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We examine pure no-load funds over a 5-year period. For equity funds, trading activity is negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio are positively related to return. For fixed income funds, trading activity is positively related to return. Expense ratios and tax cost ratios are negatively related to returns. Mutual funds exhibit economies of scale and managers experience scale and scope economies. The individual investor is better off in a large fund that is a member of a large fund family.
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In 1962, the Wharton School of Finance and Commerce at the University of Pennsylvania published the influential Wharton Report, a study of the mutual fund advisory industry requested by the US Securities and Exchange Commission (SEC). The Wharton Report concluded that fee competition in the industry was weak or altogether absent. The SEC followed in 1966 with a report to Congress drawing the same conclusion and recommending various statutory amendments to protect fund investors from excessive fees. Revelation of the four economic myths about fund advisory fees provides remarkable insight into the US Supreme Court's task in reviewing Jones v. Harris. This essay suggests that a reasonable approximation of the output of fund management is state-of-the-art savings, including the adviser's c...
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We examine the determinants of US mutual fund terminations and provide estimates of mutual fund hazard functions. We find that mutual fund termination correlates with a variety of fund specific variables as well as with market variables such as the S&P 500 index and the short-term interest rate. We also test the underlying assumptions of the semi-parametric Cox model and reject proportionality, thus calling to question the use of this model in forming estimates of mutual fund hazard functions. We find that different fund categories exhibit distinct hazard functions depending on the fund's investment objectives.
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CHICAGO, April 13, 2011 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange- traded fund asset flows through March 2011. The pace of inflows into long-term mutual funds slowed slightly to $27.0 billion in March from approximately $27.9 billion in February, due largely to a reversal in U.S. stock flows. The asset class saw outflows of $934 million in March after taking in roughly $26.1 billion combined in January and February. Inflows for U.S. ETFs rose to $7.4 billion in March after reaching $6.6 billion in February despite outflows of $3.3 billion from U.S. stock ETFs, which typically drive industry inflows. Diversified emerging-markets flows, which have attracted a significant a...
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Approximately 77.7 million individuals in the US invest in equities through stock mutual funds. When these investors put their money to work and at risk, they depend upon strong corporate governance structures at corporations (portfolio companies) held by the mutual funds that they own. Unlike direct retail investors who can take action to influence corporate governance, these 77.7 million individuals depend upon mutual fund advisers (Advisers) to advocate for them. In its conclusion, this paper takes a broader perspective, suggesting that corporate governance scholars and reformers use the mutual fund case to reexamine the prevailing framework that is largely based upon the agency problem recognized in 1932 by Adolf Berle and Gardiner Means. Berle and Means saw a shift between the nine...
