Philip Halpern and Isabelle I. Fowler, Investment Management Fees and Determinants of Pricing Structure in the Industry*, Journal of Portfolio Management, 17, no. 2 (Winter 1991), pp. 74-79.

3. Установление взаимными фондами сбора за распространение {distribution fee) 12b-1 проходило в спорах. См. работы:

Stephen P. Ferris and Don М. Chance, The Effect of 12b-1 Plans Mutual Fund Expense Ratios: A Note*, Journal of Finance, 42, no. 4 (September 1987), pp. 1077-1082. Charles Trzcinka and Robert Zweig, An Economic Analysis of the Cost and Benefits of S. E. C. Rule 12b-l, Monograph Series in Finance and Economics 1990-1, New York University Salomon Center, Leonard N. Stern School of Business.

4. Инвестиционные компании закрытого типа, известные как country funds, были исследованы в работах:

Catherine Bonser-Neal, Greggory Brauer, Robert Neal, and Simon Wheatley, International Investment Restrictions and Closed-End Country Fund Prices*, Journal of Finance, 45, no. 2 (June 1990), pp. 523-547.

Gordon Johnson, Thomas Schneeweis, and William Dinning, Closed-End Country Funds: Exchange Rate and Investment Risk , Financial Analysts Journal, 49, no. 6 (November/ December 1993), pp. 74-82.

5. Инвестиционные трасты недвижимости (REIT) обсуждаются в работах:

William L. Burns and Donald R. Epley, The Performance of Portfolios of REITS +

Stocks*, Journal of Portfolio Management, 8, no. 3 (Spring 1982), pp. 37-42.

Robert H. Zerbst and Barbara R. Cambon, Real Estate: Historical Returns and Risks*,

Journal of Portfolio Management, 10, no. 3 (Spring 1984), pp. 5-20.

Paul M. Firstenburg Stephen A. Ross, and Randall C. Zisler, Real Estate: The Whole

Story*, Journal of Portfolio Management, 14, no. 3 (Spring 1988), pp. 22-34.

Stephen E. Roulac, How to Value Real Estate Securities*, Journal of Portfolio Management,

14, no. 3 (Spring 1988), pp. 35-39.

Steven D. Kapplin and Arthur L. Schwartz, Jr., Investing in REITS: Are They All Theyre Cracked Up to Be? , AAII Journal, 13, no. 5 (May 1991), pp. 7-11.

6. Результаты деятельности фондов за пределами США см. в работах:

John G. McDonald, French Mutual Fund Performance: Evaluation of Internationally Diversified Portfolios*, Journal of Finance, 28, no. 5 (December 1973), pp. 1161-1180. Juan A. Palacios, The Stock Market in Spain: Tests of Efficiency and Capital Market Тпеогу , in International Capital Markets, eds. Edwin J. Elton and Martin J. Gruber (Amsterdam: North-Holland Publishing, 1975), pp. 114-149.

Andre L. Farber, Performance of Internationally Diversified Mutual Funds*, in International Capital Markets, eds. Edwin J. Elton and Martin J. Gruber (Amsterdam: North-Holland Publishing, 1975), pp. 298-309.

Michael A. Firth, The Investment Performance of Unit Trusts in the Period 1965-75 , Journal of Money, Credit and Banking, 9, no. 4 (November 1977), pp. 597-604. James R. F. Guy, The Performance of the British Investment Trust Industry*, Journal of Finance, 33, no. 2 (May 1978), pp. 443-455.

James R. F. Guy, An Examination of the Effects of International Diversification from the British Viewpoint on Both Hypothetical and Real Portfolios , Journal of Finance, 33, no. 5 (December 1978), pp. 1425-1438.

R. S. Woodward, The Performance of U.K. Investment Trusts as Internationally Diversified Portfolios Over the Period 1968 to 1977 , Journalof Banking and Finance, 7, no. 3 (September 1983), pp. 417-426.

Jess Н. Chua and Richard S. Woodward, Gains from Market Timing, Monograph Series in Finance and Economics 1986-2, New York University Salomon Center, Leonard N. Stern School of Business.

Robert E. Cumby and Jack D. Glen, Evaluating the Performance of International Mutual Funds , Journal of Finance, 45, no. 2 (June 1990), pp. 497-521. Cheol S. Eun, Richard Kolodny, and Bruce G. Resnick, U.S.-Based International Mutual Funds: A Performance Evaluation Journal of Portfolio Management, 17, no. 3 (Spring 1991), pp. 88-94.

A. Black, P. Fraser, and D. Power, UK Unit Trust Performance 1980-1989: A Passive Time-Varying Approach*, Journal of Banking and Finance, 16, no. 5 (September 1992), pp. 1015-1033.

7. Результативность взаимных фондов рассматривается в работах:

Gordon J. Alexander and Jack Clark Francis, Portfolio Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986), Chapter 13.

Mark Grinblatt and Sheridan Titman, Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings*, Journal of Business, 62, no. 3 (July 1989), pp. 393-416. Edwin J. Elton and Martin J. Gruber, Modern Portfolio Theory and Investment Analysis (New York: John Wiley & Sons, 1991), Chapter 22.

Ravi Shukla and Charles Trzcinka, Performance Measurement of Managed Portfolios*, Financial Markets, Institutions & Instruments, 1 no. 4 (1992).

Edwin J. Elton, Martin J. Gruber, Sanjiv Das, and Matthew Hlavka, Efficiency with Costly Informantion: A Reinterpretation of Evidence from Managed Portfolios*, Review of Financial Studies, 6, no. 1 (1993), pp. 1-22.

Richard A. Ippolito, On Studies of Mutual Fund Performance*, Financial Analysts Journal, 49, no. 1 (January/February 1993), pp. 42-50.

Christopher R. Blake, Edwin J. Elton, and Martin J. Gruber, The Performance of Bond Mutual Funds*, Journal of Business, 66, no. 3 (July 1993), pp. 371-403.

8. Свидетельства слабых результатов деятельности взаимных фондов оспариваются в работах:

Bruce N. Lehmann and David M. Modest, Mutual Fund Performance Evaluation: A Comparison of Benchmarks and Benchmark Comparisons*, Journal of Finance, 42, no. 2 (June 1987), pp. 233-265.

Richard A. Ippolito, Efficiency with Costly Information: A Study of Mutual Fund Performance*, Quarterly Journal of Economics, 104, no. 1 (February 1989), pp. 1-23. Mark Grinblatt and Sheridan Titman, Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings*, Journal of Business, 62, no. 3 (July 1989), pp. 393-415. Cheng-few Lee and Shafiqur Rahman, Market Timing, Selectivity, and Mutual Fund Performance: An Empirical Investigation*, Journal of Business, 63, no. 2 (April 1990), pp. 261-278.

Cheng F. Lee and Shafiqur Rahman, New Evidence on Timing and Security Selection Skill of Mutual Fund Managers*, Journal of Portfolio Management, 17, no. 2 (Winter 1991), pp. 80-83.

9. Устойчивость результативности взаимных фондов рассматривается в работах: John С. Bogle, Selecting Equity Mutual Funds*, Journal of Portfolio Management, 18, no. 2 (Winter 1992), pp. 94-100.

Mark Grinblatt and Sheridan Titman, The Persistence of Mutual Fund Performance*, Journal of Finance, 47, no. 5 (December 1992), pp. 1977-1984.

Darryll Hendricks, Jayendu Patel, and Richard Zeckhauser, Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance, 1974-1988 , Journal of Finance, 48, no. 1 (March 1993), pp. 93-130.

William N. Goetzmann and Roger G. Ibbotson, Do Winners Repeat?*, Journal of Portfolio Management, 20, no. 2 (Winter 1994), pp. 9-18.

John Bogle, Bogle jn Mutual Funds (Burr Ridge, Ih: Richard D. Irwin, 1994), Chapter 4.

10. Тренд выживания (survivorship bias) относится к проблемам, рассмотренным в исследованиях инвестиционных фондов, он говорит о том, что неопытные управляющие портфелем обычно сгорают , тогда как опытные остаются. Данные проблемы исследованы в статье:

Stephen J. Brown, William Goetzmann, Roger G. Ibbotson, and Stephen A. Ross, Survivorship Bias in Performance Studies , Review of Financial Studies, 5, no. 4 (1992), pp. 553-580.

11. Наряду со ссылками, приведенными в данной главе, закрытые фонды рассматриваются в следующих работах:

Rex Thompson, The Information Content of Discounts and Premiums on Closed-End Fund Shares , Journal of Financial Economics, 6, no. 2/3 (June/September 1978), pp. 151-186.

Greggory A. Brauer, Closed-End Fund Shares Abnormal Returns and the Information Content of Discounts and Premiums*, Journal of Finance, 43, no. 1 (March 1988), pp. 113-127.

Kathleen Weiss, The Post-Offering Price Performance of Closed-End Funds , Journal Management, 18, no. 3 (Autumn 1989), pp. 57-67.

Charles M. C. Lee, Andrei Shleifer, and Richard H. Thaler, Anomalies: Closed-End Mutual Funds , Journal of Economic Perspectives, 4, no. 4 (Fall 1990), pp. 153-164. John W. Peavey III, Returns on Initial Public Offerings of Closed-End Funds , Review of Financial Studies, 3, no. 4 (1990), pp. 695-708.

Charles M. C. Lee, Andrei Shleifer, and Richard H. Thaler, Investor Sentiment and the Closed-End Fund Puzzle*, Journal of Finance, 46, no. 1 (March 1991), pp. 75-109. Albert J. Fredman and George Cole Scott, An Investors Guide to Clossed-End Fund Discounts*, AAII Journal, 13, no. 5 (May 1991), pp. 12-16.

James Brickley, Steven Manaster, and James Schallheim, The Tax-Timing Option and Discounts on Closed-End Investment Companies*, Journal of Business, 64, no. 3 (July 1991), pp. 287-312.

J. Bradford DeLong and Andrei Shleifer, Closed-End Fund Discounts*, Journal of Portfolio Management, 18, no. 2 (Winter 1992), pp. 46-53.

Nai-fu Chen, Raymond Kan, and Merton H. Miller, Аге the Discounts on Closed-End Funds a Sentiment Index?* and A Rejoinder*, Journal of Finance, 48, no. 2 (June 1993), pp. 795-800, 809-810.

Navin Chopra, Charles M. C. Lee, Andrei Shleifer, and Richard H. Thaler, Yes, Discounts on Closed-End Funds Are a Sentiment Index , and Summing Up , Journal of Finfnce, 48, no. 2 (June 1993), pp. 801-808, 811-812.

12. Открытие закрытых инвестиционных компаний обсуждается в статьях: Greggory A. Brauer, Ореп-Ending Closed-End Funds , Journal of Financial Economics, 13, no. 4 (December 1984), pp. 491-507.

James A. Brickley and James S. Schallheim, Lifting the Lid on Closed-End Investment Companies: A Case of Abnormal Returns*, Journal of Financial and Quantitative Analysis, 20, no. 1 (March 1985), pp. 107-117.