A discussion on the phenomenon of market timing in the mutual funds industry.
Written in 2004; 3,054 words; 7 sources; MLA; $ 89.95
Paper Summary:
This paper examines the effects of market timing and late trading on the investment industry, describing recent alleged market timing allegations and the SEC's attempt to reduce late trading and other abuses. It also analyzes the impacts of proposed SEC rulings on the financial institutions' risk and return framework and shows how companies will have to change their policies.
From the Paper:
"Market timing and late trading involve a relatively small group of investors who realized that the institutional framework of mutual funds could be manipulated to their advantage (McChesney, 2004). If mutual funds only price their shares once a day, late in the afternoon, events that occur after the market close and before the next day's opening are likely to affect the value of the underlying securities owned by the fund. Investors can study the value changes in the underlying securities, including price changes for foreign stocks and bonds owned by the fund that trade overseas, and anticipate the likely gains or losses in the fund the next day. Figuring out prices in advance in turn creates opportunities for short-term traders to time their moves, moving into and out of mutual funds to their profit ahead of the once-a-day price revisions."
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