The second part is the analysis of liquidity risk of open-end fund.

第二部分是开放式基金流动性风险分析。

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With the analysis under the incomplete contract theory and principal-agent theory, there is no such an optimum governance structure for open-end fund either contract style or corporate style.

从不完全契约理论和委托代理框架的视角分析开放式基金治理结构，可以得出不存在最优的治理结构的结论。

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Therefore, the study of China's open-end fund risk and its prevention is of great practical significance.

因此，研究我国开放式基金的风险及其防范，具有重要的现实意义。

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The idea was to first convert this small, open-end fund into a closed-end.

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The SuperTrust structure had share creation and redemption characteristics of an open-end fund and the trading flexibility of a stock.

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You can get exposure to junk countries via an open-end fund like Fidelity New Markets or an ETF like the iShares J.

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