Americans are increasingly being asked to take responsibility for their own retirement
security. However, many people are ill-equipped to make financial decisions and have …

We investigate the investment style positioning of UK equity unit trusts (mutual funds) over
the 24-year period from 1987 to 2010 and assess if fund manager claims to follow a …

This article represents a rare (if not unique) attempt to estimate the drag on mutual fund
returns engendered by “all-in” investment expenses, including not only expense ratios (until …

There are four basic reasons why mutual fund independent directors have failed in their
roles as “shareholder watchdogs” under the Investment Company Act of 1940. The first …

Academic financial economists have been keenly interested in the value of active portfolio
management since the seminal paper of Jensen (1968). This book examines the information …

The work reported here was undertaken in 2015 and was sponsored by the Department of
Labor (DoL). The report should be of interest to DoL staff; staff of other federal agencies that …

This paper investigates the performance of copycat funds, which are free-riding on disclosed
asset holdings of actively managed mutual funds. On average, copycat funds are able to …

Abstract 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 …

Active portfolio management involves the selection of securities and market timing in an
attempt to provide value to fund investors. It has been suggested that periods of falling …

“In meeting the fiduciary standards of the Investment Company Act..., independent directors
have to focus on the investors whose interests they represent. And so the decision... whether …