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This study assesses the engagement of financial advisors by individual investors following the financial crisis. It is important to remember that financial advisors and broker/dealers differ in their regulation and [...]

This article presents the construct of a New Total Expense Ratio built upon the concept of normative transparency of disclosure that presents the reality of adviser/distributor payments to brokers 'behind [...]

This article discusses the four basic reasons why mutual fund independent directors have failed in their roles as 'shareholder watchdogs' under the Investment Company Act of 1940. There is a [...]

The fact that closed funds continue to charge 12b-1 fees clearly illustrates that the fees are no longer primarily used for their intended purpose--to market and promote a fund. --Andrew [...]

Institutional-class mutual funds are designed as investment vehicles for pension funds, corporations, not-for-profit organizations, endowments, foundations, municipalities, and other large investors, including individuals. These funds offer investors flexibility, liquidity, convenience, [...]

The goal of this study is to bring some degree of closure to the question of why mutual fund investors employ financial advisors. The basic reasons for investor utilization of [...]

Given their simplicity and presumed commodity-like nature, institutional S&P 500 Index mutual funds should be subject to active price competition, resulting in only nominal size adjusted differences in expenses. This [...]

[R]ational investor choice of mutual funds is dependent upon transparency of relevant investor choice parameters provided by mutual funds. Bicksler [2004] The past several years have, not surprisingly, resulted in [...]

With over $9 trillion in assets, the mutual fund industry affects the lives of millions of investors. Because strong price competition is not a characteristic of this industry, fund expenses, [...]

Many fund managers turn over their portfolios with reckless abandon. But it's pretty much impossible for shareholders to figure out how much all this trading is costing them, because today's [...]

Data envelopment analysis (DEA) is applied to the Morningstar 500's small-cap mutual funds to identify those that are efficient or inefficient in a production theory sense. This study examines the [...]

[T]he [Investment Company] Act ... places the stewardship of investor assets over the salesmanship of the ... 'products' of the managers.... [When problems occur] the issue is not people with [...]

While sunlight is the best disinfectant, electric light has proven the best policeman --Justice Louis Brandeis, in Other People's Money. as reported by Willoughby [2003a]. The last few years have [...]

A low expense ratio is the single most important reason why a fund does well. --John C. Bogle Your funds may be making you rich ... but, you're also getting [...]

We use data envelopment analysis (DEA) to identify the large-cap mutual funds in the Morningstar 500 [1999] that are efficient or inefficient. We also want to identify the financial variables [...]

Introduction The primary purpose of this study is to compare the domestic balance sheet strategy ('profiles') of international U.S. banks with those of domestic U.S. banks. The analysis was performed [...]

Abstract * This study analyzed the 1987 data of 176 relatively large U.S. banks that have both foreign and domestic offices. Canonical analysis and the interpretive framework of asset/liability management [...]

Morningstar is an important source of mutual fund information, data, and evaluation for the investment community. We would like to be sure its approach to such issues as a fund's [...]

The information given in samples of corporation presidents' letters in annual reports is examined. Contrary to what one might think, such letters are not useful sources of information for investors seeking to make decisions. This is substantiated by research, such as that carried out by the Securities and Exchange Commission and by the authors. In the latter case, content analysis and the use of computers indicated that there was a relation between actual performance in subsequent years and the president's stated assessment of future performance. Letters of low- and high-performing companies differed in the choice of discussed topics and in the proportion of the president's letter addressed to these topics.

This study reports the results of a factor analysis of the impact of management decision making on selected international banking measures and relative profitability. There are three general conclusions from this study of the 1978-1980 international banking activities of the 99 U.S. banks with total assets of $1 billion to $5 billion. First, banks manage some asset-related international banking activities (especially loans) less consistently and uniformly than their liability-related international banking activities. Second, some international loan assets are significantly less profitable than their domestic counterparts. Third, the results of the analysis are generally consistent for each of the years studied. (Reprinted by permission of the publisher.)