kaal:claim:2811729-028

Existing evidence about risk-shifting by the average derivative-using mutual fund is less relevant to unconstrained mutual funds, because their derivative use is closer to that of a typical private fund.

show that derivative use by UMFs is closer to that of a typical private fund, which may mean that the absence of evidence on risk-shifting by the average mutual fund that engages in derivatives transactions is less relevant.

Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016), IV.B. UMF vs. Private Fund Characteristics, p. 47
https://ssrn.com/abstract=2811729 · source PDF

Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

• unconstrained mutual funds whose derivative use resembles private fund practice

mechanismsupport: arguedrisk-and-incentivesempirical-evidence

• extends kaal:claim:2715083-009 Unconstrained mutual funds differ from traditional fixed income mutual funds not only in trading strategy, usi...

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