Money Market Funds and Shareholder Dilution
分析摊余成本估值法对机构货币市场基金及其投资者的影响，发现该估值法导致每年每股约10个基点的损失，且套利者可能利用估值偏差损害其他股东利益。
ABSTRACT This paper analyzes the effects of a share valuation technique, amortized cost valuation, on institutional money market funds (MMFs) and their investors. The possibility of arbitrage between securities priced at market value and amortized MMFs is investigated. It is found that significant dilution has taken place as a result of this valuation technique. Losses per share have been about 10 basis points per year. Evidence that arbitrageurs will take advantage of a misvaluation of the MMF and cause losses to other shareholders may suggest that some investors should reconsider the desirability of amortized MMFs for their investments.