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.
Whether you’re a CEO now or on your way to becoming one, you
want to be a good one. No, a great one! That’s wonderful. That’s
what is needed in the businessworld. Your employees, customers, investors,
community, and competitors will demand it. But most importantly
you want to be the best because that’s the kind of person
you are. Like California winemaker, Robert Mondavi says, “Even
when I played marbles as a child, I wanted to be the best.”
This section provides information specific to utility green pricing programs, a subset of the
market. The number of utilities offering green pricing has grown steadily in recent years—today,
more than 850 investor-owned, public, and cooperative utilities in most states offer green pricing
programs. Appendix D provides a list of utilities offering green pricing, and Appendix E
provides Web links to all green power product offerings.
Our database contains relatively few European sector funds (shown in section III of Table 1),
particularly prior to 2003. It is worth noting that the division between sector funds and country
funds is less clear-cut than may rst seem the case. Indeed, some of the smaller European stock
markets are dominated by a few rms and one or two sectors (e.g., Nokia in the Finnish stock
market). Thus, investors likely used country funds to invest in certain industries during earlier
periods of our time-series.
Decarbonising the world‟s energy system to avoid locking-in polluting technologies and unacceptably high
emission levels will require doubling existing investment levels to around USD 2 trillion a year or 2% of
GDP. Governments understand that large sums of capital will be required, and many are also realising the
need for further recourse to private capital as public finances have become strained in many developed
countries. Simultaneously, banking sector provision of long-term finance has become tighter due
deleveraging and new financial regulations.
While the financial meltdown of the last decade and its consequences are still being
felt, many are already talking of another one originating in the Euro zone. The global
economic slowdown was a natural consequence of the events of 2007-8 which has led to
a gloomy investment climate.
For obvious reasons, most investors appear to have adopted a more cautious approach.
The situation has not been very different in India, with the potential addition of other
issues to contend with.
This is why, in the State of the Union address, President Barroso called for new thinking for
Europe – to draw the consequences of the challenges we are now facing and that are
fundamentally changing our world. There can be no growth without reform and no way of
confronting our challenges unless we do it together. The State of the Union speech launched
ambitious ideas for the long term framing of the EU – a deep and genuine economic union,
based on a political union.
The Company seeks to provide a comprehensive range of sub-funds with the purpose of spreading investment risk and satisfying the
requirements of investors seeking income, capital conservation and growth.
In carrying out the investment objectives of the Company, the Board of Directors at all times seeks to maintain an appropriate level of
liquidity in the assets of the sub-funds so that redemptions of Shares under normal circumstances may be made without undue delay
upon request by shareholders.
The economic value of a
community is generally measured through such things
as residential real estate prices, taxing capacity, the
quality of public amenities, the value of nearby retail
services and the quality of human capital.
Assets grow and depreciate in value based on
individual and social actions, including the willingness
or ability of individuals, households, businesses
and governments to invest in and develop them.
Economically distressed communities have declining
asset values relative to more competitive places.
The fourth component of the architecture of
community refers to connections between places as
expressed through the flow of people, capital and
information. We see these connections clearly in the
notion of bridging social capital and high value civic
institutions, and they are a logical consequence of the
ways in which quality public assets create consumer
and investor demand.
Understanding regional connections has become
important to policy analysts concerned with
economically distressed communities.
A cross-sectional community based study was
conducted in two different groups of elderly population
(60 year and above) in Dibrugarh District of Assam, India
during the study period from 2002 to 2003. The study
comprised of 523 geriatric persons from both the settings.
The first group consisted of 293 (male - 181 and female
- 112) elderly persons from an urban setting among a
population of about 1.3 lakhs. Four wards and two
adjoining localities were selected randomly for the study.
The 2007–08 boom in food prices and the subsequent period of relatively high
and volatile prices reminded many import-dependent countries of their vul-
nerability to food insecurity and prompted them to seek opportunities to
secure food supplies overseas. Together with the reduced attractiveness of
other assets due to the financial crisis, the boom led to a “rediscovery” of the
agricultural sector by different types of investors and a wave of interest in land
acquisitions in developing countries.
The fact that the shortfall figures have been rising over the past twenty years indicates that the
mutual fund industry's market impact problems are becoming increasingly severe. This is not
surprising, given the rapid growth in the size of mutual funds and an increase in the rates of their
In any event, it appears that the combination of reported expenses and market impact costs, on
average, now consumes the mutual fund investor's capital at a...
Because it is sometimes hard for investors to become experts
on various businesses—for example, what are the best steel,
automobile, or telephone companies—investors often depend
on professionals who are trained to investigate companies and
recommend companies that are likely to succeed. Since it takes
work to pick the stocks or bonds of the companies that have
the best chance to do well in the future, many investors choose
to invest in mutual funds.
Among technological options experimented to reach the unbanked and underbanked populations
mostly in the rural areas are the satellite (mobile) branches, which allow to serve financially-excluded
geographical areas where mainstream banks found it unprofitable to set up brick and mortar infra-
structures. Savings banks in Uganda and Zimbabwe operate mobile banking units, which consist of
vans equipped with information and communication technology touring remote communities on fixed
dates to render banking services.
Physical and reputational pressures affecting water availability and wastewater
discharge can result in more stringent water policies. Water scarcity, coupled with
increased concern among local communities about water withdrawals, will put pressure
on local authorities and policymakers to consider water reallocations, regulations, and
development of water markets that cap usage, suspend permits to draw water and lead to
stricter water quality standards. Jurisdictional legal disputes can also arise (see Box 6).
This year, Congress, the Administration, and financial regulators have taken significant
measures to address some of the most obvious inadequacies in our consumer protection
framework. But these steps have focused on just two, albeit very important, product
markets – credit cards and mortgages. We need comprehensive reform.
For that reason, we propose the creation of a single regulatory agency, a Consumer
Financial Protection Agency (CFPA), with the authority and accountability to make sure
that consumer protection regulations are written fairly and enforced vigorously.
This guide provides practical guidelines for policy makers on how best to review the process of policy
development and establish strategic plans for micro, small and medium enterprise development. It is a
further tool and reference source for all policy makers and actors dealing with small businesses, especially
in transition countries seeking to further develop their market economies.
Private sector development relies on a partnership between the private and public sectors.
In the project and programme management community opinion is divided on the role of PMOs in
delivering programmes and whether they confer real benefits. The UK Office of Government
Commerce (OGC) views a PMO as an important part of programme and project management
organisation structures, and in its P3O model
promotes a three-level structure comprising a
portfolio management office, a programme management office and a project management office.