anderson - closed-end funds, exchange-traded funds, and hedge funds (2010)

[...]... CEFs A more detailed development of some of these issues is given in Appendix B S.C Anderson et al., Closed-End Funds, Exchange-Traded Funds, and Hedge Funds, Innovations in Financial Markets and Institutions 18, DOI 10.1007/97 8-1 -4 41 9-0 16 8-2 _4, Ó Springer ScienceþBusiness Media, LLC 2010 13 14 4 Closed-End Funds Issues and Studies There is a wide variety of economically based factors which are frequently... the equity S.C Anderson et al., Closed-End Funds, Exchange-Traded Funds, and Hedge Funds, Innovations in Financial Markets and Institutions 18, DOI 10.1007/97 8-1 -4 41 9-0 16 8-2 _2, Ó Springer ScienceþBusiness Media, LLC 2010 3 4 2 Characteristics of Investment Companies capital and assets of a mutual fund are increased when shares are sold and are reduced when shares are repurchased Open-end fund company... companies: open-end funds, closed-end funds, unit investment trusts, exchange-traded funds, and hedge funds The primary topics introduced are how investment companies are formed, how they are operated, and how their shares are bought and sold The chapter also includes a brief treatment of the legal environment in which they operate Keywords Open-end funds (mutual funds) Á Closed-end funds (CEFs) Á... 2008) http://www.icifactbook.org/fb_appa.html S.C Anderson et al., Closed-End Funds, Exchange-Traded Funds, and Hedge Funds, Innovations in Financial Markets and Institutions 18, DOI 10.1007/97 8-1 -4 41 9-0 16 8-2 _3, Ó Springer ScienceþBusiness Media, LLC 2010 7 8 3 A Brief History of Investment Companies successful trust received dividends from their shares and the return of their capital.2 For 20 years,... Country Funds, and Management Studies 15 4.2 Cash Flow, Country Funds, and Management Studies Cash Flow Studies Close, James A ‘‘Investment Companies: Closed-End versus Open-End.’’ Harvard Business Review 29 (1952), 79–88 Close authored the first closed-end fund (CEF) academic article of which we are aware In this descriptive work, he discusses the differences between closed-end and open-end funds, and. .. proportion of the cross-sectional variance in closed-end fund discounts 20 4 Closed-End Funds Issues and Studies Kim, Chang-Soo ‘‘Investor Tax-Trading Opportunities and Discounts on Closed-End Mutual Funds. ’’ Journal of Financial Research 17.1 (Spring 1994), 65–75 The author posits that arbitrage activities should induce parity between the net asset value (NAV) per share of a closed-end fund and the market... (ETFs), and hedge funds Although the primary foci of the book are CEFs, ETFs, and hedge funds, a treatment of open-end funds is included as a source of comparison UITs are described because that structure is frequently adopted by ETFs 2.2 Open-End Investment Companies Open-end investment companies (commonly referred to as mutual funds) continuously issue and redeem ownership shares The shares of an open-end... Great Britain during the late 1800s Subsequently, closed-end funds blossomed in the United States during the 1920s, at which time the first open-end fund appeared The first hedge fund and exchange-traded fund (ETF) were formed in the late 1940s and 1993, respectively Keywords Investment trusts Á Railroad securities Á Closed-end fund Á Hedge fund Á Exchange-traded fund Á Securities Act of 1933 Á Registration... discounts, but income and unrealized appreciation are related negatively For stock funds, income is related negatively, and risk is related positively to the discounts at the 10% level of significance Anderson, Seth C and Jeffery A Born ‘‘Market Imperfections and Asset Pricing.’’ Review of Business and Economic Research 23.1 (Winter 1987), 14–25 Anderson and Born argue that CEICs ought to command a premium... reports that the open-end portion of the industry surpassed the closed-end funds by the end of 1943 Further, openend funds (all 98 of them) had three times the assets of closed-end funds under management by the end of 1950 He argues that the great growth in open-end funds is primarily related to the continuous, and well-compensated, sales effort via loads that is undertaken by these funds In addition, . Chapters 4, 5, and 6 summarize the issues and findings of the research to date on closed-end funds, exchange-traded funds, and hedge funds. Keywords Open-end funds (mutual funds) Á Closed-end funds (CEFs) Á Unit investment. Thus, the equity S.C. Anderson et al., Closed-End Funds, Exchange-Traded Funds, and Hedge Funds, Innovations in Financial Markets and Institutions 18, DOI 10.1007/97 8-1 -4 41 9-0 16 8-2 _2, Ó Springer ScienceþBusiness. secu rities. Hedge funds are essentially unregulated, and their shares do not trade in the securities markets. S.C. Anderson et al., Closed-End Funds, Exchange-Traded Funds, and Hedge Funds, Innovations