Economy, finances, management: topical issues of science and practical activity

SCIENTIFIC JOURNALS OF VINNITSA NATIONAL AGRARIAN UNIVERSITY

Issue №: 1 (67)

Published: 2024.03.31

DOI: 10.37128/2411-4413-2024-1

Description:
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.

Read about journal

INVESTMENT FUNDS AND THEIR ROLE IN THE STOCK MARKET: ETF, MUTUAL FUNDS, HEDGE FUNDS

DOI: 10.37128/2411-4413-2024-1-6

PDF Повернутись

ZAICHKO Iryna – Candidate of Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, National Academy of Statistics, Accounting and Audit (04107, Kyiv, 1, Pidhirna Str., e-mail: zkiv26@gmail.com).

RIZNYK Dmytro – Candidate of Economic Sciences, Doctoral Student of the Department of Finance, Monetary Accounting and Credit, Ivan Franko National University of Lviv (79000, Lviv, 1, Universytetska Str., e-mail: dmytroriznyk@gmail.com).

YATSENKO Oleksandr – Doctor of Economic Sciences, Professor, Head of the Department of Enterprise Economics, Accounting and Audit, The Bohdan Khmelnytskiy National University of Cherkasy (18031, Cherkasy, 81, Shevchenka Av., e-mail: allexsan1974@gmail.com).

Annotation

The financial market is constantly developing and becoming more complicated: new financial instruments appear, the approaches to existing ones are improved and modernized, parameters and methods of calculations change. Investing in mutual funds is one of the most applicable tools to use in the stock market, which suits investors with different goals and interests and requires minimal involvement in asset management. The article examines the role of investment funds in the stock market: portfolio diversification, liquidity, professional management, access to markets. The definitions of «exchange-traded funds (ETFs)», «mutual funds», «hedge funds» are given. The article reveals the concept of stock exchange investment funds as an investment tool on the stock exchange. The scheme of operation of stock exchange investment funds, consisting of four stages, is given. The following advantages are considered: the investor does not need to independently conduct a deep analysis of various securities, most of the work of asset management is undertaken by the management company, the owner of the shares is allowed to hedge, the shares of investment funds are much cheaper, they are easy to use, they are of interest to the industries in which they are applied, and also available not only to medium and large, but also to small investors. Exchange investment funds by countries of the world are analyzed. The advantages and disadvantages of investing in exchange investment funds are studied. The US TIAA ESG mid-cap index for 2018-2023 was analyzed. The advantages and disadvantages of investing in mutual funds are characterized. It is explored the types of available mutual fund investment vehicles to: types of mutual funds, fund performance, fees and expenses, fund manager. The dynamics of the share price of the first Ukrainian hedge fund RAISEN was analyzed. Features characteristic of hedge funds are considered: a private investment fund with weak legislative regulation, the use of a wide range of strategies and tools for portfolio formation, management by highly professional investment managers, the direct dependence of managers’ remuneration on the fund’s profit, openness to a limited number of investors. The difference between a hedge fund and other investment funds is established.

Keywords: investment funds, exchange-traded funds (ETF), mutual funds, hedge funds, stock market, investor

List of references

1. Cheberiako, O.V. (2014). Sutnist ta osoblyvosti diialnosti investytsiinykh fondiv na fondovomu rynku [The essence and peculiarities of the activity of investment funds on the stock market]. Naukovyi chasopys NPU imeni M.P. Drahomanova. Seriia 18. Pravo – Scientific journal of the NPU named after M.P. Drahomanova. Series 18. Law, 24, 196–213 [in Ukrainian].

2. Yurkevych, O.M. (2011). Vyznachennia sutnosti ta roli instytutsiinykh investoriv na finansovomu rynku Ukrainy [Defining the essence and role of institutional investors in the financial market of Ukraine]. Formuvannia rynkovoi ekonomiky v Ukraini – Formation of market economy in Ukraine, 26, 149–157 [in Ukrainian].

3. Mehei, V.V. (2020). Zarubizhnyi dosvid funktsionuvannia instytutiv spilnoho investuvannia [Foreign experience of joint investment institutes]. Visnyk Khmelnytskoho natsionalnoho universytetu. Seriia: Ekonomichni nauky – Bulletin of the Khmelnytskyi National University. Series: Economic Sciences, 1, 62–70. DOI: https://www.doi.org/10.31891/2307-5740-2020-278-1-13 [in Ukrainian].

4. Shkura, I.S., Vinichenko, O.M., & Hrybkova, M.A. (2021). Mozhlyvosti vykorystannia potentsialu khedzh-fondiv dlia ukrainskykh investoriv [Possibilities of using the potential of hedge funds for Ukrainian investors]. Akademichnyi ohliad – Academic review, 1 (54), 108–122. DOI: 10.32342/2074-5354-2021-1-54-11 [in Ukrainian].

5. McCarthy, D.F., & Wong, В.М. (2020). A Performance Update – Hedge Funds Versus Hedged Mutual Funds: An Examination of Long-Short Funds. The Journal of Alternative Investments, 23 (2), 35–47. DOI: 10.3905/jai.2020.1.103 [in English].

6. Vinichenko, O.M., & Hrybkova, M.A. (2021). Systema vzaiemodii khedzh-fondiv zi svitovoiu hospodarskoiu systemoiu [The system of interaction of hedge funds with the world economic system]. Investytsii: praktyka ta dosvid – Investments: practice and experience, 7, 5–13. DOI: 10.32702/2306-6814.2021.7.5 [in Ukrainian].

7. Tinus, D. (2023). Investytsiinyi fond: poniattia, vydy, yak vybraty [Investment fund: concepts, types, how to choose]. daliz.finance. Retrieved from: https://daliz.finance/blog/investytsiynyy-fond-ponyattya-vydy-yak-vybraty [in Ukrainian].

8. Zinchuk, S.Iu., & Tymoshenko, N.Iu. (2019). Analiz efektyvnosti stratehii dovhoi/korotkoi pozytsii v umovakh korektsii finansovoho rynku [Analysis of the effectiveness of the long/short position strategy in the conditions of financial market correction]. Molodyi vchenyi – Young scientist, 5, 525–529. DOI: https://doi.org/10.32839/2304-5809/2019-5-69-114 [in Ukrainian].

9. Sokhatska, O.M., & Strelbitska, N.Ie. (2012). ETF-innovatsiinyi finansovyi instrument svitovoho rynku kapitaliv [ETF is an innovative financial instrument of the global capital market]. Visnyk Ukrainskoi akademii bankivskoi spravy – Bulletin of the Ukrainian Academy of Banking, 2 (33), 12–21 [in Ukrainian].

10. Kunin, E.L. (2014). Teoretychni aspekty funktsionuvannia ta vykorystannia birzhovykh investytsiinykh fondiv (ETF), yak instrumentu efektyvnoho khedzhuvannia finansovykh investytsii [Theoretical aspects of the operation and use of exchange-traded funds (ETF) as a tool for effective hedging of financial investments]. Efektyvna ekonomika – Efficient economy, 6. Retrieved from: http://www.economy.nayka.com.ua/?op=1&z=3159 [in Ukrainian].

11. Verbivska, L.V., Zaichko, I.V., & Tymchenko, T.M. (2022). Upravlinnia investytsiino-innovatsiimy resursamy pidpryiemstv v realiiakh tsyfrovoi ekonomiky [Management of investment and innovation resources of enterprises in the realities of the digital economy]. Investytsii: praktyka ta dosvid – Investments: practice and experience, 2, 67–73. DOI: 10.32702/2306-6814.2022.2.67 [in Ukrainian].

12. ETF Country. cnbc.com. Retrieved from: https://www.cnbc.com/country-etfs/ [in English].

13. Pershyi v Ukraini khedzh-fond, shcho investuie vidpovidno do mizhnarodnykh praktyk ta ukrainskoho zakonodavstva [The first hedge fund in Ukraine that invests in accordance with international practices and Ukrainian legislation]. raisen.fund. Retrieved from: https://raisen.fund/ [in Ukrainian].

14. TIAA ESG USA Mid-Cap Growth Index (USD). surl.li. Retrieved from: http://surl.li/tgvjv [in English].

All journal issues

About the journal

Topics of the journal:

С1 Economics and International Economic Relations (by specialization)

D1 Accounting and Taxation

D2 Finance, Banking, Insurance and Stock Market

D3 Management

D4 Public Management and Administration

D5 Marketing

D7 Trade

J3 Tourism and Recreation

Keywords: economics , international economic relations , accounting , taxation , finance , banking , insurance , stock market , management , public management and administration , marketing , trade , tourism and recreation

Key information:

ISSN (print): 2411-4413

DOI: 10.37128

All-Ukrainian scientific and production journal “Economics, finance, management: topical issues of science and practical activity” is a peer-reviewed open-access journal that publishes original research, theoretical articles and reviews on a wide range of economic and business issues. The articles, which have scientific and scientific-practical significance, highlight theoretical and methodological aspects of the development of agrarian sector of economy and related industries, the results of fundamental and applied research.

The purpose of the journal is to highlight the results of fundamental and applied research in the field of economic sciences, aimed at developing modern approaches to managing economic processes, financial support for enterprise activities and increasing the efficiency of economic systems. The publication is focused on creating a scientific environment for the exchange of research results between scientists, higher education students and practitioners in economic sphere, as well as on the dissemination of modern scientific and methodological approaches to solving current economic and management problems. The journal contributes to the development of the research in the field of enterprise economics, finance, accounting, auditing, management, marketing, entrepreneurship, trade, tourism and recreation, public management and administration, economic development and international economic relations, which meets the modern needs of the socio-economic development of the state.

The journal’s objectives are:

• publishing the results of fundamental and applied research in the fields of economics, international economic relations, finance, management, public administration, accounting, marketing, tourism and recreation, and entrepreneurship;

• promoting the development of modern methods of managing enterprises and organizations, increasing the efficiency of using financial and material resources;

• supporting the research aimed at improving the economic mechanisms of enterprise functioning, developing innovative activity, and increasing the competitiveness of economic structures;

• ensuring the scientific exchange of research results between higher education institutions, scientific institutions, and business entities;

• developing methods of economic analysis, forecasting, and modeling of socio-economic processes;

• disseminating of modern approaches to financial management, accounting, taxation, and control of economic activity;

• promoting the development of interdisciplinary research related to the economic support of the development of agrarian sector of economy and rural areas;

• integration of scientific research results into the international scientific space and increasing the level of scientific communication.

Publisher: Vinnytsia National Agrarian University

Link to the journal on the publisher’s website: ”Economics, finance, management: topical issues of science and practical activity”

Frequency of issue: 4 times a year.

Language of publication: Ukrainian, English.

Editor-in-Chief: Inna Honcharuk

State registration: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1337 and No. 1178. Media identifier – R30-05171. Publisher registration number (EDRPOU) 00497236.

Publisher’s ROR: https://ror.org/05m3ysc06 Publisher’s DOI prefix: 10.37128 ISSN (print): 2411-4413

Publisher DOI prefix: 10.37128 ISSN (print): 2411-4413

The scientific journal is included in category "B" of the List of scientific professional publications of Ukraine, in which the results of dissertations for the degree of Doctor and Candidate of Sciences in the specialties C1 (051) - Economics, D1 (071) - Accounting and Taxation, D2 (072) – Finance, Banking, Insurance and Stock Market, D3 (073) – Management, D5 (075) – Marketing, D7 (076) – Entrepreneurship and Trade, (241) – Hotel and Restaurant Business, D4 (281) – Public Management and Administration (Order of the Ministry of Education and Science of Ukraine dated March 17, 2020 №409)

History of journal:

History of the journal:

Founded in 1997 under the name ”Bulletin of Vinnytsia State Agricultural Institute”. In 2010-2014 it was published under the name “Collection of Scientific Papers of Vinnytsia National Agrarian University”. Since 2015 “Economics, finance, management: current issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 PR dated 12/31/2014).