Why Are Most Funds Open-End? Competition and the Limits of Arbitrage
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https://www.nber.org/papers/w10259
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资源简介：
The majority of asset-management intermediaries (e.g., mutual funds, hedge funds) are structured on an open-end basis, even though it appears that the open-end form can be a serious impediment to arbitrage. I argue that the equilibrium degree of open-ending in an economy can be excessive from the
提供机构：
美国国家经济研究局
创建时间：
2004-02-01
