عنوان

The Economics of Mutual Fund Markets:

(Number (ISBN

9400921853

(Number (ISBN

9401074798

(Number (ISBN

9789400921856

(Number (ISBN

9789401074797

Number

b544417

Title Proper

The Economics of Mutual Fund Markets:

General Material Designation

[Book]

Other Title Information

Competition Versus Regulation

First Statement of Responsibility

by William J. Baumol, Stephen M. Goldfeld, Lilli A. Gordon, Michael F. Koehn.

Place of Publication, Distribution, etc.

Dordrecht

Name of Publisher, Distributor, etc.

Springer Netherlands

Date of Publication, Distribution, etc.

1990

Specific Material Designation and Extent of Item

1(XIV, 242 Seiten)

Series Title

Rochester Studies in Economics and Policy Issues, 7

Text of Note

One: History of the Development of the Mutual Fund Industry.- Investment Companies.- Organizational Structure.- Mutual Funds.- Money Market Mutual Funds.- Fund Complexes.- Pre-1940.- 1940 to 1970.- 1970 to the Present.- Overview.- Money Market Mutual Funds.- Other Mutual Funds.- Conclusions.- Two: Regulation of the Mutual Fund Industry.- Background.- Investment Company Act of 1940.- Purpose of the Act.- Mechanisms Established to Deal with the Abuses.- The 1970 Amendments.- Concerns Raised by the 1960s' Reports.- New Regulations in the 1970 Amendments.- Recent Regulatory Initiatives.- Is Regulation Necessary in the Current Environment?.- Three: Litigation under the 1940 Act and the 1970 Amendments.- Pre-1970 Amendments.- Post-1970 Amendments.- Summary of Economic Analysis Utilized in Litigation.- Four: Analysis of the Adviser-Shareholder Relationship in the Mutual Fund Industry.- Examination of Organizational Structure.- Shareholders and Advisers as Contracting Agents.- Competition as a Restraining Force.- Five: A Study of Current Market Conditions in the Mutual Fund Industry.- The Analytical Framework: On Industry Structure, Performance, and Conduct.- Perfect Competition and Perfect Contestability as Theoretical Structural Ideals.- Industry Concentration.- Conditions of Entry.- Investor Mobility.- Outlays on Inputs Used to Make Final Products Sold in Competitive Markets.- Industry Conduct under Perfect Competition and Contestability.- Conclusions.- Six: The Demand for Money Market Mutual Funds.- Demand Elasticity: An Introduction.- Elasticity of Market Demand for Money Market Mutual Funds.- Fund Elasticity of Demand.- Theoretical Specification of the Model.- A Workable Econometric Model.- Econometric Results.- Fund Elasticity With Respect to Total Fees.- Seven: A Cost Study of Mutual Fund Complexes.- Cost Functions.- Empirical Analysis.- Output Measures and Choice of Hedonic Variables.- Model Specifications.- Description of Data and Complex Selection Criteria.- Econometric Results.- Economies of Scale and Scope.- Conclusions.- Appendix A.- Appendix B.- Appendix C.- Eight: Toward Rational Policy on Regulation of Mutual Funds.- A Review of Fee Setting in the Mutual Fund Industry.- The Exploitation Hypothesis.- Economic Incentives and Industry Behavior.- The Evidence on Competition for Advisory Services.- Proposals for a Modified Regulatory Regime.- Eliminating the Special Pricing and Earnings Evaluation Criteria in the 1940 Investment Company Act.- Eliminating the Imposition of a Corporate-like Structure upon Mutual Funds.- Disclosure Requirements.- Facilitating Investor Ability to Move from One Fund to Another.- Conclusions.

Text of Note

The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds.

Economics.

Industrial organization.

Macroeconomics.

by William J. Baumol, Stephen M. Goldfeld, Lilli A. Gordon, Michael F. Koehn.

Lilli A Gordon

Michael F Koehn

Stephen M Goldfeld

William J Baumol

Electronic name

[Book]

Y