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Author: Viktoria Baklanova Publisher: OUP Oxford ISBN: 9780199687251 Category : Law Languages : en Pages : 0
Book Description
Bringing together a team of renowned academics and skilled practitioners from around the world, this book provides the first comprehensive examination of the money market fund sector, and offers comparative analysis of the regulatory environment in the EU and in the US.
Author: Viktoria Baklanova Publisher: OUP Oxford ISBN: 9780199687251 Category : Law Languages : en Pages : 0
Book Description
Bringing together a team of renowned academics and skilled practitioners from around the world, this book provides the first comprehensive examination of the money market fund sector, and offers comparative analysis of the regulatory environment in the EU and in the US.
Author: Gordon K. Williamson Publisher: ISBN: 9781558506497 Category : Business & Economics Languages : en Pages : 324
Book Description
thoroughly analyzed every one of the more than 3,000 mutual funds available to consumers to determine an authoritative ranking of the best 100. Whether investors are looking for short-term money account opportunities or trying to find sound opportunities for long-term retirement investments, this newest edition offers sound, practical advice.
Author: John C. Bogle Publisher: John Wiley & Sons ISBN: 1119109574 Category : Business & Economics Languages : en Pages : 375
Book Description
The seminal work on mutual funds investing is now a Wiley Investment Classic Certain books have redefined the way we view the world of finance and investing—books that should be on every investor’s shelf. Bogle On Mutual Funds—the definitive work on mutual fund investing by one of finance’s great luminaries—is just such a work, and has been added to the catalog of Wiley’s Investment Classic collection. Updated with a new introduction by expert John Bogle, this comprehensive book provides investors with the wisdom of the pioneer of mutual funds to help you identify and execute the ideal mutual fund investment choices for your portfolio. The former Vanguard Chief Executive, Bogle has long been mutual funds' most outspoken critic; in this classic book, he provides guidance on what you should and shouldn't believe when it comes to mutual funds, along with the story of persistence and perseverance that led to this seminal work. You'll learn the differences between common stock, bond, money market, and balanced funds, and why a passively managed "index" fund is a smarter investment than a fund managed by someone making weighted bets on individual securities, sectors, and the economy. Bogle reveals the truth behind the advertising, the mediocre performance, and selfishness, and highlights the common mistakes many investors make. Consider the risks and rewards of investing in mutual funds Learn how to choose between the four basic types of funds Choose the lower-cost, more reliable investment structure See through misleading advertising, and watch out for pitfalls Take a look into this timeless classic and let Bogle On Mutual Funds show you how to invest in mutual funds the right way, with the expert perspective of an industry leader.
Author: Jonathan R. Macey Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
In the wake of the events of September 2008, money market mutual funds have made significant changes to the way they invest. Those changes have been driven by business and investment needs as well as by substantial revisions to the regulatory framework in which funds operate. Yet, some policymakers and market participants are calling for additional regulatory or legislative action. This paper lays out the important role that money market mutual funds play in the short-term capital markets, traces the successful regulatory history of money market mutual funds and argues that more reforms could create, rather than reduce, systemic risk. The first phase of these changes involved a number of amendments to Rule 2a-7, which governs the operation of mutual funds. The final rule changes released by the SEC in February 2010 included, among other things, tightened limits on portfolio maturity, greater disclosure obligations and heightened responsibilities for boards of money market funds. When announcing the new rules in January 2010, SEC Chairman Schapiro indicated a possible second phase of reform that could include other “more fundamental” changes that the SEC would examine: a floating net asset value (or NAV), more frequent disclosure of mark-to-market NAVs, mandatory redemptions-in-kind for large redemptions, a private liquidity facility and a two-tiered system of money market funds in which the NAVs for some funds would float and the NAVs for others would not. The Obama administration is also examining possible changes to money market funds. In June 2009, the administration instructed the President's Working Group on Financial Markets to study whether fundamental changes are needed to reduce the susceptibility of money market funds to runs, including possibly prohibiting money market funds from relying on a stable NAV. These reforms are being considered at a time when others, such as former Federal Reserve Board Chairman Paul Volcker, have called for money market funds to be regulated like banks. Missing from the debate so far has been an acknowledgment of the enormous benefits that money market funds have provided over the last 40 years, both to investors and to the financial system as a whole. For both individual and institutional investors, money market mutual funds provide a commercially attractive alternative to bank deposits. Money market funds offer greater investment diversification, are less susceptible to collapse than banks and offer investors greater disclosure on the nature of their investments and the underlying assets than traditional bank deposits. For the financial system generally, money market mutual funds reduce pressure on the FDIC, reduce systemic risk and provide essential liquidity to capital markets because of the funds' investments in commercial paper, municipal securities and repurchase agreements. Despite these benefits, the changes under consideration, particularly a floating NAV, likely would curtail significantly, or potentially eliminate altogether, the money market fund industry as we know it. In this paper, I explore the advantages that funds have offered and the risks to the financial system from destabilizing the money market fund industry through these so-called reforms. After a brief introduction explaining the operations of money market funds and a summary of the history of the industry, I describe the experiences of money market funds during the financial crisis. While much attention rightfully has been paid to the problems of the Reserve Primary Fund, the money market fund industry as a whole weathered the crisis quite well. Except for remaining shareholders in the Reserve Primary Fund, who in the end received more than 98 cents on each dollar invested, no money market fund investor suffered a loss of principal during the financial crisis. That said, money market funds did come under pressure and the federal government responded with its Temporary Guarantee Program. Prior to that program, some general purpose institutional money market funds experienced significant redemptions as investors looked to other investments such as Treasury bills and government money market funds. In section IV of the paper, I describe in detail some of the advantages of money market funds, which I believed have been overlooked in the current policy debate. In particular, I discuss the following: •Money market funds reduce pressure on the FDIC: Banks suffer from a fundamental mismatch between their liabilities (which are deposits that can be withdrawn at any time) and their assets (which normally are in the form of much longer-term and illiquid commitments such as mortgages or commercial loans). Because of this mismatch, banks are susceptible to runs in the absence of deposit insurance. The FDIC has served as a back stop to protect depositors and, thus, has decreased the propensity for runs on banks. Still, the less pressure that is placed on the FDIC's limited resources the better, particularly in light of the alarming rate at which banks continue to fail. Money market funds provide an alternative to bank deposits without the need for FDIC insurance. The $2.9 trillion that investors have placed in money market mutual funds would likely be deposited at banks if money market mutual funds did not exist. A stable $1.00 NAV and features such as check writing and no limits on the number of withdrawals make money market funds an attractive investment for short-term cash management. At the same time, money market funds do not suffer from the same structural mismatch between their assets and liabilities because of the liquidity and maturity requirements of Rule 2a-7. •Money market funds reduce systemic regulatory risk: Having all short-term savings subject to one regulatory regime creates systemic risk. The different regulation of banks and money market funds serves as an important method to diversify the regulatory risks involved in protecting short-term savings. Some have called for money market funds to be regulated like banks, citing functional similarities such as check-writing services. Doing so would be a mistake. Imposing the bank regulatory scheme on money market funds would increase, rather than decrease, systemic risk. Homogenous regulatory practices create the possibility that the oversight practices miss the next potential financial crisis. •Money market funds provide valuable liquidity by investing in commercial paper, municipal securities and repurchase agreements: Money market funds are significant participants in the commercial paper, municipal securities and repurchase agreement (or repo) markets. Money market funds hold almost 40% of all outstanding commercial paper, which is now the primary source for short-term funding for corporations, who issue commercial paper as a lower-cost alternative to short-term bank loans. The repo market is an important means by which the Federal Reserve conducts monetary policy and provides daily liquidity to global financial institutions. In light of the many benefits that money markets funds provide, policymakers should be careful not to disrupt the operations of the money market industry by making more fundamental changes. These “reforms” are being discussed in the context of a regulatory structure that is already robust. In sections V and VI of the paper, I explain a number of the requirements in Rule 2a-7 and caution against making additional fundamental changes. The strength of Rule 2a-7 is underscored by the success and reliability of money market funds to investors over the last 40 years. Like all regulatory regimes, policymakers should evaluate periodically whether improvements can be made. In the case of money market funds, those improvements should come within the context of Rule 2a-7, should not alter the basic structure of the funds and should not seek to impose arbitrarily a regulatory regime designed for a fundamentally different type of entity. The proponents of more fundamental changes claim that they would reduce systemic risk. However, changes such as abandoning the stable $1.00 NAV could end the money market fund industry by causing a massive inflow of money to banks, which would increase the overall risk of the financial system.
Author: Dave Ramsey Publisher: Ramsey Press ISBN: 1937077764 Category : Business & Economics Languages : en Pages : 365
Book Description
If you’re looking for practical information to answer all your “How?” “What?” and “Why?” questions about money, this book is for you. Dave Ramsey’s Complete Guide to Money covers the A to Z of Dave’s money teaching, including how to budget, save, dump debt, and invest. You’ll also learn all about insurance, mortgage options, marketing, bargain hunting and the most important element of all―giving. This is the handbook of Financial Peace University. If you’ve already been through Dave’s nine-week class, you won’t find much new information in this book. This book collects a lot of what he’s been teaching in FPU classes for 20 years, so if you’ve been through class, you’ve already heard it! It also covers the Baby Steps Dave wrote about in The Total Money Makeover, and trust us―the Baby Steps haven’t changed a bit. So if you’ve already memorized everything Dave’s ever said about money, you probably don’t need this book. But if you’re new to this stuff or just want the all-in-one resource for your bookshelf, this is it!
Author: Bernd R. Fischer Publisher: Academic Press ISBN: 0080926525 Category : Business & Economics Languages : en Pages : 725
Book Description
Just how successful is that investment? Measuring portfolio performance requires evaluation (measuring portfolio results against benchmarks) and attribution (determining individual results of the portfolio's parts), In this book, a professor and an asset manager show readers how to use theories, applications, and real data to understand these tools. Unlike others, Fischer and Wermers teach readers how to pick the theories and applications that fit their specific needs. With material inspired by the recent financial crisis, Fischer and Wermers bring new clarity to defining investment success. Gives readers the theories and the empirical tools to handle their own data Features practice problems formerly from the CFA Program curriculum.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher: ISBN: Category : Financial services industry Languages : en Pages : 180
Author: Viktoria Baklanova
Author: Viktoria Baklanova
Author: Arnold Corrigan
Author: Gordon K. Williamson
Author: 
Author: John C. Bogle
Author: Jonathan R. Macey
Author: Dave Ramsey
Author: Bernd R. Fischer
Author: United States. Securities and Exchange Commission
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs