Questions and Answers of Mutual Funds And Exchange

Discuss whether investors obtain superior performance when investing in CEFs and, if not, the rationale for investing in CEFs.
Discuss the U.S. and U.K. research evidence involving the rationale for the CEF discount.
Identify similarities and differences between U.S. and non-U.S. CEFs.
Discuss the effectiveness of the MDP on reducing the fund discount and fending off activist attack.
Discuss the impact of 1992 proxy reform by the SEC on the shareholder activism in the CEF industry.
Describe the empirical patterns for the CEF discount and discuss the behavioral and rational explanations.
Compare the organizational structure of CEFs with OEFs and discuss the main advantages of a closed-end structure.
Identify four major factors contributing to the desire for customized TDFs.
Explain how the TDF implemented by NEST is unusual.
Discuss the meaning of the Qualified Default Investment Alternative (QDIA) in the U.S. DC market.
Explain the difference between a “to” and a “through” target-date glidepath.
Define a TDF.
Evaluate how changes in the nature of stock exchanges and the number of firms that have listed securities on them could impact OEFs in the future.
Discuss the advantages and disadvantages of using OEFs as the investment options in a DC retirement plan.
Explain how the timing of inflows and outflows can affect OEF performance.
Identify three distinctive characteristics of OEFs and discuss how they position the structure within the range of alternatives.
Explain several reasons that mutual funds have very low leverage ratios especially compared to most commercial banks.
Discuss how the Investment Company Act of 1940 limits leverage in mutual funds.
Discuss the core principles of the Investment Company Act of 1940 including how these principles help protect mutual fund shareholders.
Discuss factors contributing to the substantial growth in the assets in mutual funds since 1990.
Discuss whether target-date fund investing provides diversification and rebalancing over time, and whether retirement savers are increasingly relying on these funds to manage their retirement savings.
Identify the role of mutual funds in the U.S. retirement market.
Explain how the asset allocations of 401(k) and IRA investors vary with age.
Explain how the composition of U.S. retirement assets has changed over time and identify the factors that drove that change.
Discuss the advantages that mutual funds provide to investors.
Describe the structure of the U.S. mutual fund industry.
Describe the various types of fees and loads that mutual fund investors must pay.
Explain why mutual fund managers face an inherent conflict in their roles as fiduciaries.
Discuss the relationship among fund performance, fees, size, and investor flows.

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