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The Economics Of Mutual Fund Markets

RRP $24.99

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The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates regarding the fees charged to shareholders of their Prime Reserve Fund. 1940, advisers of Under the Investment Company Act of mutual funds have a fiduciary duty with respect to the level of fees they may charge a fund's shareholders. Since the passage of the Investment Company Act, there have been numerous lawsuits brought by shareholders alleging that advisory fees were excessive. In these lawsuits, the courts have failed to provide a set of standards for determining when such fees are excessive. Instead, they have relied on arbitrary and frequently ill-defined criteria for jUdging the reasonableness of fees. This failure to apply economic-based tests for evaluating the fee structure of mutual funds provided the motivation for the present book, which undertakes a comprehensive analysis of the economics of the mutual fund industry.


The Economics Of Mutual Fund Markets

RRP $738.99

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The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates regarding the fees charged to shareholders of their Prime Reserve Fund. 1940, advisers of Under the Investment Company Act of mutual funds have a fiduciary duty with respect to the level of fees they may charge a fund's shareholders. Since the passage of the Investment Company Act, there have been numerous lawsuits brought by shareholders alleging that advisory fees were excessive. In these lawsuits, the courts have failed to provide a set of standards for determining when such fees are excessive. Instead, they have relied on arbitrary and frequently ill-defined criteria for jUdging the reasonableness of fees. This failure to apply economic-based tests for evaluating the fee structure of mutual funds provided the motivation for the present book, which undertakes a comprehensive analysis of the economics of the mutual fund industry.


Mutual Aid A Factor Of Evolution

RRP $21.99

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Written partly in response to Social Darwinism and in particular to Thomas H. Huxley's Nineteenth Century essay, "The Struggle for Existence", Kropotkin's book drew on his experiences in scientific expeditions in Siberia to illustrate the phenomenon of cooperation. After examining the evidence of cooperation in nonhuman animals, pre-feudal societies, in medieval cities, and in modern times, he concludes that cooperation and mutual aid are the most important factors in the evolution of the species and the ability to survive.


The Fundamental Holmes

RRP $249.99

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No figure stands taller in the world of First Amendment law than Oliver Wendell Holmes, Jr. This is the first anthology of Justice Holmes's writings, speeches and opinions concerning freedom of expression. The book contains eight original essays designed to situate Holmes's works in historical and biographical context. The volume is enriched by extensive commentaries concerning its many entries, which consist of letters, speeches, book excerpts, articles, state court opinions and U.S. Supreme Court opinions. The edited materials - spanning Holmes's 1861-1864 service in the Civil War to his 1931 radio address to the nation - offer a unique view of the thoughts of the father of the modern First Amendment. The book's epilogue, which includes a major discovery about Holmes's impact on American statutory law, explores Holmes's free speech legacy. In the process, the reader comes to know Holmes and his jurisprudence of free speech as never before.



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