Contents

Introduction: Mutual Funds-Looking Back and Ahead

Yasuyuki Fuchita, Nomura Institute of Capital Markets Research
Robert E. Litan, Kauffman Foundation and Brookings Institution

1. Mutual Fund Innovation: Past and Future

Paula Tkac, Federal Reserve Bank of Atlanta

2. The Future of Japan's Mutual Fund Industry

Koichi Iwai, Nomura Institute of Capital Markets Research

3. On the Future of the Mutual Fund Industry around the World

Ajay Kohrana, Georgia Institute of Technology
Henri Servaes, London Business School

4. Commentary

The Future of the Mutual Fund Industry in the United States and Elsewhere
Bruce Reid, Investment Company Institute

The Future of Mutual Fund Regulations in the United States
Peter Wallison, American Enterprise Institute

The Future of Mutual Fund Regulation in the United States: Another View
Allan S. Mostoff, Mutual Fund Directors Forum

Ingested by T-Rex: How Mutual Fund Investors and Their Retirements Fall Prey to Obsolete Tax and Regulatory Policy
Harold Bradley, Kauffman Foundation