1

) 20 (1382

.

.


.
)
( ) ( ) ( ) ( )
( ) ( )( . . . .
.

.


.

.
. indirect investment


.
2 3
.

. 4
.

.


.
.

.

.

.

.

.

. mutual funds
. retirement plans

. portfolio

 .
5 .

.
.


.


.

.

34 65
.
.
. 10
. 1930 1932 .
68 6 . 2000 2002
. %40 .
.

.
. signalling
. market capitalization

 10 1926-2002
)(

- - - - -

- - - - -

Sources: Ibbotson Associates and Standard and Poor's Corporation

. 1

.
-1

open-end mutual funds

) (

1997

1998

1999

2000

2001

2002

5
109
496
53
15
12
236

4684

7
119
626
165
23
20
277

5255

7
118
656
167
20
31
375
19
8466

7
149
722
110
17
32
361
19
9646

4
148
713
119
17
50
316
32
9746

1
97
845
150
20
62
289
31
3926

Source: European Federation of Investment Funds & Companies


68 300 8
300
250 . 2

.

-2

1940
1950
1960
1970
1980
1990
2000
2002
:

) (

0/5
2/5
17
48
135
0651
9656
3916

68
98
161
361
564
0793
1558
2568

)(

296
939
8984
69010
08812
94861
749244
981250

Fact Book .63 .

. 3
42 2001 .

.


.
.

 -3

: 84 87 .
1992
17/5
8/0
9/5
16/5
7/6
25/7
5/9
9/2
31/6

1995
13/9
5/6
7/6
15/6
12/7
28/1
7/2
9/2
36/7

1998
11/4
4/3
4/7
22/7
12/4
27/6
6/4
10/3
40/7

2001
11/5
3/1
5/3
21/6
12/2
28/4
5/3
12/5
42/0

2001 12/2
. 28/4
5/3
. 12/5
50
.

.
.
7 90

. 1995 1998
.
.
.

.
. NewYourk Stock Excjange Inc. 2000

 54/2 2002
56/3 2001 .
49/6 2002
52/0 .
2002 94/9 2001 95/8
.

. %5/7
1980 50 . 100
2000 .

1
1980 2002

52.00%
49.60%

49.00%

47.40%
44.00%
37.20%
30.70%
27.00%

25.00%

24.40%
20.00%
11.90%

11.00%
5.70%

1998
1998 1950
5 .

. Investment Company Institute 11 5 2002 .

 .
.

. 1381
.

1998 ) 2001 ( 1/1
22/7 1998 21/6 2001
0/2
.


.
.

.
9

.
.

. closed-end

 : 1011
12 13 14 15
.16 :

.
17

. shareholders
. board of directors

. investment advisor

. principal underwriter

. custodian

. independent public accountant

. transfer agent

. conflict of interests

 .
:

)(www.iranbourse.com

.

.

. 000300
000 5 .

.
18
.
.

. blue chips

 .
.


. .

.


.

1. US Consumer Finance Survey in 2002

2. US Consumer Finance Survey in 1998
3. The Investment Company Institutes Perspective

.( occasional papers) Perspective

4. Federal Reserve Bulletins, vol. 83-vol. 87.
5. 2002 Securities Industry Association