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

Sava Cãtãlina () and Radu Ioana ()
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Sava Cãtãlina: Doctoral School Department - Lucian Blaga University of Sibiu
Radu Ioana: Doctoral School Department - Babes Bolyai University of Cluj Napoca
Authors registered in the RePEc Author Service: Ioana Pop-Radu ()

Ovidius University Annals, Economic Sciences Series, 2012, vol. XII, issue 1, 1660-1665

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.

Keywords: investment funds; harmonized funds; non-harmonized funds; EU Directive (search for similar items in EconPapers)
JEL-codes: G28 G29 K22 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xii:y:2012:i:12:p:1660-1665

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