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" The Economics of Mutual Fund Markets: "
by William J. Baumol, Stephen M. Goldfeld, Lilli A. Gordon, Michael F. Koehn.
Document Type
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BL
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Record Number
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724698
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Doc. No
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b544417
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Main Entry
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by William J. Baumol, Stephen M. Goldfeld, Lilli A. Gordon, Michael F. Koehn.
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Title & Author
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The Economics of Mutual Fund Markets: : Competition Versus Regulation\ by William J. Baumol, Stephen M. Goldfeld, Lilli A. Gordon, Michael F. Koehn.
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Publication Statement
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Dordrecht: Springer Netherlands, 1990
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Series Statement
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Rochester Studies in Economics and Policy Issues, 7
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Page. NO
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1(XIV, 242 Seiten)
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ISBN
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9400921853
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: 9401074798
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: 9789400921856
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: 9789401074797
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Contents
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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.
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Abstract
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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.
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Subject
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Economics.
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Subject
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Industrial organization.
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Subject
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Macroeconomics.
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Added Entry
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Lilli A Gordon
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Michael F Koehn
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Stephen M Goldfeld
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William J Baumol
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