Most mutual funds use day-old fund holdings but current-day prices to calculate net asset values (NAVs). This practice, sanctioned under SEC Rule 2a-4, results in deviations between reported NAVs and returns and the economic values of those quantities. Using a sample of 26 funds' trading data,...

Many investors purchase mutual funds through intermediated channels, paying brokers or financial advisors for fund selection and advice. This article attempts to quantify the benefits that investors enjoy in exchange for the costs of these services. We study broker-sold and direct-sold funds...