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On the Average Return Rate for a Group of Investment Funds

100%
Gajek L., Kaluszka M., Technical University of Łódź I. o. M.
Acta Universitatis Lodziensis. Folia Oeconomica
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2000
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vol. 152
EN
In the paper a new definition of the average return rate for a group of investment (or pension) funds is proposed. The definition is derived via integration of the financial results of the group of funds during a given period of time. It satisfies a set of postulates which every coherent definition is supposed to fulfil contrary to the definition which is used in the Polish law of August 1997 on Organisation and Operation of Pension Funds. A very simple formula for the average return rate is available provided that the fund’s shares are stable in time
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