The Economics of Mutual Funds
Posted: 10 Jan 2012
Date Written: December 2011
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.
Suggested Citation: Suggested Citation
Musto, David K., The Economics of Mutual Funds (December 2011). Annual Review of Financial Economics, Vol. 3, pp. 159-172, 2011, Available at SSRN: https://ssrn.com/abstract=1981830 or http://dx.doi.org/10.1146/annurev-financial-102710-144830
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