The SEC approves 12b-1 fees added to mutual fund expenses in order to pay for advertising on the theory that this fee allows the fund to build up assets, thereby increasing its economy of scale and then later reducing fees. What evidence does Bernstein present that 12b-1 fees added to mutual fund expenses offer no benefit to investors?

Suppose that you live in Texas, which has no income tax, and thus you only pay the federal income tax. Suppose that your tax rate on cash dividends is as the tax rate on long-term capital gains. Why is the effective tax rate on capital gains lower than on the dividends?

What is the primary tool by which the U.S. Federal Reserve (Fed) can decrease the money supply in the U.S.?

In the U.S., what is the key legislation that shaped the modern mutual fund industry?

Sustained inflation is not possible without…

Siegel points out that, “It is commonly assumed that a recession occurs when real gross domestic product, the most inclusive measure of economic output, declines for two consecutive quarters. However, the organization that dates business cycles in the U.S. focuses instead on which of the following economic time series? More than one answer may be correct. For full credit, you must select all of the correct answers and none of the incorrect answers.

When you open a brokerage account at most brokerages, you must sign an agreement to…

Which organization in the U.S. is regarded as the authority on dating of business cycles?

From 1913 when the Federal Income Tax was created in the U.S. to the present, how has the federal income tax affected the real return on stocks for an investor in the $50,000 tax bracket?

Which of the following must someone do in order to be licensed as a broker?