On the heels of recent stock market tumbles and deceptions, value investing--the staple of investing greats from Benjamin Graham to Warren Buffett--has roared back into the spotlight. Value Investing Today returns with a new edition, filled with updated information and advice to give investors the skills and knowledge to become successful value investors.
You have here a unique academic treatise on money and banking, a book which combines erudition,
clarity of expression, economic theory, monetary theory, economic history, and an appropriate dose of
conspiracy theory. Anyone who attempts to explain the mystery of banking—a deliberately contrived mystery
in many ways—apart from all of these aspects has not done justice to the topic. But, then again, this is an area
in which justice has always been regarded as a liability. The moral account of central banking has been
overdrawn since 1694: “insufficient funds.” [footnote: P. G.
We begin our sample construction with a list of the top 75 countries in the world based on GDP at the
end of 2001.
This list is matched with countries identified as having a fund industry in publications of
either the Investment Company Institute (ICI) or Fédération Européenne des Fonds et Sociétés
The asset size for the countries not listed in the ICI and FEFSI data sources
is gathered through web-based sources and discussions with industry experts. We are able to obtain a
sample of 55 countries with data on the relative size of the...
One key distinction is that business angels invest their own funds, unlike VC funds, who primarily
invest funds committed by others (e.g. institutional investors). For this reason they typically invest in
companies with which they can maintain close contacts (OECD, 2006).
Furthermore, typically companies that receive BA financing are smaller (i.e. in terms of turnover –
see also table 1 later in this text) than VC backed companies. Most of the companies that receive
BA financing, do not receive VC financing at the same time.
In itself, the international workshop was also the first step in integrating the international and
regional networks of social funds by bringing together families of programs that started with
different sector priorities and approaches, such as the AGETIPs in Western Africa and the social
investment funds in Latin America, and by stimulating the creation of social funds networks in
Eastern Africa, Eastern Europe and Central Asia, and Northern Africa and the Middle East.
This book will be different.
Thousands of books have already been written about the stock mar-
ket, many of them technical and tedious. Before I wrote this book, I was
amazed that so many boring books had been written about such a fas-
cinating subject. Just like you, I hate reading books that put me to sleep
by the second chapter. That is why I was so determined to write an
entertaining, easy-to-read, and educational book about the market.
Investors in common stock use net income as a key measure of
profitability, but the custom in REIT world is to use funds from
operations (FFO). The historical preference for FFO rather than
net income relates to the concept of depreciation. The Securities
and Exchange Commission (SEC), under federal securities laws,
requires that all publicly traded companies file audited financial
CHAPTER 7 Profiting from the Corporate Life Cycle.
This chapter will help investors understand the two most common event-driven hedge fund strategies, risk arbitrage, and distressed securities investing. The event-driven category is defined as strategies that seek to profit principally from the occurrence of some of the typical events that occur in a corporate life cycle
MekongEnterprise Fund (18,5 triệu USD) IDG Vietnam Ventures Fund IndochinaLand Holdings PXP Vietnam Fund (25 triệu USD) VietnamOpportunity Fund (VOF) Vietnam Securities Investment Fund(VF1) (300 triệu USD) Vietnam Emerging Equity Fund
Vốn cổ phẩn riêng lẻ Đầu tư công nghệ và mạo hiểm Bất động sản Cổ phiếu niêm yết, doanh nghiệp cổ phần hóa…
IDG Venture Indochina Capital PXP Vietnam Asset Management Vina Capital Viet Fund Management
2004 2005 2003 2003 2004
PXP Vietnam Asset 2005...
Over the last decade, I co - founded two U.S. investment partnerships as
chief investment ofﬁ cer (CIO), undertaking direct responsibility for
delivery of superior returns to partners. Investment partnerships that mainly
trade in securities are loosely called hedge funds, or simply funds, irrespec-
tive of whether they actually hedge to reduce risks. While venture capital
funds, such as venture funds in Silicon Valley, are basically U.S. investment
partnerships, they are considered a distinct breed from hedge funds. ...
However, superior performance in the past does not necessarily mean that it will
continue into the future. This is because superior performance may be due to either a
manager’s skill or good luck. Therefore, it is interesting to understand the characteristics of
funds and to know what caused the performance; this helps investors to understand how to
select their fund manager.
This literature survey chapter is organised as follows. Section 2.2 surveys the writings
related to performance measures and empirical evidence to do with them in the developed
markets. Section 2.
Finding a solution to structural poverty requires a review of the devel-
opment model as well as the macroeconomic policies adopted by gov-
ernments. Social development and economic growth must be under-
stood as integral parts of the same process. Eliminating the causes of
structural poverty requires overcoming the false dichotomy between the
social and economic aspects of development. In other words, poverty
reduction should be the main objective of macroeconomic policies in
the social sectors....
The Investment Company Products/Variable Contracts Products Limited Representative Qualification Examination
(Test Series 6) is a 100-question multiple-choice examination. A maximum of 135 minutes testing
time is allowed for candidates to complete the examination. The passing grade is equal to 70% of the total
number of questions on the examination. Candidates will be required to correctly answer 70 of the 100 questions
on the examination to receive a passing grade.
Although the triggering market events occurred over the two years at the beginning of our review period,
direct support continued in later years as well. In some of these instances, fund sponsors delayed direct
support by putting in place multi-year guarantees.
Risk/return summary information in interactive format requires a standard list of
tags. These tags are similar to definitions in an ordinary dictionary, and they cover a
variety of concepts that can be read and understood by software applications. For the
risk/return summary, a mutual fund will use the most recent list of tags for risk/return
summary information released by XBRL U.S.
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.
From time to time, the Manager may on behalf of the
Fund enter into transactions or arrangements with or
involving other members of Bank of Montreal Group
of Companies, or certain other persons or companies
that are related or connected to the Manager of the
Fund. These transactions or arrangements may
include transactions or arrangements with or
involving Bank of Montreal Group of Companies,
BMO Nesbitt Burns Inc., BMO Harris Investment
Management Inc., BMO Asset Management Inc.,
BMO InvestorLine Inc., HIM Monegy Inc., BMO Trust
Company, Pyrford International Ltd.
Exploring macro view on mutual fund growth as deposit substitution or as an alternative
investment, information on deposit amount and deposit rates are drawn from Bank of Thailand website.
Assessing growth determinants based on market benchmark, Stock market index is obtained from
Stock Exchange of Thailand. Superior fund performance due to outstanding securities selection skills
of fund managers come with higher price or higher management fees (Nazir and Nawaz (2010),
Livingston and O’Neal (1998), and O’Neal (1999)).
As reported in the financial statements of each AMC, fund expenses can be divided into
management fees and administrative fees. Expense ratio is the ratio between total fund expenses to
fund’s assets. Administrative or operating expense excluded management fees of AMCs managing
large number of funds are considered to be constant. Thus, when management fee is excluded, fund
expense ratio is lower. Fund expenses excluded management fees indicate fund operation efficiency.
Management fees measures security selection skills of fund manager.
It is also important to note that our definition of support is narrow and excludes certain instances of
sponsor intervention to protect MMMFs from losses. Specifically, direct support excludes support in the
form of Capital Support Agreements (CSAs) and/or Letters of Credit (both of which provided guarantees
on individual or a portfolio of securities) that were not drawn upon - even where such facilities were
important in maintaining the market value NAVs of the funds.