Dodd-Frank provides for the comprehensive regula-
tion of swaps and requires “swap dealers” and “major
swap participants” to register with regulators.
3 As many
private funds engage in various types of swaps and
derivatives transactions, private fund managers will need
to determine if their funds are captured by these new cat-
egories, which would then require registration and com-
pliance with numerous new compliance requirements.
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.
One key advantage to starting a forex fund is that the fund manager can legally accept
compensation for his or her trading and advisory services. In many cases, the fund manager can
legally advertise their services as well. This compensation can provide an excellent supplement
to an existing income or it may allow trader to work as a paid forex adviser on a full-time basis.
In our experience, many forex new fund managers also keep their "day jobs" for a while until
they are certain this is the business they want to be in. Market conditions have never been better...
Mutual funds have been a significant source of investment in both government and corporate
securities. Decades it has been the monopoly of the state with UTI being the key player, with invested
funds exceeding Rs.300 bn. The state-owned insurance companies also hold a portfolio of stocks.
Presently, numerous mutual funds exist, including private and foreign companies and mainly state-
owned Banks. Foreign participation in mutual funds and asset management companies (AUM) is
permitted on a case-by-case basis.
Even if an entity otherwise holds a “substantial
position” in swaps, it would not qualify as a major swap
participant if those positions are held for “hedging or
mitigating commercial risk,” among other exceptions.
However, the proposed deﬁ nition of “hedging or mitigat-
ing commercial risk” would exclude swap positions held
for speculative purposes.
21 As most private funds would
presumably be deemed to be holding their swap positions
for speculative purposes, that exclusion is unlikely to
apply to them.
Financial globalization could be described as a process in which global financial activities get increasingly integrated with the risk creation mechanism. This description emphasizes three points. First, financial globalization is not only a process in which financial activities transcend national borders, but also a process in which risks spread across the markets. Second, financial globalization is initiated by many micro-economic entities to seek profits and is driven by the integration of global financial markets. Third, it is a gradually deepening process with distinct phases....
Although the growing literature on the importance of finance in economic growth contrasts
bank-based financial systems with market-based financial systems, little attention has been paid to the
role of the bond market. Correspondingly the role of the bond market has been very small relative to
that of the banking system or equity markets in most Asian emerging economies. We argue that the
underdevelopment of Asian bond markets has undermined the efficiency of these economies and
made them significantly more vulnerable to financial crises....
Extreme weather is hitting all regions of the globe with increasing
severity. Despite the damage that can and will be caused from these
extreme weather events, certain industries will nevertheless benefit
and certain industries will be hurt. It is the purpose of this book to identify
and evaluate the sectors, industries, companies, and more specifically the
particular stocks, bonds, and futures that will be the winners and losers
as extreme weather events continue to impact the Earth. Every investment
idea in this book will work under the current, global climate condition.
A vast literature focuses on the predictability of U.S. and international stock returns using macroe-
conomic variables, such as the short government interest rate or the yield spread between defaultable
and government bonds. For instance, Ferson and Harvey (1993) nd that returns on international
stock indexes are predictable using macroeconomic indicators as conditioning variables. More
strikingly, Ferson and Harvey (1999) nd that broad economic variables explain the cross-sectional
variation in U.S. individual stock returns better than the Fama and French (1993) empirical factors.
To derive our empirical results, we obtain a sample of equity SRI funds from the Social
Investment Forum for the period 1997-2005 and merge this sample with the CRSP Survivor
Bias Free US Mutual Fund Database. Our results indicate that the SRI constraint does not
reduce funds' before-fee performance, measured using the four-factor alpha of Carhart (1997).
On the contrary, SRI funds outperform comparable conventional funds by a substantial 0.96% to
1.83% per year before expenses.
Individuals accounted for the majority of listed subjects in the SARs; however, filers
noted a few as business entities and, in some cases, identified a family’s trust fund or
Approximately 65 percent of the subjects found in the 641 SARs were either: a)
associated with some kind of business (named or un-named) or occupation13
identified by a job title, profession or other reference (Physician, Attorney, Restau-
rant Owner, Retired, etc.); or c) identified by a business name or the nature of the
business if the subject was listed as a company.
Indeed, these tough times can be seen as an opportunity for the industry to reinvent
itself. Perhaps, the industry has moved beyond the first phase, in which it established
itself as a part and parcel of the investment matrix. The industry needs to evolve again
to strengthen its position and proposition. It is probably time to question established
wisdom and explore alternatives.
In the present situation, there may be no single ‘silver bullet’ solution, but it will
require a multitude of initiatives to be taken across the entire spectrum of activities of a
Residential leases are regulated by provincial legislation. In some
cases, the applicable legislation will override the terms of the lease
agreement, regardless of the intention of the parties. In some
provinces, the ability of the landlord to increase residential rents
is limited by provincial regulation.
Most real estate !nancing is arranged through institutional lenders
such as banks, trust companies, pension funds, credit unions and
As part of identifying all project stakeholders, the project manager will communicate with each
stakeholder in order to determine their preferred frequency and method of communication. This
feedback will be maintained by the project manager in the project’s Stakeholder Register.
Standard project communications will occur in accordance with the Communication Matrix;
however, depending on the identified stakeholder communication requirements, individual
communication is acceptable and within the constraints outlined for this project.
The dataset constitutes an unbalanced panel of 174 countries over the period 1791-2009.
constructing the dataset, we relied on various sources for series on debt, GDP, and debt-to-
GDP ratios. These included statistical handbooks—for example, of the League of Nations
and the United Nations—official government publications, and databases complied by
researchers and international organizations.
The HPDD aims to cover public debt at the general government level.
The Kenya Working Papers series is an unreviewed, unedited prepublication series of papers
reporting on studies in progress. This paper is based on further analysis of data collected in the
2004 Kenya HIV/AIDS and Maternal and Child Health Service Provision Assessment (KSPA).
The 2004 KSPA was supported by the United States Agency for International Development
(USAID), the United Nations Children’s Fund (UNICEF), and the U.K. Department for
International Development (DFID).
One method of addressing personal fi nances among students of higher education is
through college- and university-based fi nancial education programs. In recent years,
there has been a growth in the number of these programs, which vary widely in their
composition. Some schools offer individual fi nancial counseling services for students,
while others provide presentations and workshops relative to personal fi nance
topics; others provide websites with links to fi nancial content.
New financing strategies can go only so far if existing constraints are not ad-
dressed. System transformation will require a major reorganization of the cat’s-
cradle of federal funding streams: Title IV (ChildWelfare); Title V (Maternal and
Child Health); Title XIX (Medicaid); Title XXI (the State Children’s Health Insur-
Behind, the Individuals with Disabilities Education Act (IDEA), and other pro-
grams that are allocated from the Department of Education. This will not be an
The willingness of banks to make such forward commitments to lend to nonbank firms
and households depends very much on the wholesale interbank market. If the wholesale
interbank market works smoothly without counter party risk at positive interest rates, then even
currently illiquid banks can make forward loan commitments to their retail customers. If such a
bank happens to be still illiquid when a corporate customer suddenly draws down its credit
line, the bank can cover its retail commitment by bidding for funds in the wholesale market...
Like other GCC countries, Saudi Arabia, as the world’s largest producer and
exporter of oil, has benefitted from increasing oil revenues in recent years. Although
Saudi Arabia has not formally established a SWF, its central bank holds a significant
amount of international investments outside of traditional foreign reserves, and thus
is not reflected on the previous chart. Separately, the Saudi central bank controls an
estimated $320 billion in foreign assets, with “additional reserves that are not made
public for national security reasons.