Eric Zitzewitz, assistant professor of economics at
A summary of his study that appeared in
Zitzewitz found that 15 out of 50 international funds were guilty of late trading. That would extrapolate to as much as 30% of international funds. Among domestic funds, the professor discovered late trading by 12 funds out of 96, or 12%.
"This is such an egregious violation of a fund managers fiduciary responsibilities that one might suppose that it was limited to a few isolated cases," Zitzewitz wrote in his study.
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