This paper aims to study the liquidity risk of open-end funds in China by empirical means on the basis of Chinese practice and foreign successful risk management experience.

本文从我国证券市场实际情况出发，在借鉴国内外经验和研究成果的基础上，对中国开放式基金的流动性风险进行实证研究。

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The redemption mechanism of open-end funds determines its particular liquidity risk.

开放式基金的赎回机制决定了其特殊的流动性风险。

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The article then discusses the macro-economic conditions and market conditions of developing Open End Funds in China.

进而探讨了目前我国推出开放式基金所具备的宏观经济条件及市场、人才条件。

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You can buy shares at any time at the net asset value, as with open-end funds, but you can only redeem quarterly and not necessarily all your holdings.

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That can be most severe if your broker doesn't offer free reinvestment of the monthly dividend payouts, as done by open-end funds.

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But at the same time, closed-end funds, being different than open, they only have to report their holdings every six months but they can go to nine months, where a regular mutual fund, every quarter they have to send out prospectuses and all sorts of things.

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