need help with the following questions. Please provide references:

thks a mill

Questions:

2. It has been suggested that the professional asset management community is rapidly becoming

dominated by a fairly small number of huge, multiproduct firms. Discuss

whether the data presented in Exhibit 24.2 support that view.

3. Closed-end funds generally invest in securities and financial instruments that are relatively

illiquid, whereas most mutual funds invest in widely traded stocks and bonds. Explain

the difference between closed-end and open-end funds and why this liquidity

distinction matters.

4. Describe how the Jensen measure of performance is calculated. Under what conditions

should it give a similar set of portfolio rankings as the Sharpe and Treynor measures?

Is it possible to adjust the Jensen measure so that a portfolio's alpha value is measured

relative to an empirical form of the arbitrage pricing theory rather than the capital asset

pricing model? Explain.

7. Performance attribution analysis is an attempt to divide a manager's "active" residual return

into an allocation effect and a selection effect. Explain how these two effects are measured

and why their sum must equal the total value-added return for the manager. Is this analysis

valid if the actual portfolio in question is riskier than the benchmark portfolio to which it is

being compared?