By Seth Anderson, Jeffery A. Born, Oliver Schnusenberg
Closed-End money, Exchange-Traded cash, and Hedge cash: Origins, features, and Literature is a concise and useful booklet that might be of curiosity to person traders, monetary execs, and educational researchers, alike. It presents a short historical past and institutional dialogue of those funding businesses and likewise offers a precis of the study on those money. funding practitioners will locate the ebook helpful as a reference and as a short refresher at the present kingdom of information concerning each one fund variety. both very important, it offers educational researchers with a correct institutional framework during which to forged their theoretical versions, and some extent of departure for increasing the empirical research for making improvements to our figuring out of those cash. All-in-all, this can be a very worthwhile publication; I hugely suggest it.
John J. Jackson
Professor of Economics
Professors Anderson, Born, and Schnusenberg offer a important carrier during this monograph. the sensible value of closed-end cash, exchange-traded money, and hedge cash has elevated dramatically in recent times, yet all too many teachers and traders recognize little approximately them. this article offers a carefully-focused and comprehensible description of those funding automobiles, highlighting the large, unresolved questions, whereas additionally together with cautious and reasonable bills of the country of the literature. not anything extraneous clutters the presentation, yet, extra importantly, not anything worthwhile is omitted. hugely advised.
T. Randolph Beard
Professor of Economics and Public Policy
This publication is either worthwhile as a reference publication and as an additive, academic evaluate of ETFs and hedge cash, in addition to CEFs. In today’s tumultuous markets, a lot reference is made to those matters with out a transparent knowing of the autos, their constitution and their historical past. this can be a very well timed e-book and may be considered as a massive learn. The booklet includes definitive motives and in addition contains a superb precis of earlier works during this quarter. Readable, informative and hugely beneficial as a reference source.
Kathleen A. Wayner
President and CEO
Bowling Portfolio administration
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Additional info for Closed-end funds, exchange-traded funds, and hedge funds: origins, functions, and literature
However, the authors’ find that the composition varies widely by fund type and thus, it is impossible to distinguish between the influence of board composition and fund type. Overall, there are very small improvements in performance: expense ratios decline while portfolio returns increase. However, the average discount increases in the year following the change in management. The mixed nature of the findings and the lack of a significant announcement effect lead the authors to conclude that a change in top management is a nonevent.
The variables employed are price, net asset value (NAV), expense ratio, management tenure, performance, and turnover. Their findings confirm those of several prior related investigations. Specifically, prior performance, size, age, expense ratios, and return volatility, are seen to be useful predictors of a fund’s future performance and share price relative to NAV. The study reports that the blend of factors influencing the funds’ returns and premiums/discounts varies between emerging market funds and developed market funds.
2 Cash Flow, Country Funds, and Management Studies 25 authors also report that the ratio of fund share price to NAV (greater than one indicates a premium) is better explained by variations in a fund’s share price than by variations in its NAV. Chang, Eric, Cheol S. Eun, and Richard Kolodny. 4 (1995), 1237–1263. The authors examine the weekly returns of a sample of 15 closed-end country funds (CECFs) from January 1985 through December 1990. S. market returns, but usually (10 of 15 funds) have a stronger correlation with their respective local market.