Mutual Fund Performance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (31 December 2025) | Viewed by 1309

Special Issue Editors


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Guest Editor
John B. and Lillian E. Neff Department of Finance, University of Toledo, Toledo, OH 43606, USA
Interests: investments; institutional investors; corporate finance

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Guest Editor
Department of Finance, Insurance and Real Estate, College of Business, California State University, Sacramento, CA 95819-6088, USA
Interests: board of directors; institutional investors; mergers and acquisitions; security issuance

Special Issue Information

Dear Colleagues,

The dynamics of the financial market landscape are continually evolving, presenting varying opportunities and challenges for mutual funds. Recently, as investor preferences have shifted and regulatory environments have changed, assessing mutual fund performance has became increasingly vital. This Special Issue aims to consolidate both theoretical and empirical research focused on various aspects of mutual fund performance. Areas of interest include, but are not limited to, the following: fund strategies, fee structures, benchmarking techniques, fund flows, risk-adjusted performance, liquidity management, ESG and socially responsible investing, active vs. passive management, regulatory changes, and the impact of DeFi and Fintech. We highly welcome submissions that bridge the gap between mutual fund performance and broader financial market developments, macroeconomic factors, or advances in financial technology.

Dr. Kainan Wang
Dr. Chang Liu
Guest Editors

Manuscript Submission Information

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Keywords

  • mutual fund performance
  • investor preference
  • trading strategy
  • fee structure
  • benchmarking
  • fund flow
  • liquidity management
  • ESG
  • regulatory change
  • DeFi and fintech

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Published Papers (1 paper)

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Research

29 pages, 345 KB  
Article
Retirement Plan Conflicts of Interest in Mutual Fund Management
by William Beggs
J. Risk Financial Manag. 2026, 19(2), 154; https://doi.org/10.3390/jrfm19020154 - 19 Feb 2026
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Abstract
Form ADV regulatory disclosures made by mutual fund management firms indicate that nearly one-third of investment advisers to mutual funds offer pension consulting services to defined contribution plans, creating inherent conflicts of interest that allow advisers to recommend their own affiliated funds to [...] Read more.
Form ADV regulatory disclosures made by mutual fund management firms indicate that nearly one-third of investment advisers to mutual funds offer pension consulting services to defined contribution plans, creating inherent conflicts of interest that allow advisers to recommend their own affiliated funds to plan sponsors. Using the complete universe of Form ADV filings merged with CRSP mutual fund data, I examine how these retirement plan conflicts affect mutual fund portfolio management and performance over the period 2003 to 2014. In contrast to prior studies that relied on hand-collected plan-level data and focused on participant outcomes, this study provides fund-level evidence using comprehensive regulatory disclosures to assess how such conflicts affect managerial incentives. I found that equity mutual funds managed by conflicted advisers exhibited widespread underperformance and were managed to a significantly lesser extent, consistent with weakened incentives arising from sticky defined contribution assets. The effects were economically larger for target date mutual funds, which played a central role as default investment options in retirement plans. The results have important policy implications, suggesting that disclosure alone may be insufficient to mitigate conflicts of interest and highlighting the need for stronger fiduciary oversight and governance of plan menus, particularly for default investment options. Full article
(This article belongs to the Special Issue Mutual Fund Performance)
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