Anderson / Born / Schnusenberg Closed-End Funds, Exchange-Traded Funds, and Hedge Funds

Origins, Functions, and Literature
1. Auflage 2009
ISBN: 978-1-4419-0168-2
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 140 Seiten

'Closed-End Funds, Exchange-Traded Funds, and Hedge Funds: Origins, Functions, and Literature is a concise and valuable book that will be of interest to individual investors, financial professionals, and academic researchers, alike. It provides a brief history and institutional discussion of these investment companies and also presents a summary of the research on these funds. Investment practitioners will find the book useful as a reference and as a quick refresher on the current state of knowledge regarding each fund type. Equally important, it provides academic researchers with an accurate institutional framework within which to cast their theoretical models, and a point of departure for expanding the empirical analysis for improving our understanding of these funds. All-in-all, this is a very valuable book; I highly recommend it.' (John J. Jackson, Professor of Economics, Auburn University) 'Professors Anderson, Born, and Schnusenberg provide a valuable service in this monograph. The practical significance of closed-end funds, exchange-traded funds, and hedge funds has increased dramatically in recent years, but all too many academics and investors know little about them. This text presents a carefully-focused and understandable description of these investment vehicles, highlighting the big, unresolved questions, while also including careful and fair accounts of the state of the literature. Nothing extraneous clutters the presentation, but, more importantly, nothing necessary is left out. Highly recommended.' (T. Randolph Beard, Professor of Economics and Public Policy, Auburn University) 'This book is both useful as a reference book and as an additive, educational overview of ETFs and hedge funds, as well as CEFs. In today's tumultuous markets, much reference is made to these subjects without a clear understanding of the vehicles, their structure and their history. This is a very timely publication and should be viewed as an important read. The book contains definitive explanations and also includes an excellent summary of past works in this area. Readable, informative and highly useful as a reference source.' (Kathleen A. Wayner, President and CEO, Bowling Portfolio Management)

Seth Anderson is a Professor of Finance with expertise in Investments/International Finance at Tuskegee University. He has served as a research consultant for several large pension plans including EIDupont. He also served as an expert witness work in the area of portfolio management. He is the author of Investment Management and Mismanagement: History, Findings, and Analysis, Mutual Funds: Fifty Years of Research Findings, Closed-End Fund Pricing: Theories and Evidence, Initial Public Offerings: Findings and Theories, and Closed End Investment Companies: Issues and Answers. He has also authored more than forty articles published in Journal of Financial Research, Financial Services Review, Journal of Behavioral Economics, Financial Analysts Journal, Journal of Portfolio Management among others. His research findings have been cited in Barron's, Business Week, CBS Radio News, Forbes, Money, Mutual Fund Magazine, The Wall Street Journal, and other national and local media.

Autoren/Hrsg.

Anderson, Seth

Born, Jeffery

Schnusenberg, Oliver

Inhaltsverzeichnis

1;Preface;7
2;Contents;8
3;Introduction;10
4;Characteristics of Investment Companies;12
4.1;2.1 Introduction;12
4.2;2.2 Open-End Investment Companies;12
4.3;2.3 Closed-End Investment Companies;13
4.4;2.4 Unit Investment Trusts;14
4.5;2.5 Exchange-Traded Funds;14
4.6;2.6 Hedge Funds;15
5;A Brief History of Investment Companies;16
5.1;3.1 Early Development;16
5.2;3.2 The American Experience;17
5.3;3.3 Reaction to the Crash;19
5.4;3.4 Later Developments;20
5.4.1;Closed-End Investment Companies;20
5.4.2;Hedge Funds;21
5.4.3;Exchanged-Traded Funds;21
6;Closed-End Funds Issues and Studies;22
6.1;4.1 Introduction;22
6.2;4.2 Cash Flow, Country Funds, and Management Studies;24
6.2.1;Cash Flow Studies;24
6.2.2;Country Funds Studies;31
6.2.3;Management Studies;39
6.3;4.3 Perceptions, Expectations, and Sentiment Studies;45
6.4;4.4 Trading Strategies, IPO, and Idiosyncratic Studies;58
6.4.1;Trading Strategies Studies;58
6.4.2;IPO Studies;68
6.4.3;Other Studies;73
6.5;4.5 Summary of Research Findings;80
6.5.1;Cash Flows;80
6.5.2;Country Funds;80
6.5.3;Management;81
6.5.4;Trading Strategies;81
6.5.5;IPOs;81
6.5.6;Perceptions, Expectations, and Sentiment;82
7;Exchange-Traded Funds: Issues and Studies;83
7.1;5.1 What are ETFs?;83
7.2;5.2 How ETFs are Created and Priced;85
7.3;5.3 ETFs Compared to Index Mutual Funds;87
7.4;5.4 Advantages and Disadvantages of ETFs;88
7.5;5.5 The Current State of ETFs;89
7.6;5.6 Research Related to ETFs;90
7.6.1;Pricing of ETFs;90
7.6.2;Tax and Operational Efficiency of Exchange-Traded Funds;91
7.6.3;International Diversification of ETFs;92
8;Hedge Funds: Issues and Studies;94
8.1;6.1 History;94
8.2;6.2 The Legal Environment of Hedge Funds;96
8.3;6.3 Distinguishing Operational Features of Hedge Funds;97
8.4;6.4 Review of Selected Academic Articles;98
8.5;6.5 Summary of Empirical Findings;108
8.5.1;Fees and Returns;108
8.5.2;Survivorship Bias and Performance Measurement;108
8.5.3;Incentive Fee Structure and Risk Taking Behavior;109
8.5.4;Hedge Funds Contribution to a Larger Portfolio of Investments;109
8.5.5;Performance Persistence;109
8.5.6;Trading Strategies and Contagion;110
9;Appendix A: Investment Company Act of 1940: Selected Topics;111
9.1;Management Guidelines;111
9.2;Investment Policy Guidelines;111
9.3;Capital Structure Guidelines;112
10;Appendix B: CEF Pricing Issues;114
10.1;Capital Gains and Dividends Factors;114
10.2;Cash-Flow Factors;115
10.3;Portfolio Characteristic Factors;117
10.4;Perception Factors;118
11;References;120
12;Author Index;128
13;Subject Index;131