![](https://clsbluesky.law.columbia.edu/wp-content/uploads/sites/2/2015/11/reuven-s-avi-yonah.png?w=125&h=166&crop=1)
Too Big to Tax? Vanguard and the Arm’s Length Standard
Vanguard is the world’s largest complex of mutual funds, with over $3 trillion in assets under management, including $215 billion added in 2014. Vanguard’s main attraction to investors is its low costs. Profs. Freeman and Brown (2000) report that the …