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.

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.

"Hope and faith were in short supply among Soviet liberals by the late 1960s. Writing about the popular culture of the Soviet intellectual during the years of post-Stalinist thaw, Anatoly Vishevsky cites the Soviet invasion of Czechoslovakia as a formal landmark that inaugurated the period in which irony was propelled to the forefront of the literary and cultural scene. Irony was the direct product of disillusion and despair over the apparent abandonment of the promising post-thaw ideals and values. This period that ended with the beginning of perestroika and glasnost, Vishevsky believes, also was the incubator of many processes now prevalent in the country's literature and culture." "Although censorship kept this ironic worldview off the main stage of Soviet literature, it surfaced in peripheral forms - stand-up comedy, songs of the "bards," short stories in periodicals and newspapers, radio and TV shows, local cinematography, regional literature - works that friends discussed over kitchen tables, "where most heated debates usually took place in the Soviet Union."" "A major part of the book is devoted to a corpus of writing never before treated critically: the ironic stories that appeared in the late 1960s and the 1970s in Soviet humor periodicals and in the humor pages of newspapers and magazines. These stories, each three to ten typed pages, were presumably tolerated by the Soviet authorities because of their brevity and their often unassuming placement in the back pages of magazines. The stories collected here, translated for the first time in English and including several by Aksyonov and Bitov, constitute a new subgenre in the history of Russian literature - the ironic short story."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

This book offers an overview of the best-working strategies in the field of equity and fixed income mutual fund-based portfolio management. This timely research considers different market conditions, such as global financial crises, across various geographical regions such as the USA and Europe. Combining academic and practical findings, the author presents a practitioner perspective on mutual fund-based portfolio strategies, appealing not only to finance scholars but also professionals within the asset management industry. This book synthesizes a large part of the academic research to date on the mutual fund industry by drawing from the most widely cited academic journals. The author makes a systematic use of numerical examples to facilitate the understanding of Investment themes organized around several important topics: size, diversification, flows, active management, volatility, performance persistence and rating.

Three experts provide an authoritative guide to the theory and practice of derivatives Derivatives: Theory and Practice and its companion website explore the practical uses of derivatives and offer a guide to the key results on pricing, hedging and speculation using derivative securities. The book links the theoretical and practical aspects of derivatives in one volume whilst keeping mathematics and statistics to a minimum. Throughout the book, the authors put the focus on explanations and applications. Designed as an engaging resource, the book contains commentaries that make serious points in a lighthearted manner. The authors examine the real world of derivatives finance and include discussions on a wide range of topics such as the use of derivatives by hedge funds and the application of strip and stack hedges by corporates, while providing an analysis of how risky the stock market can be for long-term investors, and more. To enhance learning, each chapter contains learning objectives, worked examples, details of relevant finance blogs technical appendices and exercises.

An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.

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.