Board structure and fee-setting in the U.S. mutual fund industry

Article Abstract:

A new database is employed to identify the composition and compensation of boards of directors of US open-end mutual funds and to analyze the connection between board structure and the fees required by a fund to its shareholders. Shareholder fees were found to be lesser when fund boards are lower, there is a greater fraction of independent directors, and are composed of directors who occupy a large fraction of the fund sponsor's other boards. Funds whose independent directors are paid with higher director's fees allow higher shareholder fees.

Research, Evaluation, Corporate directors, Corporate governance

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Top management turnover: an empirical investigation of mutual fund managers

Article Abstract:

Governance and control mechanisms are vital to a mutual fund organization. Different logistic regression specifications defined an inverse relation between the possibility of managerial change and past fund performance. The result is robust across different performance measures, including asset base growth rate and adjusted portfolio returns. A two-year period prior to replacement was indicative of the manager's departure from the fund.

Mutual Fund Mgmt Companies, Portfolio Management, Human resource management, Investment advisers, Executive dismissals

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Liquidity, investment ability, and mutual fund structure

Article Abstract:

Research is presented describing the role of mutual fund management in maintaining a stable fund performance utilizing both liquidity and fund returns for the benefit of company finance.

Mutual fund industry

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