"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)
