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Impatient Trading, Liquidity Provision, and Stock Selection by Mutual Funds
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» Directors’ responsibilities are derived from their general fiduciary duties. The federal
securities laws do not impose any specific obligations on fund directors with respect to
oversight of risk management; in general, fund directors’ responsibilities are derived
from their general fiduciary duties of care and loyalty and are part of their overall
responsibility to oversee the management and operation of the fund.
» A board’s focus is on the fund’s risks, which also entails understanding the adviser’s
risks that may impact the fund. A board’s role is to oversee the management of the
fund’s risks; it...
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Impatient Trading, Liquidity Provision, and Stock Selection by Mutual Funds
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Impatient Trading, Liquidity Provision, and Stock Selection by Mutual Funds
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