{"product_id":"mutual-funds-isbn-9780470499092","title":"Mutual Funds","description":"\u003cp\u003eAn authoritative, must-read guide to making more informed decisions about mutual funds\u003c\/p\u003e \u003cp\u003eProviding a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock\/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy\/sell decisions.\u003c\/p\u003e \u003cp\u003eWhile informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds.\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePuts the risks and rewards of mutual fund investing in perspective\u003c\/li\u003e \u003cli\u003eSkillfully examines how to select and evaluate the best mutual funds\u003c\/li\u003e \u003cli\u003eOutlines mutual fund service advantages and disadvantages\u003c\/li\u003e \u003cli\u003eDiscusses the long- and short-term effectiveness of mutual funds\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eCovering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.\u003c\/p\u003e \u003cb\u003eI. Mutual Funds: Nature, Regulation, and Costs.\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter One: The Nature of Mutual Funds by (Conrad Ciccotello).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Attributes of the Open-End Mutual Fund.  \u003cp\u003e\u003c\/p\u003e The Board of Directors.  \u003cp\u003e\u003c\/p\u003e Liquidity.  \u003cp\u003e\u003c\/p\u003e All Equity Capital Structure.  \u003cp\u003e\u003c\/p\u003e Portfolio Diversification.  \u003cp\u003e\u003c\/p\u003e Professional Management.  \u003cp\u003e\u003c\/p\u003e Investor Services.  \u003cp\u003e\u003c\/p\u003e Mutual Funds and the Competitive Environment.  \u003cp\u003e\u003c\/p\u003e Employer Sponsored Retirement Plans.  \u003cp\u003e\u003c\/p\u003e After-Tax Accounts.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Two: Mutual Fund Regulation and Issues by (Conrad Ciccotello).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Historical Perspective.  \u003cp\u003e\u003c\/p\u003e Regulation of Open-End Funds.  \u003cp\u003e\u003c\/p\u003e Recent Regulatory Issues in Open-End Funds.  \u003cp\u003e\u003c\/p\u003e NAV Pricing and Trading Policies.  \u003cp\u003e\u003c\/p\u003e Fund Pricing and the (Late) Trading Scandal.  \u003cp\u003e\u003c\/p\u003e Current Regulatory Issues in Funds.  \u003cp\u003e\u003c\/p\u003e Board Governance.  \u003cp\u003e\u003c\/p\u003e Fees.  \u003cp\u003e\u003c\/p\u003e Performance Reporting.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Three: The Economics of Mutual Funds by (David M. Smith).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Size and structure of the mutual fund industry.  \u003cp\u003e\u003c\/p\u003e Mutual fund creation and mortality.  \u003cp\u003e\u003c\/p\u003e Scale economies: Expenses and fees.  \u003cp\u003e\u003c\/p\u003e Scale Diseconomies: Fund Returns.  \u003cp\u003e\u003c\/p\u003e Benefits of mutual fund investing to fund shareholders.  \u003cp\u003e\u003c\/p\u003e Diversification.  \u003cp\u003e\u003c\/p\u003e Professional portfolio management.  \u003cp\u003e\u003c\/p\u003e Ready access to asset classes and market sectors.  \u003cp\u003e\u003c\/p\u003e Drawbacks of mutual fund investing.  \u003cp\u003e\u003c\/p\u003e Persistent high fees in some families.  \u003cp\u003e\u003c\/p\u003e Underperformance relative to index funds.  \u003cp\u003e\u003c\/p\u003e Tax inefficiency.  \u003cp\u003e\u003c\/p\u003e Inadequate disclosure.  \u003cp\u003e\u003c\/p\u003e Financial barriers to mutual fund investing and redemption.  \u003cp\u003e\u003c\/p\u003e Mutual fund governance and agency problems.  \u003cp\u003e\u003c\/p\u003e Fund family marketing and cross-subsidization.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Four: Mutual Fund Fees and Expenses by (David M. Smith).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Loads.  \u003cp\u003e\u003c\/p\u003e Expenses.  \u003cp\u003e\u003c\/p\u003e Management Fees.  \u003cp\u003e\u003c\/p\u003e Rule 12b-1 Fees.  \u003cp\u003e\u003c\/p\u003e “Other” Expenses within the Expense Ratio.  \u003cp\u003e\u003c\/p\u003e The Load Versus Expense Relation.  \u003cp\u003e\u003c\/p\u003e Distribution Channel.  \u003cp\u003e\u003c\/p\u003e ETFs and Closed-End Mutual Funds.  \u003cp\u003e\u003c\/p\u003e Taxes.  \u003cp\u003e\u003c\/p\u003e Fees and Expenses Internationally.  \u003cp\u003e\u003c\/p\u003e Charges Not Included in the Expense Ratio.  \u003cp\u003e\u003c\/p\u003e Partitioning Actively Managed Mutual Fund Fees Based on Alpha and Beta. Separation.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eII. The Realities and Analogies of Investing.\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Five: How Financial Markets Work by (Larry E. Swedroe).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e How Markets Set Prices.  \u003cp\u003e\u003c\/p\u003e Point Spreads and Random Errors.  \u003cp\u003e\u003c\/p\u003e Examining the Evidence.  \u003cp\u003e\u003c\/p\u003e An Efficient Market.  \u003cp\u003e\u003c\/p\u003e How Stock Prices Are Set.  \u003cp\u003e\u003c\/p\u003e \u003cst1:place w:st=\"on\"\u003e\u003cst1:city w:st=\"on\"\u003eBattle\u003c\/st1:city\u003e\u003c\/st1:place\u003e of the Discount Stores.  \u003cp\u003e\u003c\/p\u003e The Financial Equivalent of the Point Spread.  \u003cp\u003e\u003c\/p\u003e Individual Investors.  \u003cp\u003e\u003c\/p\u003e Institutional Investors.  \u003cp\u003e\u003c\/p\u003e The Moral of the Tale.  \u003cp\u003e\u003c\/p\u003e Great Companies Do Not Make High-Return Investments.  \u003cp\u003e\u003c\/p\u003e Small Companies versus Large Companies.  \u003cp\u003e\u003c\/p\u003e Why Great Earnings Don’t Translate Into Great Investment Returns.  \u003cp\u003e\u003c\/p\u003e The Moral of the Tale.  \u003cp\u003e\u003c\/p\u003e For Every Buyer There Must Be a Seller.  \u003cp\u003e\u003c\/p\u003e The Moral of the Tale.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Six: Active Versus Passive Investing by (Larry E. Swedroe).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Whose Interests Do They Have at Heart?  \u003cp\u003e\u003c\/p\u003e When Even the Best Aren’t Likely to Win the Game.  \u003cp\u003e\u003c\/p\u003e The Evidence.  \u003cp\u003e\u003c\/p\u003e Lots of Counterproductive Activity.  \u003cp\u003e\u003c\/p\u003e The Moral of the Tale.  \u003cp\u003e\u003c\/p\u003e Why Is Persistent Outperformance So Hard to Find?  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e Investment Graffiti.  \u003cp\u003e\u003c\/p\u003e The Death of Equities.  \u003cp\u003e\u003c\/p\u003e The Great Depression of 1990.  \u003cp\u003e\u003c\/p\u003e Dow 36,000.  \u003cp\u003e\u003c\/p\u003e The Value of Stock Market Forecasts.  \u003cp\u003e\u003c\/p\u003e Even if Your Crystal Ball Was Clear.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e Outfoxing the Box.  \u003cp\u003e\u003c\/p\u003e The Moral of the Tale.  \u003cp\u003e\u003c\/p\u003e Appendix: Investment Vehicle Recommendations.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eIII. Fund Types and Comparative Performance, Efficient Markets, Asset Allocation, and Morningstar Analysis.\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Seven: Efficient Markets and Mutual Fund Investing: The Advantages of Index Funds by (Burton Malkiel).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e The Justification for Using Index Funds.  \u003cp\u003e\u003c\/p\u003e The Evidence from U.S. Index Funds.  \u003cp\u003e\u003c\/p\u003e The Evidence in Favor of Passive Management in World Financial Markets.  \u003cp\u003e\u003c\/p\u003e Active vs. Passive Management in the Bond Market.  \u003cp\u003e\u003c\/p\u003e Costs are Important Determinants of Net Returns.  \u003cp\u003e\u003c\/p\u003e Mutual Funds vs. ETFs.  \u003cp\u003e\u003c\/p\u003e Stock Market Returns vs. Investor Returns.  \u003cp\u003e\u003c\/p\u003e Style or Factor Tilts in Mutual Funds.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Eight: Asset Allocation: Design and Care of Portfolios by (William J. Bernstein).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e The Policy Allocation.  \u003cp\u003e\u003c\/p\u003e Rebalancing.  \u003cp\u003e\u003c\/p\u003e Strategic Asset Allocation.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Nine: The Morningstar Approach to Mutual Fund Analysis – Part I by (Don Phillips and Paul D. Kaplan).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e The Cycle of Fear and Greed.  \u003cp\u003e\u003c\/p\u003e Risk Management.  \u003cp\u003e\u003c\/p\u003e Approaches to Portfolio Construction.  \u003cp\u003e\u003c\/p\u003e Tools for Analyzing Funds.  \u003cp\u003e\u003c\/p\u003e Morningstar Category.  \u003cp\u003e\u003c\/p\u003e Mutual Fund Analysis Tools.  \u003cp\u003e\u003c\/p\u003e Returns-Based Analysis.  \u003cp\u003e\u003c\/p\u003e Total Returns.  \u003cp\u003e\u003c\/p\u003e Sample Fund Comparison—Historical Performance.  \u003cp\u003e\u003c\/p\u003e Risk and Risk-Adjusted Performance Measures.  \u003cp\u003e\u003c\/p\u003e Modern Portfolio Theory Statistics.  \u003cp\u003e\u003c\/p\u003e Beta.  \u003cp\u003e\u003c\/p\u003e Alpha.  \u003cp\u003e\u003c\/p\u003e R-Squared.  \u003cp\u003e\u003c\/p\u003e Best-Fit Index.  \u003cp\u003e\u003c\/p\u003e Sample Fund Comparison – Risk and Risk-Adjusted Performance Measures.  \u003cp\u003e\u003c\/p\u003e The Morningstar Rating\u003csup\u003eTM\u003c\/sup\u003e for Funds.  \u003cp\u003e\u003c\/p\u003e Risk- and Cost-Adjusted Performance.  \u003cp\u003e\u003c\/p\u003e Overall and Period-Specific Ratings.  \u003cp\u003e\u003c\/p\u003e How to Use the Star Rating.  \u003cp\u003e\u003c\/p\u003e How Not to Use the Star Rating.  \u003cp\u003e\u003c\/p\u003e Sample Fund Comparison – Star Rating.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e About The Authors.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Ten: The Morningstar Approach to Mutual Fund Analysis – Part II by (Don Phillips and Paul D. Kaplan).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Holdings-Based Analysis.  \u003cp\u003e\u003c\/p\u003e Asset Allocation.  \u003cp\u003e\u003c\/p\u003e Stock Portfolio Analysis.  \u003cp\u003e\u003c\/p\u003e Income, Costs, and Taxes.  \u003cp\u003e\u003c\/p\u003e Yield.  \u003cp\u003e\u003c\/p\u003e Loads.  \u003cp\u003e\u003c\/p\u003e Expense Ratio.  \u003cp\u003e\u003c\/p\u003e Tax Analysis.  \u003cp\u003e\u003c\/p\u003e Qualitative Analysis.  \u003cp\u003e\u003c\/p\u003e Stewardship Grade\u003csup\u003eSM.\u003c\/sup\u003e  \u003cp\u003e\u003c\/p\u003e Morningstar Fund Analyst Picks\u003csup\u003eSM.\u003c\/sup\u003e  \u003cp\u003e\u003c\/p\u003e Analyst Research Report.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e About The Authors.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Eleven: Building a Portfolio of Mutual Funds: A Morningstar Approach by (Don Phillips and Paul D. Kaplan).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Approaches to Portfolio Construction.  \u003cp\u003e\u003c\/p\u003e Fund Selection.  \u003cp\u003e\u003c\/p\u003e Domestic Large-Cap Stocks.  \u003cp\u003e\u003c\/p\u003e Domestic Small\/Mid-Cap Stocks.  \u003cp\u003e\u003c\/p\u003e Foreign Stocks.  \u003cp\u003e\u003c\/p\u003e Domestic Bonds.  \u003cp\u003e\u003c\/p\u003e Portfolio 1 – A Less-Diversified Approach.  \u003cp\u003e\u003c\/p\u003e Portfolio 2 – A Well-Balanced Approach.  \u003cp\u003e\u003c\/p\u003e Analysis of the Portfolios.  \u003cp\u003e\u003c\/p\u003e Asset Allocation.  \u003cp\u003e\u003c\/p\u003e Style Diversification.  \u003cp\u003e\u003c\/p\u003e Stock Sector.  \u003cp\u003e\u003c\/p\u003e World Regions.  \u003cp\u003e\u003c\/p\u003e Stock Stats.  \u003cp\u003e\u003c\/p\u003e Fees \u0026amp; Expenses.  \u003cp\u003e\u003c\/p\u003e Ongoing Maintenance.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e About The Authors.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Twelve: Performance of Actively Managed Versus Index Funds: The Vanguard Case by (Edward Tower).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Introduction.  \u003cp\u003e\u003c\/p\u003e Methodology.  \u003cp\u003e\u003c\/p\u003e In Defense of Geometric Alpha.  \u003cp\u003e\u003c\/p\u003e The Tracking Indexes for the Old Funds.  \u003cp\u003e\u003c\/p\u003e Prowess of Style Jumping and Equity Choice for the Old Funds.  \u003cp\u003e\u003c\/p\u003e Prescient Style Jumping?  \u003cp\u003e\u003c\/p\u003e Alpha Fell.  \u003cp\u003e\u003c\/p\u003e How have the young funds performed?  \u003cp\u003e\u003c\/p\u003e Did R\u003csup\u003e2\u003c\/sup\u003e Predict Performance (Including Young Funds)?  \u003cp\u003e\u003c\/p\u003e Is the Past Prologue? Did Past Performance Predict Future Performance?  \u003cp\u003e\u003c\/p\u003e Did a Combination of R\u003csup\u003e2\u003c\/sup\u003e and Past Alpha Predict Performance?  \u003cp\u003e\u003c\/p\u003e Did Morningstar Stars Predict?  \u003cp\u003e\u003c\/p\u003e Did Dan Wiener's Ratings Predict?  \u003cp\u003e\u003c\/p\u003e The Best Prediction Equation.  \u003cp\u003e\u003c\/p\u003e Is Wiener Right That Vanguard's Managed Funds are Better Than its Index Funds?  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Thirteen: Classic and Enhanced Index Funds: Performance and Issues by (Edward Tower).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Vanguard.  \u003cp\u003e\u003c\/p\u003e Dimensional Fund Advisors (DFA).  \u003cp\u003e\u003c\/p\u003e DFA's Feeder and Master Funds.  \u003cp\u003e\u003c\/p\u003e DFA's Core Portfolios.  \u003cp\u003e\u003c\/p\u003e DFA: Other Aspects.  \u003cp\u003e\u003c\/p\u003e WisdomTree's Approach to Fundamental Indexation.  \u003cp\u003e\u003c\/p\u003e Some Evaluations of Fundamental Indexation.  \u003cp\u003e\u003c\/p\u003e Style Analysis to Compare Vanguard and DFA.  \u003cp\u003e\u003c\/p\u003e Recent Performance of DFA Funds.  \u003cp\u003e\u003c\/p\u003e The Tracking Portfolio with Long and Short Positions in Tracking Index.  \u003cp\u003e\u003c\/p\u003e Domestic DFA Over the Entire CRSP Horizon.  \u003cp\u003e\u003c\/p\u003e International DFA over the entire CRSP horizon.  \u003cp\u003e\u003c\/p\u003e DFA's Core Portfolios.  \u003cp\u003e\u003c\/p\u003e Additional DFA Costs.  \u003cp\u003e\u003c\/p\u003e DFA Summary.  \u003cp\u003e\u003c\/p\u003e How Do These Alphas Differ from Tower and Yang Alphas?  \u003cp\u003e\u003c\/p\u003e WisdomTree Versus Vanguard: Which is Better?  \u003cp\u003e\u003c\/p\u003e WisdomTree Summary.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e Note.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Fourteen: Mutual Funds Versus Exchange-Traded Funds by (Gary L. Gastineau).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e A Brief History of ETFs.  \u003cp\u003e\u003c\/p\u003e Portfolio Trading and Stock Index Future Contracts.  \u003cp\u003e\u003c\/p\u003e Index Participation Shares (IPS).  \u003cp\u003e\u003c\/p\u003e Toronto Stock Exchange (TSE) Index Participations (TIPs).  \u003cp\u003e\u003c\/p\u003e Supershares.  \u003cp\u003e\u003c\/p\u003e Standard \u0026amp; Poor's Depository Receipts (SPDRS).  \u003cp\u003e\u003c\/p\u003e World Equity Benchmark Shares (WEBS) – Renamed iShares MSCI Series – and Other Products Called ETFs.  \u003cp\u003e\u003c\/p\u003e How Open End Portfolio ETFs Work.  \u003cp\u003e\u003c\/p\u003e Shareholder Protection.  \u003cp\u003e\u003c\/p\u003e Tax Efficiency.  \u003cp\u003e\u003c\/p\u003e Improving ETFs.  \u003cp\u003e\u003c\/p\u003e ETF and Mutual Fund Comparative Economics.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eIV. Mutual Funds at the Crossroads.\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Fifteen: The Challenge to Mutual Fund Stewardship by (John C. Bogle).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Challenge to Stewardship.  \u003cp\u003e\u003c\/p\u003e Industry Structure and Scandals.  \u003cp\u003e\u003c\/p\u003e Misaligned Interests.  \u003cp\u003e\u003c\/p\u003e Market Timing.  \u003cp\u003e\u003c\/p\u003e Conflict of Interest in Fund Fees.  \u003cp\u003e\u003c\/p\u003e Asset Growth.  \u003cp\u003e\u003c\/p\u003e Marketing Focus—We Make What Will Sell.  \u003cp\u003e\u003c\/p\u003e Market Returns versus Fund and Investor Returns.  \u003cp\u003e\u003c\/p\u003e Fund Stewardship.  \u003cp\u003e\u003c\/p\u003e 1. Fund Costs–Management Fees and Operating Expense Ratios.  \u003cp\u003e\u003c\/p\u003e 2. Portfolio Turnover.  \u003cp\u003e\u003c\/p\u003e 3. Equity Diversification.  \u003cp\u003e\u003c\/p\u003e 4. Marketing Orientation.  \u003cp\u003e\u003c\/p\u003e 5. Advertising.  \u003cp\u003e\u003c\/p\u003e 6. Shelf Space.  \u003cp\u003e\u003c\/p\u003e 7. Sales Loads.  \u003cp\u003e\u003c\/p\u003e 8. Shareholder Stability.  \u003cp\u003e\u003c\/p\u003e 9. Limitations on Fund Size.  \u003cp\u003e\u003c\/p\u003e 10. Experience and Stability of Portfolio Managers.  \u003cp\u003e\u003c\/p\u003e 11. Insider Ownership.  \u003cp\u003e\u003c\/p\u003e 12. Organization of Managers.  \u003cp\u003e\u003c\/p\u003e Sources.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About the Author  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Sixteen: Identifying Mutual Fund Stewardship by (John A. Haslem).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Five Dimensions of Analysis.  \u003cp\u003e\u003c\/p\u003e 1. Return, Risk, and Risk\/Return Performance.  \u003cp\u003e\u003c\/p\u003e 2. Diversification Risk.  \u003cp\u003e\u003c\/p\u003e 3. Management and Culture.  \u003cp\u003e\u003c\/p\u003e 4. Morningstar's Stewardship Grades.  \u003cp\u003e\u003c\/p\u003e 5. Bogle's Stewardship Quotient.  \u003cp\u003e\u003c\/p\u003e Complements to Bogle's Approach.  \u003cp\u003e\u003c\/p\u003e Stewardship Fund (or Not).  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Seventeen: Normative Transparency of Mutual Fund Disclosure by (John A. Haslem).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e Disclosure as an Effective Regulatory Tool.  \u003cp\u003e\u003c\/p\u003e Normative Transparency of Disclosure.  \u003cp\u003e\u003c\/p\u003e Disclosure Template.  \u003cp\u003e\u003c\/p\u003e Normative Transparency and the Expense Ratio.  \u003cp\u003e\u003c\/p\u003e Current SEC Expense Ratio.  \u003cp\u003e\u003c\/p\u003e New \u003ci\u003eTotal\u003c\/i\u003e Expense Ratio.  \u003cp\u003e\u003c\/p\u003e 12b-1 Fees and Multiple Share Classes.  \u003cp\u003e\u003c\/p\u003e Transaction Cost Issues.  \u003cp\u003e\u003c\/p\u003e Conclusions: Normative Disclosure, the \u003ci\u003eTotal\u003c\/i\u003e Expense Ratio, and Regulatory. Change.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About The Author.  \u003cp\u003e\u003c\/p\u003e \u003cb\u003eChapter Eighteen: A Design for the Mutual Funds of the Future by (John C. Bogle).\u003c\/b\u003e  \u003cp\u003e\u003c\/p\u003e The Vanguard Vision.  \u003cp\u003e\u003c\/p\u003e A Design for the Future.  \u003cp\u003e\u003c\/p\u003e 1. A Fair Shake for Fund Shareholders.  \u003cp\u003e\u003c\/p\u003e 2. Serving Investors for a Lifetime.  \u003cp\u003e\u003c\/p\u003e 3. Long-Term Investment Horizons for Fund Managers.  \u003cp\u003e\u003c\/p\u003e 4. Serving Long-Term Investors.  \u003cp\u003e\u003c\/p\u003e 5. Fund Investors in the Driver's Seat.  \u003cp\u003e\u003c\/p\u003e Conclusions.  \u003cp\u003e\u003c\/p\u003e Sources.  \u003cp\u003e\u003c\/p\u003e References.  \u003cp\u003e\u003c\/p\u003e About the Author.   \u003cp\u003e\u003cb\u003eJOHN A. HASLEM, P\u003csmall\u003eH\u003c\/small\u003eD,\u003c\/b\u003e is Professor Emeritus of Finance at the University of Maryland. He also served as the founding academic affairs dean and founding chair of the finance department. Haslem received the Panhellenic Association's \"Outstanding Teacher Award\" for his mutual funds course—the first in the curriculum of a school of business. His research has appeared in numerous leading finance journals, several books, and over 100 research articles with a primary focus on mutual fund analysis, regulation, and disclosure.    \u003c\/p\u003e\u003cp\u003eDespite recent turmoil in the financial markets, the mutual fund industry continues to be one of the extraordinary growth stories in the history of American financial markets. In 1984, net mutual fund assets totaled $370 million. Today, they are at $10.1 trillion. A major reason for their popularity is that mutual funds provide even the smallest investors with investment performance and investment alternatives, objectives, and services traditionally reserved for institutional and large individual investors. However, mutual funds also have numerous shortcomings that call for fund stewardship of shareholders, trans-parency in disclosure, investor education, and investor-oriented regulation.\u003c\/p\u003e \u003cp\u003eAs part of the Robert W. Kolb Series in Finance, Mutual Funds brings together some of the finest minds in academia, investment management, and mutual fund management to provide the nature and important elements of mutual funds.\u003c\/p\u003e \u003cp\u003eCovering major theoretical and management issues in fund analysis and portfolio management, it is an authoritative guide to understanding mutual funds and getting the most out of your investments in them. The authors first provide an overview of the nature, structure, and services of open-end mutual funds, introducing the characteristics of an open-end fund and how they compare to those of alternative investment vehicles. They then explain how the financial markets really work and how prices are set—offering some well-researched cautions about active versus passive portfolio management. The authors go on to discuss specific strategies for investing in mutual funds, making a strong case for index fund investing, and also compare the advantages and disadvantages of mutual funds versus exchange-traded funds (ETFs). The book concludes with a hard look at the recent scandals in the mutual fund industry and offers sound advice on how to evaluate whether the managers of the funds you own are truly acting as trustees of other people's money.\u003c\/p\u003e \u003cp\u003eThe open-end mutual fund offers investors a range of desirable features, including liquidity, diversification, professional management, and more. For anyone who wants to make more informed decisions about choosing funds, this collection of in-depth contributions will prove to be an essential guide.\u003c\/p\u003e  \u003cp\u003eMutual Funds\u003c\/p\u003e \u003cp\u003ePortfolio Structures, Analysis, Management, and Stewardship\u003c\/p\u003e \u003cp\u003eJohn A. Haslem, Editor\u003c\/p\u003e \u003cp\u003eKolb Series In Finance\u003c\/p\u003e \u003cp\u003eEssential Perspectives\u003c\/p\u003e \u003cp\u003eMutual Funds\u003c\/p\u003e \u003cp\u003eThe Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, the goal of Mutual Funds is to provide you with an authoritative guide to making more informed decisions about this cost-effective investment vehicle.\u003c\/p\u003e \u003cp\u003eUsing a balance of theory and practical application, this book explores the approaches that will further improve, and lessen the hidden pitfalls, of mutual fund investing. Mutual Funds covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock\/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy\/sell decisions. The expert authors put the risks and rewards of mutual fund investing in perspective, examining how to select and evaluate the best mutual funds, mutual fund service advantages and disadvantages, and the long- and short-term effectiveness of mutual funds.\u003c\/p\u003e \u003cp\u003eA complete resource and authoritative guide, Mutual Funds will help make the often difficult fund decision process easier—and much more rewarding.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989666644197,"sku":"NP9780470499092","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470499092.jpg?v=1761785025","url":"https:\/\/k12savings.com\/products\/mutual-funds-isbn-9780470499092","provider":"K12savings","version":"1.0","type":"link"}