HullRMFI2ndEdCh04金融风险管理.pptVIP

Open-EndMutualFundsInvestmentsinmutualfundshavegrownfrom$0.5billionin1940toover$10trillionin2008Mostcommontypeoffundisopen-endedThismeansthatthenumberofsharesinthefundgoesupasinvestorsbuymoresharesanddownastheyredeemsharesAllpurchasesandsalesofsharesareatthe4pmnetassetvalue(NAV)ofthefundRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20091TaxTaxispaidasthoughtheinvestorownedthemutualfundinvestmentsIfthemutualfundrealizescapitalgainsordividendsduringayear,theinvestorhastopaytaxesontheamountrealizedTheinvestor’sbasis(i.e.,theamounttheinvestorisassumedtohavepaidforthemutualfundshares)isadjustedtoavoiddoubletaxationwhenthesharesaresoldRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20092TypesofFundEquityBondMoneyMarketIndexRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20093Costs(Table4.2)AnnualfeeFront-endloadBack-endloadRelativelylowinUSRelativelyhighinCanada,Denmark,Finland,Italy,Norway,andSpainRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20094Closed-EndFundConsistsofafixednumberofsharesthataretradedinthesamewayasthesharesofanyothercompanyThesharepricetendstobelessthantheNAVcalculatedfromthemarketvalueoftheinvestmentsRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20095Exchange-TradedFunds(ETFs,page67)UsuallydesignedtotrackanindexStartedbyaninstitutionalinvestorthatdepositsablockofsecuritiesandobtainssharesinthefundSharesaretradedonanexchangeLargeinstitutionalinvestorscanexchangesharesinthefundfortheunderlyingassets,andviceversaThiskeepsthesharepriceclosetotheNAVofthefund’sinvestmentsRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20096AdvantagesofETFsoverOpen-andClosed-EndMutualFundsCanbeboughtorsold(orshorted)atanytimeofthedayHoldingsaredisclosedtwiceadayInvestmentsdonothavetobesoldtocoverredemptionsSharepriceclosetoNAVofunderlyinginvestmentsRiskManagementandFinancialInstitutions2e,Chapter4,Copyright©JohnC.Hull20097PerformanceofMut