Tải thêm nhiều sách : www.topfxvn.com pooling money Tải thêm nhiều sách : www.topfxvn.com Tải thêm nhiều sách : www.topfxvn.com yasuyuki fuchita robert e litan Editors pooling money The Future of Mutual Funds nomura institute of capital markets research Tokyo brookings institution press Washington, D.C Tải thêm nhiều sách : www.topfxvn.com Copyright © 2008 the brookings institution nomura institute of capital markets research All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from the Brookings Institution Press Pooling Money: The Future of Mutual Funds may be ordered from: brookings institution press, c/o hfs P.O Box 50370, Baltimore, MD 21211-4370 Tel.: 800/537-5487; 410/516-6956; Fax: 410/516-6998 Internet: www.brookings.edu Library of Congress Cataloging-in-Publication data Pooling money : the future of mutual funds / Yasuyuki Fuchita, Robert E Litan, editors p cm Papers presented at a conference held organized by the Brookings Institution and the Nomura Institute of Capital Markets Research, held at the Brookings Institution on Oct 18, 2007 Summary: “Experts from the United States and Japan look at forces of change in their securities markets and offer their views of the future for mutual funds and other forms of securities diversification”-Provided by publisher Includes bibliographical references and index ISBN 978-0-8157-2985-3 (pbk : alk paper) Mutual funds-United States-Congresses Mutual funds-Japan-Congresses Mutual funds-Europe-Congresses I Fuchita, Yasuyuki, 1958– II Litan, Robert E., 1950– III Brookings Institution IV Nomura Institute of Capital Markets Research HG4930.P57 2008 332.63'27-dc22 2008018755 987654321 The paper used in this publication meets minimum requirements of the American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials: ANSI Z39.48-1992 Typeset in Adobe Garamond Composition by R Lynn Rivenbark Macon, Georgia Printed by R R Donnelley Harrisonburg, Virginia Tải thêm nhiều sách : www.topfxvn.com Contents Introduction: Mutual Funds: Looking Back and Ahead Yasuyuki Fuchita and Robert E Litan Mutual Fund Innovation: Past and Future 13 Paula Tkac The Future of Japan’s Mutual Fund Industry 37 Koichi Iwai On the Future of the Mutual Fund Industry around the World 65 Ajay Khorana and Henri Servaes Comments The Future of the Mutual Fund Industry in the United States and Elsewhere 95 Brian Reid The Future of Mutual Fund Regulation in the United States 103 Peter Wallison v Tải thêm nhiều sách : www.topfxvn.com contents vi The Future of Mutual Fund Regulation in the United States: Another View 114 Allan S Mostoff Ingested by T Rex: How Mutual Fund Investors and Their Retirements Fall Prey to Obsolete Tax and Regulatory Policy 121 Harold Bradley Contributors 131 Index 133 Tải thêm nhiều sách : www.topfxvn.com Preface he brookings institution and the Nomura Institute of Capital Markets Research have joined in a collaborative project, headed by Robert Litan, a Brookings senior fellow, and Yasuyuki Fuchita, director of the Nomura Institute of Capital Markets Research, to conduct research in selected topics of financial market structure and regulation This project convenes an annual conference on a defined topic in the fall of each year at Brookings, bringing together authors of papers and other experts to discuss and comment on them The papers are then revised and published by the Brookings Institution and the Tokyo Club Foundation for Global Studies This is the third conference volume, following Financial Gatekeepers: Can They Protect Investors? (2006) and New Financial Instruments and Institutions: Opportunities and Policy Challenges (2007) The current volume is the result of a meeting on October 18, 2007, that focused on mutual funds in the United States, Europe, and Japan and possible future scenarios for mutual funds and their sponsors in those markets All of the papers and comments represent the views of the authors and not necessarily those of the staff, officers, or trustees of the Brookings Institution or the Nomura Institute David Burke provided research assistance; Eric Haven checked for factual accuracy of the manuscript; and Teresa Wheatley and Lindsey Wilson organized the conference and provided administrative assistance T vii Tải thêm nhiều sách : www.topfxvn.com Tải thêm nhiều sách : www.topfxvn.com yasuyuki fuchita robert e litan Introduction Mutual Funds: Looking Back and Ahead ne of the cardinal rules of investing is not to put all of one’s investment “eggs” in one basket Investors can lower the risk that they run to achieve a given rate of return—or achieve higher returns for a given level of risk—by diversifying across and within broad categories, most commonly equities and bonds The mutual fund industry, dating from the formation of investment trusts more than two centuries ago, owes its origin to this simple insight: by pooling funds from a large number of investors and placing the funds into portfolios of financial instruments, mutual funds provide a more efficient means of diversification than individuals can achieve by investing on their own in specific stocks and bonds Mutual funds are of two basic types, closed- and open-end funds Closed-end funds hold a fixed number of securities, with a fixed number of outstanding shares, which are traded in the open market as individual equities The price of the shares thus is set in the market and often falls short of the fund’s liquidation value per share Open-end funds, in contrast, are continuously accepting (and in some cases redeeming) shares and investing the proceeds in a changing portfolio of securities The shares are bought and sold at the fund’s “net asset value,” or the per share market value of all of the securities held by the fund, typically calculated from prices on the preceding trading day Open-end funds have proven to be far more popular than closed-end funds, and unless otherwise noted, the discussion O Tải thêm nhiều sách : www.topfxvn.com harold bradley 128 Figure Performance Measured against 1,000 Plus Mutual Fund Peer Group (U.S Large Blend) Source: Based on data from eVestment Alliance Figure Impact on Cumulative Returns over Time from 12(b)-1 Fees Source: Based on data from eVestment Alliance Tải thêm nhiều sách : www.topfxvn.com commentary 129 scale economics One must ask whether a fund group like Capital Research, with more than $1 trillion of assets under management, has yet achieved scale Further debasing this distribution-oriented argument is that all advisers, from the very largest to the newest entrant, pay exactly the same 12(b)-1 fees If, as suggested by the BoardIQ roundtable, industry experts cannot define or measure essential elements of mutual fund profitability on a fund-by-fund basis, understand comparability of pricing based on solid peer group metrics, or define what constitutes economies of scale in the mutual fund business, then I am flabbergasted at the industry costs associated with the annual 15(c) dance between boards and fund lawyers and executives Investors are neither protected nor served It is time to remove restrictions from price competition After all, investors in mutual funds have virtually no switching costs if they use investor-class shares in today’s NTF world Tải thêm nhiều sách : www.topfxvn.com Tải thêm nhiều sách : www.topfxvn.com Contributors Harold Bradley Kauffman Foundation Allan S Mostoff Mutual Fund Directors Forum Yasuyuki Fuchita Nomura Institute of Capital Markets Research Brian Reid Investment Company Institute Koichi Iwai Nomura Institute of Capital Markets Research Ajay Khorana Georgia Institute of Technology Henri Servaes London Business School Paula A Tkac Federal Reserve Bank of Atlanta Peter Wallison American Enterprise Institute Robert E Litan Kauffman Foundation and Brookings Institution 131 Tải thêm nhiều sách : www.topfxvn.com Tải thêm nhiều sách : www.topfxvn.com Index Accumulation See Assets Agarwal, Vikas, 79 American Century, 34 Annuities: demand for, 31; industry growth in, 4, 30; innovation in, 31–32; as insurance products, 32; liquidity and, 31; simple, partial, and full annuities, 29–30; systematic and variable annuities, 30 Asia, 72 Assets: amounts to be invested, 27; asset accumulation, 26–28, 31; asset decumulation, 4, 10, 26, 28–30, 31, 96, 101; capital asset pricing model, 27; in ETFs, 17; household financial assets, 37, 49; insurance industry and, 31; in Japanese investment trusts, 38–39, 45–46, 47f, 48f, 49f, 51–52; longevity risk and, 28–29; in mutual funds, 6, 17, 37, 38 See also Retirement plans Australia, 7, 65, 67, 71, 73 AXA Equitable, 25–26, 90 Baby boom generation: definition of, 22; effects and impact of, 14, 22; fund investment activity and, 4, 96; life expectancy of, 25; population of, 22–24; retirement issues of, 24–26 Banks, 70–71, 88, 116 Barber, Brad M., 82 Belgium, 78 Bequests, 4, 29, 30 Bergstresser, Daniel, 71, 98 Berk, Jonathan B., 80, 81, Bermuda, 71 Blake, Christopher R., 76 BoardIQ, 124, 127, 129 Bogle, John C., 15, 27 Bonds, 16, 28 Boyson, Nicole M., 91 Bradley, Harold, 10, 121–29 Brokers and broker/dealers, 2, 16, 20, 70–71, 98–99, 121–22, 125 Brookings Institution, 2–3 133 Tải thêm nhiều sách : www.topfxvn.com index 134 Brown, Stewart L., 74 Busse, Jeffrey A., 76 Canada, 7, 71, 72, 73–74, 115 Capital asset pricing model (CAPM) See Assets Capital Research, 129 CAPM (capital asset pricing model) See Assets Carhart, Mark M., 80 Cayman Islands, 71 CCOs (chief compliance officers) See Securities and Exchange Commission— rules Chalmers, John M R., 71, 98 Channel Islands (Jersey, Guernsey, Isle of Man), 71 Chen, Joseph, 86 Chevalier, Judith, 85 Chief compliance officers (CCOs) See Securities and Exchange Commission— rules China, 6, 67, 69–70, 90 Choi, James J., 81, 82, 97–98 Citigroup, 90 Cohen, Lauren, 87 Cohen, Randolph B., 86 Competitive Equity: A Better Way to Organize Mutual Funds (Wallison and Litan), 110, 123 Consumers See Investors Costs, prices, and fees: competition and, 8, 103, 109–11, 113, 121, 123; cost-plus environment and, 110–11, 123; distribution and, 71, 109, 112, 121; economies of scale and, 7, 9, 74, 80, 81, 97, 101, 123, 127, 129; expense ratios, 8, 73, 75t, 84–85, 98, 103–13, 121, 122, 123, 126; fee distribution, 10; funds of funds and, 78–79; Gartenberg factors, 117–18, 119, 122–23, 124–29; investor responses to, 9, 81–82, 83, 87–88, 90–91, 97–98, 100–01; pricing strategies, 1, 10, 122–23; profitability of fees, 124–25; reasonableness of fees, 125–26 See also individual countries Costs, prices, and fees—specific costs: costs of directors, 116; costs of funds, 3, 6, 21–22, 32, 34, 72–76, 116; costs of trading securities, 122; hidden costs, 123, 127; marginal costs, 110, 111 Costs, prices, and fees—specific fees: fulcrum fees, 123–24; loads (front-end and back-end), 73, 82, 87, 98, 111, 113, 121–22; management fees, 7, 66, 72–74, 84–85, 117–18, 121, 122; NTF (no transaction fee) distribution platforms, 125; performance incentive fees, 76, 83, 122, 123, 124; purchase and sale fees, 7; rule 12b-1 fees, 3, 19, 73, 82, 105, 111, 118, 119, 121, 124–25, 126–29; unified fees, 123 Coval, Joshua D., 86 Cox, Christopher, 122 Cremers, Martijn, 86 Decumulation See Assets; Retirement plans Del Guercio, Diane, 81 Deutsche Bank, 90 DGZ-Dekabank, 90 Directors See Governance and directors Distribution and distribution methods See Mutual funds Diversification, 1, 2, 10, 11, 15, 114 Dodge & Cox, 20 Dublin See Ireland Dublin International Financial Services Centre, 72 Economies of scale See Costs, prices, and fees Ellison, Glenn, 85 Elton, Edwin J., 76 Employee Benefits Research Institute, 28 Tải thêm nhiều sách : www.topfxvn.com index 135 Equity-deposit spread, 37, 39 ETFs See Exchange-traded funds ETrade, 20 Europe: cross-border fund sales in, 7, 71, 72; fund fees in, 76; fund hubs in, 67; guaranteed funds in, 77–78; index funds in, 77; mutual fund industry in, 6, 90; scandals in, 115 See also Ireland; Luxembourg; individual countries Exchange rates, 5, 39, 42 Exchange-traded funds (ETFs): assets in, 17; definition of, 2; development of, 3; distribution channel of, 16; management of, 16; number of funds in, 17 FeelSmartAbout, 34 Fees See Costs, prices, and fees Fidelity Center for Applied Technology, 33–34 Fidelity Growth and Guaranteed Income, 32 Fidelity Investments, 18, 20, 24, 31, 33–34, 89, 90 Financial Engines Inc., 32, 33 Financial innovation, 14–16, 18–19, 26, 32–33 Financial services and advisers: benefits of, 7; client accounts, 20–21; consumer preferences for, 9–10, 18–19, 20–21, 98–99; costs of, 126–27; decumulation strategies and, 32; employees in, 16, 18; focus of financial planning, 26; investment information and advice, 18–19, 25, 27, 32, 98–100; NTF platforms and, 125; profitability of fees to advisers, 124–27; retirement income planning, 32–33; subadvisory contracts, 19–20 Financial supermarkets, 3, 20, 21 Finland, 77, 89 percent rule, 29 401(k) plans, 3, 19, 32, 53, 55 Fortis, 90 Frame, Scott W., 14 France, 65, 89 Frazzini, Andrea, 87 Freeman, John P., 74 Fuchita, Yasuyuki, 1–11 Fund of Funds Ltd., 115 Funds See Mutual funds Gartenberg factors, 117–18, 119, 122–23, 124–29 Gartenberg v Merrill Lynch Asset Management (1981), 74, 118, 125 Gaspar, José-Miguel, 83 Germany, 37, 65 Governance and directors: connections with fund managers, 87; determination of commissions and fees by, 56, 103, 105, 109–11, 113, 117–20, 122–23; fund governance and, 83–85; role of, 10, 115–20 Green, Richard, 80 Gruber, Martin J., 76, 88 Health and health care, 26, 31–32 Hedge funds See Mutual funds—types and categories Hong Kong, 67, 72 Hortaỗsu, Ali, 75 Hot hands phenomenon, 80 Huberman, Gur, 89 ICI See Investment Company Institute IFIC See Investment Institute of Canada Indexes, See also Mutual funds—types and categories; S&P index funds India, 6, 67, 69–70, 90 Individual retirement accounts (IRAs), 53 ING, 20 Innovation: demographic changes and, 22–26, 96, 101; drivers of innovation, 21–22, 30; future innovation, 30–34; industry structure, 19–21; mutual fund innovation, 31, 34, 96–97; product Tải thêm nhiều sách : www.topfxvn.com index 136 innovations, 14–16; study and analysis of, 13–14 Insurance industry, 31–32 See also Annuities International issues: behavior of fund investors, 79–88; consolidation in the fund industry, 88–90, 101; cross-border sales, 67, 71–72; determinants of the size of the mutual fund industry, 67, 69–70; future of the mutual fund industry, 95–102, 110; governance and management, 83–88; how funds are sold, 70–72; how much it costs to own a fund, 72–76; mutual fund industry around the world, 68–69, 89, 90–91; new fund types, 76–79 See also Mutual funds; individual countries Internet, 2, 18, 22, 33–34 Investment Company Act of 1940, 10, 74, 111, 116, 122, 123, 127 See also Regulation; Security and Exchange Commission Investment Company Institute (ICI), 9, 16–17, 98, 99 Investment Institute of Canada (IFIC), 74 Investment trusts (Japan): assets of, 38–39, 45–46, 47f, 48f, 49f, 51–52; competitive environment of, 56–60, 61–62; defined contribution retirement plans and, 5, 45–46, 53, 55–56, 61, 62; demographic factors and, 47, 48–52, 53f, 54, 61; distribution channels, 42, 45–46, 57, 61; dividends of, 47, 48, 61; equity-deposit spread and, 39, 40, 42; exchange rates and, 5, 39, 42; growth and development of the industry, 5–6, 42, 46, 47–48, 49, 51–52, 55f, 61–62; investment in, 5, 37, 39–42, 43–44, 47, 56; investor education, 61, 62; Japanese mutual funds and, 4, 37–52; market conditions, 37–42, 61; product innovation, 46–48, 61; recommendations for future growth, 52–61; regulation and rules for, 5, 42, 45, 53, 55–56, 62; risk of, 47–48, 51t; structure and strategies of, 4, 5, 6, 56, 61 See also Mutual funds Investors: age of, 9; behavior of, 8, 9, 31, 66, 75–76, 79–82, 87, 96, 97–101, 110; consolidation in the fund industry and, 88–91; fund managers and, 85–88; groups and classes of, 87, 97, 110, 126–27; protection of, 116–17, 129; share distribution channels and, 19 IOS Ltd., 115 IRAs See Individual retirement accounts Ireland, 6, 7, 67, 71, 72 Italy, 65 Iwai, Koichi, 5, 37–63 Japan: factors in recent growth in mutual fund industry, 37–52; household financial assets in, 37, 49; index funds in, 76, 77; “lost decade” of, 5; market conditions, 37–42; mutual fund industry in, 4–6, 7, 65, 71; regulations in, 42, 45; stock market in, 42, 52, 61 See also Investment trusts Kacperczyk, Marcin, 86 Kauffman Foundation, 122 Khorana, Ajay, 6–8, 9, 65–93, 95, 96, 97–98, 100 Kosowski, Robert, 87 Kuhnen, Camelia, 84 Laibson, David, 81, 82, 97–98 La Porta, Rafael, 67 Levitt, Arthur, 122 Lifecycle/target-date funds See Mutual funds—types and categories Lifestyle funds See Mutual funds—types and categories Limited partnerships, Lincoln National, 32 Tải thêm nhiều sách : www.topfxvn.com index 137 Lipper, 18, 109 Lipper Fitzrovia, 89 Litan, Robert E., 1–11, 56, 84, 103, 110, 122 Litigation, 111, 119, 122, 123 Loads (front-end and back-end) See Costs, prices, and fees Long-short funds See Mutual funds—types and categories Luxembourg, 6, 7, 65, 67, 71, 72, 90 Madrian, Brigitte C., 81, 82, 97–98 Malloy, Christopher, 87 Mamaysky, Harry, 87 Markowitz, Harry, 26 Massachusetts Investors Trust (MIT), 14–15 Massa, Massimo, 83 Matos, Pedro, 83 Media, 18, 80 Medicare, 26 Medicare Hospital Insurance Trust Fund, 26 MIT See Massachusetts Investors Trust Morningstar, 18, 19, 80–81, 89, 125 Mostoff, Allan S., 10, 114–20 Mutual Fund Factbook (ICI), 16, 18 Mutual funds: assets in, 17; benefits of diversification and, 1; competition in, 5–6, 10, 31, 56–60, 62, 96, 101, 109–11, 113, 121, 123; distribution and sales, 3–4, 6–7, 16, 19, 70–71, 98, 118, 124–27; growth and development of the industry, 2, 3–4, 6, 14, 17, 65; innovation in, 31, 91, 96; judicial systems and, 67, 69; management of, 8–9, 15, 16, 18, 27, 32, 66, 72–73, 74, 80, 85–88, 103, 105, 109, 110–11, 113, 115–18, 122, 125–26; marketing and market share, 9, 57, 58, 75, 79, 81, 82, 83, 96, 122; performance and returns of funds, 9, 66, 79–82, 83, 84, 85–88, 89–90, 91, 121, 124–25; regulation and, 2, 10, 69–70, 115; setup costs and launch window of, 70; structure and strategies of, 4, 6, 10, 19–21, 27, 32, 109, 125–26; subadvisory contracts and, 19–20, 21; supermarket cross-selling, 20, 21 See also Annuities; Assets; International issues; Investors; Regulation; Securities and Exchange Commission Mutual funds—types and categories: balanced funds, 46, 47; blend funds, 105; categories of, 7–8, 15; click funds, 78; closed-end funds, 1, 14; funds of funds, 16, 17, 31, 46, 47, 78–79; growth funds, 105; guaranteed funds, 77–78; hedged mutual funds, 15, 79, 88; hedge funds, 79, 88; index funds, 15–16, 27, 75, 76, 76–77, 88, 96; lifecycle funds, 21; lifestyle funds, 16, 17; long-short funds, 15; open-end funds, 1–2; socially responsible funds, 15, 96; specialized/sector funds, 15, 78, 98; style-based investing, 21; superfunds, 46; target-date/lifecycle funds, 10, 16, 17, 34, 96, 101; top funds, 83; value funds, 105 See also Investment trusts; individual countries MySpace, 34 “My Whatever Plan” (American Century), 34 Naik, Narayan Y., 91 Nelling, Edward, 78 Netherlands, 78 Newsweek magazine, 14 Nordea, 90 Norway, 76 NTF (no transaction fee) platforms See Costs, prices, and fees Odean, Terrence, 82 Pacific Life, 20 Pastor, Lubos, 86 Pensions and pension funds, 73, 53, 74 See also Retirement plans Tải thêm nhiều sách : www.topfxvn.com index 138 Pension Fund Association, 56 Pension Protection Act of 2006, 33 Performance/incentive fees See Costs, prices, and fees Petajisto, Antti, 86 Poirson, Hélène K., 70 Portfolios, 26–27, 29 See also Investment trusts; Mutual funds Public policy, 96 Regulation: broker-dealer regulations, 122; customer protection rules, 122; future changes in, 10, 103–13, 114–20; of investment trusts (Japan), 5; investor trust and, 115, 117; of mutual fund industry and, 2, 10, 69–70, 115–20; obsolete tax and regulatory policies, 121–29 See also Investment Company Act of 1940; Securities and Exchange Commission; Securities Exchange Act Reid, Brian, 9–10, 95–102 Retirement plans: asset accumulation and, 26–28, 31; asset decumulation and, 4, 10, 26, 28–30, 31, 96, 101; defined benefit plans, 4, 24–25, 30; defined contribution plans, 4, 5, 6, 24–25, 32, 45–46, 70; 401(k) plans, 32; length of retirement and, 25, 28–29; optimal retirement income; planning and strategies, 30, 32–34; savings accounts and, 5, 24; systematic withdrawal strategies, 28–29, 30, 31 See also Annuities; Assets; Pensions and pension plans Risk: age and risk exposure, 28; of balance funds, 47–48; distribution of investment risk, 51t; investment strategies and, 27; investor attitudes toward, 27; liquidity risk, 29–30; longevity risk, 4, 28–29, 30; tolerance for risk, 4, Russia, 6, 67, 69–70, 90 S&P index funds, 75, 76, 97–98, 105, 107t Savings and savings accounts, 5, 24, 25, 27–28 Scandals, 2, 19, 115, 122 Schwab, 34 Schwab OneSource, 20 Scott, Thomas, 33 SEC See Securities Exchange Commission Section 15(c) issues See Investment Company Act of 1940 Section 36(b) issues See Gartenberg v Merrill Lynch Asset Management; Investment Company Act of 1940 Securities and Exchange Commission (SEC), 10, 103, 115 Securities and Exchange Commission— rules: chief compliance officers, 119; composition of fund boards, 84; disclosure requirements, 85; Gartenberg factors and, 118; rule 12b-1, See also Costs, prices, and fees—specific fees; Regulation Securities Exchange Act, Amendment to (1975), 122, 123 Separately managed accounts (SMAs), 2, 97, 112 Servaes, Henri, 6–8, 9, 65–93, 95, 96, 97–98, 100 Sevick, Matthew, 84 Shares and share classes, 1, 19, 21, 126–27 Sialm, Clemens, 86 Sigurdsson, Kari, 76 Sirri, Erik R., 80, 83 SMAs See Separately managed accounts Smartmoney, 18 Social Security, 25–26 Social Security Trust Fund Report, 25 Spain, 78 Spiegel, Matthew, 87 Sponsors and sponsorship, 2, 3, 4, 8–9, 10 Tải thêm nhiều sách : www.topfxvn.com index 139 Stein, Ben, 33 Subadvisory contracts, 19–20 Syverson, Chad, 75 Tax havens, 71, 72 TD Ameritrade, 20 TIAA-CREF, 32 Time deposits, 56 Tkac, Paula, 3, 4, 9, 13–35, 81, 95–97, 98, 100 Tokyo Club Foundation for Global Studies, 2–3 Tonks, Ian, 81 T Rowe Price, 20, 33 Tufano, Peter, 14, 21, 65, 67, 69, 70, 71, 72, 73, 78–79, 80, 83, 84, 98 Turkey, 6, 67, 69–70, 90 United Kingdom (U.K.), 7, 105, 106–10, 111, 113 United States: competitive environment in, 56, 109; cross-border sales in, 72; free market sales in, 7; fund fees in, 7, 72–73, 74, 75, 81, 84, 107, 109, 111; future of regulations in, 103–13, 114–20; index funds in, 77; judicial score in, 69; household financial assets in, 37; mutual fund industry in, 3–4, 6, 53, 69, 70–71, 88–89, 114–15, 120; population of, 22–24; scandals in, 115, 122 See also Mutual funds Vanguard, 18, 20, 31, 89 Wallison, Peter, 10, 56, 84, 103–13, 122 Wedge, Lei, 84, 85 Wermers, Russ, 93 Wharton School, 103 White, Lawrence J., 14 Wirehouses, 122, 125 Yaari, Menahem E., 29 Yao, Tong, 86 YouTube, 34 Zhang, Hong, 87 Zhao, Jane, 86 Zheng, Lu, 82, 86, 88 Tải thêm nhiều sách : www.topfxvn.com Tải thêm nhiều sách : www.topfxvn.com Brookings Institution The Brookings Institution is a private nonprofit organization devoted to research, education, and publication on important issues of domestic and foreign policy Its principal purpose is to bring the highest quality independent research and analysis to bear on current and emerging policy problems The Institution was founded on December 8, 1927, to merge the activities of the Institute for Government Research, founded in 1916, the Institute of Economics, founded in 1922, and the Robert Brookings Graduate School of Economics and Government, founded in 1924 Interpretations or conclusions in Brookings publications should be understood to be solely those of the authors Nomura Institute of Capital Markets Research Established in April 2004 as a subsidiary of Nomura Holdings, Nomura Institute of Capital Markets Research (NICMR) offers original, neutral studies of Japanese and Western financial markets and policy proposals aimed at establishing a market-structured financial system in Japan and contributing to the healthy development of capital markets in China and other emerging markets NICMR disseminates its research among Nomura Group companies and to a wider audience through regular publications in English and Japanese Tokyo Club Foundation for Global Studies The Tokyo Club Foundation for Global Studies was established by Nomura Securities Co., Ltd., in 1987 as a nonprofit organization for promoting studies in the management of the global economy It sponsors research, symposiums, and publications on global economic issues The Tokyo Club has developed a network of institutions from Europe, the United States, and Asia that assists in organizing specific research programs and identifying appropriate expertise In recent years, the research agenda has strongly focused on emerging trends in global capital markets as well as current issues in macro-economic stability and growth Information about past and future programs may be viewed on the Foundation’s website, www.tcf.or.jp/ Tải thêm nhiều sách : www.topfxvn.com Tải thêm nhiều sách : www.topfxvn.com