The last two decades have witnessed an extensive growth in foreign direct investment
(FDI) flows to developing countries. This has been accompanied by an increase in
competition amongst the developing countries to attract FDI, resulting in a rise in
investment incentives offered by the host governments and removal of restrictions on
operations of foreign firms in their countries. This has also led to an ever-increasing
number of bilateral investment treaties (BITs) and regional agreements on...
Since the 1980s many funds charge 12b-1 fees, which are used to pay for marketing and
distribution costs and are included in the fund's expense ratio. Many funds offer multiple share
classes (such as A, B, or C classes) with different combinations of loads and 12b-1 fees. To
approximate the total cost of mutual fund shares, we aggregate all the costs incurred by fund
shareholders using the now standard total ownership cost (TOC) measure introduced by Sirri
and Tufano (1998).
Chapter 2 - Security market indices. This lecture is organized as follows. Section 2 defines a security market index and explains how to calculate the price return and total return of an index for a single period and over multiple periods. Section 3 describes how indices are constructed and managed. Section 4 discusses the use of market indices. Sections 5, 6, and 7 discuss various types of indices, and Section 8 concludes and summarizes the reading. Practice problems follow the conclusions and summary.
In this chapter, students will be able to understand: Describe various types of risk to which investors are exposed, as well as the sources of return; know how to search for an acceptable investment on the basis of risk, total return, and yield; discuss the merits of investing in common stock and be able to distinguish among the different types of stocks;...
In the early 1980s, structural adjustment programs had serious social
costs for most African countries, particularly in terms of job loss. An
unemployment rate of about 30.0 percent resulted from cuts in govern-
ment payrolls and the restructuring or liquidation of enterprises and
financial institutions. The situation was aggravated by urbanization,
making the labor supply particularly elastic in our countries. In Senegal
in 1989, young people accounted for 67.2 percent of the total number of
unemployed men and 52.0 percent of the total number of unemployed
Chapter 3 – Statistical concepts and market returns. This chapter include objectives: Differentiate between a population and a sample, explain the concepts of a parameter and a sample statistic; explain the differences among the types of measurement scales; define, calculate, and interpret a holding period return (total return);....
After completing chapter 15 you should be able to: Distinguish between debt and equity securities and between short-term and long-term investments, describe how to report equity with control, compute and analyze the components of return on total assets, account for held-for-trading securities, account for available-for-sale securities,...
In the financial appraisal of a project, the cashflow statements are constructed
from two points of view: the Total Investment (TI) Point of View and the Equity
Point of View. One of the most important issues is the estimation of the correct
financial discount rates for the two points of view. In the presence of taxes, the benefit
of the tax shield from the interest deduction may be excluded or included in the free
cashflow (FCF) of the project. Depending on whether the tax shield is included or
excluded, the formulas for the weighted average cost of capital (WACC) will be
We need to understand the basic the basic financial statements of the company so that we can diagnose and understand the strengths and weaknesses, and the potential dangers that the firm may be facing. Understanding financial statements also helps us to recognize good companies which we may wish to invest in or trade with.
The role of interest rate in the determination of investment and, hence economic growth, has been a matter of controversy over a long period of time. Yet, what constitutes an approoriate interest rate policy still remain to be a puzzling question.
to build Factory for producing fresh water bottle of Five Star GROUP in Ho Chi Minh City –the total investment of the factory is USD 60,000 (for infrastructure & feasible studies).
The factory will be built & put into operation in November 2010.
The approved budget (excluding salary of Project Team Members & sharing cost with other cost centers) is USD 60,000
Goal Our goal in this chapter is to understand the different types of mutual funds, their risks, and returns.Investors added $363 billion in net new funds to mutual funds in 1999, and by the end of the year, mutual fund assets totaled $6.85 trillion. These were estimated to be owned by 83 million Americans.
Lesson 3. How Much Do You Have to Invest? In this lesson you will learn where investing fits into your total financial picture and how to determine how much money you have to invest. Investments can be a very important part of your overall financial management. In order for your investments to be good financial management decisions
According to the most recent building census of 2000, there was no
overall shortage of housing in Turkey, given that there was a total of
16.2 million housing units and 15.1 million households.
regional differences in the ratio of housing units available to house-
holds are stunning. In Istanbul 33% more housing units than house-
holds were counted, in Izmir the excess was 24% and in Ankara
10%, whereas in some of the northern provinces some 30% to 40%
more households than dwelling units are reported.
In the CRSP data set, different classes of the same fund appear as different funds. We
identify the classes that belong to the same fund and obtain fund-level information by averaging
(weighting the classes by total net assets) the class-level data provided by CRSP. We also
exclude index funds from our sample. Since the index identifier in CRSP is only available as of
2003, we use funds' names to determine whether they are index funds or not. For SRI funds, we
double-check the classification manually to make sure that we do not unnecessarily delete SRI
funds from the sample. We...
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.
Within a sub-fund, separate currency hedged Share Classes may be issued (suffixed by "H" and the currency into which the Base
Currency is hedged or the currency into which the currency the sub-fund total assets are primarily invested in, is hedged. These
currency hedged share classes will be named: "ACHEUR" or "ACHGBP" for a Capital-Accumulation Share Class hedged into Euro or
For the RMB Fixed Income sub-fund, any hedged Share Classes issued shall provide a hedge against the Base Currency of the subfund,
i.e. the US Dollar.
» Enterprise risk management. Generally speaking, enterprise risk management focuses
on the totality of the risks across an enterprise rather than on each of its discrete risks
or the risks of individual units or divisions within the organization. It is “a process that
provides a robust and holistic top-down view of key risks facing an organization.”5
may include a “bottom-up” assessment of risks (i.e., an upward reporting of risk).
AUM of the equity funds increased nearly three folds from approximately 99 billion Baht in
2006 to 261 billion Baht in 2010. Unlike developed capital markets, proportion of equity funds to total
asset under management of the industry in Thailand is stable around 11% and 15% in 2006 and 2010.
Higher value of asset under management of equity funds can be decomposed into two factors, which
are valuation and new flow factors. As Thai stock market index (SET) had increased from the vicinity
of 700 points in 2006 to the level of 1,000 points in 2010, higher value in equity...
A 1992 study conducted by Arthur Andersen , commissioned by the Associated Credit
Bureaus (now known as the Consumer Data Industry Association) used a different
methodology to conclude that the error rate was much lower. This study reviewed the
behavior of 15,703 consumers who were denied credit based on a credit grantor’ s scoring
system. From this sample, 1,223 consumers (7.8%) requested their credit report from the
issuing credit repository, and 304 consumers (1.9% of the total sample) disputed the
information on the report. Of these, 36 disputes (11.