Seth Anderson, Jeffery A. Born, Oliver Schnusenberg's Closed-end funds, exchange-traded funds, and hedge funds: PDF

By Seth Anderson, Jeffery A. Born, Oliver Schnusenberg

Closed-End cash, Exchange-Traded cash, and Hedge money: Origins, capabilities, and Literature is a concise and worthwhile booklet that might be of curiosity to person traders, monetary pros, and educational researchers, alike. It offers a short background and institutional dialogue of those funding businesses and likewise offers a precis of the examine on those money. funding practitioners will locate the e-book priceless as a reference and as a short refresher at the present kingdom of data relating to each one fund style. both vital, it offers educational researchers with a correct institutional framework during which to forged their theoretical versions, and some degree of departure for increasing the empirical research for bettering our realizing of those money. All-in-all, this can be a very priceless publication; I hugely suggest it.
John J. Jackson
Professor of Economics
Auburn University

Professors Anderson, Born, and Schnusenberg supply a invaluable provider during this monograph. the sensible importance of closed-end money, exchange-traded money, and hedge cash has elevated dramatically lately, yet all too many lecturers and traders comprehend little approximately them. this article provides a carefully-focused and comprehensible description of those funding automobiles, highlighting the massive, unresolved questions, whereas additionally together with cautious and reasonable money owed of the nation of the literature. not anything extraneous clutters the presentation, yet, extra importantly, not anything useful is omitted. hugely advised.
T. Randolph Beard
Professor of Economics and Public Policy
Auburn University

This e-book is either valuable as a reference e-book and as an additive, academic assessment of ETFs and hedge money, in addition to CEFs. In today’s tumultuous markets, a lot reference is made to those matters with no transparent figuring out of the autos, their constitution and their background. it is a very well timed book and will be seen as a big learn. The publication comprises definitive causes and in addition comprises an exceptional precis of earlier works during this sector. Readable, informative and hugely worthy as a reference source.
Kathleen A. Wayner
President and CEO
Bowling Portfolio administration

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Extra resources for Closed-end funds, exchange-traded funds, and hedge funds: origins, functions, and literature

Sample text

2 Cash Flow, Country Funds, and Management Studies 27 After an examination of the discounts/premiums commanded by the country funds, the authors report that discounts tended to be the largest for the funds that restricted their investments in developed markets (France, Germany, and the UK). Conversely, of the eight funds that sold at an average premium, six were associated with local markets that had substantial restrictions on foreign investment. S. market factor (significant in 26 of 28 cases).

This holds when the foreign component is either the fund’s NAV or the local market. However, no decline in variability occurs when the foreign component is CF shares. As vehicles for delivering diversification benefits, CFs are easier than direct investments, especially in emerging markets, but they are not perfect substitutes. Chowdhury, Abdur R. ’’ Applied Economic Letters 1 (1994), 219–222. Prior analyses of the premiums/discounts that often characterize closed-end country funds (CECFs) report evidence consistent with the hypothesis that investment restrictions on foreign investors leads to premiums.

Stock market. This finding suggests that the closed-end fund may offer even greater diversification gains than are promised by the local market’s index. 2 Cash Flow, Country Funds, and Management Studies 27 After an examination of the discounts/premiums commanded by the country funds, the authors report that discounts tended to be the largest for the funds that restricted their investments in developed markets (France, Germany, and the UK). Conversely, of the eight funds that sold at an average premium, six were associated with local markets that had substantial restrictions on foreign investment.

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