北大汇丰金融市场课件Lec_04.ppt

INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-panies, Inc. All rights reserved. McGraw-Hill/Irwin Lecture 4: Mutual Funds Financial Markets, Fall 2011 Prof. Wei Cen INVESTMENTS | BODIE, KANE, MARCUS 4-2 Clarification on Price-Contingent Orders INVESTMENTS | BODIE, KANE, MARCUS 4-3 panies ? Pool funds of individual investors and invest in a wide range of securities or other assets. ? Services provided: – Administration & record keeping – Diversification & divisibility – Professional management – Reduced transaction costs INVESTMENTS | BODIE, KANE, MARCUS 4- Asset Value Calculation: Market Value of Assets - Liabilities Shares Outstanding INVESTMENTS | BODIE, KANE, MARCUS 4-5 Types of panies ? Unit Trusts – Fixed portfolio of uniform assets – Unmanaged – Total assets have declined from $105 billion in 1990 to $29 billion in 2009 INVESTMENTS | BODIE, KANE, MARCUS 4-6 Types of panies ? Managed panies – Open-End ? Fund issues new shares when investors buy in and redeems shares when investors cash out ? Priced Asset Value (NAV) INVESTMENTS | BODIE, KANE, MARCUS 4-7 Types of panies ? Managed panies – Closed-End ? no change in shares outstanding; old investors cash out by selling to new investors ? Priced at premium or discount to NAV INVESTMENTS | BODIE, KANE, MARCUS 4-8 Types of panies ? Other anizations – Commingled funds – REITs – Hedge Funds INVESTMENTS | BODIE, KANE, MARCUS 4-9 Mutual Funds: Open-End Investment Companies ? Money Market ? Equity ? Sector ? Bond ? Balanced ? Asset Allocation and Flexible ? Index ? International INVESTMENTS | BODIE, KANE, MARCUS 4-10 How Funds Are Sold ? Direct-marketed funds ? Sales force distributed – Revenue sharing on sales force distributed – Potential conflicts of interest ? Financial Supermarkets