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...

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...

Jared Kizerís analysis indicates the return to stock-picking skills is not enough to offset the additional transactions costs of a managed portfolio. Thus the superior performance of Vanguardís managed portfolio was due entirely to its tendency to overweight small stocks and value stocks...

Is there any justification for investing in managed mutual funds, or are managed funds for suckers, as indexing advocates argue? We answer this question by looking at a long time span of real fund returns (27 years) for one specific company (Vanguard) that is notable for its low fees on managed...

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...

We consider an economy (e.g. Chile 1973-83) with a minimum wage sector and a free sector, and a tax on labor earnings. The supply of labor depends positively on the wage. Jobs in the minimum wage sector are allocated by lottery. In such a model a minimum wage may increase employment and output...