Since their inception in the early 1970s, money market mutual funds have been relatively safe investments. Indeed, the money fund industry itself has noted that no investor has ever lost a dollar in a money market fund. Nevertheless, money funds have been buffeted by a series of defaults on...

This paper evaluates the scale and scope of bank proprietary mutual funds. We find that most bank proprietary funds could realize efficiency gains by boosting assets under management and some by offering more diversified product lines. The data indicate that the appropriate size for a...