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 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.

Master today's principles of economics and gain an understanding of current economic issues with the solid introduction and policy-based examples and applications found in Baumol/Blinder/Solow's ECONOMICS: PRINCIPLES AND POLICY, 14E. Written by several of today's most respected economists, this book is one of the most up-to-date economics texts on the market -- incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated economic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful economic issues provide an excellent balance of theory to application while keeping you engaged and intrigued.

Master today's principles of microeconomics and gain an understanding of current economic issues with the solid introduction and policy-based examples and applications found in Baumol/Blinder/Solow's MICROECONOMICS: PRINCIPLES AND POLICY, 14E. Written by several of today's most respected economists, this book is one of the most up-to-date microeconomics texts on the market -- incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated microeconomic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful microeconomic issues provide an excellent balance of theory to application while keeping you engaged and intrigued.

Master today's principles of macroeconomics and gain an understanding of current economic issues with the solid introduction and policy-based examples and applications found in Baumol/Blinder/Solow's MACROECONOMICS: PRINCIPLES AND POLICY, 14E. Written by three of today's most respected economists, this book is one of the most up-to-date macroeconomics texts on the market -- incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated macroeconomic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful macroeconomic issues provide an excellent balance of theory to application while keeping you engaged and intrigued.

Master the principles of economics, and gain an understanding of current economic situations with the solid introduction and policy-based examples and applications found in MACROECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition provides significant updates that reflect the latest economic situations and timely economic data. The authors combine the right level of rigor and detail to clarify even the most complicated concepts. Well-developed examples, intriguing puzzles and meaningful economic issues provide a good balance of theory to application.

Master the principles of economics, and gain an understanding of current economic situations with the solid introduction and policy-based examples and applications found in ECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition provides significant updates that reflect the latest economic situations and timely economic data. The authors combine the right level of rigor and detail to clarify even the most complicated concepts. A new chapter highlights U.S. economic leadership and assesses prospects for future U.S. growth based on strengths and weaknesses in key areas, such as productivity, innovation, entrepreneurship, health care, education, inequality, trade, the budget deficit, and climate change. Well-developed examples, intriguing puzzles and meaningful economic issues provide a good balance of theory to application.

Master the principles of economics, and gain an understanding of current economic situations with the solid introduction and policy-based examples and applications found in MICROECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition provides significant updates that reflect the latest economic situations and timely economic data. The authors combine the right level of rigor and detail to clarify even the most complicated concepts. A new chapter highlights U.S. economic leadership and assesses prospects for future U.S. growth based on strengths and weaknesses in key areas, such as productivity, innovation, entrepreneurship, health care, education, inequality, trade, the budget deficit, and climate change. Well-developed examples, intriguing puzzles and meaningful economic issues provide a good balance of theory to application.