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2010 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Closed-End Funds, Exchange-Traded Funds, and Hedge Funds

Origins, Functions, and Literature

verfasst von: Seth Anderson, Jeffery A. Born, Oliver Schnusenberg

Verlag: Springer US

Buchreihe : Innovations in Financial Markets and Institutions

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

"Closed-End Funds, Exchange-Traded Funds, and Hedge Funds: Origins, Functions, and Literature is a concise and valuable book that will be of interest to individual investors, financial professionals, and academic researchers, alike. It provides a brief history and institutional discussion of these investment companies and also presents a summary of the research on these funds. Investment practitioners will find the book useful as a reference and as a quick refresher on the current state of knowledge regarding each fund type. Equally important, it provides academic researchers with an accurate institutional framework within which to cast their theoretical models, and a point of departure for expanding the empirical analysis for improving our understanding of these funds. All-in-all, this is a very valuable book; I highly recommend it." (John J. Jackson, Professor of Economics, Auburn University)

"Professors Anderson, Born, and Schnusenberg provide a valuable service in this monograph. The practical significance of closed-end funds, exchange-traded funds, and hedge funds has increased dramatically in recent years, but all too many academics and investors know little about them. This text presents a carefully-focused and understandable description of these investment vehicles, highlighting the big, unresolved questions, while also including careful and fair accounts of the state of the literature. Nothing extraneous clutters the presentation, but, more importantly, nothing necessary is left out. Highly recommended." (T. Randolph Beard, Professor of Economics and Public Policy, Auburn University)

"This book is both useful as a reference book and as an additive, educational overview of ETFs and hedge funds, as well as CEFs. In today’s tumultuous markets, much reference is made to these subjects without a clear understanding of the vehicles, their structure and their history. This is a very timely publication and should be viewed as an important read. The book contains definitive explanations and also includes an excellent summary of past works in this area. Readable, informative and highly useful as a reference source." (Kathleen A. Wayner, President and CEO, Bowling Portfolio Management)

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
Abstract
This chapter provides an introduction to the contents of each of the other five chapters in this volume. Chapter 2 presents an overview of investment company basics. Chapter 3 follows with a short history of the evolution of these firms. 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.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg
Chapter 2. Characteristics of Investment Companies
Abstract
Chapter 2 provides a brief overview of five types of investment 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.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg
Chapter 3. A Brief History of Investment Companies
Abstract
This chapter provides an overview of the historical evolution of investment companies which date to Europe in the late 1700s. Investment trusts became popular as an investment vehicle in 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.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg
Chapter 4. Closed-End Funds Issues and Studies
Abstract
This chapter provides brief reviews of the numerous articles that investigate various aspects of closed-end fund (CEF) pricing. Much of the research focuses on the causes of the existence and persistence of fund share price discounts to net asset value. These works span the past half century and have yielded many results including the following: (1) market frictions, such as expenses and capital gains effects, only partially explain the existence of discounts; (2) country funds which target countries having international investment restrictions tend to sell at premiums to net asset value; (3) investors who purchase most fund IPOs usually experience poor initial returns; (4) large discounts tend to be associated with periods of market pessimism, and these discounts narrow during periods of euphoria; and (5) the mean reverting behavior of discounts appears to be responsible for the profitable discount-based trading strategies reported by some authors.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg
Chapter 5. Exchange-Traded Funds: Issues and Studies
Abstract
Since the introduction of the first exchange-traded fund (ETF) in the form of Standard & Poor’s Depository Receipts (SPDRs) in 1993, ETFs have become popular investment vehicles in the financial markets. At the end of October 2008, assets under management totaled $460 billion, a reduction of $300 billion since the end of March 2008 in response to the credit crisis. ETFs offer multiple advantages to investors, including easy diversification in the equity, fixed income, and even commodities markets, low cost, tax efficiency, continuous pricing, and low premiums/discounts from the net asset value (NAV) of the underlying assets. However, it is possible for the ETF to exhibit premiums or discounts from the net asset value of the underlying assets due to their structure and dividend treatment. Unlike traditional mutual funds, ETFs can be sold short and purchased on margin. Although the ETF market has shrunk in response to the credit crisis, new innovations in the ETF include active management and retirement ETF products.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg
Chapter 6. Hedge Funds: Issues and Studies
Abstract
This chapter provides an overview of the characteristics of hedge funds and the academic literature on them. By limiting their investors and their marketing efforts, hedge funds are exempt from most of the major securities acts adopted by the United States over the past 75 years. Because disclosures by hedge funds are voluntary, there exist serious challenges to those who analyze hedge fund performance results and trading strategies. Some of the interesting findings about these funds are as follows: (1) Many hedge funds undertake significantly more aggressive/risky trading strategies than those adopted by other investment companies; (2) the contingent incentive fee structure employed by hedge funds can lead to significantly more income for their managers than managers of other investment companies per dollar of performance; (3) the after-fee performance of hedge funds does not appear to be significantly different from that of other investment companies; and (4) there is no conclusive evidence that hedge funds have exacerbated (or caused) any of the significant worldwide financial crises during the past 25 years.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg
Backmatter
Metadaten
Titel
Closed-End Funds, Exchange-Traded Funds, and Hedge Funds
verfasst von
Seth Anderson
Jeffery A. Born
Oliver Schnusenberg
Copyright-Jahr
2010
Verlag
Springer US
Electronic ISBN
978-1-4419-0168-2
Print ISBN
978-1-4419-0167-5
DOI
https://doi.org/10.1007/978-1-4419-0168-2