Download or read book Toward Normative Transparency of Disclosure in a Revised Mutual Fund Total Cost Construct written by John A. Haslem and published by . This book was released on 2017 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first goal is to review types of transparency -- relative versus absolute and positive versus normative, transparency of the SEC total expense ratio, stewardship and transparency, the aftermath of the fund scandal, the movement toward normative transparency, and future transparency. The concept of normative transparency of disclosure refers to the degree of mutual fund voluntary and proactive disclosure and also new and revised legal and regulatory disclosure required for shareholders to be able to make information-efficient fund investment decisions.The second goal is to apply normative transparency of disclosure to a more complete and more empirically based mutual fund Total Cost Construct (formerly New The Journal Total Expense Ratio). The Total Cost Construct (and selected Supplements) include previous and numerous newly identified fund “cost-item” categories, subcategories, components, and subcomponents. Further, the Total Cost Construct and selected Supplements include numerous newly identified (but yet partial) fund sample cost estimates of cost-item categories, subcategories, components, and subcomponents, all defined as percentages of total net assets (% TNA). The Total Cost Construct will continue to evolve as additional and/or revised cost-items are identified, and/or additional fund sample cost estimates of cost-items are identified.
Download or read book Chapter 17 written by John A. Haslem and published by . This book was released on 2018 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 40Act states that the interests of shareholders are compromised when mutual funds are operated in the interest of fund advisers. In this regard, one of the Act's major objectives is to ensure investors receive adequate and accurate information. They do not. For this reason, Congress, the SEC, fund advisers and independent directors, and the fund industry must focus on the goal of requiring across the board normative transparency of disclosure. This disclosure includes adoption of “best practices” over the current focus on “rule-making,” which allows incorrect accounting and incomplete, missing, misleading and perfunctory disclosure. Adoption of the Total Expense Ratio construct and its components would provide a major portion of what is needed in the way of normative transparency of disclosure by placing upfront its four major categories of fees and their sub-categories. In so doing, current indirect fund shareholder payments by advisers/distributors would no longer be “behind the mutual fund curtain.” There would also be continual need to benchmark. By making these payments “behind the mutual fund curtain” upfront and transparent, there will be increased pressure on fund advisers and independent directors, the fund industry, Congress, and the SEC to prohibit inappropriate fund practices and actions, most importantly, selling group payments of dealer concessions and customer servicing fees, the several types of revenue sharing payments, and costly soft-dollar trades. If successful, there would also be continual need to benchmark normative transparency if it is to be maintained with future changing conditions. But, while improvements in regulatory disclosure are likely to occur over time, it is most unlikely the political process will achieve complete normative transparency of disclosure. However, industry and political obstacles for reform are more likely to be overcome if major “shareholder friendly“ fund advisers and dedicated independent directors work collectively, vigorously, and proactively for Congressional and SEC legal and regulatory action. However, such success will be difficult to attain because of the powerful influence of many major mutual fund advisers who benefit greatly from the regulatory status quo, and at the great expense of fund shareholders.
Download or read book Normative Transparency of Mutual Fund Disclosure and the Case of the Expense Ratio written by John A. Haslem and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study further develops and defines the concept of normative transparency of disclosure. As defined, mutual fund normative transparency is that fund proactive, voluntary disclosure as well as legal and regulatory disclosure required for investors to be able to make information efficient fund investment decisions.To attain normative transparency of mutual funds disclosure, Congress, the SEC, and fund advisers, managers and independent directors should individually and collectively become more proactive in serving and protecting shareholders. Normative transparency of disclosure is not likely to be achieved across the board. There are political obstacles to complete transparency being achieved by Congress and the SEC, or by collaboration with individual funds, the funds industry and its trade association. The final reality is that is will likely fall to independent directors of individual mutual funds to provide normative transparency of disclosure for their shareholders. And, what should be done will also change over time as the industry evolves. Future study of normative transparency of mutual fund disclosure should continue to find its way across the breadth of fund laws, regulations, and practices. Included should be assessment of the fund cost and performance differences to current shareholders from flow (portfolio changes due to investor purchases and redemptions of fund shares) versus non-flow (intended portfolio changes). Providing liquidity to investors can have a larger impact on fund performance than the current regulatory expense ratio.
Download or read book Normative Transparency of Disclosure for Mutual Fund Investors written by John A. Haslem and published by . This book was released on 2018 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Investment Company Ac ...
Download or read book Mutual Fund Total Cost Construct written by John A. Haslem and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The research provides the mutual fund Total Cost Construct that would provide "normative transparency of disclosure" to shareholders if adopted by the fund industry and by the SEC for fund reporting and disclosure. Full disclosure would enhance analysis to estimate each cost item for samples, say, of large-cap funds. Until disclosure of all cost items in the Total Cost Construct becomes a reality, cost items will be estimated piecemeal as individual fund and fund sample cost items become available or empirically estimated. The Total Cost Construct's categories include (1) Fund Management Fees (bp), (2) Fund Distribution Fees (bp), (3) Fund Trading Costs (bp), and (4) Fund Total Costs (bp). The categories and their numerous components and sub-components are included and defined, as are supplemental cost items. Before exploring the Total Cost Construct, the Partial Cost Construct is considered. The Construct's three categories include: (1) Fund Management and Non-Management Fees (bp), with two components and the latter with two sub-components; (2) Fund Trading costs (bp), with two components; and (3) Fund Total Costs (bp). Supplementary soft-dollar commissions and "soft dollars" are also estimated. The composition of the first category based on empirical research enabled the ability to estimate Fund Total Costs. The scope of the Partial Cost Construct reflects the SEC's limited menu of disclosed mutual fund reported cost items available for empirical research. The Construct is thus much less comprehensive in scope and detail than the normative Total Cost Construct, but it does provide a narrow-based estimate of Fund Total Costs.
Download or read book Normative Transparency of Mutual Fund Disclosure written by John A. Haslem and published by . This book was released on 2017 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Investment Company Ac ...
Download or read book A Tool for Improved Mutual Funds Transparency written by John A. Haslem and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article provides a broad treatment of transparency and the specific normative data and information that are essential to make transparency effective for meeting the normative needs of shareholders. The template offered here is a tool for providing transparency in normative mutual fund disclosure in a convenient online package.Mutual funds, their investment advisers, Congress, the SEC, NASD, and the industry trade association should all do much more to improve regulation and transparency in normative fund disclosure. Shareholders need fund transparency that represents their role as fund owners, and which provides them with needed online disclosure for informed decision making.
Download or read book A Tool for Improved Mutual Fund Transparency written by John A. Haslem and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article provides a broad treatment of transparency and the specific normative data and information that are essential to make transparency effective for meeting the normative needs of shareholders. The template offered here is a tool for providing transparency in normative mutual fund disclosure in a convenient online package. Mutual funds, their investment advisers, Congress, the SEC, NASD, and the industry trade association should all do much more to improve regulation and transparency in normative fund disclosure. Shareholders need fund transparency that represents their role as fund owners, and which provides them with needed online disclosure for informed decision making.
Download or read book Normative Listing and Description of Mutual Fund Transparent and Opaque Fees and Expenses written by John A. Haslem and published by . This book was released on 2020 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides mutual fund shareholders with a normative listing of transparent and traditionally opaque fees and expenses designed for most all funds. The most likely next step, if any, would be for a few "stewardship funds" to adopt the normative listing of transparent and traditionally opaque fees and expenses and attach to each its percentage cost to total net assets, if any. This analysis is needed, for one reason, because a large percentage of individual investors, especially those with low financial literacy, are unaware of the existence of traditionally opaque fund fees and expenses, no less their percentage costs.
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central Eastern and Southeastern Europe written by Mr.Bernardin Akitoby and published by International Monetary Fund. This book was released on 2020-05-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.
Download or read book Transparency in International Law written by Andrea Bianchi and published by Cambridge University Press. This book was released on 2013-11-07 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: While its importance in domestic law has long been acknowledged, transparency has until now remained largely unexplored in international law. This study of transparency issues in key areas such as international economic law, environmental law, human rights law and humanitarian law brings together new and important insights on this pressing issue. Contributors explore the framing and content of transparency in their respective fields with regard to proceedings, institutions, law-making processes and legal culture, and a selection of cross-cutting essays completes the study by examining transparency in international law-making and adjudication.
Download or read book Management Investment Companies written by Investment Company Institute (U.S.) and published by . This book was released on 1962 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cost Principles for Educational Institutions written by United States. Office of Management and Budget and published by . This book was released on 1979 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Transparency Initiative written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-01-29 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a).
Download or read book Government Auditing Standards 2018 Revision written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
Download or read book Enhancing Financial Disclosure Standards in Transitional Economies II written by Radhakrishna Narasimham and published by Asian Development Bank. This book was released on 2010-10-01 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public and private investors want timely, accurate financial information about institutions before investing. This requires adherence to internationally accepted financial disclosure standards. However, implementing these standards is a particular challenge for economies in transition from the Soviet-era central planning approach toward a market economy. The Asian Development Bank provided a technical assistance grant (TA 6505- REG) to build capacity to enhance financial disclosure standards in Armenia, Azerbaijan, and Georgia. The book is a compendium of the project's findings, activities, results, and recommendations. It discusses the rationale for the adoption of International Financial Reporting Standards and the enforcement of International Standards on Auditing by legal entities, and explores their use by small and medium-sized enterprises in the three countries. The book is a valuable guide to accountants, auditors, financial institutions, regulators, investors, governments, researchers, and others interested in financial disclosure practices and progress of these transitional nations.
