For investor and institutional class index mutual funds that track the S&P 500 Index, there are just 25 funds with statistically low expense ratios (management fee findings are found above). However, there are only five index funds - all investor class - with statistically very high and...

Domestic-hybrid mutual funds vary with respect to investment objective, active or index management, proportions of stocks and bonds, and the mix of stock cap size/investment style and, therefore, risk.There are several types of domestic-hybrid mutual funds that apply various stock/bond...

This study further develops and defines the concept of normative transparency of disclosure. As defined, mutual fund normative transparency is that fund proactive, voluntary disclosure as well as legal and regulatory disclosure required for investors to be able to make information efficient fund...

This study documents why mutual fund markets reflect “imperfect competition.” Fund “prices” are explicit and opaque fees, expenses, costs, and sales loads that fund advisers charge investors for managing portfolios sold at market value. Numerous mutual fund market and fund attributes...

The study provides selected “negative general effects” that lower mutual fund shareholder performance. First, ICA and federal court decisions have enabled generally higher fund fees by setting very high hurdles for shareholders in petitions of excessive fund fees, which implicitly reduce...

The pdf file includes the forthcoming book table of contents.This book was the culmination of two experiences. The first and basic experience was the some ten years teaching analysis of mutual funds to undergraduates and MBAs at the Robert H. Smith School of Business, University of Maryland....

Mutual funds are the primary providers of investment management services to 401(k) pension plans. These plans are complex to operate and administer and subject to multiple regulators. Third-party revenue sharing is used to pay some portion of plan service provider costs, other than employer/plan...

This article provides theories of advertising and investor behavior that apply to mutual fund advertising and investor fund choices. Mutual fund advertising and its effect on investor fund choices is assessed in context of the role of advertising, advertising as persuasion, investor choice,...

The basic question that this article addresses is: Why does mutual fund advertising work? The summation of external evidence is compatible with evidence that greater mutual fund advertising attracts investors with below-average financial literacy who find the investment decision process...