| 来源类型 | Working Paper |
| 规范类型 | 论文 |
| Competition and Shareholder Fees in the Mutual Fund Industry | |
| R. Glenn Hubbard; John C. Coates IV | |
| 发表日期 | 2006-07-11 |
| 出处 | AEI Economic Policy Working Paper Series |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Click here to view the complete paper as an Adobe Acrobat PDF. Executive Summary This paper examines claims that price competition in the mutual fund industry either does not exist or is too weak to prevent anticompetitive pricing by investment advisors to retail investors. These claims draw on a view of mutual fund competition tracing to the 1960s, which was not supported by economic analysis. In contrast to the 1960s view, contemporary analysis demonstrates that competition in the mutual fund industry prevents “excessive fees.” Numerous structural and performance characteristics of the mutual fund industry demonstrate that it is price competitive. Demonstrating that competition is present, and not limited by the fund-advisor governance structure, is sufficient to reject claims of “excessive fees.” These observations about the centrality of price competition from an economic perspective imply a prominent role for competition as a factor in the legal analysis of “excessive fees” in the framework of the Gartenberg decisions interpreting Section 36(b) of the Investment Company Act. John C. Coates IV is a professor of law at Harvard University. R. Glenn Hubbard is a visiting scholar at AEI. Click here to view the complete paper as an Adobe Acrobat PDF. |
| 主题 | Public Economics |
| 标签 | mutual funds |
| URL | https://www.aei.org/research-products/working-paper/competition-and-shareholder-fees-in-the-mutual-fund-industry/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/206915 |
| 推荐引用方式 GB/T 7714 | R. Glenn Hubbard,John C. Coates IV. Competition and Shareholder Fees in the Mutual Fund Industry. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| 20060711_Coates_Hubb（333KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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