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2006 | nr 28 | 5--22
Tytuł artykułu

Historia funduszy wspólnego inwestowania

Warianty tytułu
History of Investment Funds
Języki publikacji
PL
Abstrakty
Niniejszy artykuł prezentuje genezę instytucji wspólnego inwestowania, holenderskie fundusze inwestycyjne w XVIII wieku a także angielskie fundusze inwestycyjne w XIX wieku. W dalszej części autor przedstawia podstawowe cechy XIX i XX-wiecznych instytucji wspólnego inwestowania. (fragment tekstu)
EN
Investment funds are an important player on the financial markets for over twenty years. It is hardly known that the institution of collective investment in securities may be deriven from the Middle Ages' institution of contracts of survival. There were two main types of those conctracts: life annuities and tontines. Life annuity was the contract whereby the borrower paid interest to the lender for the remainder of the lender's life. A tontine was the contract between the borrower and the group of individuals that obliged the borrower to pay an annuity which was divided among the surviving members. After the death of the members the payment was increased. First collective investment scheme was established in 1774 by Abraham Van Ketwich who invited subscribers to a fund that would invest in debt instruments issued by foreign governments as well as in plantation loans. During the 1780's and 1790's more than thirty new funds emerged with similar investment objective: speculation on the credit of the United States. All those funds were successfully placed in the Amsterdam market - the most developed financial market in eighteenth century. During the eighteen century Britain became the world's superpower and creditor. In consequence of home industry development, British funds looked for investment opportunities overseas allocating investor's money in the U. S. railroad industry. Investment (or so-called 'mutual') funds became popular in the U.S. in I920's. The growing inflow of assets was not supported by means of investor protection. In result of the fraudulent activities of some funds and the Great Depression causing many funds go bankrupt, the fund was suffering from deep lack of reliability. The first worldwide investor protection and transparency regulations were introduced in 1930's making the first step for building the foundations of funds' popularity that started in 1970's.
Twórcy
Bibliografia
  • 1997 Mutual Fund Fact Book, Investment Company Institute, New York 1998.
  • 2002 Mutual Fund Fact Book, Investment Company Institute, New York 2003.
  • Baumol W. J., Goldfeld S. M., Gordon L. A., Koehn M. F., The Economics of Mutual Fund Markets: Competition versus Regulation, Kluwer Academic Publishers, New York 1990.
  • Belfer N., Weinberg R., Recent developments in the investment trust field, Southern Economic Journal, Nr 4/1950.
  • Chróścicki A., Fundusze inwestycyjne i emerytalne, Dom Wydawniczy ABC, Warszawa 1998.
  • Crane D. B., Froot K. A., Mason S. P., Perold A. F., Merton R. C., Bodie Z., Sirri E. R., Tufano P., The Global Financial System. A Functional Perspective, Harvard Business School Press, Boston 1995.
  • Den Otter M., Anlagefonds - Geschichten, Institut für schweizerisches Bankwesen der Universität Zürich, http://www.isb.unizh.ch, 2001.
  • Dębski W., Rynek finansowy i jego mechanizmy, Wydawnictwo Naukowe PWN, Warszawa 2002.
  • Geert Rouwenhorst K., The Origins of Mutual Funds, w: K. Geert Rouwenhorst, W. N. Goetzmann, The Origins of Value, The Financial Innovations that Created Modern Capital Markets, Oxford University Press 2005.
  • Fabozzi F. J., Modigliani F., Capital Markets. Institutions and Instruments, Prentice Hall, Upper Saddle River 2003.
  • Hutson E., The early managed fund industry: investment trusts in 19<sup>th</sup> century Britain, International Review of Financial Analysis, Nr 4 (14)/2005.
  • Neal L., The Rise of Financial Capitalism: International Capital Markets in the Age of Reason, Cambridge University Press, Cambridge 1990.
  • Neal L., The London Stock Exchange in the first age of globalization 1801-I9I4, EHES Conference, Istanbul 2005, http://www.ata.boun.edu.tr, 2005.
  • Rubinstein M., Great Moments in Financial Economics, Journal of Investment Management, Nr 1/2003.
  • Scratchley A., On average investment trusts, Shaw and Sons, Londyn 1875.
  • Strongham E., The extralegal development of securities trading in seventeenth-century Amsterdam, The Quarterly Review of Economics and Finance, Nr 43/2003.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171267511

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