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Mutual-fund Intermediaries

In: Competition and Finance

Author

Listed:
  • Kevin Dowd

    (Sheffield Hallam University)

Abstract

A mutual fund can be defined as a financial intermediary that issues its own liabilities and uses the proceeds to buy income-earning assets, but issues only one kind of liability (see, e.g., Glasner, 1987; Cowen and Kroszner, 1989; and Wicker, 1988). A mutual fund therefore differs from a broker in that it holds assets and issues liabilities as part of its intermediary function; it also differs from a bank in that it issues only a single class of liability — which, since it is a claim to the fund’s residual income, can usually be regarded as a form of equity — while a bank issues at least two types of liability, namely, debt and equity. Alternatively, a mutual fund can be defined as an investment company that invests deposited funds in a portfolio of investments, but is set up in such a way that shareholders (or residual claimants) and depositors are identical (see, e.g., Ippolito, 1992, 831).

Suggested Citation

  • Kevin Dowd, 1996. "Mutual-fund Intermediaries," Palgrave Macmillan Books, in: Competition and Finance, chapter 6, pages 130-139, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24856-8_6
    DOI: 10.1007/978-1-349-24856-8_6
    as

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