Top Research Papers on Mutual Funds

This is a survey article. In it we review the modern literature on the characteristics and performance of mutual funds. Key articles on open end stock and bond funds, closed end funds and exchange traded funds are reviewed. Topics range from measuring and predicting performance to explaining pricing and growth.

The Indian mutual fund industry witnessed a remarkable performance in the past 30 years. After independence, with the joint effort of the Indian government and the Reserve Bank of India, the establishment of Unit Trust of India marked the beginning of the mutual fund industry in India. With the opening of mutual fund industry in India, investors started taking the advantage of multiple investment opportunities. This leads to increase in savings to the funds along with banks. Mutual funds have given consistent favorable returns over the past year despite of slow growth. For making an investment...

Mutual funds provide various facilities that make saving and investing simple, accessible and affordable, by using professional management, diversification, variety of products, liquidity, affordability, convince. Moreover, strict government regulation and full disclosure of information makes the investment more secures in India. In India mutual funds market the key area of interest of market experts are understanding the investor's expectations and meeting those expectations. The mutual fund sector is one of the fast growing sectors in Indian economy and has tremendous potential for sustained...

The second, expanded edition of this guide includes extensive changes based on the Internet as a tool for investing, from how to find the best information to how to harvest on-line.

Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without the permission of the copyright holder. Copies of working papers are available from the authors.

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Part 1 Overview: indirect investing - mutual funds versus commercial banks evolution of funds and investors regulation of mutual funds and required disclosure. Part 2 Portfolio management and equity trading: portfolio management of stocks brokerage transaction for mutual funds. Part 3 Marketing and servicing of fund shareholders: mutual fund marketing retirement plans and the fund business servicing fund shareholders. Part 4 Advanced topics: financial dynamics of mutual funds mutual funds as institutional investors the role of technology in mutual fund complexes internationalization of mutual ...

"How Mutual Funds Work" outlines the stock market, the bond market, asset allocation, index funds, variable annuities, tax considerations, and the role of computers. Fredman and Wiles provide a Q&A section with the 100 most important questions and their easily digested brief answers.

This chapter for an upcoming handbook on mutual funds (by Edward Elgar Publishing) offers an overview of the mutual fund market and the investors who inhabit it. On the supply side, mutual funds hold $16 trillion in financial assets and have become the largest component of our private retirement system. On the demand side, mutual fund ownership has become widespread, with 90 million fund-owning households composed mostly of middle-class, educated, and older investors.The portrait of mutual fund investors, painted by a large and consistent body of academic and government studies over the past f...

This note is an excerpt from Professor Bob Pozen's book "The Mutual Fund Business" and is an introduction to mutual funds, contrasted with commercial banks. Learning Objective: To provide students with an introduction to mutual funds.

Mutual funds emerged as early as the second half of the 18th century in The Netherlands. The paper traces the history of mutual funds from the development of securitization in the 17th century to the invention of depository receipts

Looking for the definition of 'mutual funds'? Visit our helpful online glossary to get the specifics on common investing terms.

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.

This chapter discusses the size and market concentration of the mutual fund industry, the market entry and exit of mutual funds, the benefits and costs of mutual fund size changes, principal benefits and costs of ownership from fund shareholders’ perspective, and mutual fund governance.

Mutual funds emerged as early as the second half of the 18th century in The Netherlands since then Mutual Funds have evolved and undergone various structural changes. Exchange traded funds which is the youngest member of the family pedigrees of mutual fund not only mesmerized astute world over but also provided a deadly weapon to Arsenal of investors to counter market conditions that too with minimum risk. Time and again mutual fund industry has provided something which has proved to be savior to the investors with modest means. The paper presents genealogy of mutual funds from its predecessor...

The concentration of public equity in the hands of just a few mutual-fund complexes has raised concerns about whether these institutions take seriously the stewardship obligations that come with the significant voting power that they have amassed. One leading theory, the agency-cost theory, is that the major fund complexes, all of which specialize in passively managed funds, lack the incentive to adequately police corporate managers on behalf of fund shareholders. Others counter that competition for mutual-fund investors provides sufficient incentive for satisfactory oversight. <br><br>I argue...

A mutual fund is a pool of money from numerous investors who wish to save or make money just like you. Investing in a mutual fund can be a lot easier than buying and selling individual stocks and bonds on your own. Investors can sell their shares when they want. This paper focuses on market share of mutual fund, performance of mutual fund, future potential of mutual fund industry and emerging trends of mutual fund.

Securities laws prohibit open-end mutual funds from borrowing more than one third of their capital structure because of concerns that too much borrowing may harm investors. This is the first paper to examine the performance of open-end funds that borrow money within these permissible limits. We construct a database from annual filings of open-end domestic equity mutual funds covering 17 years from 2000 to 2016. Eighteen percent of funds borrowed money for leverage within that time. We find that borrowing funds underperform their non-borrowing peers by 62 basis points per year on a total return...

Using data on Spanish mutual funds, we show that bank-affiliated funds provide funding support to their parent company via purchases of bonds in the primary market. Support from affiliated funds is more sizeable in crisis times and for riskier banks. These trades generate negative abnormal returns and thus benefit banks at the expense of fund investors. To minimize negative effects on their asset management business, banks concentrate the burden of funding support in funds without performance fees and those catering to retail investors. We provide evidence consistent with funding support hel...

Different investment avenues are available to investors. Mutual funds also offer good investment opportunities to the investors. Like all investments, they also carry certain risks. The investors should compare the risks and expected yields after adjustment of tax on various instruments while taking investment decisions. The investors may seek advice from experts and consultants including agents and distributors of mutual funds schemes while making investment decisions. With an objective to make the investors aware of functioning of mutual funds, an attempt has been made to provide information...