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Studies at Academic, Government, and Private-Sector Web Sites

Comprehensive studies on financial services subjects are conducted across the nation by researchers at academic institutions, government entities, and private-sector firms. The links below are studies that FRC has found to be especially relevant for business planning purposes and are freely accessible online.

Academic Studies

Mutual Funds

• Investor Behavior in the Mutual Fund Industry: Evidence from Gross Flows
  By George Cashman, Arizona State University, et al
• Closing Time? Mutual Fund Closures and the Scalability of Fund Performance (pdf)
  By Arthur Bris, Yale School of Management, et al
• Purchase and Redemption Patterns of US Equity Mutual Funds (pdf)
  By Edward O'Neal, Assistant Professor of Finance, Wake Forest University
• The Frequency of Mutual Fund Portfolio Disclosure (pdf)
  By Weili Ge and Lu Zheng, University of Michigan
• Does Skin in the Game Matter? Director Incentives and Governance in the Mutual Fund Industry (pdf)
  By David Weinbaum, Assistant Professor of Finance, Cornell University
• Financial Advisors and Mutual Fund Selection
  By Michael Jones, University of Tennessee at Chattanooga, et al
• Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry (pdf)
  By Daniel Bergstresser, Assistant Professor, Harvard Business School, et al

Investments

• A Closer Look at Stable Value Funds Performance (pdf)
  By David F. Babbel, Professor of Insurance and Finance, Wharton School of the University of Pennsylvania, and Senior Advisor to CRA International, and Miguel Herce, Ph.D., Principal of CRA International in Boston
• The Right Answer to the Wrong Question: Identifying Superior Active Portfolio Management (pdf)
  By Keith Brown, University of Texas, and Keith Harlow, Fidelity Research Institute
• Performance Characteristics of Individual vs. Team Managed Mutual Funds (pdf)
  By Richard Bliss, Babson College, et al
• Portfolio Manager Ownership and Fund Performance
  By Ajay Khorana, Georgia Institute of Technology, et al
• Improved Study Finds Index Management Usually Outperforms Active Management
  By Millicent Holmes
• How Active Is Your Fund Manager?
  A New Measure That Predicts Performance (pdf)
  By Antti Petajisto & Martijn Cremers, Yale School of Management

Government Studies

• Flow of Funds Accounts of the United States, 2007 (pdf)
  By Federal Reserve Board
• Survey of Consumer Finances
  By Federal Reserve Board
• Current Population Survey
  By Bureau of Labor Statistics, Department of Labor
• National Population Projections
  By U.S. Census Bureau

Private-Sector Studies

• 401(k) Benchmarking Survey: 2008 Edition (pdf)
  By Deloitte
• DC Connections: Lifecycle funds - one size fits all? A collection of global perspectives
  By Mercer Investment Consulting
• Winning the Retirement Race - Consumer Retirement Survey 2007
  By The McKinsey & Company
• After the Belle Epoque: The Future of Fund Management
  By Putnam Lovell
• The Brave New World: Winning Product Strategies for a Changing Global Market
  By Casey Quirk and Merrill Lynch
• The Asset Management Industry: Shifting Sands of Growth and Profitability
  By McKinsey
• World Wealth Report 2007
  By Capgemini and Merrill Lynch
• Creating the Next-Generation Glidepaths for Defined Contribution Plans
  By PIMCO
• 401(k)s: The Launch of Version 2.0
  By Russell Investments
• The Asset Management Industry:
  A Growing Gap Between the Winners and the Also-Rans
  By McKinsey & Company
• The Asset Management Industry in 2010
  By McKinsey & Company