We find that portfolios in which funds are weighted by their money inf lows
outperform portfolios in which funds are weighted by TNA: New money beats
oldmoney.We also find that high net f low funds outperformlow net f low funds.
Thus, within the universe of actively managed funds, new investors tend to
choose the better ones: Money is smart. This result holds for both individual
and institutional investors, and is driven by investors’ fund buys rather than
sells. The smart money effect is not explained by the Chen et al.
Chapter 6 Money Markets: describe the features of the most popular money market securities, explain how money markets are used by institutional investors, explain the valuation and risk of money market securities, explain how money markets have become globally integrated.
Tham khảo sách 'taxation of open-end real estate investment structures for german institutional investors into canada', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
In this chapter, the following content will be discussed: Objectives and risks facing institutional investors, limits to arbitrage, regulation and other forces operating on institutional investors, impacts on institutional investing of a changing financial world.
In spite of the limited evidence about the behaviour of mutual funds in emerging
markets, mutual fund investment in these areas has grown markedly over the past decade at a
quicker pace than even the developed markets have shown. The growth in mutual fund
investment is influential because it shapes the future development in the securities market and
has important policy implications. The high proportion of institutional investors creates more
timely information and therefore makes the market more efficient.
Chapter 10 Stock Offerings and Investor Monitoring: describe the private equity market, describe investor participation in the stock markets, describe the process of initial public offerings, describe the process of secondary offerings,...
Themore recent research of Sapp and Tiwari (2004), however, argues that the
smart money effect documented in prior studies is an artifact of these studies’
failure to account for themomentumfactor in stock returns. Their argument can
be synthesized as follows. Stocks that perform well tend to continue doing well
(Jegadeesh and Titman (1993)). Investors tend to put their money into ex post
best-performing funds. These funds necessarily have disproportionate hold-
ings of ex post best-performing stocks.
As one of the world’s largest financial institutions, Bank of America
understands the powerful role it can play in addressing the private-
sector financing and economies of scale needed to build a low-
carbon economy. That’s why we have made commitments to align
our financial products and services to the burgeoning market for
low-carbon energy, including wind, solar, biomass, nuclear and other
emerging technologies. Our goal is to serve all customer audiences
— from large corporate clients and institutional investors to
individual consumers and small businesses.
Real assets definitely play a significant part in the portfolios of both private and
institutional investors. The magnitude of the capital and current investments in
real assets can, however, be only roughly estimated as investors – as described
– can choose different forms of investment, the market volume of which is often
not transparent. The purpose of the investment is also not always clear. For
instance, an owner-occupied property is certainly a real asset investment.
However, the house owner does not necessarily purchase or build a home with
the aim of making a profit.
The population under study is the pool of publicly listed institutional investor
corporations in Malaysia (i.e. investors). There are 57 investors in total and all were
contacted to request for a personal interview with senior fund managers whom were able to
represent the overall view of the investors. Out of 57 potential respondents, only 21 agreed
to be interviewed for this study. The types of participating investors are as shown in Figure 1
below. The overall feedback from the remaining 36 investors that declined to be interviewed
is that they do not invest...
Chapter 6 - Investors in the share market. In this chapter students will be able to: Appreciate the range of investment choices available for the investor, identify relevant issues for potential investors, understand the factors that influence a company’s share price.
Chapter 4 - Portfolio management: An overview. This chapter provides an explanation of why a portfolio approach is important to all types of investors in achieving their financial goals. A comparison is made of the financial needs of different types of individual and institutional investors. An outline is provided for the steps in the portfolio management process. The chapter concludes with a discussion of the types of investment management products that are available to investors and how they apply to the portfolio approach.
Chapter 6 - Bond markets. This chapter looked at the domestic and international bond markets. We defined and discussed the three types of bonds available to long-term debt investors: Treasury notes and bonds, municipal bonds, and corporate bonds.
Chapter 16 - Securities firms and investment banks. This chapter presented an overview of security firms, which primarily offer retail services to investors, and investment banking firms, which primarily offer activities and services related to corporate customers. Firms in this industry help bring new issues of debt and equity to the financial markets.
This chapter presents the following content: Background on stock, initial public offerings, secondary stock offerings, stock exchanges, investor participation in the secondary market, monitoring by investors, the corporate monitoring role, globalization of stock markets.
Chapter 6 - Investors in the share market. The goals of this chapter are: Consider the role of an investor in the share market and appreciate the range of investment choices available to the investor; understand the process of buying and selling shares, the risks involved, and the importance of taxation when investing; describe indicators of financial performance.
One of the main functions of investment banking
firms (IBFs) is raising capital for corporations
IBFs originate, structure, and place securities in the
They serve as an intermediary rather than a lender or
Their compensation is typically in the form of fees
Tài liệu môn Thị trường tài chính và các định chế tài chính- Chapters " Stock Offerings and Investor Monitoring" dành cho các bạn sinh viên, học viên đang theo học ngành kinh tế, chuyên ngành tài chính: tài chính doanh nghiệp, taì chính ngân hàng, tài chính tiền tệ,...
– Firm issues securities, which are
made available to both individual
and institutional investors.
• Private Placement
– Securities are offered and sold to a
limited number of investors.
–Market in which new issues of a
security are sold to initial buyers.
• Secondary Market
–Market in which previously issued
securities are traded.