scholarly journals THE EFFECT OF GOVERNMENT DECISIONS ON THE EFFICIENCY OF THE INVESTMENT FUNDS MARKET IN POLAND

2019 ◽  
Vol 20 (3) ◽  
pp. 573-594 ◽  
Author(s):  
Dorota Witkowska ◽  
Krzysztof Kompa ◽  
Grzegorz Mentel
Keyword(s):  
Mutual Funds ◽  
Statistical Tests ◽  
Investment Strategy ◽  
Pension Funds ◽  
Investment Efficiency ◽  
Investment Fund ◽  
Investment Funds ◽  
Stable Growth ◽  
Polish Government ◽  
The Impact

Polish government introduced crucial changes concerning conditions of the pension funds functioning in the years 2011–2014. This article focuses on explaining the impact of these political decisions on efficiency of investment fund market in Poland. Therefore, the article aims (1) to find out if changing in functioning of pension funds also affected the efficiency of mutual funds which provide stable growth investment policy (i.e. similar investment strategy as pension funds) and (2) to check which type of investment funds, pension or mutual, were more efficient in the sense of returns and risks under new regulations. The analysis is provided for selected mutual funds using daily, weekly and monthly returns. The whole period of analysis, years 2009–2015, is divided into six sub-periods according to the three events, that essentially changed the functioning of the pension funds. Statistical tests for in pairs comparisons of returns and risks, and ratios for investment efficiency evaluation were applied. Findings show that pension funds performed better than mutual funds which are managed by the same company. More, the changes of the rules for pension funds’ functioning caused an increase of risk and a decrease of efficiency of the considered investment funds’ portfolios.

Green Urban Development: The Impact Investment Strategy of Canadian Pension Funds

2021 ◽  
Author(s):  
Alexander Beath ◽  
Sebastien Betermier ◽  
Maaike Van Bragt ◽  
Quentin Spehner ◽  
Yuedan Liu
Keyword(s):  
Urban Development ◽  
Investment Strategy ◽  
Pension Funds ◽  
The Impact

scholarly journals Corporate Social Responsibility Strategies of Spanish Listed Firms and Controlling Shareholders’ Representatives

2017 ◽  
Vol 31 (4) ◽  
pp. 339-359 ◽  
Author(s):  
María Consuelo Pucheta-Martínez ◽  
Blanca López-Zamora
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Mutual Funds ◽  
Legal Protection ◽  
Pension Funds ◽  
Insurance Companies ◽  
Investment Funds ◽  
Controlling Shareholders ◽  
Csr Strategies ◽  
Corporate Social

This article aims at analyzing how controlling shareholders’ representatives on boards affect corporate social responsibility (CSR) strategies (disclosing CSR matters) in Spain, a context characterized by high ownership concentration, one-tier boards, little board independence, weak legal protection for investors, and the presence of large shareholders, especially institutional shareholders. Furthermore, among controlling shareholders’ representatives, we can distinguish between those appointed by insurance companies and banks and those appointed by mutual funds, investment funds, and pension funds. The effect of these categories of directors on CSR strategies is, therefore, also analyzed. Our findings suggest that controlling shareholders’ representatives have a positive effect on CSR strategies, as do directors appointed by investment funds, pension funds, and mutual funds, while directors appointed by banks and insurance companies have no impact on CSR strategies. This analysis offers new insights into the role played by certain types of directors on CSR strategies.

scholarly journals Risk-Adjusted Impact of Administrative Costs on the Distribution of Terminal Wealth for Long-Term Investment

2014 ◽  
Vol 2014 ◽  
pp. 1-12 ◽  
Author(s):  
Montserrat Guillén ◽  
Søren Fiig Jarner ◽  
Jens Perch Nielsen ◽  
Ana M. Pérez-Marín
Keyword(s):  
Mutual Funds ◽  
Risk Adjustment ◽  
Hedge Funds ◽  
Time Horizon ◽  
Simple Formula ◽  
Investment Funds ◽  
Terminal Wealth ◽  
Administrative Costs ◽  
The Impact

The impact of administrative costs on the distribution of terminal wealth is approximated using a simple formula applicable to many investment situations. We show that the reduction in median returns attributable to administrative fees is usually at least twice the amount of the administrative costs charged for most investment funds, when considering a risk-adjustment correction over a reasonably long-term time horizon. The example we present covers a number of standard cases and can be applied to passive investments, mutual funds, and hedge funds. Our results show investors the potential losses they face in performance due to administrative costs.

scholarly journals Financial Liberalization, Economic Growth and Investment Strategy: Lessons from Taiwan for New Industrial Countries

2015 ◽  
Vol 3 (2) ◽  
pp. 188 ◽  
Author(s):  
Yu-Wei Lan ◽  
Dan Lin ◽  
Lu Lin
Keyword(s):  
Economic Growth ◽  
Institutional Investors ◽  
Foreign Capital ◽  
Investment Strategy ◽  
Capital Inflows ◽  
Investment Efficiency ◽  
The Real ◽  
Foreign Capital Inflows ◽  
Foreign Institutional Investors ◽  
The Impact

<p><em>To examine the impact of foreign capital inflows on Taiwan’s economy after internet bubbles of 2000, this study adopts data from the first quarter of 2001 to the second quarter 2015 to test if foreign capital inflows have positive impacts on Taiwan’s economic growth. This study also uses program trading and aims to prove that with financial liberalizations, the investment efficiency of foreign institutional investors is better than domestic institutional investors.</em></p><p><em>The results from the error correction model shows that capital formation, domestic savings and foreign direct investment all have positive relationships with the real economic growth. However, the rate of financing and foreign debt and depreciation all have negative relationships with the real economic growth. The results are all statistically significant. Hence, they do not completely support the hypothesis that foreign capital inflows are beneficial for economic growth.</em></p><p><em>Moreover, this study proves that the futures market in Taiwan is not strong-form market efficient. This result provides support for the hypothesis that the investment efficiency of foreign institutional investors is higher than that of domestic institutional investors. Investors can therefore raise their investment performance by following the investment strategies of foreign institutional investors.</em></p>

The Law of Private Investment Funds

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Hedge Funds ◽  
Financial Services ◽  
Private Equity ◽  
Global Financial Crisis ◽  
Private Investment ◽  
Investment Fund ◽  
Investment Funds ◽  
Fund Managers ◽  
The Global Financial Crisis ◽  
The Impact

This book provides a clear and concise dual US/UK and pan-asset analysis on the legal and regulatory issues that arise in connection with private investment funds. The book advises on the structuring, formation, and operation of a range of asset classes, including hedge funds, private equity funds, real estate funds, and other non-retail collective investment vehicles. This edition has been revised to reflect the numerous and significant developments in financial services regulation on both sides of the Atlantic since the publication of the second edition. More elements of the Dodd Frank financial regulatory reforms, which increased the scope and reach of regulation applicable to private funds, have been implemented and commented on in this edition. In relation to European regulation, the impact of the commencement of the Alternative Investment Fund Managers Directive (AIFMD) has also now been analysed. The US/UK approach is maintained, but this edition now also includes consideration of third countries, particularly the Middle East and Asia. An entirely new chapter is dedicated to litigation and regulatory enforcement, and some treatment is given to the effects of the global financial crisis, in particular the regulatory response and the changes to negotiating leverage of fund managers and fund investors. The potential impact of ‘Brexit’ on the United Kingdom private funds industry and the future of the AIMFD and European private funds is also examined.

scholarly journals Funds Manager and Mutual Funds Characteristics on Mutual Funds Performance: Empirical Evidence of Equity Mutual Funds in Indonesia

2020 ◽  
Vol 11 (2) ◽  
pp. 77
Author(s):  
Rina Rachmawati ◽  
Sugeng Wahyudi ◽  
Irene Rini Demi Pangestuti ◽  
Najmudin .
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Linear Models ◽  
Market Timing ◽  
Investment Strategy ◽  
Investment Fund ◽  
Fund Management ◽  
Fund Managers ◽  
Equity Funds ◽  
Positive Effect

This study examines the effect of investment fund managers' characteristics in the form of tenure, and mutual fund characteristics with proxy turnover portfolios, market timing and stock selectivity on the performance of stock mutual funds. The research sample is 27 stock mutual funds in Indonesia that were active from 2013 to 2017. On the analysis of the relationships between the characteristics of investment managers and mutual funds characteristics on the performance of stock mutual funds, a series of OLS regressions were run. The panel data regression was included based on using the Eviews. All of the above were aimed at achieving portfolio optimization and realizing the maximization of the interests for fund management companies and investors. The main findings are as follows. Tenure does not affect the performance of stock mutual funds during the years 2013 to 2017, but if divided into 2 quadrants of tenure, namely tenure over 19 years and tenure under 19 years of work, the result is that tenure over 19 years has a positive effect on the performance of stock mutual funds, but tenure brought 19 years has no effect on the performance of equity funds, whereas mutual funds characteristics, which are proxied by portfolio turnover, market timing and stock selectivity, have a significant positive effect on the performance of equity funds in Indonesia. The primary limitation in the scope is the sample, because stock mutual funds that publish consistently Financial statements between 2013 and 2017 are few in number. These findings have important implications for fund management companies as input material that the investment strategy of the investment management team affects the performance of equity funds compared to the characteristics of investment managers with proxies for years of service. This paper proposes a new perspective to evaluate the relationship between the fund manager and mutual funds characteristicsanddivide 2 groups of working years, and calculate them with non-linear models.

scholarly journals Aspects of manager, portfolio allocation, and fund performance in Brazil

2018 ◽  
Vol 29 (76) ◽  
pp. 82-96 ◽  
Author(s):  
Cláudia Olímpia Neves Mamede Maestri ◽  
Rodrigo Fernandes Malaquias
Keyword(s):  
Asset Allocation ◽  
Robust Statistics ◽  
Breakdown Point ◽  
Fund Performance ◽  
Investment Fund ◽  
Fixed Income ◽  
Investment Funds ◽  
Fund Managers ◽  
Portfolio Holdings ◽  
The Impact

ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

scholarly journals DEA Game Cross-Efficiency Model to Urban Public Infrastructure Investment Comprehensive Efficiency of China

2016 ◽  
Vol 2016 ◽  
pp. 1-10 ◽  
Author(s):  
Yu Sun ◽  
Huixia Huang ◽  
Chi Zhou
Keyword(s):  
Evaluation Model ◽  
Infrastructure Investment ◽  
Investment Efficiency ◽  
Investment Fund ◽  
Public Infrastructure ◽  
Investment Funds ◽  
Capital Cities ◽  
Self Evaluation ◽  
The Game Theory ◽  
Application Data

In managerial application, data envelopment analysis (DEA) is used by numerous studies to evaluate performances and solve the allocation problem. As the problem of infrastructure investment becomes more and more important in Chinese cities, it is of vital necessity to evaluate the investment efficiency and assign the fund. In practice, there are competitions among cities due to the scarcity of investment funds. However, the traditional DEA model is a pure self-evaluation model without considering the impacts of the other decision-making units (DMUs). Even though using the cross-efficiency model can figure out the best multiplier bundle for the unit and other DMUs, the solution is not unique. Therefore, this paper introduces the game theory into DEA cross-efficiency model to evaluate the infrastructure investment efficiency when cities compete with each other. In this paper, we analyze the case involving 30 provincial capital cities of China. And the result shows that the approach can accomplish a unique and efficient solution for each city (DMU) after the investment fund is allocated as an input variable.

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