Table of Contents

One: History of the Development of the Mutual Fund Industry.- Investment Companies.- Pre-1940.- 1940 to 1970.- 1970 to the Present.- Conclusions.- Two: Regulation of the Mutual Fund Industry.- Background.- Investment Company Act of 1940.- The 1970 Amendments.- Recent Regulatory Initiatives.- Is Regulation Necessary in the Current Environment?.- Three: Litigation under the 1940 Act and the 1970 Amendments.- Pre-1970 Amendments.- Post-1970 Amendments.- Summary of Economic Analysis Utilized in Litigation.- Four: Analysis of the Adviser-Shareholder Relationship in the Mutual Fund Industry.- Examination of Organizational Structure.- Five: A Study of Current Market Conditions in the Mutual Fund Industry.- The Analytical Framework: On Industry Structure, Performance, and Conduct.- Perfect Competition and Perfect Contestability as Theoretical Structural Ideals.- Industry Concentration.- Conditions of Entry.- Investor Mobility.- Outlays on Inputs Used to Make Final Products Sold in Competitive Markets.- Industry Conduct under Perfect Competition and Contestability.- Conclusions.- Six: The Demand for Money Market Mutual Funds.- Demand Elasticity: An Introduction.- Elasticity of Market Demand for Money Market Mutual Funds.- Fund Elasticity of Demand.- Seven: A Cost Study of Mutual Fund Complexes.- Cost Functions.- Empirical Analysis.- Econometric Results.- Conclusions.- Appendix A.- Appendix B.- Appendix C.- Eight: Toward Rational Policy on Regulation of Mutual Funds.- A Review of Fee Setting in the Mutual Fund Industry.- Proposals for a Modified Regulatory Regime.- Conclusions.