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The Economics Of Mutual Fund Markets

RRP $738.99

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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. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates regarding the fees charged to shareholders of their Prime Reserve Fund. 1940, advisers of Under the Investment Company Act of mutual funds have a fiduciary duty with respect to the level of fees they may charge a fund's shareholders. Since the passage of the Investment Company Act, there have been numerous lawsuits brought by shareholders alleging that advisory fees were excessive. In these lawsuits, the courts have failed to provide a set of standards for determining when such fees are excessive. Instead, they have relied on arbitrary and frequently ill-defined criteria for jUdging the reasonableness of fees. This failure to apply economic-based tests for evaluating the fee structure of mutual funds provided the motivation for the present book, which undertakes a comprehensive analysis of the economics of the mutual fund industry.


The Economics Of Mutual Fund Markets

RRP $24.99

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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. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates regarding the fees charged to shareholders of their Prime Reserve Fund. 1940, advisers of Under the Investment Company Act of mutual funds have a fiduciary duty with respect to the level of fees they may charge a fund's shareholders. Since the passage of the Investment Company Act, there have been numerous lawsuits brought by shareholders alleging that advisory fees were excessive. In these lawsuits, the courts have failed to provide a set of standards for determining when such fees are excessive. Instead, they have relied on arbitrary and frequently ill-defined criteria for jUdging the reasonableness of fees. This failure to apply economic-based tests for evaluating the fee structure of mutual funds provided the motivation for the present book, which undertakes a comprehensive analysis of the economics of the mutual fund industry.


Mutual Recognition As A New Mode Of Governance

RRP $302.99

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Mutual recognition is generally forgotten in debates about new modes of governance, even though it is a particular powerful example. Its invention was crucial for the completion of the European Union's single market, and in the late 1990s it was transferred to the field of Justice and Home Affairs. Outside of the EU, mutual recognition is also gaining in importance.

This book discusses mutual recognition in the context of the debate on new modes of governance and analyzes its potential to solve governance problems, focusing on the preconditions it needs for its functioning (e.g. trust of the Member states), the positive implications of achieving coordination through it, as well as its negative side effects (e.g. the danger of a regulatory race to the bottom). Particular focus is on the contentious services directive as a prominent example of using mutual recognition. In addition, contributions look at the application of mutual recognition in the market for goods, in the area of Justice and Home Affairs, in tax policy, and in the World Trade Organization, so that the book achieves a comprehensive assessment of mutual recognition as a new mode of governance.

This book was previously published as special issue of the Journal of European Public Policy.


Fundraising Made Simple

RRP $18.99



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