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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.


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.


Mutual Aid

RRP $20.99

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In this cornerstone of modern liberal social theory, Peter Kropotkin states that the most effective human and animal communities are essentially cooperative, rather than competitive. Kropotkin based this classic on his observations of natural phenomena and history, forming a work of stunning and well-reasoned scholarship. Essential to the understanding of human evolution as well as social organization, it offers a powerful counterpoint to the tenets of Social Darwinism. It also cites persuasive evidence of human nature's innate compatibility with anarchist society.
"Kropotkin's basic argument is correct," noted evolutionary biologist Stephen Jay Gould. "Struggle does occur in many modes, and some lead to cooperation among members of a species as the best pathway to advantage for individuals." Anthropologist Ashley Montagu declared that "Mutual Aid will never be any more out of date than will the Declaration of Independence. New facts may increasingly become available, but we can already see that they will serve largely to support Kropotkin's conclusion that 'in the ethical progress of man, mutual supportnot mutual strugglehas had the leading part.'" Physician and author Alex Comfort asserted that "Kropotkin profoundly influenced human biology by his theory ofMutual Aid. . . . He was one of the first systematic students of animal communities, and may be regarded as the founder of modern social ecology."


Fundamental World Of Quantum Chemistry: Volume 3

RRP $24.95

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Per-Olov Lowdin's stature has been a symbol of the world of quantum theory during the past five decades, through his basic contributions to the development of the conceptual framework of Quantum Chemistry and introduction of the fundamental concepts; through a staggering number of regular summer schools, winter institutes, innumerable lectures at Uppsala, Gainesville and elsewhere, and Sanibel Symposia; by founding the International Journal of Quantum Chemistry and Advances in Quantum Chemistry; and through his vision of the possible and his optimism for the future, which has inspired generations of physicists, chemists, mathematicians, and biologists to devote their lives to molecular electronic theory and dynamics, solid state, and quantum biology.

Fundamental World of Quantum Chemistry Volumes I, II and III form a collection of papers dedicated to the memory of Per-Olov Lowdin. These volumes are of interest to a broad audience of quantum, theoretical, physical, biological, and computational chemists; atomic, molecular, and condensed matter physicists; biophysicists; mathematicians working in many-body theory; and historians and philosophers of natural science. The volumes will be accessible to all levels, from students, PhD students, and postdocs to their supervisors.

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