Given their simplicity and presumed commodity-like nature, institutional Samp;P 500 Index mutual funds should be subject to active price competition, resulting in only nominal size-adjusted differences in expenses. We find a wide disparity among fund expense ratios and their corresponding...

In this study, we provide extensive evidence on the performance characteristics of 1,118 U.S. domestic, actively managed institutional equity mutual funds. We measure performance using such measures as three-year Sharpe ratios, Jensen's alphas, and Miller's active alphas as well as annualized...

The stated and objective empirical findings in this study (and others) are generally consistent. There is no evidence that mutual fund shareholders benefit from Rule 12b-1 plans, which provide a serious conflict of interest.The promise that 12b-1 fees would be used to increase mutual fund assets...

Despite recent turmoil in the financial markets, the mutual fund industry continues to be one of the extraordinary growth stories in the history of American financial markets. In 1984, net mutual fund assets totaled 370 million. Today, they are at 10.1 trillion. A major reason for their...

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...

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

The PDF file includes the forthcoming book's table of content. When the financial history of the United States is written, one chapter will necessarily be dedicated to mutual funds. This industry has been and continues to be one of the extraordinary growth stories in the history of American...