The Economics of Mutual Funds

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Abstract

This review surveys the literature on the economics of mutual funds in general, and open-end mutual funds in particular. This mutual fund design has been very successful, though it carries risks that have recently been realized at large scales. It also frustrates the analysis of performance in ways only recently appreciated. Among the topics reviewed are tax efficiency, transactions costs, risk shifting, window dressing, governance, marketing, price setting, and concerns that arise at the family level.