文章基本信息

标题：The Attractiveness of Harmonized Investment Funds Evidence on Romanian Investment Fund Market
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作者：Sava Cătălina ; Radu Ioana
期刊名称：Ovidius University Annals: Economic Sciences Series
电子版ISSN：2393-3127
出版年度：2012
卷号：12
期号：1
语种：English
出版社：Ovidius University Press
摘要：This paper explores the latest trends in Romanian investment fund industry by examining the investors’ prudentially behavior before and after the crisis. We focus our study on a data set from the Romanian National Securities Commission (abr. CNVMR),with evidence on quarterly data on net sales value,number of units of funds and number of investors. This study provides two contributions. First,it presents the newest UCITS regulations to maintain investors’ trust in these investment vehicles. On the other hand,it provides a comparative analysis on open-end and close-end funds evidence. As a result,the paper concludes that open funds are more attractive for the domestic capital as compared to closed funds,but their evolution according to the preference for certain types is rather similar,in the sense that money market or diversified funds are preferred,as they offer a higher degree of certainty during crisis periods.
关键词：investment funds;harmonized funds;non-harmonized funds;EU Directive