Xem 1-20 trên 75 kết quả Funding perspective
  • The mutual fund data come from the 1998 CRSP Survivor Bias FreeMutual Fund Database. Our initial sample contains 2,609 domestic equity mutual funds. We exclude multiple share classes for the same fund as well as funds with only a year or less of available returns. The initial sample is used to obtain the values of the prior parameters in the empirical Bayes pro- cedure mentioned previously.

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  • Tham khảo sách 'ownership of mutual funds, shareholder sentiment, and use of the internet, 2012', tài chính - ngân hàng, quỹ đầu tư phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

    pdf48p khanhchilam 29-03-2013 19 6   Download

  • The papers of Long and Merton suggested interest rates and infla- tion as risk factors, but their models did not fully specify what all the hedge portfolios should be, or how many there should be. The APT specifies the factors only in a loose statistical sense. This leaves it up to empirical research to identify the risk factors or hedge portfolios. Chen et al. (1986) empirically evaluated several likely economic factors, and Chen et al. (1987) used these in an evaluation of equity mutual funds.

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  • The 2009 OECD Working Paper „Pension Fund Investment in Infrastructure‟ (Inderst 2009) discusses barriers to pension funds‟ investment in infrastructure projects in general – which can be seen to apply also to green investments.

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  • We provide several new insights about the value of active management and the economic significance of fund return predictability through an analysis of the optimal portfolios of mutual funds prescribed by our framework at the end of the sample period (December 31, 2002). In particular, consider an investor who completely rules out predictability in fund returns, as well as active management skills. Not surprisingly, this investor heavily weights index funds, such as the Vanguard Total Stock Market Index fund.

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  • In contrast, the superior performance of optimal portfolios that incorporate predictable manager skills is robust to adjusting investment returns by the Fama-French and momentum benchmarks. Moreover, it is also robust to adjusting investment returns by the size, book-to-market, and momentum characteristics per Daniel et al. (1997).We demonstrate further that our predictable skill strategies perform best during recessions, but also quite well during expansions, generating positive and significant performance in absolute terms as well as relative to benchmarks.

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  • The papers published in this monograph were presented at a symposium that took place in Seoul, South Korea, on October 22, 1999. I organized this part of the symposium at the request of Dr. Kwang-Yul Cha, MD, of CHA General Hospital, Pochon CHA University, Dr. Cha had approached the Richard and Hinda Rosenthal Center for Complementary and Alternative Medicine (RHRC), where I was a visiting faculty, in the hope of collaborating on projects of common interest. In this context, Dr.

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  • Drawings by Phil Hailstone “A uniquely accessible guide - if you only read one book on finance, read this!” Peter Colley, Director of Finance and Membership Services, RAC Motoring Services Ltd “The authors’ wealth of practical experience and understanding of the line manager’s perspective is fully reflected in this clear and readable book.” Ray Jennings, Human Resources Director, Dowty Aerospace

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  • This report is the outcome of the collective effort of nine scholars, who have been engaged in a on the “The Role of University in Regional Innovation System”. The project has been possible thanks to the financial support from the Nordic Industrial Fund – Centre for Innovation and Commercial Development. The Nordic Industrial Fund has shown great interest in the project and has made valuable comments. We would like to thanks for the financial support enabling us to engage in this work......

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  • During the last decade, hedge funds have become one of the most important institutional investors in global financial markets. Although their activities have been viewed critically by regulators, politicians, and the public, this negative perspective is often based more on myth than on thorough economic analysis and empirical facts. Most people lack the necessary information and understanding of the role that hedge funds play in financial markets. Blaming them for the financial crisis or other market turbulences is often based on specific conjectures and not on rigorous research.

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  • For progress to be maintained in a clinical field like sleep medicine, unimpeded, unrestricted access to data and the advances in clinical practice should be available. The reason this book is exciting is that it breaks down the barriers to dissemination of information. Researchers at the forefront of areas that have limited funding can find it difficult to get data from randomised, double-blind, (placebo-controlled), crossover or parallel group studies, etc., and so may be limited to the lowest level of scientific research, i.e. single case, or restricted observational series....

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  • It could be argued that the prevailing sense of interest rate predictability at the time of the “conundrum” combined with a banking system willing to take huge duration exposures would have made a policy of bond sales ineffective. But it should be remembered that this sense of interest rate predictability was itself deliberately nurtured by the Federal Reserve policy of a “measured pace” in increasing the Federal funds rate. The Federal Reserve was anxious to avoid a bond market collapse similar to the one that took place around the early 1994 tightening.

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  • The issue of liability is most relevant where custody is delegated. According to Article 22(2), the depositary's liability "shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping". The UCITS Directive contains no further provisions governing liability for the loss of a financial instrument where custody has been delegated to a third party. This issue is left to the general principle expressed in Article 22(2), which gives a wide margin of interpretation to Member States.

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  • Although the Standard & Poor's 500 is the most commonly used measure of the performance of the U. S. stock market, it is sometimes argued that, because this index is so heavily populated with high quality, large capitalization stocks, it may not be an appropriate benchmark with which to compare a mutual fund which may be invested in lower quality, smaller capitalization stocks. The obvious refutation: If one can obtain a higher return by investing in...

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  • This report does not propose to enter the discussions on financing and investment levels that will be needed to support green growth such as is done by the IEA (2010a) for the energy sector, but rather will look at where required flows may come from and how financial instruments such as green bonds might be used to shift flows to support green growth. However, for illustrative purposes it is useful to examine the ranges of estimates that are quoted.

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  • The amount of capitalization required by a bad bank is essentially determined by two factors: operating costs and acquisition costs. When a low price is paid for the acquired troubled assets, this not only minimizes the risk of future losses but also keeps the initial capital requirements of the bad bank low. The source of financing determines whether the government or private sector provides the required start-up funding. The need for liquid funds depends on how the banks being freed of their troubled assets will be “paid.

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  • Our results have important implications for the performance of the mutual fund industry. From an overall perspective, we observe more frequently funds with negative rather than positive performance. However, the performance of the industry as a whole is not so bad because about 80 percent of the funds produce zero alphas. In fact, the negative average performance documented in the previous literature is not due to the majority of funds but is only caused by one fifth of the funds.

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  • into forward currency contracts for hedging purposes which can include the hedging of all or a portion of the currency exposure of an investment or group of investments, either directly or indirectly. The Fund may also enter into these contracts for non-hedging purposes which can include increasing the exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

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  • We take pride in continuing our association with the CII Mutual Fund Summit. This document presents the perspective of industry stakeholders, along with our points of view, on the current scenario in the mutual fund industry. While a lot has been said about distribution, we have attempted to take an all-encompassing view of the issues and have focussed on looking for the hidden opportunities. We have tried to examine the business structure and its operations in order to find ways of stimulating redesign and innovation.

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  • Investors mentioned that better tax treatment for REITs in Malaysia (tax exemption at both fund and investor levels) will enhance overall return, although the new tax-exemption at fund level is found to be encouraging. REIT corporations advised that their properties injected into REITs are carefully selected, high yielding properties in prime location. This study found that as all REIT corporations intend to hold 20 – 30% equity in their REITs, it is in their primary interest that their REITs continue to grow and provide attractive returns.

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