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Closed‐End Funds: What Drives Discounts?

Hersh Shefrin

in Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195161212
eISBN:
9780199832996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195161211.003.0013
Subject:
Economics and Finance, Financial Economics

The prices of closed‐end funds present a puzzle for market efficiency. The chief feature of the puzzle is that closed‐end fund prices systematically deviate from fundamental values. In this respect, ... More


Fair Valuation

William A. Birdthistle

in Empire of the Fund: The Way We Save Now

Published in print:
2016
Published Online:
August 2016
ISBN:
9780199398560
eISBN:
9780199398591
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199398560.003.0007
Subject:
Economics and Finance, Financial Economics

As this chapter explains, the formula for remunerating investment advisers is a simple but powerful one. The revenues an adviser earns each year are equal to the adviser’s fees multiplied by the ... More


Looking Back and Ahead

Matthew P. Fink

in The Rise of Mutual Funds: An Insider's View

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195336450
eISBN:
9780199868469
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195336450.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

Some of mutual funds' success is attributable to external factors, including generally strong securities markets, a growing middle class, and laws encouraging Americans to save for retirement. These ... More


Publicly Traded Private Equity

Henry Lahr

in Private Equity: Opportunities and Risks

Published in print:
2015
Published Online:
August 2015
ISBN:
9780199375875
eISBN:
9780199375899
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199375875.003.0026
Subject:
Economics and Finance, Financial Economics

Simultaneously with the private equity (PE) boom of the 1990s, the sub-segment of publicly traded firms that buy and sell private companies expanded almost as quickly as the entire asset class. ... More


Money Market Mutual Fund Reform

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0019
Subject:
Economics and Finance, Economic History

Prime money market mutual funds (MMF) are particularly susceptible to runs given the inherently short-term nature of their liabilities and the riskiness of their assets as compared with government ... More


Open-End Funds

Conrad S. Ciccotello

in Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth

Published in print:
2015
Published Online:
November 2015
ISBN:
9780190207434
eISBN:
9780190207465
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190207434.003.0005
Subject:
Economics and Finance, Financial Economics

Mutual funds, which are open-end funds (OEFs), remain the mainstay of the portfolio investment vehicles serving “mass affluent” investors in the United States. This chapter provides an overview of ... More


Price Dynamics and Arbitrage

Ananth N. Madhavan

in Exchange-Traded Funds and the New Dynamics of Investing

Published in print:
2016
Published Online:
August 2016
ISBN:
9780190279394
eISBN:
9780190279424
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190279394.003.0003
Subject:
Economics and Finance, Financial Economics

Premiums and discounts in ETFs are a persistent source of questions from policymakers and practitioners because there is no such analogue for an open-ended mutual fund. Specifically, why do ETFs ... More


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