competition and shareholder fees in the mutual fund industry evidence implications for policy john c coates iv harvard university r glenn hubbard american enterprise institute columbia aei working paper 127 june 2006 www org workingpapers publication24577 20279 i executive summary this examines claims that price either does not exist or is too weak to prevent anticompetitive pricing by investment advisors retail investors these draw on a view of tracing 1960s which was supported economic analysis contrast contemporary demonstrates prevents excessive numerous structural performance characteristics demonstrate it competitive demonstrating present limited advisor governance structure sufficient reject observations about centrality from an perspective imply prominent role as factor legal framework gartenberg decisions interpreting section 36 b company act our
