Mutual Fund Industry

R. Glenn Hubbard is dean of Columbia Business School and the Russell L. Carson Professor of Economics and Finance. He was chairman of the President's Council of Economic Advisers from 2001 to 2003 and has published more than one hundred articles on investing, banking, energy economics, and public policy. With William Duggan, he is the author of The Aid Trap: Hard Truths About Ending Poverty. Michael F. Koehn is cofounder and affiliate of Analysis Group, Inc. and specializes in applied microeconomics and finance. His publications concern banking, finance, energy economics, and real estate. He is a coauthor of The Economics of Mutual Fund Markets: Competition Versus Regulation and has taught at the Graduate School of Management, University of California, Irvine. Stanley I. Ornstein is vice president of Analysis Group, Inc. He specializes in applied microeconomics and industrial economics and their applications to issues of competition and regulation. His numerous publications tackle market structure and performance, advertising and competition, exclusive dealing and resale price maintenance, and competition in various industries. Marc Van Audenrode is a managing principal of Analysis Group, Inc. and a specialist in labor economics, antitrust, econometrics, and public economics. His publications appear in numerous economic journals, and he is a frequent presenter at industry and academic conferences. Jimmy Royer is a vice president of Analysis Group, Inc. and specializes in econometrics, antitrust, financial economics, and labor economics. He has taught at the Universite Laval and the Universite de Sherbrooke, and his research and publications cover such topics as limit entry pricing, investment valuation, wage flexibility, and unemployment compensation.

• List of Figures List of Tables Foreword Preface Introduction 1. Mutual Fund Industry Growth and Importance in Retirement Plans 2. Mutual Funds and Charges of Excessive Fees: The Historical Background 3. Mutual Fund Excessive Fees and the Courts 4. Price Competition and the Demand for Mutual Funds 5. Mutual Fund Industry Structure and Indicators of Price Competition 6. Mutual Fund Pricing, Excessive Fees, and Empirical Evidence 7. Mutual Funds' Organizational Form and Conflicts of Interest 8. What Have We Learned? Appendix to Chapter Four Appendix to Chapter Seven Notes Bibliography Index

The Mutual Fund Industry is extremely well written and clear, and the authors are the first to present solid empirical results to address price competition in the mutual fund industry. The outcomes of these empirical tests are striking and important not only for mutual fund investors but also for courts, government antitrust policy, and rating agencies. -- Joop Huij, Erasmus University, Rotterdam The Mutual Fund Industry is a very valuable contribution to the continuing and contentious debate over the competitiveness of the mutual funds industry. The authors make a strong case that this market is highly competitive and provide both analytical and empirical grounds for their conclusions. -- William J. Baumol, Berkley Center for Entrepreneurial Studies The Mutual Fund Industry is a choice collection that shouldn't be missed for anyone using their money wisely. Midwest Book Review