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Board structure and fee-setting in the U.S. mutual fund industry
14 references·16 citing·30 second hop
Board structure and fee-setting in the U.S. mutual fund industry (1997)Board structure and fee-setting in the U.…The Theory of Economic Regulation (2021)The Theory of Economic Regula…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Higher market valuation of companies with a small board of directors (1996)Higher market valuation of co…An individual level analysis of the mutual fund investment decision (1996)An individual level analysis …Endogenously Chosen Boards of Directors and Their Monitoring of the CEO (1995)Endogenously Chosen Boards of…The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)The Modern Industrial Revolut…A Modest Proposal for Improved Corporate Governance (1992)A Modest Proposal for Improve…The Effects of Board Composition and Direct Incentives on Firm Performance (1991)The Effects of Board Composit…Additional evidence on equity ownership and corporate value (1990)Additional evidence on equity…Outside directors and CEO turnover (1988)Outside directors and CEO tur…Management ownership and market valuation (1988)Management ownership and mark…Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition (1985)Corporate Governance and the …Toward a More General Theory of Regulation (1976)Toward a More General Theory …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Portfolio Manager Compensation in the U.S. Mutual Fund Industry (2018)Portfolio Manager Compensatio…Institutional Investors and Mutual Fund Governance: Evidence from Retail–Institutional Fund Twins (2012)Institutional Investors and M…What Drives Market Share in the Mutual Fund Industry? (2011)What Drives Market Share in t…The relation between board size and firm performance in firms with a history of poor operating performance (2009)The relation between board si…Business Networks, Corporate Governance, and Contracting in the Mutual Fund Industry (2009)Business Networks, Corporate …Mutual Fund Fees Around the World (2008)Mutual Fund Fees Around the W…Liquidity, Investment Style, and the Relation between Fund Size and Fund Performance (2008)Liquidity, Investment Style, …Portfolio manager ownership and fund performance (2007)Portfolio manager ownership a…Board structure, mergers, and shareholder wealth: A study of the mutual fund industry (2007)Board structure, mergers, and…Corporate Performance, Board Structure and its Determinants in the Banking Industry (2005)Corporate Performance, Board …Takeover bids and target directors’ incentives: the impact of a bid on directors’ wealth and board seats (2003)Takeover bids and target dire…Governance and boards of directors in closed-end investment companies (2003)Governance and boards of dire…Determinants of the Size and Structure of Corporate Boards: 1935-2000 (2003)Determinants of the Size and …Mutual Fund Advisory Contracts: An Empirical Investigation (2002)Mutual Fund Advisory Contract…Demand Curves and the Pricing of Money Management (2002)Demand Curves and the Pricing…Governance and Boards of Directors in Closed-End Investment Companies (2000)Governance and Boards of Dire…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)Determinants of corporate borrowing (1977)Audit committee, board of director characteristics, and earnings management (2002)Corporate Governance and Equity Prices (2003)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Performance Pay and Top-Management Incentives (1990)Agency costs of free cash flow, corporate finance, and takeovers (1996)Corporate governance, chief executive officer compensation, and firm performance (1999)The Regulation of Entry (2000)The great reversals: the politics of financial development in the twentieth century (2003)Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens (2014)Boards: Does one size fit all☆ (2007)A Theory of Competition Among Pressure Groups for Political Influence (1983)World Investment Report (2017)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)
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References

  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems8,544 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1996Higher market valuation of companies with a small board of directors6,614 cited
  • 2021The Theory of Economic Regulation5,483 cited
  • 1976Toward a More General Theory of Regulation4,771 cited
  • 1990Additional evidence on equity ownership and corporate value4,311 cited
  • 1988Outside directors and CEO turnover4,251 cited
  • 1992A Modest Proposal for Improved Corporate Governance2,776 cited
  • 1991The Effects of Board Composition and Direct Incentives on Firm Performance2,312 cited
  • 1985Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition1,742 cited
  • 1995Endogenously Chosen Boards of Directors and Their Monitoring of the CEO1,719 cited
  • 1996An individual level analysis of the mutual fund investment decision393 cited

Cited by

  • 2008Mutual Fund Fees Around the World

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331 cited
  • 2008Liquidity, Investment Style, and the Relation between Fund Size and Fund Performance322 cited
  • 2003Takeover bids and target directors’ incentives: the impact of a bid on directors’ wealth and board seats315 cited
  • 2009Business Networks, Corporate Governance, and Contracting in the Mutual Fund Industry265 cited
  • 2002Demand Curves and the Pricing of Money Management232 cited
  • 2018Portfolio Manager Compensation in the U.S. Mutual Fund Industry215 cited
  • 2009The relation between board size and firm performance in firms with a history of poor operating performance209 cited
  • 2003Determinants of the Size and Structure of Corporate Boards: 1935-2000199 cited
  • 2012Institutional Investors and Mutual Fund Governance: Evidence from Retail–Institutional Fund Twins187 cited
  • 2003Governance and boards of directors in closed-end investment companies182 cited
  • 2007Board structure, mergers, and shareholder wealth: A study of the mutual fund industry172 cited
  • 2005Corporate Performance, Board Structure and its Determinants in the Banking Industry168 cited
  • 2002Mutual Fund Advisory Contracts: An Empirical Investigation163 cited
  • 2011What Drives Market Share in the Mutual Fund Industry?163 cited
  • 2000Governance and Boards of Directors in Closed-End Investment Companies156 cited
  • 2007Portfolio manager ownership and fund performance145 cited