We evaluate the performance of 51 mutual fund families based on a study of their diversified US managed mutual funds over an 11 year period and explore the determinants of performance gross of published expenses. We find that mutual fund families which charge loads, high expenses to their most...

This paper compares the risk and return of investing in equity mutual funds provided by the world's two largest mutual fund families: Fidelity and Vanguard over a long horizon. We believe this will help guide investors; this study is an example of the calculations that mutual fund companies...

For the steel import quota bill of 1999, our answer to the question posed in the title is that each word in the Congressional Record costs $39 in campaign contributions from the steel industry. Consequently, our answer is "Yes."

Do enhanced index funds beat traditional ones? The major companies that offer the new enhanced index international mutual funds are Dimensional Fund Advisors (DFA), RAFI, and WisdomTree. A major provider of traditional international index funds is DFA. We compare various enhanced international...

In an overlapping generations model, capital and labor produce two tradeable goods. A kleptocratic government spends the tariff revenue. Trade liberalization, which lowers the relative price of the importable to the private sector, benefits the retired generation if and only if the relative...

We consider an economy (e.g. Chile 1973-83 or modern Turkey) with a minimum wage sector and a free sector, and a tax on labor earnings. We ask can a minimum wage hike raise employment and economic efficiency?

Investigating style-adjusted performance is important for an investor who has selected the desired style and wishes to know which fund or company or portfolio would have provided the best performance within that style. Looking at the entire portfolios provided to clients by different companies...

GMO is a well known mutual fund company that serves wealthy clients. The minimum investment for a mutual fund account is 10 million dollars. GMO’s web site is a font of useful and entertaining information. Should the Vanguard investor who can’t afford to invest with GMO be envious of the...

Each month, GMO publishes on the web its predictions of the real rate of return for various asset styles over the next seven years. Its web library retains its quarterly predictions, dating back to the end of the second quarter of 2000. This inquiry explores whether they predict the performance...

GMO offers a mutual fund which is free to change its composition of assets in accordance with expected risks and returns. It is called the GMO Benchmark Free Allocation Fund III, ticker: GBMFX. This study asks whether one could obtain the same performance by adjusting one’s holdings of...