The purposes of this study are to review how mutual fund portfolio manager structures and their attributes, and implications impact fund risk and return performance. For example, retail Investors in actively managed mutual funds are often characterized as "dumb investors chasing past...

The purpose of this study is to discuss various types of agency conflicts that negatively impact mutual fund shareholder interests. In so doing, shareholders should get an improved understanding of conflicts that place them at such a disadvantage in fund investing. Many fund advisers are...

The research provides the mutual fund Total Cost Construct that would provide "normative transparency of disclosure" to shareholders if adopted by the fund industry and by the SEC for fund reporting and disclosure. Full disclosure would enhance analysis to estimate each cost item for samples,...

Revenue sharing payments are mutual fund distribution costs that conflict with continuing shareholder interests by directly reducing fund assets and shareholder returns. The “stated” purpose of revenue sharing payments is to defray broker costs of servicing customer accounts and for...

The background to this study is the failure of mutual fund independent directors to fulfill their obligations as “shareholder watchdogs,” as defined in the 40Act. What is needed is for fund independent directors to “request” fund advisers to provide “normative transparency of...

The updated New Total Expense Ratio is designed to categorize properly each type of mutual fund fee and expense. The purpose is to provide normative transparency of disclosure to serve the primary interests of fund shareholders. The current regulatory scheme of disclosure is short on...

This study presents the construct of a New Total Expense Ratio built upon the concept of normative transparency of disclosure. This construct presents the reality of adviser/distributor payments to brokers “behind the mutual fund curtain.” The source of these payments is fund and shareholder...

Barber, Odean, and Zheng's [2005] analysis of mutual fund front-end loads, sales commissions, and operating expenses finds that over the past several decades ordinary investors have “learned” what they value in choice of funds. And, fund advisers learned early on to provide what attracts...

This paper includes theories of advertising and investor behavior and their application to mutual fund advertising and investor choice. Mutual fund advertising and its affect on investor choice is discussed in the context of the role of advertising, advertising as persuasion, investor choice,...