This Article offers a broad theory of what distinguishes investment funds from ordinary companies, with ramifications for how these funds are understood and regulated. The central claim is that investment funds (i.e., mutual funds, hedge funds, private equity funds, and their cousins) are distinguished not by the assets they hold, but by their unique organizational structures, which separate in...

Mutual funds are the best tool to mobilize savings and investments in an economy and Pakistan is the pioneer in South Asia, but this industry is not as much mature in comparison to its age in Pakistan. This paper examines the performance of closed ended mutual funds in Pakistan by using five different ranking measures during a period of January 2009 to December 2013 and the sample consists of o...

The development of the Islamic finance industry in Indonesia has experienced a rapid increase, one which is investment activities that occur capital market. mutual funds are an alternative for public investing. Mixed Sharia Mutual Funds form product from sharia have less risk than other types funds. measuring instrument fund Net Asset Value (NAV). Things can affect,the NAV mutual,fund BI rate, ...

This paper investigates determinants and consequences of net asset value discounts in listed private equity funds. Listed private equity funds share characteristics of closed-end mutual funds and traditional unlisted private equity funds and can therefore offer insights into both. Our results have particular relevance to the pricing of unlisted private equity funds where no market prices are ob...

Mutual fund returns strongly persist over multi-year periods—that is the central finding of this paper. Further, consumer and fund manager behavior both play a large role in explaining these longterm continuation patterns—consumers invest heavily in last-year’s winning funds, and managers of these winners invest these inflows in momentum stocks to continue to outperform other funds for at least...

We investigate the size distribution of equity mutual funds. We show that the heavy tail of the upper size distribution of equity funds is best described by a log-normal as opposed to a power law. The size of an equity fund was taken to be the real dollar value of the Total Assets Managed by the equity fund as given in the CRSP database. Previous analysis of the mutual fund industry treated the...

In this paper, we apply nonlinear techniques (Self-Organizing Maps, k-nearest neighbors and the k-means algorithm) to evaluate the official Spanish mutual funds classification. The methodology that we propose allows us to identify which mutual funds are misclassified in the sense that they have historical performances which does not conform with the investment objectives established in their of...

one of the main functionalities of capital market is to enhance liquidity in the market. mutual funds are modern financial institutions which are designed with the aim of absorbing funds from investors and devote them to buy a variety of securities in order to reduce investment risks, exploit the economies of scale and finally make a reasonable return for investors. regarding effective role of ...

financing is one of the essential necessitates for science and technology development that many universities have paid attention to it and through establishing financing funds including endowment funds have realized this important issue. so endowment today has played a crucial role in financing and the issue of endowment, benefactors and strategic position of benefactors and donors has been one...

The portfolio optimization is one of the fundamental problems in asset management that aims to reduce the risk of an investment by diversifying it into assets expected to fluctuate independently. A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their funds counterparts, including mutual, exchange- traded and closed fun...