The Origins of Mutual Funds
K. Geert Rouwenhorst
Yale School of Management - International Center for Finance
December 12, 2004
Yale ICF Working Paper No. 04-48
Mutual funds emerged as early as the second half of the 18th century in The Netherlands. The paper traces the history of mutual funds from the development of securitization in the 17th century to the invention of depository receipts in the 19th century. The apparent motivation for organizing the first mutual funds was to provide diversification for small investors.
Number of Pages in PDF File: 33
JEL Classification: G2, N2, N23
Date posted: December 16, 2004
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