Academic journal article Financial Services Review

From the Editor

Academic journal article Financial Services Review

From the Editor

Article excerpt

Jenny Ridge and Martin Young present the first of two articles in this issue on interesting international financial investments. They examine the history and operation of a savings scheme in New Zealand and why it appeals to individual investors in their article entitled, "Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand." It combines elements of both bonds and lottery tickets in the United States, and is held by a third of all New Zealanders.

"Closed-End Investment Companies: Historic Returns and Investment Strategies" by Carolyn Reichert and J. Douglas Timmons examine simple trading rules that individual investors could follow. They provide a review of the literature on closed-end funds and find that institutional investors have been successful in earning excess returns through complex trading strategies. Their study tests a buy and hold yearly rebalancing of closed funds by individuals.

Judson W. Russell focuses on United States exchange-listed investments as a potential vehicle for international diversification. His article, "The International Diversification Fallacy of Exchange-Listed Securities" examines closed-end country funds, American depository receipts (ADRs), and multinational corporations (MNCs). …

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