Closed-end funds, exchange-traded funds, and hedge funds : origins, functions, and literature / by Seth C. Anderson, Jeffrey Born, Oliver Schnusenberg.

Format:

Book

Author/Creator:

Anderson, Seth C.

Contributor:

Born, Jeffery A.

Schnusenberg, Oliver.

Series:

Innovations in financial markets and institutions ; v. 18.

Innovations in financial markets and institutions ; v. 18

Language:

English

Subjects (All):

Closed-end funds.

Exchange traded funds.

Hedge funds.

Physical Description:

x, 128 pages ; 24 cm.

Place of Publication:

New York ; London : Springer, 2009.

Summary:

This text presents a carefully focused and understandable description of closed-end funds, exchange-traded funds, and hedge funds, highlighting the big, unresolved questions, while also including careful and fair accounts of the state of the literature.

Contents:

1 Introduction 1

2 Characteristics of Investment Companies 3

2.1 Introduction 3

2.2 Open-End Investment Companies 3

2.3 Closed-End Investment Companies 4

2.4 Unit Investment Trusts 5

2.5 Exchange-Traded Funds 5

2.6 Hedge Funds 6

3 A Brief History of Investment Companies 7

3.1 Early Development 7

3.2 The American Experience 8

3.3 Reaction to the Crash 10

3.4 Later Developments 11

Closed-End Investment Companies 11

Hedge Funds 12

Exchanged-Traded Funds 12

4 Closed-End Funds Issues and Studies 13

4.1 Introduction 13

4.2 Cash Flow, Country Funds, and Management Studies 15

Cash Flow Studies 15

Country Funds Studies 22

Management Studies 30

4.3 Perceptions, Expectations, and Sentiment Studies 36

4.4 Trading Strategies, IPO, and Idiosyncratic Studies 49

Trading Strategies Studies 49

IPO Studies 59

Other Studies 64

4.5 Summary of Research Findings 71

Cash Flows 71

Country Funds 71

Management 72

Trading Strategies 72

IPOs 72

Perceptions, Expectations, and Sentiment 73

5 Exchange-Traded Funds: Issues and Studies 75

5.1 What are ETFs? 75

5.2 How ETFs are Created and Priced 77

5.3 ETFs Compared to Index Mutual Funds 79

5.4 Advantages and Disadvantages of ETFs 80

5.5 The Current State of ETFs 81

5.6 Research Related to ETFs 82

Pricing of ETFs 82

Tax and Operational Efficiency of Exchange-Traded Funds 83

International Diversification of ETFs 84

6 Hedge Funds: Issues and Studies 87

6.1 History 87

6.2 The Legal Environment of Hedge Funds 89

6.3 Distinguishing Operational Features of Hedge Funds 90

6.4 Review of Selected Academic Articles 91

6.5 Summary of Empirical Findings 101

Fees and Returns 101

Survivorship Bias and Performance Measurement 101

Incentive Fee Structure and Risk Taking Behavior 102

Hedge Funds Contribution to a Larger Portfolio of Investments 102

Performance Persistence 102

Trading Strategies and Contagion 103.

ISBN:

9781441901675

1441901671

OCLC:

310400898