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The Origins of Mutual Funds

33 Pages Posted: 16 Dec 2004  

K. Geert Rouwenhorst

Yale School of Management - International Center for Finance

Date Written: December 12, 2004

Abstract

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.

JEL Classification: G2, N2, N23

Suggested Citation

Rouwenhorst, K. Geert, The Origins of Mutual Funds (December 12, 2004). Yale ICF Working Paper No. 04-48. Available at SSRN: https://ssrn.com/abstract=636146

K. Geert Rouwenhorst (Contact Author)

Yale School of Management - International Center for Finance ( email )

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