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The Attractiveness of Harmonized Investment Funds Evidence on Romanian Investment Fund Market

Author

Listed:
  • Sava Cãtãlina

    (Doctoral School Department - Lucian Blaga University of Sibiu)

  • Radu Ioana

    (Doctoral School Department - Babes Bolyai University of Cluj Napoca)

Abstract

This paper explores the latest trends in Romanian investment fund industry by examining the investors’ prudentially behavior before and after the crisis. We focus our study on a data set from the Romanian National Securities Commission (abr. CNVMR), with evidence on quarterly data on net sales value, number of units of funds and number of investors. This study provides two contributions. First, it presents the newest UCITS regulations to maintain investors’ trust in these investment vehicles. On the other hand, it provides a comparative analysis on open-end and close-end funds evidence. As a result, the paper concludes that open funds are more attractive for the domestic capital as compared to closed funds, but their evolution according to the preference for certain types is rather similar, in the sense that money market or diversified funds are preferred, as they offer a higher degree of certainty during crisis periods.

Suggested Citation

  • Sava Cãtãlina & Radu Ioana, 2012. "The Attractiveness of Harmonized Investment Funds Evidence on Romanian Investment Fund Market," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1660-1665, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:12:p:1660-1665
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    Citations

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    Cited by:

    1. Ioana RADU, 2013. "The Methodology Of Testing The Causality Between The Romanian Mutual Funds Market And The Economy’S Dynamics," Network Intelligence Studies, Romanian Foundation for Business Intelligence, Editorial Department, issue 1, pages 90-101, July.
    2. Ioan Alin Nistor & Maria Ciupac-Ulici & Ioana Radu, 2013. "Testing the Granger Causality between the Dynamics of the Romanian Mutual Fund Market and the Economy," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(15), pages 48-59, December.

    More about this item

    Keywords

    investment funds; harmonized funds; non-harmonized funds; EU Directive;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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