Mutual Funds and Exchange-Traded Funds

H. Kent Baker is a University Professor of Finance in the Kogod School of Business at American University. As one of the most prolific finance academics, Professor Baker has authored or edited 25 books and has published more than 160 refereed articles in such journals as the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. He has consulting and training experience with more than 100 organizations. Professor Baker holds a BSBA from Georgetown University; M.Ed., MBA, and DBA degrees from the University of Maryland; and an MA, MS, and two PhDs from American University. He also holds CFA and CMA designations.Greg Filbeck is a Samuel P. Black III Professor of Finance and Risk Management at Penn State Erie, the Behrend College and serves as Associate Director and Department Chair of Finance & Economics for the Black School of Business. Professor Filbeck has authored or edited seven books and published more than 75 refereed academic journal articles appearing in the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting. He received a BS from Murray State University, an MS from Penn State University, and a DBA (finance) from the University of Kentucky. He recently earned a Master's Degree in Applied Statistics from Penn State University. He also holds the CFA, FRM, PRM, and CAIA designations.Halil Kiymaz is Bank of America Professor of Finance in the Crummer Graduate School of Business at Rollins College. Professor Kiymaz has published more than 70 articles in scholarly and practitioner journals and co-edited three books. His research has appeared in the Journal of Banking and Finance, Financial Review, Global Finance Journal, Journal of Applied Finance, Journal of Economics and Finance, and Review of Financial Economics, among others. Professor Kiymaz also serves on the editorial board of four journals and is the area editor of the International Journal of Emerging Markets. He has consulting and training experience with various organizations. Professor Kiymaz received a BS from the Uludag University and an MBA, MA, and PhD from the University of New Orleans.

• PART ONE BACKGROUND ; 1. Mutual Funds and Related Investment Vehicles: An Overview ; H. Kent Baker, Greg Filbeck, and Halil Kiymaz ; 2. The Economics of Mutual Funds: Rewards and Risks ; David M. Smith ; 3. The Role of Mutual Funds in Retirement and Education Savings ; Sarah A. Holden ; 4. The Structure and Regulation of Mutual Funds ; Robert Grohowski and Sean Collins ; PART TWO MUTUAL FUNDS AND OTHER FUND ; 5. Open-End Funds ; Conrad S. Ciccotello ; 6. Target Date Funds and Other Funds of Funds ; Alistair Byrne and Trevor Oliver ; 7. Closed-End Funds ; Z. Jay Wang ; 8. Non-U.S. Closed-End Funds ; Dimitris Andriosopoulos, Mary Fletcher, and Andrew Marshall ; 9. Exchange-Traded Funds ; Ehsan Nikbakht, Keith Pareti, and Andrew C. Spieler ; 10. Leveraged and Inverse Exchange-Traded Funds ; Benjamin Aguilar, Michael Bianco, Christopher Milliken, and Andrew C. Spieler ; PART THREE CLASSIFICATION OF FUNDS BY PRINCIPAL INVESTMENTS ; 11. Money Market Mutual Funds ; Anna Agapova ; 12. Bond Mutual Funds ; Sandeep Singh ; 13. Stock Mutual Funds ; Grady Perdue ; 14. Socially Responsible Mutual Funds ; Eddy Junarsin, Enrico Libert, and Frendy ; 15. Mutual Funds: Management Styles, Social Responsibility, Performance, and Efficiency ; Tamas Barko and Luc Renneboog ; PART FOUR ASSET ALLOCATION AND PERFORMANCE OF MUTUAL FUNDS ; 16. Strategic Asset Allocation and Rebalancing ; Laura Andreu and Jose Luis Sarto ; 17. Building and Monitoring Mutual Fund Portfolios ; Larry J. Prather, Han-Sheng Chen, and Ying-Chou Lin ; 18. Analyzing Mutual Funds ; Bruce A. Costa and Keith Jakob ; 19. Predicting Mutual Fund Performance ; Matthew R. Morey ; 20. Evaluating Mutual Fund Performance within Stochastic Discount Framework ; Jonathan Fletcher ; 21. Mutual Fund Risk ; Roberto Savona, Oreste Auleta, and Flippo Stefanini ; PART FIVE FUND STRUCTURE ; 22. Organization, Structure, and Services of Mutual Funds ; Mark Potter ; 23. Selected Topics in Mutual Fund Distribution ; John A. Haslem ; 24. Mutual Fund Disclosure and Related Fund Investor Protection Features ; Joseph A. Franco ; 25. New Developments in Exchange-Traded Funds ; Ojwang' George Omondi ; 26. Ethical Standards in Mutual Funds ; Rosa Adamo ; PART SIX MUTUAL FUNDS WORLDWIDE ; 27. Mutual Funds in Emerging and Developing Markets ; Parvez Ahmed ; 28. Performance of Global Mutual Funds ; Tarik Bazgour, Laurent Bodson, and Danielle Sougne ; 29. Performance of ETFs ; Panagiotis Schizas ; 30. Issues, Trends, and Future Developments in the Mutual Fund Industry ; Hunter M. Holzhauer

"The problem with mutual funds and ETFs is their vast number. There are more funds holding U.S. stocks than are stocks listed on the major U.S. exchanges. This quandary makes books such as Mutual Funds and Exchange-Traded Funds essential reading for scholars and practitioners. Many books are available on this subject, but this book is the most comprehensive." -- Richard A. Ferri, CFA, Founder and Director of Investing at Portfolio Solutions, LLC"This is a well done, scholarly, and detailed book on the history, evolution, and academic research on mutual funds and ETFs. It will serve as a wonderful textbook for college courses, and it will help investors make better choices on asset allocation, fund choices, and investment strategies." -- Larry Swedroe, Director of Research of the BAM Alliance and the author or co-author of 15 books on investing, including The Incredible Shrinking Alpha"This book is a compendium of a large spectrum of high-quality thought on the industrial organization, regulation, performance, and evolution of the mutual fund industry. It is a must-have for academics, fund employees, and regulators, as well as investment advisors and serious investors in mutual funds. I highly recommend it." -- Russ Wermers, Professor of Finance, University of Maryland, author of Performance Evaluation and Attribution of Security Portfolios"An invaluable reference for academics and practitioners interested in learning more about the changing landscape of investing with ETFs and mutual funds." -- Ananth Madhavan, Global Head of iShares Research, BlackRock"This book is a collection of thorough analyses of the niches of mutual fund and ETF investing and the issues confronting the investor in these vehicles. Notable are its clear graphs, easily digestible writing, imaginative insights, and meticulous editing." -- Ed Tower, Professor of Economics, Duke University