Closed-End Funds, Exchange-Traded Funds, and Hedge Funds - Origins, Functions, and Literature

Closed-End Funds, Exchange-Traded Funds, and Hedge Funds - Origins, Functions, and Literature

von: Seth Anderson, Jeffery Born, Oliver Schnusenberg

Springer-Verlag, 2009

ISBN: 9781441901682 , 140 Seiten

Format: PDF, OL

Kopierschutz: Wasserzeichen

Windows PC,Mac OSX Apple iPad, Android Tablet PC's Online-Lesen für: Windows PC,Mac OSX,Linux

Preis: 107,09 EUR

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Mehr zum Inhalt

Closed-End Funds, Exchange-Traded Funds, and Hedge Funds - Origins, Functions, and Literature


 

Preface

7

Contents

8

Introduction

10

Characteristics of Investment Companies

12

2.1 Introduction

12

2.2 Open-End Investment Companies

12

2.3 Closed-End Investment Companies

13

2.4 Unit Investment Trusts

14

2.5 Exchange-Traded Funds

14

2.6 Hedge Funds

15

A Brief History of Investment Companies

16

3.1 Early Development

16

3.2 The American Experience

17

3.3 Reaction to the Crash

19

3.4 Later Developments

20

Closed-End Investment Companies

20

Hedge Funds

21

Exchanged-Traded Funds

21

Closed-End Funds Issues and Studies

22

4.1 Introduction

22

4.2 Cash Flow, Country Funds, and Management Studies

24

Cash Flow Studies

24

Country Funds Studies

31

Management Studies

39

4.3 Perceptions, Expectations, and Sentiment Studies

45

4.4 Trading Strategies, IPO, and Idiosyncratic Studies

58

Trading Strategies Studies

58

IPO Studies

68

Other Studies

73

4.5 Summary of Research Findings

80

Cash Flows

80

Country Funds

80

Management

81

Trading Strategies

81

IPOs

81

Perceptions, Expectations, and Sentiment

82

Exchange-Traded Funds: Issues and Studies

83

5.1 What are ETFs?

83

5.2 How ETFs are Created and Priced

85

5.3 ETFs Compared to Index Mutual Funds

87

5.4 Advantages and Disadvantages of ETFs

88

5.5 The Current State of ETFs

89

5.6 Research Related to ETFs

90

Pricing of ETFs

90

Tax and Operational Efficiency of Exchange-Traded Funds

91

International Diversification of ETFs

92

Hedge Funds: Issues and Studies

94

6.1 History

94

6.2 The Legal Environment of Hedge Funds

96

6.3 Distinguishing Operational Features of Hedge Funds

97

6.4 Review of Selected Academic Articles

98

6.5 Summary of Empirical Findings

108

Fees and Returns

108

Survivorship Bias and Performance Measurement

108

Incentive Fee Structure and Risk Taking Behavior

109

Hedge Funds Contribution to a Larger Portfolio of Investments

109

Performance Persistence

109

Trading Strategies and Contagion

110

Appendix A: Investment Company Act of 1940: Selected Topics

111

Management Guidelines

111

Investment Policy Guidelines

111

Capital Structure Guidelines

112

Appendix B: CEF Pricing Issues

114

Capital Gains and Dividends Factors

114

Cash-Flow Factors

115

Portfolio Characteristic Factors

117

Perception Factors

118

References

120

Author Index

128

Subject Index

131