker examines the largely overlooked debate over the potential reestablishment of guilds that occurred from 1776 to 1821. The abolition of guilds in 1791 overturned an organization of labor that had been in place for centuries. The disorder that ensued - from concerns about the safety of the food supply to a general decline in the quality of goods - raised strong doubts about their abolition and sparked a debate both inside and outside of government that went on for decades. The issue of the reestablishment of guilds, however, subsequently became intertwined with the growing mechanization of production. Under the Napoleonic regime, the government considered several projects to restore guilds in a large-scale fashion, but the counterargument that guilds could impede mechanization prevailed. After Bonaparte's fall, the restored Bourbon dynasty was expected to reorganize guilds, but its sponsorship of an industrial exhibition in 1819 signaled its endorsement of mechanization, and after 1821 there were no further efforts to restore guilds during the Restoration.
Tap Into the Power of Human Connection Creating a thriving organization where employees feel valued, the environment is energized, and high productivity and innovation are the norm requires a new kind of leader who fosters a culture of connection within the organization. Connection Culture, 2nd Edition, is your game-changing opportunity to become that leader and to begin fostering a connection culture in your organization. Stop undermining performance and take the first step toward change that will give your organization, your team, and everyone you lead a true competitive advantage. Inspiring and practical, this book challenges you to set the performance bar high and keep reaching. Learn how to: Foster a connection culture Emulate best practices of connected teams—from Mayo Clinic physicians and scientists to the creators of the award-winning Broadway musical Hamilton. Boost vision, value, and voice within your organization. Published in the shadow of the COVID-19 pandemic, the book messages the authors’ hope for post-traumatic growth; provides updated, research-supported theories about the relationship of stress and loneliness; and includes new examples and profiles of great leaders communicating during crisis.
The Harvard Business Review Leadership Library offers the most important leadership ideas from authors such as Michael D. Watkins, Clayton M. Christensen, Michael E. Porter, and John P. Kotter, to name just a few. This must-have digital collection includes The First 90 Days (Updated and Expanded), Blue Ocean Strategy (Expanded Edition), The Innovator’s Dilemma, Leading Change (With a New Preface by the Author), On Competition, Playing to Win, Remember Who You Are, HBR’s 10 Must Reads on Leadership, HBR’s 10 Must Reads on Strategy, HBR’s 10 Must Reads on Managing Yourself, HBR’s 10 Must Reads on Managing People, and HBR’s 10 Must Reads on Emotional Intelligence.
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