Mutual Funds - Portfolio Structures, Analysis, Management, and Stewardship

Informationen zum Autor JOHN A. HASLEM, PHD, is Professor Emeritus of Finance at the University of Maryland. He also served as the founding academic affairs dean and founding chair of the finance department. Haslem received the Panhellenic Association's "Outstanding Teacher Award" for his mutual funds course?the first in the curriculum of a school of business. His research has appeared in numerous leading finance journals, several books, and over 100 research articles with a primary focus on mutual fund analysis, regulation, and disclosure. Klappentext An authoritative, must-read guide to making more informed decisions about mutual fundsProviding 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 fundsCovering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide. Zusammenfassung An authoritative, must-read guide to making more informed decisions about mutual fundsProviding 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 fundsCovering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide. Inhaltsverzeichnis I. Mutual Funds: Nature, Regulation, and Costs. Chapter One: The Nature of Mutual Funds by (Conrad Ciccotello). Attributes of the Open-End Mutual Fund. The Board of Directors. Liquidity. All Equity Capital Structure. Portfolio Diversification. Professional Management. Investor Services. Mutual Funds and the Competitive Environment. Employer Sponsored Retirement Plans. After-Tax Accounts. References. About The Author. Chapter Two: Mutual Fund Regulation and Issues by (Conrad Ciccotello). Historical Perspective. Regulation of Open-End Funds. Recent Regulatory Issues in Open-End Funds. NAV Pricing and Trading Policies. Fund Pricing and the (Late) Trading Scandal. Current Regulatory Issues in Funds. Board Governance. Fees. Performance Reporting. References. About The Author. Chapter Three: The Economics of Mutual Funds by (David M. Smith). Size and structure of the mutual fund industry. Mutual fund creation and mortality. Scale economies: Expenses and fees. Scale Diseconomies: Fund Returns. Benefits of mut...

Sommario

I. Mutual Funds: Nature, Regulation, and Costs.
Chapter One: The Nature of Mutual Funds by (Conrad Ciccotello).
Attributes of the Open-End Mutual Fund.
The Board of Directors.
Liquidity.
All Equity Capital Structure.
Portfolio Diversification.
Professional Management.
Investor Services.
Mutual Funds and the Competitive Environment.
Employer Sponsored Retirement Plans.
After-Tax Accounts.
References.
About The Author.
Chapter Two: Mutual Fund Regulation and Issues by (Conrad Ciccotello).
Historical Perspective.
Regulation of Open-End Funds.
Recent Regulatory Issues in Open-End Funds.
NAV Pricing and Trading Policies.
Fund Pricing and the (Late) Trading Scandal.
Current Regulatory Issues in Funds.
Board Governance.
Fees.
Performance Reporting.
References.
About The Author.
Chapter Three: The Economics of Mutual Funds by (David M. Smith).
Size and structure of the mutual fund industry.
Mutual fund creation and mortality.
Scale economies: Expenses and fees.
Scale Diseconomies: Fund Returns.
Benefits of mutual fund investing to fund shareholders.
Diversification.
Professional portfolio management.
Ready access to asset classes and market sectors.
Drawbacks of mutual fund investing.
Persistent high fees in some families.
Underperformance relative to index funds.
Tax inefficiency.
Inadequate disclosure.
Financial barriers to mutual fund investing and redemption.
Mutual fund governance and agency problems.
Fund family marketing and cross-subsidization.
Conclusions.
References.
About The Author.
Chapter Four: Mutual Fund Fees and Expenses by (David M. Smith).
Loads.
Expenses.
Management Fees.
Rule 12b-1 Fees."Other" Expenses within the Expense Ratio.
The Load Versus Expense Relation.
Distribution Channel.
ETFs and Closed-End Mutual Funds.
Taxes.
Fees and Expenses Internationally.
Charges Not Included in the Expense Ratio.
Partitioning Actively Managed Mutual Fund Fees Based on Alpha and Beta. Separation.
Conclusions.
References.
About The Author.
II. The Realities and Analogies of Investing.
Chapter Five: How Financial Markets Work by (Larry E. Swedroe).
How Markets Set Prices.
Point Spreads and Random Errors.
Examining the Evidence.
An Efficient Market.
How Stock Prices Are Set.
Battle of the Discount Stores.
The Financial Equivalent of the Point Spread.
Individual Investors.
Institutional Investors.
The Moral of the Tale.
Great Companies Do Not Make High-Return Investments.
Small Companies versus Large Companies.
Why Great Earnings Don't Translate Into Great Investment Returns.
The Moral of the Tale.
For Every Buyer There Must Be a Seller.
The Moral of the Tale.
References.
About The Author.
Chapter Six: Active Versus Passive Investing by (Larry E. Swedroe).
Whose Interests Do They Have at Heart?
When Even the Best Aren't Likely to Win the Game.
The Evidence.
Lots of Counterproductive Activity.
The Moral of the Tale.
Why Is Persistent Outperformance So Hard to Find?
Conclusions.
Investment Graffiti.
The Death of Equities.
The Great Depression of 1990.
Dow 36,000.
The Value of Stock Market Forecasts.
Even if Your Crystal Ball Was Clear.
Conclusions.
Outfoxing the Box.
The Moral of the Tale.
Appendix: Investment Vehicle Recommendations.
References.
About The Author.
III. Fund Types and Comparative Performance, Efficient Markets, Asset Allocation, and Morningstar Analysis.
Chapter Seven: Efficient Markets and Mutual Fund Investing: The Advantages of Index Funds by (Burton Malkiel).
The Justification for Using Index Funds.
The Evidence from U.S. Index Funds.
The Evidence in Favor of Passive Management in World Financial Markets.
Active vs. Passive Management in the Bond Market.
Costs are Important Determinants of Net Returns.
Mutual Funds vs. ETFs.
Stock Market Returns vs. Investor Returns.
Style or Factor Tilts in Mutual Funds.
Conclusions.
References.
About The Author.
Chapter Eight: Asset Allocation: Design and Care of Por

Dettagli sul prodotto

• Autori: Haslem, Ja Haslem, John A. Haslem, HASLEM JOHN A, Kolb
• Con la collaborazione di: Joh A Haslem (Editore), John A Haslem (Editore), John A. Haslem (Editore), Haslem John A. (Editore)
• Editore: Wiley, John and Sons Ltd
• Lingue: Inglese
• Formato: Copertina rigida
• Pubblicazione: 20.11.2009
• EAN: 9780470499092
• ISBN: 978-0-470-49909-2
• Pagine: 384
• Serie: Robert W. Kolb Series; Robert W. Kolb Series in Finan; Robert W. Kolb Series
• Categorie: Scienze sociali, diritto, economia > Economia > Economia aziendale; Finance & Investments, Finanz- u. Anlagewesen, Institutionelle Finanzplanung, Institutional & Corporate Finance