wouldn’t buy a new home just because it looked good from the
outside. We would do a thorough walk-through first. We’d examine the fur-
nace, check for a leaky roof, and look for cracks in the foundation.
Mutual fund investing requires the same careful investigation. You need
to give a fund more than a surface-level once-over before investing in it.
Knowing that the fund has been a good performer in the past isn’t enough
to warrant risking your money. You need to understand what’s inside its
portfolio—or how it invests.
very month, it seems, Wall Street comes up with some newfangled
investment idea. The array of financial products (replete with 164-page
prospectuses) is now so dizzying that the old lumpy mattress is starting to
look like a more comfortable place to stash the cash. But there is one relatively
new product out there definitely worth looking at. It’s something of a
cross between an index mutual fund and a stock, and it’s called an exchangetraded
fund, or ETF.
However, there are a number
of advantages to examining the smart money effect in fund management using
our U.K.mutual fund data. First, ourmoney f low data aremonthly rather than
quarterly. Second, we observe exact f lows rather than approximations based on
fund values and fund returns. Third, we can distinguish between institutional
and individualmoney f lows. Fourth, we can distinguish between purchases and
A further advantage is that we are able to examine mutual fund investor
behavior in a different institutional setting from that of the United States.
Tham khảo tài liệu 'school of banking & finance fins5542 applied funds management course outline for session 1, 2005', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
This paper brings these issues to a unique data set that contains the monthly returns of
European-domiciled equity mutual fund managers over a 20-year period. Specically, we ask
whether an investor can outperform when she has access to country-specic managers across several
developed European markets, and is allowed to rotate the portfolio allocation among the countries
(and managers) as macroeconomic conditions in Europe evolve.
The Dodd-Frank Wall Street Reform and Consumer
Protection Act (“Dodd-Frank”),
1 which was signed into
law on July 21, 2010, fundamentally changes a number of
areas affecting private funds, including the regulation of
swaps, a new restriction on the ability of banking entities
to sponsor or invest in private funds (the “Volcker Rule”),
and new reporting requirements for fund managers.
This environment could change if the downward shift of yield curve continues. Anecdotal
evidence suggests that institutional investors are becoming more sensitive to changes in
financial market conditions and therefore are increasingly interested in higher-return
generating assets and more sophisticated styles in fund management. Indeed, the fall in the
short term interest rate since last August appears to have been gradually affecting investors’
behavior. Clients’ requests for daily liquidity have decreased at the margin. ...
Tham khảo tài liệu 'australian school of business school of banking and finance fins5541 advanced investment and funds management course outline semester 1, 2010', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
The innovative nature of social funds, their contributions to poverty reduction, their wide-
spread recognition as well as controversy surrounding them in developing countries and within
the development community, all called for a global exchange of experiences and lessons learned.
The Economic Development Institute (EDI) of the World Bank, after facilitating some regional
exchanges among social funds’ managers in Latin America and Africa, identified the need for a
global learning event in 1995 and initiated the preparation of the workshop in early 1996....
Much of the effort of the people on a project, and certainly the use of resources, including funds, are directed toward ensuring that the project is designed to achieve the desired outcome and be completed as scheduled in an appropriate
.Praise for Hedge Fund of Funds Investing: An Investor’s Guide
by Joseph G. Nicholas
“Hedge funds of funds are at the leading edge of the broad move into hedge investing by the mainstream of private wealth management.
Basic Skills: (Time value of money, Financial Statements)
Investments: (Stocks, Bonds, Risk and Return)
Corporate Finance: (The Investment Decision - Capital Budgeting)
For Investors, the rate of return on a security is a benefit of investing.
For Financial Managers, that same rate of return is a cost of raising funds that are needed to operate the firm.
In other words, the cost of raising funds is the firm’s cost of capital.
Tham khảo sách 'sustainable development – education, business and management – architecture and building construction – agriculture and food security', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
This textbook will be designed for fixed-income securities courses taught on MSc Finance and MBA courses. There is currently no suitable text that offers a 'Hull-type' book for the fixed income student market. This book aims to fill this need. The book will contain numerous worked examples, excel spreadsheets, with a building block approach throughout. A key feature of the book will be coverage of both traditional and alternative investment strategies in the fixed-income market, for example, the book will cover the modern strategies used by fixed-income hedge funds.
This research was sponsored jointly by the Industrial Liaison Program of the
Massachusetts Institute of Technology and PA Consulting Group. The analyses
presented here were performed by a team directed by the author, with principal
contributions by Lauri Mitchell and Mark Bamford, both formerly of Pugh-Roberts
Associates. We thank PA Consulting Group, and in particular Paul Thornton and
Stephen Payne, for funding this study, and Thomas Moebus, MIT Director of Corporate
Relations, for his overall support of the research program.
We interviewed experts to explain the growth of Luxembourg and Ireland. Tiny Luxembourg grew to
be a European mutual fund hub, fueled by favorable bank secrecy and tax laws as well as its central
location. The growth of Ireland (Dublin in particular) on the other hand, was driven by a tax advantage
given to management companies and a highly educated labor force. In particular, until recently, fund
management companies paid a tax of only 10% on their income (relative to a 32% corporate income tax
in Ireland) and they were allowed extra deductions for rental...
At the peak of the stock market boom in the late 1990s, state and local public pension
systems experienced an unprecedented growth in their asset value. As a result,
pension benefits for public employees were increased in many states and at the same
time government employers reduced their contribution to the pension systems. The
stock market downturn between 2000 and 2002, however, brought this almost
perfect combination to a halt.
The Project Board is the most senior level of Project Organization and has the
responsibility of ensuring the continued integrity of the project from all points of
view. The structure of the Project Board reflects the tripartite responsibility that
exists in any project, namely the Business, Customer, and Technical interests.
The Board should be prepared to recommend termination of the project if