Instituciones de inversión colectiva en españa desde una perspectiva histórica
The banking sector is the more important segment of Spanish financial system. Other financial institutions have had little signification, and they have also been controlled for banks. The Spanish financial literature has situated the born of investment trusts in the 1950 decade because of the limited Spanish stock market and the absence of a specific legislation for them. But, there were investment trusts before 1950, and Ahorro y Fortuna, an investment trust created in 1912 in Santa Cruz de Tenerife, was an example of them.
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- Charles Lee & Andrei Shleifer & Richard Thaler, 1990.
"Investor Sentiment and the Closed-End Fund Puzzle,"
NBER Working Papers
3465, National Bureau of Economic Research, Inc.
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