Mutual Funds Other Investment Companies必看课件资料.pdf

CHAPTER 4 Mutual Funds Other Investment Companies Curriculum name: Investment 投资学 Curriculum teacher: Ying Dong 董莹 Major: Finance 金融学专业 INVESTMENTS |BODIE, KANE, MARCUS McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. 4-2 Investment Companies • 定义：Pool funds of individual investors and invest in a wide range of securities or other assets. • 功能Services provided: – Administration & record keeping记账管理 – Diversification & divisibility分散化与分割性 – Professional management专业化管理 – Reduced transaction costs降低交易成本 INVESTMENTS |BODIE, KANE, MARCUS 4-3 Net Asset Value 资产净值 Calculation: Market Value of Assets - Liabilities Shares Outstanding INVESTMENTS |BODIE, KANE, MARCUS 4-4 Types of Investment Companies 1. Unit Trusts 单位投资信托 – Fixed portfolio of uniform assets – Unmanaged – 获得收益 – Total assets have declined from $105 billion in 1990 to $29 billion in 2009 INVESTMENTS |BODIE, KANE, MARCUS 4-5 Types of Investment Companies 2. Managed Investment Companies投资管理公司 – Open-End 开放型基金 • Fund issues new shares when investors buy in and Redeems shares when investors cash out • Priced at Net Asset Value (NAV) – Closed-End 封闭型基金（在有组织的交易所中交易） • no change in s