Download or read book A Study of Mutual Fund Independent Directors written by William J. Nutt and published by . This book was released on 1971 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fund Director s Guidebook written by Federal Regulation of Securities Committee and published by American Bar Association. This book was released on 2006 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for directors of both open-end investment companies (typically referred to as mutual funds) and closed-end funds, this new Third Edition offers suggestions to assist directors in their roles and obligations. The new edition has been updated to reflect key legal developments that have emerged since the second edition appeared in 2003 including the impact of the Sarbanes-Oxley Act and initiatives undertaken by the SEC in response to the mutual funds scandals occurring in 2003 and 2004.
Download or read book What Independent Directors Should Request of Mutual Fund Advisers written by John A. Haslem and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The background to this study is the failure of mutual fund independent directors to fulfill their obligations as ldquo;shareholder watchdogs,rdquo; as defined in the Investment Company Act of 1940. Normative transparency of information is fund adviser disclosure proactively ldquo;requestedrdquo; by independent directors to enable their fiduciary roles as ldquo;shareholder watchdogs.rdquo;U.S. District Judge Feess's opinion in a mutual fund case of excessive fees provides a candid assessment of independent director performance. He supports the view that directors are likely to ldquo;go alongrdquo; with mutual fund adviser plans and actions. This view suggests directors are unlikely to ldquo;requestrdquo; normative information required to serve the ldquo;primary interestsrdquo; of fund shareholders.The judge's opinion includes numerous revealing insights on the performance [poor] of independent directors. These revelations and other relevant issues in the opinion provide case-based support for independent directors to ldquo;requestrdquo; fund advisers to provide normative transparency of information for their analysis. To achieve normative transparency of information Independent directors and advisers of major funds known for shareholder stewardship must strongly, vigorously, and proactively work together to gain approval in Congress and/or the SEC. The outlook is not bright, but the goal is worthy of the challenge.
Download or read book Fund Governance Legal Duties of Investment Company Directors written by Robert A. Robertson and published by Law Journal Press. This book was released on 2001 with total page 906 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mutual funds assessment of regulatory reforms to improve the management and sale of mutual funds written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Empirical Examination of Mutual Fund Boards written by Felix Meschke and published by . This book was released on 2008 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency conflicts between mutual fund investors and fund sponsors have recently received close attention from regulators and legislators. In response to improprieties regarding pricing calculations and trading deadlines, the Securities and Exchange Commission has adopted a controversial new rule requiring fund boards to have at least 75% independent directors and an independent chair person. This study examines to what extend board independence and director incentives in the mutual fund industry are systematically related to fund expenses, performance, and compliance. It is based on a novel panel dataset that covers about 60% of assets listed in the CRSP mutual fund database over the period from 1995 through 2004. The study finds that funds overseen by an independent chair charge lower fees, while the relation between fund fees and the fraction of independent directors varies through time. Both measures of board independence do not affect fund performance in an economically significant way. Funds with higher director ownership and lower unexplained compensation charge lower fees and deliver higher returns. These empirical findings are consistent with both the watchdog hypothesis, stating that greater independence and better incentive alignment causes boards to bargain harder with fund advisors, which results in lower fees, and the clientele hypothesis, suggesting that some sponsors strive to attract assets from relatively sophisticated investors who are concerned about conflicts of interest and sensitive to expenses. When attempting to empirically distinguish between these competing hypotheses, I find that boards with an independent chair negotiate lower total expenses, but approve higher management fees and that they do not have a lower probability of being subject to litigation by regulators and shareholders. In light of these results, this study finds only limited empirical support for recent initiatives to regulate mutual fund board structure.
Download or read book Mutual Fund Industry Practices and Their Effect on Individual Investors written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distributed to some depository libraries in microfiche.
Download or read book Fund Director s Guidebook written by and published by American Bar Association. This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for directors of open-end investment companies (typically referred to as mutual funds) and closed-end funds, this new edition offers suggestions to assist directors in their roles and obligations.
Download or read book Investment Companies written by and published by . This book was released on 1990 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book What Role is There for Independent Directors of Mutual Funds written by Kenneth E. Scott and published by . This book was released on 2000 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mutual fund fees additional disclosure could encourage price competition report to congressional requesters written by and published by DIANE Publishing. This book was released on with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rise of Mutual Funds written by Matthew P. Fink and published by OUP USA. This book was released on 2011-01-13 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A terrific new book." --- Chuck Jaffe, MarketWatch.com --
Download or read book Regulation and Governance of Mutual Funds written by Mohammed Khair Alshaleel and published by Taylor & Francis. This book was released on 2022-08-12 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a detailed analysis of mutual fund regulations and governance in the UK from the investor protection perspective. It comprehensively describes mutual funds by their function, social utility, and legal attributes, examining the level of protection provided to retail investors under existing regulations. Mutual funds are externally managed with fund ownership separated out from their management, which carries a potential conflict of interest between the self-interests of the fund management and each fund’s investors. The book provides an in-depth analysis of this agency problem in the mutual fund industry, comparing the competing governance models in the UK and the US and the supervision of management activities. In the UK, it investigates the main governance mechanisms, including disclosure, the effectiveness of voting rights, and the role of the Financial Conduct Authority in protecting investors. It also considers the role of prudential regulations in protecting mutual fund investors, with a particular focus on risk management and mutual fund liquidity crisis. The book further investigates the impact of the withdrawal of the UK from the European Union (Brexit) on the industry and what this means for the future of the undertakings for collective investment in transferable securities (UCITS) in the UK. The concept of mutual funds is still not clearly understood, so this book will clearly define the different legal and practical aspects of mutual funds. It will be the first substantial study of mutual fund governance mechanisms under the existing mutual fund laws and regulations in the UK.
Download or read book Independent Directors and Favoritism written by Christine W. Lai and published by . This book was released on 2016 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether independent directors with multiple board affiliations (IDMAs) trade off the interests of one fund relative to another (fund favoritism) or whether they benefit fund shareholders by increasing the level of the board's expertise. Using a sample of mutual funds affiliated with the top 55 fund sponsors from 2002-2008, we find that the presence of IDMAs is negatively related to performance/resource shifting across funds within fund families. IDMAs appear to decrease fund fees, increase the return gap associated with the unobserved actions of fund managers, and facilitate the transfer of information across funds in a fund family.
Download or read book Board of Director Configurations in Mutual Funds Sponsors written by Steven P. Fraser and published by . This book was released on 2003-04 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the manner in which boards of directors of mutual fund sponsors are configured, and whether board configuration is associated with fund performance. Today we see two prominent board governance configurations in the mutual fund industry. In one governance configuration, a single board is responsible for overseeing multiple investment funds; referred to in this study as a Single Board Configuration (SBC). With the other governance configuration each board is responsible for overseeing a single investment fund (or a cluster of funds); referred to as a Multiple Board Configuration (MBC). In a sample of the largest open-end mutual fund sponsors, I find MBC boards have significantly higher board-level objective-adjusted excess returns than SBC boards. I find no evidence that board composition, as measured by the total number of directors or the percent of directors that are non-interested, is significantly associated with excess returns. This study also includes an analysis of ownership of fund shares by members of the board of directors. The findings here suggest that smaller, less independent boards are more likely to be those where each of the non-interested directors has a large equity stake in the fund complex; however, there appears to be no relationship between this characterization of board ownership and board-level performance.
Download or read book Uneasy Chaperone written by James M. Storey and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fund Industry written by Robert Pozen and published by John Wiley & Sons. This book was released on 2015-02-02 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to how your money is managed, with foreword by Nobel laureate Robert Shiller The Fund Industry offers a comprehensive look at mutual funds and the investment management industry, for fund investors, those working in the fund industry, service providers to the industry and students of financial institutions or capital markets. Industry experts Robert Pozen and Theresa Hamacher take readers on a tour of the business of asset management. Readers will learn how to research a fund and assess whether it's right for them; then they'll go behind the scenes to see how funds are invested, sold and regulated. This updated edition expands coverage of the segments of the industry where growth is hottest, including hedge funds, liquid alternatives, ETFs and target date funds—and adds an introduction to derivatives. Mutual funds are a key component of financial planning for 96 million Americans. Nearly a quarter of U.S. household savings are invested in funds, which give individual investors affordable access to professional management. This book provides a detailed look at how firms in the industry: Invest those savings in stocks and bonds Evaluate the risks and returns of funds Distribute funds directly to consumers or through financial advisors or retirement plans Handle the complex operational and regulatory requirements of mutual funds Vote proxies at the annual meetings of public companies Expand their operations across borders Along the way, the authors describe the latest trends and discuss the biggest controversies—all in straightforward and engaging prose. The Fund Industry is the essential guide to navigating the mutual fund industry.
