Mutual regulation

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  • We focus on the dynamics of active management skills, and how an investor might optimally choose active funds during varying business conditions. Building on studies such as Avramov and Wermers (2006) and Moskowitz (2000), we allow for the possibility of time-varying mutual fund alphas and betas among active managers in Europe. Following Christopherson, et al. (1998) and Ferson and Schadt (1996), we model such time-variation using a publicly available set of conditioning state variables.

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  • We rst construct Pan-European size, book-to-market, and momentum risk factors for stocks. Then, we report on the average performance of European mutual funds over our time period using these benchmarks. Our ndings are similar to those of many studies of U.S. mutual funds (e.g., Carhart, 1997 and Wermers, 2000). Speci cally, the median one-factor and four-factor alphas are -0.90%/year and -0.32%/year, respectively. This nding indicates that our benchmarks successfully control for common variation in European equity mutual fund returns....

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  • The study also offers an auxiliary performance measure to capture this effect and assesses how important it is to mutual fund performance in Thailand. The fourth aim of this thesis is to investigate and discuss policy implications in Thailand which adopt tax-advantaged types of mutual fund in order to encourage retirement and long-term savings. In this thesis, the performance and characteristics of these tax- advantaged funds are also investigated in a separate group and compared to those of general mutual funds. ...

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  • As I noted, the financial crisis has created an increasingly global outlook among policymakers. More and more, national regulators are influenced by policies fashioned abroad, and international bodies are stepping up policy coordination. At the same time, the extraordinary worldwide rise of as- set managers as financial intermediaries has created new opportunities for funds. Responding to these and other trends, the Institute readied a new initiative —ICI Global— launched early in fiscal year 2012.

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  • Apart from banking regulation, more general legislative aspects, both in relation to micro-lenders and micro-borrowers, have a bearing on the development of microfinance in a given country. This is the case with tax laws, legal provisions in relation to self-entrepreneurship, interest rate ceilings, usury rates, etc. The different frameworks are key determinants and have led to a broad variety of institutional forms and business models for microfinance lending in Europe.

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  • The main objective of this thesis is to comprehensively explore the performance of mutual funds in an emerging market. This fills one of the gaps in mutual fund literature, since studies in this region are scarce, based on the prevailing approach and survey a small number of funds over only a short period. It should not be forgotten that emerging markets are unlike developed markets in several ways. Subsequently, this thesis uses a more comprehensive dataset of mutual funds in Thailand as a case study to represent its emerging market. ...

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  • Though some pension funds – mostly larger, more sophisticated investors - are able to invest at the riskier end of the spectrum (i.e. in start-up, venture capital type projects focusing on clean tech and other innovations), this will only ever constitute a small percentage of their portfolios. The broad mass of pension funds will be more interested in lower risk investments (i.e. in deployable renewables etc.

    pdf66p quaivatdo 19-11-2012 32 5   Download

  • The Investment Company Institute (“ICI”) and ICI Global appreciate the opportunity to comment on the consultative document published by the Financial Stability Board (“FSB”) entitled “Strengthening Oversight and Regulation of Shadow Banking: A Policy Framework for Oversight and Regulation of Shadow Banking Entities.”1 ICI is the national association of U.S.

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  • On UCITS, ESMA expects to provide input at the relevant stage on the delegated acts and/or technical standards that may be required under the UCITS V Directive. ESMA’s previous work on depositaries and remuneration under the AIFMD will provide useful benchmarks on which to build. In addition, and subject to developments at the level of the EU institutions, ESMA may be tasked with further work in relation to the VC and SEF Regulations.

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  • Under the U.S. Constitution, the censors had every right to wield their scissors at whatever offended their eyes. In 1915, in Mutual Film Corporation v. Industrial Commission of Ohio, the Supreme Court ruled that the movies were not a revolutionary new communications medium but “a business, pure and simple, originated and conducted for profit, like other spectacles, not to be regarded … as part of the press of the country, or as organs of public opinion.

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  • You’ll start by speaking with the analysts and reading their reports. (See the “Career Track” box for insights on the work of the money market credit analyst.) If the fund you’re managing ranges beyond U.S. Treasuries, you’ll need rigorous research to determine which securities provide minimal credit risk. You’ll be investing in them for three to six months or longer and need to be confident that they’ll repay the fund at the end of the period.

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  • The study covered mutual fund expense ratios (not including market impact costs) and the behavior of these ratios with respect to mutual fund complexes and individual product lines with various amounts of assets under management. In particular, the study covered all 533 mutual fund complexes that existed in the United States during the years 1990 to 1994, encompassing assets totaling about $2 trillion at the end of the period. A mutual fund complex is a "sponsor" which may offer anywhere from...

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  • Investment banks have strong capital adequacy, in particular with respect to their hedge credit fund exposures – some estimates of which are provided below. Ironically, the fastest growing area of new financial products that utilise highly-complex derivative products exclusively lies mostly within the regulated sector. This is the market for “structured products” that are produced by investment banks and sold to retail, private bank and institutional clients.

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  • Hedge Funds have grown quickly over the past ten years, and are important part of the financial landscape. They are difficult to define as entities, because the line between what hedge funds do that other institutions do not is blurred – proprietary traders in investment banks, private equity funds, and fund managers all use extensive leverage and derivatives to trade markets or to shift risks.

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  • The Californian Public Employees‟ Retirement System (CalPERS) has approximately USD 231 billion in assets and is the largest public pension fund in the United States. Since 2006, CalPERS has committed USD 500 million to external managers in its Global Equity asset class who restrict companies with a negative environmental footprint. CalPERS has committed more than USD 1.5 billion to its private equity Environmental Technology Program, and has strongly advocated the reporting of environmental risk in its engagements with federal regulators and portfolio companies. ...

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  • It is management’s, not the audit committee’s, responsibility to prepare complete and accurate financial statements and disclosures in accordance with financial reporting standards and applicable rules and regulations. However the audit committee should consider significant accounting policies, any changes to them and any significant estimates and judgements. The management should inform the audit committee of the methods used to account for significant or unusual transactions where the accounting treatment is open to different approaches.

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  • That said, combining credit and property prices appears to be the most parsimonious way to capture the core features of the link between the financial cycle, the business cycle and financial crises (see below). Analytically, this is the smallest set of variables needed to replicate adequately the mutually reinforcing interaction between financing constraints (credit) and perceptions of value and risks (property prices).

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  • Overall, our proposed framework is quite general and is applicable to investment decisions in real time. For one, moments used to form optimal portfolios obey closed-form expressions. This facilitates the implementation of formal trading strategies across a large universe of mutual funds.

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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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  • Phytochromes are photoreceptor proteins that monitor the light environ-ment and regulate a variety of photomorphogenic responses to optimize the growth and development of plants. Phytochromes comprise N-terminal photosensory and C-terminal regulatory domains. They are mutually pho-toconvertible between a red-light-absorbing (Pr) and a far-red-light-absorb-ing (Pfr) form. Their interconversion by light stimuli initiates downstream signaling cascades.

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