Abstracting and IndexingРИНЦReferativny Zhurnal VINITI RAS Worldcat Google Scholar Online availableEastvieweLIBRARY.RU Biblioclub |
A structural and dynamic analysis of the Russian market of mutual investment funds
Available online: 4 November 2014 Subject Heading: INVESTING JEL Classification: Pages: 10-19
At the present stage, the issues related to the analysis of the structure of the Russian market of mutual investment funds do not received due attention, though the funds have been existing for almost 20 years. The authors made an attempt to identify long-term structural changes in the Russian market of mutual investment funds for 2002-2013. While conducting the structural and dynamic analysis of the market of mutual funds, in addition to traditionally used indicators at short-term intervals (yield of investment units, percentage of the value of their net assets, growth rates and rates of increment of the mutual funds market and its separate segments) the authors propose to consistently use the intensity of absolute structural shift and the Gatev's coefficient for each identified periods: pre-crisis (2003-2007), crisis (2008) and post-crisis (2009-2013). Using the intensity indicator of the absolute structural shift and the Gatev's coefficient in conducting the structural analysis of the domestic market of mutual funds enabled to obtain more accurate and reliable results, and to trace on a step-by-step basis the structural changes occurring in the market. The authors made the following conclusions: over 2003-2013 there was a substantial change in the structure of the domestic market of mutual funds; the increase in the net asset value was typical of all funds, but in different categories it was extremely uneven; traditional funds that existed at the beginning of the period under review were developing at a much slower pace than the new ones that appeared during 2003-2013; traditional funds, on the average, showed a more significant increase in the net asset value per one category of mutual funds; the domestic market of mutual investment funds exhibits a high level of concentration. Keywords: mutual investment funds, market structure, securities market References:
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ISSN 2311-8725 (Online)
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