Credit unions are cooperative financial institutions that typically operate on a
one-member/one-vote governance rule. This paper demonstrates that such a
governance rule may enhance the survival of such organizational forms in the
face of adverse incentives created by accumulated financial surpluses and
identifies factors that may prompt conversion to a joint-stock form. The
analysis is based on n... hiện toàn bộ
The Securities and Exchange Commission's Rule 12b-1 ended a 40-year prohibition
on the payment of distribution fees by mutual funds. The fees have the potential
to create conflicts between fund managers and shareholders. This study examines
the characteristics of funds implementing the plans, and assesses costs and
benefits. Findings reveal that there is a growing tendency of funds,
particularly l... hiện toàn bộ