Live prices and stale quantities: T+1 Accounting and Mutual Fund Mispricing
In this paper, we examine a little known aspect of mutual fund accounting, whereby funds do not use contemporaneous fund holdings to calculate net asset values. This practice, sanctioned under SEC Rule 2a-4, uses stale portfolio holdings and gives rise to deviations between reported net asset values...
| Main Authors: | , , |
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| Format: | Conference item |
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2006
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