对冲基金行政管理服务是一个正在蓬勃发展的作坊式行业的组成部分，目的是增加基金对投资者的透明度。
Hedge fund administration is part of a burgeoning cottage industry that attempts to make funds more transparent to investors.
自从智利在1981年引进了全基金式的、由私营部门管理的固定缴费方案之后，二十多个国家已经把它们的部分养老金方案转变为这种方案。
Since Chile introduced a fully funded, privately managed defined contribution scheme in 1981, some two dozens countries have converted a portion of their pension system to this arrangement.
更为糟糕的是，在这个月，债券市场中两个很少引起关注但是很重要的部分崩溃了，并且人们担心下一个可能是封闭式市政债券基金。
Worse, two little-noticed but important bits of the market have imploded this month, and there are fears for a third, known as closed-end municipal-bond funds.
第二部分是开放式基金流动性风险分析。
The second part is the analysis of liquidity risk of open-end fund.
第三部分是对我国开放式基金流动性风险的实证分析。
The third part is the positive analysis of open-end fund's liquidity risk of China.
第二部分分析了开放式基金流动性风险的形成机制，论证了开放式基金投资者的赎回行为是引发流动性风险的主要原因。
In the second part, we discuss the formation mechanism of the open-ended fund liquidity risk, and demonstrate that the main reason of liquidity risk is the redemption of investors.
第二部分对开放式基金赎回的流动性风险加以分析。
Part two analyzes the liquidity risk of the open-ended fund about redemption.
部分业内人士指出，上周封闭式基金下跌，主要是经验丰富的前行动，对场外争夺筹集资金后获利回吐。
Some industry insiders pointed out that last week's closed-end funds fell mainly experienced pre-up, over-the-counter scramble to raise funds after profit-taking.
第二章，封闭式基金绩效分析工具选择。该部分对本文实证研究需要用到的分析工具进行一定的说明。
Chapter two is "the choice of tools those are used in the empirical analysis of the closed-end fund".
文章最后一部分根据基金信息披露的现状和存在的问题，提出了改善我国开放式基金信息披露制度，提高信息披露质量的相关建议。
The last part of the article provide some advice to improve information disclosure system in accordance with the current situation and problems in the proposed open-end fund in China.
引言部分介绍了目前开放式基金的迅猛发展势头，由此提请人们对开放式基金信息披露的重视。
The part of the foreword has introduced the swift and violent growth momentum of the open fund at present, Therefore submit to people to pay attention to the disclosure of open fund information.
第四章为我国封闭式基金折价的实证分析部分，是全文的核心章节。
Chapter Four did the empirical analysis on the discount of China's closed-end funds. It was the core of the full article.
第四章为我国封闭式基金折价的实证分析部分，是全文的核心章节。
Chapter Four did the empirical analysis on the discount of China's closed-end funds. It was the core of the full article.
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