"Closed-End Funds, Exchange-Traded Funds, and Hedge Funds:
Origins, Functions, and Literature is a concise and valuable book
that will be of interest to individual investors, financial
professionals, and academic researchers, alike. It provides a brief
history and institutional discussion of these investment companies
and also presents a summary of the research on these funds.
Investment practitioners will find the book useful as a reference
and as a quick refresher on the current state of knowledge
regarding each fund type. Equally important, it provides academic
researchers with an accurate institutional framework within which
to cast their theoretical models, and a point of departure for
expanding the empirical analysis for improving our understanding of
these funds. All-in-all, this is a very valuable book; I highly
recommend it." (John J. Jackson, Professor of Economics, Auburn
University)
"Professors Anderson, Born, and Schnusenberg provide a valuable
service in this monograph. The practical significance of closed-end
funds, exchange-traded funds, and hedge funds has increased
dramatically in recent years, but all too many academics and
investors know little about them. This text presents a
carefully-focused and understandable description of these
investment vehicles, highlighting the big, unresolved questions,
while also including careful and fair accounts of the state of the
literature. Nothing extraneous clutters the presentation, but, more
importantly, nothing necessary is left out. Highly recommended."
(T. Randolph Beard, Professor of Economics and Public Policy,
Auburn University)
"This book is both useful as a reference book and as an
additive, educational overview of ETFs and hedge funds, as well as
CEFs. In today's tumultuous markets, much reference is made to
these subjects without a clear understanding of the vehicles, their
structure and their history. This is a very timely publication and
should be viewed as an important read. The book contains definitive
explanations and also includes an excellent summary of past works
in this area. Readable, informative and highly useful as a
reference source." (Kathleen A. Wayner, President and CEO, Bowling
Portfolio Management)
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