The Mutual Fund Industry: Competition and Investor Welfare
R. Glenn Hubbard, Michael F. Koehn, Stanley I. Ornstein, Marc Van Audenrode, and Jimmy Royer
March, 2010
Cloth, 256 pages, 5 illus., 26 tables
ISBN: 978-0-231-15182-5
$34.95
/ £23.95
"The Mutual Fund Industry is extremely well written and clear, and the authors are the first to present solid empirical results to address price competition in the mutual fund industry. The outcomes of these empirical tests are striking and important not only for mutual fund investors but also for courts, government antitrust policy, and rating agencies." — Joop Huij, Erasmus University, Rotterdam
"The Mutual Fund Industry is a very valuable contribution to the continuing and contentious debate over the competitiveness of the mutual funds industry. The authors make a strong case that this market is highly competitive and provide both analytical and empirical grounds for their conclusions." — William J. Baumol, Berkley Center for Entrepreneurial Studies
"The Mutual Fund Industry is a choice collection that shouldn't be missed for anyone using their money wisely." — Midwest Book Review
"The Mutual Fund Industry investigates the frequent claim that investment advisers set monopoly prices for their services to retail mutual funds. In scope and detail, it is an excellent economic analysis. This book should be of interest to public policymakers, securities lawyers, and economists." — Clement G. Krouse, University of California, Santa Barbara
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About the Author
R. Glenn Hubbard is dean of Columbia Business School and the Russell L. Carson Professor of Economics and Finance. He was chairman of the President's Council of Economic Advisers from 2001 to 2003 and has published more than one hundred articles on investing, banking, energy economics, and public policy. With William Duggan, he is the author of The Aid Trap: Hard Truths About Ending Poverty.
Michael F. Koehn is cofounder and affiliate of Analysis Group, Inc. and specializes in applied microeconomics and finance. His publications concern banking, finance, energy economics, and real estate. He is a coauthor of The Economics of Mutual Fund Markets: Competition Versus Regulation and has taught at the Graduate School of Management, University of California, Irvine.
Stanley I. Ornstein is vice president of Analysis Group, Inc. He specializes in applied microeconomics and industrial economics and their applications to issues of competition and regulation. His numerous publications tackle market structure and performance, advertising and competition, exclusive dealing and resale price maintenance, and competition in various industries.
Marc Van Audenrode is a managing principal of Analysis Group, Inc. and a specialist in labor economics, antitrust, econometrics, and public economics. His publications appear in numerous economic journals, and he is a frequent presenter at industry and academic conferences.
Jimmy Royer is a vice president of Analysis Group, Inc. and specializes in econometrics, antitrust, financial economics, and labor economics. He has taught at the Université Laval and the Université de Sherbrooke, and his research and publications cover such topics as limit entry pricing, investment valuation, wage flexibility, and unemployment compensation.
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