Fabozzi 金融市场 课后答案.docx
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Fabozzi 金融市场 课后答案.docx
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Fabozzi金融市场课后答案
CHAPTER7
INVESTMENTCOMPANIES
ANDEXCHANGE-TRADEDFUNDS
TYPEOFINVESTMENTCOMPANIES
Open-EndFunds(MutualFunds)
Morepopularlyknownasmutualfunds.Asopen-endfundstheystandreadytobuyandredeemsharesatapricebasedonnetassetvalue,whichistotalassetvaluelessliabilities.Pricesarequotedonabid/offerbasis.Forano-loadfundthebid/offerpriceswillbethesame.Thenetassetvalue(NAV)pershareequalsthemarketvalueoftheportfoliominustheliabilitiesofthemutualfunddividedbythenumberofsharesownedbythemutualfundinvestors.
Thereareseveralimportantcharacteristicsofopen-endormutualfund.First,investorsinmutualfundsownaproratashareoftheoverallportfolio.Second,theinvestmentmanageractivelymanagestheportfolio.Third,thesharepriceistheNAV.Fourth,theNAVisdeterminedonlyonceeachday,atthecloseoftheday.
Inthecaseofaloadfundtheofferpricewillexceedthebidpricebytheamountofasalescommissionchargeduponpurchasesofshares.Somefundshaveback-endloads,whereincommissionsarechargeduponredemptionoffundswithinafewyears.Others,knownasSection12b-1funds,chargeasmallpercentageofassetsannuallytocoversalescosts.Inanycase,allfundsearnsmallpercentageannualfeestocoveradministrativecosts.Thesefundscomprisethethirdlargestgroupoffinancialinstitutions,behindbanksandinsurancecompanies.
Closed-EndFunds
Thesefundsissuealimitednumberofsharesandareverysimilartosharesofcommonstock.Theyarethensoldontheopenmarketlikeothersecurities.Investorspayabroker’scommission.TheNAVofclosed-endedfundsisdeterminedbysupplyanddemand.Themarketpriceofthesesharesmaythusdifferfromnetassetvalue,oftenatadiscountfromit.Thediscountresultsfromlargetaxliabilitiesoncapitalgainsthatswellthenetassetvalue,whileinvestorsarepricingfutureafter-taxdistributions.Premiumscanresultbecausesuchfundsoftenhaveinexpensiveaccesstooverseasstocks.
UndertheInvestmentCompanyActof1940,closed-endfundsarecapitalizedonlyonce.TheymakeanIPO,andthentheirsharesaretradedonthesecondarymarket,justlikeanycorporatestock.
Therelativelynewexchangetradedfunds(ETFs)poseathreattobothmutualfundsandclosed-endfunds.ETFsareessentiallyhybridclosed-endvehicles,whichtradeonexchangesbuttypicallytradeveryclosetoNAV.
UnitTrusts
Aunittrustissimilartoaclosed-endfundinthatthenumberofunitcertificatesisfixed.Theyaredifferentfromclosed-endfundsinthefollowing.First,theytypicallyinvestinbonds.Second,theydonottrade.Third,afixedamountofsecuritiesisassembledwithadefinedterminationdate.Themajorbenefitofsuchfundsisloweroperatingcostsduetotheabsenceoftrading.
FUNDSALESCHARGESANDANNUALOPERATINGEXPENSES
Therearetwotypesofcostsbornebyinvestorsinmutualfunds.Thefirstisshareholdersfee,usuallycalledthesalescharge.Thistypeofchargeisrelatedtothewaythefundissoldanddistributed.Thesecondcostistheannualfundoperatingexpenseusuallycalledtheexpenseratio,whichcoversthefund'sexpenses.Thelargestofwhichisforinvestingmanagements.Otherexpensesincludeprimarilythecostof,1)custody2)thetransferagentcost,3)independencepublicaccountantfee,and4)directors’fee.Thesumofannualmanagementfee,theannualdistributionfeeandotherexpensesiscalledtheexpenseratio.
SalesCharge
Saleschargesonmutualfundsarerelatedtotheirmethodofdistribution.Thetwotypesofdistributionweresalesforceanddirect.Salesforceoccursviaanintermediaryagent.Directdistributiontakesplacewithoutanintermediary.Fundswithnosaleschargesarecalledno-loadmutualfunds.Somehavespeculatedthatloadfundswouldeventuallydisappear,butthetrendhasgonetheotherway.Amongtherecentadaptationsofthesalesloadareback-endloads.
AnnualOperatingExpenses(ExpenseRatio)
Theoperatingexpense,alsocalledtheexpenseratio,isdebitedannuallyfromtheinvestor’sfundbalancebythefundsponsor.OperatingexpensesaredeductedfromNAVandthereforereducethereportedreturn.Themanagementfee,alsocalledtheinvestmentadvisoryfee,isthefeechargedbytheinvestmentadvisorformanagingafund’sportfolio.In1980,theSECapprovedtheimpositionofafixedannualfee,calledthe12b-1fee,whichintendedtocoverdistributioncosts.Such12b-1feesarenowimposedbymanymutualfunds.
MultipleShareClasses
Shareclasseswerefirstofferedin1989followingtheSEC’sapprovalofmultipleshareclass.Initiallyshareclasseswereusedprimarilybysales-forcefundstoofferalternativestofront-endloadasameansofcompensatingbrokers.Later,someofthefundsusedadditionalshareclassesasameansofofferingthesamefundorportfoliothroughalternativedistributionchannelsinwhichsomefundexpensesvariedbychannel.
ECONOMICMOTIVATIONSFORFUNDS
Aninvestmentcompanyisafinancialintermediarybecauseitpoolsthefundsofmarketparticipantsandusesthosefundstobuyaportfolioofsecurities.Theyprovideatleastoneofthefollowingsixeconomicfunctions:
(1)riskreductionviadiversification,
(2)lowercostsofcontractingandprocessinginformation,(3)professionalportfoliomanagement,(4)liquidity,(5)variety,(6)paymentsmechanism.
TYPESOFFUNDSBYINVESTMENTOBJECTIVE
Investmentfundstendtohaveavarietyofinvestmentobjectives.Ingeneral,therearestockfunds,bondfunds,moneymarketfundsandothers.Theyseektoaccommodateawiderangeofdesiresandneeds,amongthemincome,capitalgains,growth,andincome.Somefundsspecializebysecurities,examplesofwhichareindexedfunds,governmentbondfunds,municipalbondfunds,corporatebondfunds,moneymarketmutualfunds,andbalancedfunds--combinationofbondsandstocks.
CONCEPTOFFAMILYOFFUNDS
Nowmanymanagementcompaniesofferinvestorsachoiceofnumerousfunds.Somefirmsprovideachoiceoffundsandobjectives.Changingfromonetotheothertoreflectchangingneedscanthenbeaccomplishedatlowornocosttotheinvestor.Thefundsinafamilyusuallyincludechoicesrangingfrommoneymarketfundstoglobalfunds,andfundsdevotedtoparticularindustriessuchasmedicaltechnologyorgoldminingcompanies.Concentrationinthemutualfundsindustrycontinuestoincrease.
INVESTMENTVEHICLESFORMUTUALFUNDS
Mutualfundsmaybeincludedindifferentinvestmentvehicles.Aninvestmentvehiclecanbeanon-qualifiedvehiclebecauseitdoesnotqualityfortaxadvantages.Thesamefundcanalsobeincludedinaretirementplansuchas401(k),Roth401(k),IRAorRothIRA.Theseretirementplansarecalledqualifiedplans.
MUTUALFUNDCOSTS
From1980to2006,themeasureofmutualfundcostsdeclinedfrom2.32%to1.07%forstockfundsandfrom2.05%to0.84%forbondfunds.Therewerethreereasonsforthisdecline.First,loadsingeneraldeclined.Second,no-loadmutualfundsgrew.Third,mutualfundexpenseshavealsodeclinedduetoeconomiesofscaleandintensecompetition.
TAXATIONOFMUTUALFUNDS
Mutualfundsmustdistributeatleast90%oftheirnetinvestmentsincomeearned,exclusiveofrealizedcapitalgainsorlossestoshareholderstobeconsideredaregulatedinvestmentcompany(RIC)and,thusnotberequiredtopaytaxesatthefundlevelpriortodistributiontoshareholders.Consequently,fundsmakethesedistributions.Capitalgainsdistributionsmustoccurannually,andtypicallyoccurlateduringthecalendaryear.Newinvestorsinthefundmayassumeataxliabilityeventhoughtheyhavenogains.Theinvestorsmustalsopayordinaryincometaxesondistributionofincome.
REGULATIONOFFUNDS
AllinvestmentcompaniesareregulatedundertheInvestmentCompanyActof1940.TheymustregisterwiththeSECandfileperiodicreports.Notaxesareleviedonfunds,whichdistribute90%oftheirincome.Thereareminimumdiversificationandliquidityrequirementsaswellasmaximumfeesthatcanbeapplied.Currentlyunderconsiderationisaproposalallowinglessredemptionoveraquarter,thuspermittingfundstoholdsmallerproportionsofliquidassets.
AmongtherecentSECpriorities,whichdirectlyaffectmutualfunds,are:
1.Reportingaftertaxes.
2.Morecompletereportingfee.
3.Moreaccurateandconsistentreportingofinvestmentperformance.
4.Requiringfundinvestmentpracticestobemoreconsistentwiththenameofafundtomoreaccuratelyreflecttheirinvestmentobjectives.
5.Disclosingportfoliopracticessuchas"windowdressing".
6.Variousrulestoincreasetheeffectivenessofindependentfundboards.
STRUCTUREOFAFUND
Amutualfundorganizationisstructuredasfollows:
(1)boardofdirectors,
(2)mutualfund,(3)investmentadvisor,(4)distributor,(5)otherserviceproviders.Theroleoftheboardofdirectorsistorepresentthefundshareholders.Externaladvisersarecalledsubadvisers,andtheyareusedbecause
(1)todevelopafundinanareainwhichthefundfamilyhasnoexpertise,
(2)toimproveperformance,(3)toincreaseassetsundermanagement,(4)toobtainanattractivemanageratareasonablecost.
RECENTCHANGESINTHEMUTUALFUNDINDUSTRY
DistributionChannels
Traditionally,fundsweresolddirectorthroughasalesforce.However,fundshavemovedincreasinglytonontraditionalsourcesofsales.
Supermarkets:
Theorganizerofasupermarket,likeCharlesSchwab,offersfundsfromanumberofdifferentmutualfundfamilies.
Wrapprograms:
Wrapaccountsaremanagedaccounts,typicallymutualfundsorETFs,wrappedinaservicepackage.Theserviceprovidedisoftenassetallocation
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