The literature has been unable to provide a definitive model of the sources and nature of mutual fund scale economies and diseconomies. This study provides findings on the nature and sources of fund economies and diseconomies with respect to expenses, size, performance, trading, and numerous...

In this study, we provide extensive evidence on the performance and characteristics of 1,779 U.S. domestic, actively managed retail equity mutual funds. We find that expense ratios differ widely among Morningstar categories. Overall, our results indicate that funds with low expense ratios...

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...

With respect to its small-cap funds, the Morningstar category rating is preferred to the Morningstar star rating with respect to the preponderance of its associations with both the Jensen Alpha and Sharpe Index. But, neither captures the entirety of the Sharpe Index and, especially, the Jensen...

What the study findings say is that there are identified input/output and profile variables that are significantly different between the Morningstar 500 [1999] large-cap mutual funds that are DEA performance-efficient and inefficient. The Sharpe index represents the DEA output variable.That is,...

The recent revelations of major scandal in the mutual funds industry have brought intense feelings of betrayal and financial loss to millions of fund shareholders, whose assets were improperly and illegally diminished. Shareholders need and deserve much greater protection and transparency of...

This study uses the portion of a new Total Expense Ratio construct that discloses the reality of adviser/distributor payments of distribution fees (hidden) to sales brokers behind the mutual fund curtain. Distribution fees consist of dealer (broker) concessions, account servicing (12b-1) fees),...