Nobel Еconomics Рrize 2013 and Сorporate Governance Issues in Investment Funds

The publication discusses the methodological importance of the financial assets pricing concepts (Nobel prize in economic sciences 2013) and their reflection in the corporate governance of investment funds. The author gives the conditions under which minimization of agency costs in the administration of the fund are provided – the borders in application of the basic models of corporate governance. The market model of the investment fund is suitable in terms of an efficient market and is focused on ordinary investors. The insider model of the investment fund provides the minimisation of agency costs on specific markets and is intended primarily for qualified investors. The mechanism of the exchange-traded funds (ETF), which allows, under certain conditions, reconcile the interests of ordinary and qualified investors with low levels of agency and transaction costs, are examines.