Ranking mutual fund families: Minimum expenses and maximum loads as markers for moral turpitude

International Review of Economics

Volumn 55, Issue 4, 2008, Pages 315-350

  Tower, Edward ^a   Zheng, Wei ^a  

^a DUKE UNIVERSITY   (United States)

Author keywords

Expense ratio; Loads; Mutual fund families; Performance; Turnover

Indexed keywords

EID: 56549130215     PISSN: 18651704     EISSN: 18634613     Source Type: Journal    
DOI: 10.1007/s12232-008-0052-7     Document Type: Article

References (36)

1. Arnott RD, Hsu JC, West JM (2008) The fundamental index: A better way to invest. Wiley, Hoboken
2. Barras L, Scaillet O, Wermers RR (2008) False discoveries in mutual fund performance: Measuring luck in estimated alphas. University of Maryland, Research paper no. RHS 06-043
3. Bernstein WJ (1999) The slippery slope of fund expenses. Efficient frontier: An online journal of practical asset allocation. July http://www.efficientfrontier.com/ef/799/index799.htm
4. Bernstein WJ (2000) The slippery slope of fund expenses. Part II. Efficient frontier. Winter. http://www.efficientfrontier.com/ef/100/ exp100.htm
5. Bodie Z, Kane A, Marcus AJ (2008) Essentials of investments. McGraw Hill, New York
6. Bogle JC (1998) The implications of style analysis for mutual fund performance evaluation. J Portfol Manage 24:34-41
7. Bogle JC (1999) Common sense on mutual funds: New perspectives for the intelligent investor. New York Financial Markets Research Center, Wiley, New York
8. Bogle JC (2001) Mutual fund directors: The dog that didn't bark. The Bogle Financial markets Research Center. http://www.vanguard.com/ bogle_site/sp20010128.html
9. Bogle JC (2002a) Character counts: The creation and building of the Vanguard Group. McGraw Hill, New York
10. Bogle JC (2002b) An index fund fundamentalist. J Portfol Manage 28:31-38
11. Bogle JC (2005a) The arithmetic of mutual fund investing is more important than ever. Keynote speech before the American Association of Individual Investors Philadelphia Chapter, Valley Forge, PA, 24 May, The Bogle Financial Markets Research Center. http://www.vanguard.com/ bogle_site/sp20050524.htm
12. Bogle JC (2005b) Interview with Paul Merriman on "Sound investing." 16 December. http://www.fundadvice.com/sound-investing/
13. Carhart M (1997) On persistence in mutual fund performance. J Finance 52:57-82
14. Craig S, Hechinger J (2005) Fidelity reassigns Scott De Sano. Wall Street J, July 12:C11
15. Dale A (2005) Brokerage firms are hit by fines. Wall Street J, December 20:C13
16. Donnelly KR, Tower E (2008) Time zone arbitrage in Vanguard's international index funds. Duke Working Paper, http://www.econ.duke.edu/ Papers/PDF/Time_Zone_Arbitrage.pdf
17. Grantham J (2006) The end of an era. GMO Quarterly Letter, January: 3. https//www.GMO.com
18. Haslem JA, Baker HK, Smith DM (2008) Performance and characteristics of actively managed retail equity mutual funds with diverse expense ratios. Finan Services Rev 17:49-68
19. Hebner MT (2007) Index funds: The 12-step program for active investors. IFA publishing, Irvine
20. Kizer J (2005) Index fundamentalism revisited: Redux. J Portfol Manage 31:112-119
21. Lucchetti A (2005) Is there a bull market in "Front Running"? Wall Street J June 6:A1
22. Malkiel BG (1995) Returns from investing in equity mutual funds 1971 to 1991. J Finance 50:549-572
23. Minor DB (2001) Beware of index fund fundamentalists. J Portfol Manage 27:45-50
24. Modigliani F, Modigliani L (1997) Risk-adjusted performance. J Portfol Manage 23:45-54
25. Pruitt A (2006) NASD charges Oppenheimer & Co. Wall Street J, January 10:C11
26. Reinker KS, Tower E (2004) Index fundamentalism revisited. J Portfol Manage 39:37-50
27. Reinker KS, Tower E (2005) Are Vanguard's managers good stock-pickers or style-pickers? J Portfol Manage 31:109-111
28. Reinker KS, Tower E, Zheng W (2005) Ranking realities (letter to the editor). Barron's Mar 14 85:38
29. Rodriguez A, Tower E (2008) Do Vanguard's managed funds beat its index funds? Looking for prescient stock and style selection. J Indexes 11:26-35
30. Sharkansky S (2002) Risk without reward. Personal Fund Inc. July. http://www.personalfund.com/RiskWithoutReward.pdf
31. Sharpe WF (1992) Asset allocation: Management style and performance measurement. J Portfol Manage 27:7-19
32. Siegel J (2005) The future for investors: Why the tried and true triumph over the bold and new. Crown, New York
33. Strauss LC (2005) Family matters. Barron's February 85: 21-24
34. Tower E, Yang C-Y (2008) Enhanced versus passive mutual fund indexing: DFA versus Vanguard: Has DFA outperformed Vanguard by enough to justify its advisor fees? J Invest, Winter 17
35. Zheng W (2006) Essays in financial economics: A performance based evaluation of mutual funds and the economic and political effects of capturing Osama Bin Ladin, Dissertation, Duke University
36. Zheng W, Tower E (2005) Vanguard versus Fidelity: Comparing the performance of the two largest mutual fund families. RISEC Rivista Int Sci Econ Com 52(4):433-465