The mutual fund industry: competition and investor welfare
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
New York
Columbia Univ. Press
2010
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XXII, 228 S. |
| ISBN: | 9780231151825 |
Staff View
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Record in the Search Index
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| adam_text | THE MUTUAL FUND INDUSTRY COMPETITION AND INVESTOR WELFARE R GLENN
HUBBARD, MICHAEL F. KOEHN, STANLEY I. ORNSTEIN, MARC VAN AUDENRODE, AND
JIMMY ROYER - COLUMBIA BUSINESS SCHOOL PUBLISHING CONTENTS LIST OF
FIGURES XI LIST OF TABLES XIII FOREWORD XVII PREFACE XXI INTRODUCTION 1
THE MUTUAL FUND INDUSTRY AND ITS CRITICS 2 MUTUAL FUNDS AND U.S.
RETIREMENT ASSETS 3 MUTUAL FUND PRICING 4 PURPOSE OF THE BOOK 7
ORGANIZATION OF THE BOOK 8 CHAPTER ONE MUTUAL FUND INDUSTRY GROWTH AND
IMPORTANCE IN RETIREMENT PLANS 11 MUTUAL FUND GROWTH U MUTUAL FUND
GROWTH IN RETIREMENT PLANS N MUTUAL FUNDS AND THE PENSION PROTECTION ACT
OF 2006 15 VI CONTENTS GOVERNMENT PENSION PLANS: FURTHER OPPORTUNITY FOR
GROWTH IN MUTUAL FUNDS 16 SUMMARY AND CONCLUSIONS IY CHAPTER TWO MUTUAL
FUNDS AND CHARGES OF EXCESSIVE FEES: THE HISTORICAL BACKGROUND 18 FEES
ARE EXCESSIVE: THE CRITICS VIEW 20 EARLY MUTUAL FUND MANAGEMENT
MALFEASANCE AND U.S. REGULATIONS, 1924-1940 24 THE 1950S AND IG6OS 26
PROPOSED REGULATORY SOLUTIONS TO EXCESSIVE FEES 28 CHAPTER THREE MUTUAL
FUND EXCESSIVE FEES AND THE COURTS 30 GARTENBERG CASE BACKGROUND 31 THE
DISTRICT COURT S DECISION IN GARTENBERG 32 THE APPELLATE COURT S
DECISION IN GARTENBERG 34 SUBSEQUENT COURT DECISIONS 44 SUMMARY AND
CONCLUSIONS 46 CHAPTER FOUR PRICE COMPETITION AND THE DEMAND FOR MUTUAL
FUNDS 48 PRIOR STUDIES 49 AN ALTERNATIVE APPROACH TO EXAMINING
COMPETITION IN THE MUTUAL FUND INDUSTRY 52 THE MODEL 53 ESTIMATING THE
DEMAND FOR MUTUAL FUNDS AND CORRESPONDING PRICE ELASTICITIES 57 CONTENTS
VII SIMULATIONS OF THE MODEL 73 SUMMARY AND CONCLUSIONS 79 CHAPTER FIVE
MUTUAL FUND INDUSTRY STRUCTURE AND INDICATORS OF PRICE COMPETITION 81
INDUSTRY STRUCTURE 81 INVESTORS WILLINGNESS TO SWITCH MUTUAL FUNDS 91
FUND DISTRIBUTION CHANNELS 9 1 PRODUCT INNOVATIONS AND PRICE COMPETITION
95 FURTHER DIRECT EVIDENCE OF PRICE COMPETITION 95 SUMMARY AND
CONCLUSIONS 96 CHAPTER SIX MUTUAL FUND PRICING, EXCESSIVE FEES, AND
EMPIRICAL EVIDENCE 99 INTRODUCTION 99 MUTUAL FUND MARKET SEGMENTS AND
FEE DISPARITIES 100 PRICE DISPERSION AND PRICE COMPETITION 107 ECONOMIES
OF SCALE IN MUTUAL FUNDS AND PRICE COMPETITION 112 INCREASING EXPENSE
RATIOS AS EVIDENCE OF NO PRICE COMPETITION 126 SUMMARY AND CONCLUSIONS
128 1 CHAPTER SEVEN MUTUAL FUNDS ORGANIZATIONAL FORM AND CONFLICTS OF
INTEREST 130 INTRODUCTION 130 ASSESSING INTERNAL MANAGEMENT AND
NONPROFIT STATUS 131 THE VANGUARD GROUP 135 7 VIII CONTENTS TIAA-CREF
142 PERFORMANCE COMPARISONS: VANGUARD, TIAA-CREF, AND RIVAL FUNDS 143
SUMMARY AND CONCLUSIONS 147 CHAPTER EIGHT WHAT HAVE WE LEARNED? 150
INTRODUCTION 150 THE EXCESSIVE FEE HYPOTHESIS 151 PRINCIPAL FINDINGS 15
1 EXCESSIVE FEES AND MUTUAL FUND REGULATION 154 CONCLUSIONS 157 APPENDIX
TO CHAPTER FOUR 159 THE ANALYTICAL FRAMEWORK 160 THE SINGLE-NESTED MODEL
160 COST FUNCTION 164 SIMULATION OF COMPETITION BETWEEN TWO COMPLEXES
WITH FOUR FUNDS 167 EMPIRICAL ESTIMATION OF THE NESTED LOGIT DEMAND
MODEL 169 EMPIRICAL ESTIMATION OF OWN-PRICE AND CROSS-PRICE ELASTICITIES
169 THE TWO-NESTED MODEL 171 THE DEMAND FOR FUNDS 171 COMPLEX AND
DISTRIBUTION CHANNEL GOODWILL 174 ESTIMATION OF THE PRINCIPLES OF
DIFFERENTIATION GENERALIZED EXTREME VALUE MODEL 176 THEORETICAL ASPECTS
OF THE PRINCIPLES OF DIFFERENTIATION GENERALIZED EXTREME VALUE MODEL 176
. CONTENTS IX SOLVING THE PRINCIPLES OF DIFFERENTIATION GENERALIZED
EXTREME VALUE EQUATION 178 APPENDIX TO CHAPTER SEVEN 183 MULTIVARIATE
RESULTS 183 NOTES 187 BIBLIOGRAPHY 213 INDEX 221
|
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| spelling | The mutual fund industry competition and investor welfare R. Glenn Hubbard ... New York Columbia Univ. Press 2010 XXII, 228 S. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Geschichte 1995-2010 gnd rswk-swf Financial services industry - United States Investment advisors - United States Mutual funds - United States Mutual funds United States Investment advisors United States Financial services industry United States Provision (DE-588)4134287-2 gnd rswk-swf Investmentfonds (DE-588)4114047-3 gnd rswk-swf Anlageberater (DE-588)4142521-2 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Investmentfonds (DE-588)4114047-3 s Anlageberater (DE-588)4142521-2 s Provision (DE-588)4134287-2 s Regulierung (DE-588)4201190-5 s Geschichte 1995-2010 z DE-604 Hubbard, R. Glenn 1958- Sonstige (DE-588)124552064 oth GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020217304&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The mutual fund industry competition and investor welfare Financial services industry - United States Investment advisors - United States Mutual funds - United States Mutual funds United States Investment advisors United States Financial services industry United States Provision (DE-588)4134287-2 gnd Investmentfonds (DE-588)4114047-3 gnd Anlageberater (DE-588)4142521-2 gnd Regulierung (DE-588)4201190-5 gnd |
| subject_GND | (DE-588)4134287-2 (DE-588)4114047-3 (DE-588)4142521-2 (DE-588)4201190-5 (DE-588)4078704-7 |
| title | The mutual fund industry competition and investor welfare |
| title_auth | The mutual fund industry competition and investor welfare |
| title_exact_search | The mutual fund industry competition and investor welfare |
| title_full | The mutual fund industry competition and investor welfare R. Glenn Hubbard ... |
| title_fullStr | The mutual fund industry competition and investor welfare R. Glenn Hubbard ... |
| title_full_unstemmed | The mutual fund industry competition and investor welfare R. Glenn Hubbard ... |
| title_short | The mutual fund industry |
| title_sort | the mutual fund industry competition and investor welfare |
| title_sub | competition and investor welfare |
| topic | Financial services industry - United States Investment advisors - United States Mutual funds - United States Mutual funds United States Investment advisors United States Financial services industry United States Provision (DE-588)4134287-2 gnd Investmentfonds (DE-588)4114047-3 gnd Anlageberater (DE-588)4142521-2 gnd Regulierung (DE-588)4201190-5 gnd |
| topic_facet | Financial services industry - United States Investment advisors - United States Mutual funds - United States Mutual funds United States Investment advisors United States Financial services industry United States Provision Investmentfonds Anlageberater Regulierung USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020217304&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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