The controversy whether mutual fund shareholders should invest primarily in actively managed funds index funds continues. But, while there may be a small number of portfolio managers who provide evidence of persistency in high performance (assuming they meet the daunting statistical burden of...

This study provides in-depth coverage of important findings surrounding the question of why investors continue to buy underperforming actively managed mutual funds. This issue is complicated by the finding active managers have skill that allows them to add fund value, but which is not shared...

Since the 2003 mutual funds scandal, it has become quite clear that thoughtful, long-term individual investors should focus on identifying and investing in stewardship funds. The purpose of this study is to provide readily available approaches for individual investors to use in the...

The objective of this study is to take some of the mystery out of mutual fund revenue sharing, but without being able to say investors have transparent disclosure. Topics begin with the transition from directed brokerage to revenue sharing. The discussions that follow include directed brokerage...

Revenue sharing rewards brokers for high and higher sales and/or asset holdings of fund shares, and further defrays current and higher broker costs of advertising and promotion, ongoing broker servicing of fund investor accounts, and educational support. It results in higher broker sales and...

There are several regulatory, nuanced, and interpretive discussions of mutual fund distribution issues, including revenue sharing, 12b-1 fees, and defensive 12b-1 plans. The world of fund distribution to intermediaries for sales of fund shares is not quantum physics, but it is much more hidden...

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 sources and nature of fund economies and diseconomies with respect to expenses, size, performance, trading, and numerous...

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...

Mutual fund bundling services under soft-dollar arrangements may benefit shareholders — but it is also possible that shareholder capital is wasted through these arrangements. There are two major questions concerning bundling actively managed equity fund research and services in soft-dollar...

In conclusion, Haslem [2016] summarizes the numerous attributes and implications of revenue sharing payments: (1) reward brokers for high and higher sales and/or asset holdings of fund shares and further defray current and higher broker costs of advertising and promotion, ongoing broker...