Swing Pricing and Fragility in Open-end Mutual Funds PDF Download

Author: Dunhong Jin
Publisher: International Monetary Fund
ISBN: 1513519492
Category : Business & Economics
Languages : en
Pages : 46

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Book Description
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.

Author: Robert C. Pozen
Publisher: South-Western College
ISBN: 9780618166107
Category : Mutual funds
Languages : en
Pages : 0

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Book Description
Pozen, a leading industry expert, offers a structured presentation of mutual funds for upper-level undergraduates and MBA students. The Mutual Fund Business, 2/e, covers the key principles of mutual fund investment theory through straightforward writing supported by selected articles and case studies. This text provides a comprehensive, firsthand look at the investment strategies supporting a $4 trillion industry undergoing significant growth in the U.S.

Author: J Madhavi
Publisher: Archers & Elevators Publishing House
ISBN: 9388805984
Category : Antiques & Collectibles
Languages : en
Pages :

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Author: Carlos Sánchez González
Publisher: Emerald Group Publishing
ISBN: 1787438007
Category : Business & Economics
Languages : en
Pages : 263

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Book Description
Sánchez González develops an innovative model that considers different management stages of mutual fund companies, overcoming the traditional dispute between the different approaches used in banking and insurance research.

Author: Peter Lückoff
Publisher: Springer Science & Business Media
ISBN: 3834965278
Category : Business & Economics
Languages : en
Pages : 604

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Book Description
Peter Lückoff investigates why fund flows and manager changes act as equilibrium mechanisms and drive the performance of both previously outperforming and previously underperforming funds back to average levels.

Author: Robert Black
Publisher: World Bank Publications
ISBN: 1464803684
Category : Medical
Languages : en
Pages : 419

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Book Description
The evaluation of reproductive, maternal, newborn, and child health (RMNCH) by the Disease Control Priorities, Third Edition (DCP3) focuses on maternal conditions, childhood illness, and malnutrition. Specifically, the chapters address acute illness and undernutrition in children, principally under age 5. It also covers maternal mortality, morbidity, stillbirth, and influences to pregnancy and pre-pregnancy. Volume 3 focuses on developments since the publication of DCP2 and will also include the transition to older childhood, in particular, the overlap and commonality with the child development volume. The DCP3 evaluation of these conditions produced three key findings: 1. There is significant difficulty in measuring the burden of key conditions such as unintended pregnancy, unsafe abortion, nonsexually transmitted infections, infertility, and violence against women. 2. Investments in the continuum of care can have significant returns for improved and equitable access, health, poverty, and health systems. 3. There is a large difference in how RMNCH conditions affect different income groups; investments in RMNCH can lessen the disparity in terms of both health and financial risk.

Author: G. Gregoriou
Publisher: Springer
ISBN: 0230626491
Category : Business & Economics
Languages : en
Pages : 279

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Book Description
This book responds to a growing demand for mutual funds. This timely collection of original papers focuses on changes of international investment in Europe, the US and New Zealand. Using a fresh approach, innovative techniques and various models this book assesses performance and provides an understanding of mutual funds on an international level.

Author: American Bar Association. House of Delegates
Publisher: American Bar Association
ISBN: 9781590318737
Category : Law
Languages : en
Pages : 216

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Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Author: Arup Kumar Sarkar
Publisher: Emerald Group Publishing
ISBN: 1787562794
Category : Business & Economics
Languages : en
Pages : 190

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Book Description
Investment Behaviour explores the relationship between competing demographic factors, personal awareness and perceived attitudes to risk in shaping the behaviour of individual investors in the stock market. By so doing, the book facilitates the formulation of more individual-centered financial policy.

Author: David F. Swensen
Publisher: Simon and Schuster
ISBN: 074327461X
Category : Business & Economics
Languages : en
Pages : 417

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Book Description
The bestselling author of Pioneering Portfolio Management, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets. In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent "churning" of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including "pay-to-play" product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, "market-mimicking" portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future.