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1
Cho, Hyeongtae, und SungMan Yoon. „Investment asset allocation in response to tax relief for mutual funds: The case of South Korea“. Investment Management and Financial Innovations 18, Nr. 3 (20.09.2021): 347–58. http://dx.doi.org/10.21511/imfi.18(3).2021.29.
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This study examines whether the management style of a fund differs depending on the type of fund being managed for tax purposes, given the rules of temporary tax relief for fund investments. The study considers a change in the ratio of tax-favored assets to the net asset value of a tax relief qualified fund around the effective date of tax relief laws in South Korea in 2007 and 2016. A regression model is used to test sample data from domestic and overseas equity funds available in the three months before and after the 2007 and 2016 Restriction of Special Taxation Act came into effect. It was found that the ratio of the value of tax-favored assets to the net asset value in the tax relief qualified fund increased significantly since the enactment of tax relief laws in both 2007 and 2016. These findings suggest that fund managers may try to change the asset allocation in a managed fund to increase the after-tax return of the fund investor, which means that fund managers do take into account the potential tax burden on fund investors and try to minimize it. AcknowledgmentThis work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF- 2019S1A5A8035027).
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Metzger, Aleksandr. „Transformation of corporate governance models in investment funds“. SHS Web of Conferences 89 (2020): 01005. http://dx.doi.org/10.1051/shsconf/20208901005.
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The article is devoted to the phenomenon of corporate governance in investment funds, as one of the key elements ensuring the effective functioning of this institution of financial intermediation. A narrow and formal understanding of the term “corporate governance” in mutual funds is reduced to the relationship between owners and leaders of the management companies. This problem is devoid of practical sense in the context of highly concentrated ownership in these companies. The author proposes an expanded interpretation of corporate governance based on considering an investment fund as an “investment corporation”, in which the participants are various categories of investors, fund management, as well as a number of other participants and stakeholders, depending on the nature of the investment process. Considering corporate governance as a system of control and management in Russian investment funds, the author comes to a number of conclusions. The current model considers the protection of the interests of fund investors from the opportunism of managers as a priority and meets the specifics of a certain market segment. The same model, but under different conditions, becomes redundant or even destructive. The analysis of the specifics of the activities of the investment funds for qualified investors makes it possible to formulate adequate changes in the corporate governance model. These include: 1) the transition to a model of coordinating the interests of the investors (controlling and minority), as well as other participants in the investment process, 2) reducing external regulation and moving to internal mechanisms for assessing and making decisions, taking into account the qualifications of the participants themselves, 3) limiting or compensation for the excessive influence of the controlling investor with a concentrated structure of investors.
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Khutorova, Natalya A. „Global Catastrophe Bond Market and the Prospects of Its Formation in the Russian Federation“. Financial Journal 13, Nr. 1 (Februar 2021): 75–92. http://dx.doi.org/10.31107/2075-1990-2021-1-75-92.
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The article is devoted to the development of instruments for catastrophe risk financing. The state of the global market for disaster risk financing is analyzed in order to identify the main development trends and the possibilities of using conceptual approaches in the Russian practice of the financial market. It is proven that the development of the catastrophe bond market has prospects in conditions of permanent instability, since catastrophe bonds are unique and highly attractive due to the lack of correlation with macroeconomic events. It is suggested that the instruments of catastrophe risk financing can be considered in the context of the development of sustainable finance. The paper identifies the main problems slowing down the development of the Russian catastrophe bond market, and formulates proposals aimed at developing the market for insurance-linked securities (ILS) in the Russian Federation. Pilot CAT bonds emission prospectuses should be based on structured bonds, with elements of a subordinated bond. There is a need to introduce into the Russian legal field a term defining ILS as a category. It is proposed to register special purpose vehicles (SPVs) and catastrophe funds in Russian offshores. The Russian analogue of catastrophe funds should be a closed-end investment fund with high funding for qualified investors. It is proposed to update the formula for calculating the creation of and the procedure for using reserve funds, in particular with the use of catastrophe risk financing tools. A pilot issue of CAT bonds is proposed to be conducted on behalf of VEB.RF, as bonds sponsoring regions exposed to high natural risks. In the process of developing socially responsible investor practice and tools for socially responsible investments, it is suggested to establish a Russian “Green Index” and to create green ETFs in Russia. Due diligence (DD) approaches are recommended for decisions on issuing catastrophe bonds.
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Januzzi, Flávia Vital, Aureliano Angel Bressan und Fernando Moreira. „Opacity, Risk, Performance and Inflows in Hedge Funds“. Revista de Administração Contemporânea 24, Nr. 1 (Januar 2020): 77–99. http://dx.doi.org/10.1590/1982-7849rac2020180233.
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Abstract This article analyzes the relationship between opaque assets and the risks, returns and inflows of hedge funds. In particular, we use a unique dataset containing information required by a Brazilian regulator to evaluate the amount invested by funds in forward and future contracts, swaps and options in the context of qualified and non-qualified investors. Our results show a positive association between the positions in derivatives and the variations in risk and a negative association between derivatives (especially swaps) and the funds' monthly performances. This means that the use of more derivatives is related to higher risk (total and systematic) without the benefit of higher return. Hedge funds adopting leveraged operations with derivatives also present a lower annual performance. In general, there is significant evidence that swaps are related to fund inflows in a negative way with regard to qualified and non-qualified investors.
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Firmansyah, Egi Arvian. „SELEKSI SAHAM SYARIAH : PERBANDINGAN ANTARA BURSA EFEK INDONESIA DAN MALAYSIA“. Jurnal Inspirasi Bisnis dan Manajemen 1, Nr. 1 (08.06.2017): 1. http://dx.doi.org/10.33603/jibm.v1i1.480.
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Abstract. Islamic stocks are those which do not contradict with the Islamic teachings derived from Al-Quran, Sunnah, hadith and ijtihad of the qualified Islamic scholars. This is a qualitative research comparing the stock screening criteria in order to be categorized as sharia compliant stocks in two developing countries where most of the citizen are Muslims, i.e. Indonesia and Malaysia. As the sharia stock screening is in the field of muamalah and there is no single scholar (or group) accepted by the whole Muslims worldwide, each country sets its own screening criteria through its Islamic scholars by performing ijtihad as an effort to decide the sharia compliant stocks. It was found that there are differences in screening criteria between Indonesia and Malaysia stock exchange. These are based on the fiqh or understanding of the scholars in the two countries as well as the vision and investor to be targeted. The screening criteria need to be continuously improved or revised along with the changing need of investor and stock exchange strategy in collecting the fund especially from Middle East countries requiring sharia compliance.Keywords. ISSI; JII; stock screening; sharia stock selection. Abstrak. Saham Syariah merupakan saham yang tidak bertentangan dengan ajaran Islam yaitu yang bersumber dari Al-Quran, Sunnah, hadist dan ijtihad ulama terkemuka. Penelitian ini merupakan penelitian kualitatif yang membandingkan kriteria seleksi saham untuk dapat dikategorikan ke dalam saham syariah di dua negara berkembang yang penduduknya mayoritas Muslim yaitu Indonesia dan Malaysia. Karena skrining saham syariah termasuk ke dalam aspek muamalah dan tidak adanya ulama yang diterima oleh umat Muslim seluruh dunia untuk menentukan satu hukum yang diterima umum, maka setiap negara dengan ulamanya masing-masing menggunakan pendekatan ijtihad untuk memutuskan saham mana yang dikategorikan sesuai syariah dan tidak. Terdapat perbedaan kriteria seleksi di Indonesia dan Malaysia yang didasarkan pada pemahaman fiqih yang dianut masing-masing negara serta visi dan target investor yang ingin diraih. Metode skrining senantiasa perlu dievaluasi atau direvisi seiring perubahan selera investor dan strategi bursa dalam mengumpulkan dana terutama dari negara-negara Timur Tengah yang memperhatikan aspek kepatuhan pada syariah.Katakunci. ISSI; JII; stock screening; seleksi saham syariah.
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Tizziani, Elton, Marcelo Cabus Klotzle, Walter Lee Ness Jr. und Luiz Felipe Motta. „O Efeito Disposição na Indústria Brasileira de Fundos de Investimento em Ações“. Brazilian Review of Finance 8, Nr. 4 (03.01.2010): 383. http://dx.doi.org/10.12660/rbfin.v8n4.2010.1651.
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The goal of this study is to test the disposition effect, the tendency of investors to sell winning investments too soon and hold losing investments too long, by analyzing all Brazilian equity fund portfolios from November 2003 to March 2008. The analysis based on the number of trades shows that equity funds are subject to the disposition effect. On the other hand, contrary to evidence from the American stock market, when the analysis is based on trading volume, the disposition effect is not found. Finally, the disposition effect is strongest in funds open to non-qualified investors.
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Januzzi, Flávia, Aureliano Bressan und Fernando Moreira. „Opacity in Hedge Funds: Does it Create Value for Investors and Managers?“ Brazilian Business Review 17, Nr. 6 (04.11.2020): 640–68. http://dx.doi.org/10.15728/bbr.2020.17.6.3.
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This paper investigates if opacity (as measured by derivatives usage) creates value for investors and the managers of hedge funds that charge performance fees. Since we do not identify a positive relation between opacity and managers’ revenue, it is not possible to state that opacity is a source of manager’s value creation for hedge fund investors and managers. However, considering that opacity is positively associated with risk-taking and negatively related with investors’ adjusted returns, we suggest policies aiming at protecting investors, especially those less qualified. We examine a unique and comprehensive database related to the positions in derivatives taken by managers, which was enabled due to specific disclosure regulatory demands of the Brazilian Securities Exchange Commission, where detailed information on hedge funds’ portfolio allocation should be provided on a monthly basis.
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Adler, Sara, Joel I. Greenberg, William G. LeBas und Ellen Fleishhacker. „US Securities and Exchange Commission (SEC) expands accredited investor definition“. Journal of Investment Compliance 22, Nr. 1 (06.04.2021): 29–33. http://dx.doi.org/10.1108/joic-09-2020-0029.
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Purpose To explain amendments to the definition of “accredited investor” approved by the SEC in August 2020 and to describe the impact of the changes. Design/methodology/approach Explains how the amendments expand the pool of qualified investors in various subsections of the definition, explains related amendments, and then discusses the implications of the changes. Findings The amendments, among other things: (i) permit natural persons to qualify as accredited investors based on certain professional credentials or, for investments in private funds, based on “knowledgeable employee” status”; (ii) add LLCs and other specified entity types to the list of potentially-qualifying entities, and add a “catch-all” category for unspecified entities (although with different quantitative standards); (iii) add the term “spousal equivalent” to the definition; and (iv) codify certain related staff interpretive positions. In addition, the amendments revise the definition of “qualified institutional buyer” to include additional entity types to avoid inconsistencies with the new accredited investor definition. Originality/value Expert analysis and guidance from experienced securities attorneys who counsel clients on all manner of SEC regulatory policy matters.
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Fedulova, E. A., und Yu M. Еmokhonova. „An optimal organizational and legal form of private equity fund functioning for qualified investors“. Финансы и кредит 23, Nr. 4 (27.01.2017): 233–48. http://dx.doi.org/10.24891/fc.23.4.233.
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ZHANG YUEIXIA. „Application of China-Korea Tax Treaty to Qualified Foreign Institutional Investor (QFII) Funds“. Seoul Tax Law Review 18, Nr. 1 (Mai 2012): 327–57. http://dx.doi.org/10.16974/stlr.2012.18.1.008.
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Catão, Gustavo Campos, Raimundo Nonato Rodrigues, Jeronymo José Libonati und Umbelina Cravo Teixeira Lagioia. „Securitização de Recebíveis no Setor Bancário Brasileiro: Um Estudo Empírico“. Brazilian Review of Finance 7, Nr. 3 (07.10.2009): 327. http://dx.doi.org/10.12660/rbfin.v7n3.2009.1309.
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Securitization is a modality of structured finance which allows a company to raise funds based on its receivables through capital markets. In Brazil, securitization was developed mostly in the form of mutual funds -- the FIDC, which raise money by issuing senior cotes for qualified investors, and subordinated cotes, usually bought by the company that originated the receivables. This paper evaluates the risk and return for both kinds of investors through a stochastic model with two main variables: interest rates and default rates. The model is still sensible to the characteristics of the fund, like the amount of subordinated cotes, the type of asset being securitized; and the amount of receivables in relation to the assets. Regarding the case of senior cotes, the risk of returns under the basic level of interest rates is highly improbable; and in the case of subordinated cotes, the risk of returns under the basic interest rate may be considered still low, due to the high spreads observed in the Brazilian financial market. The simulations indicated that under historically mean interest rate volatility the default rates are the main component of the total risk. Accordingly to the developed analysis of international standards of regulation, the Brazilian Central Bank imposes very strong capital requirements to banks that securitize their assets and purchase the corresponding subordinated cotes.
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Pinheiro, Fernando Antonio Perrone, und José Roberto Ferreira Savoia. „Securitização de Recebíveis - Análise dos Riscos Inerentes“. Brazilian Review of Finance 7, Nr. 3 (07.10.2009): 305. http://dx.doi.org/10.12660/rbfin.v7n3.2009.1353.
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Securitization is a modality of structured finance which allows a company to raise funds based on its receivables through capital markets. In Brazil, securitization was developed mostly in the form of mutual funds - the FIDC, which raise money by issuing senior cotes for qualified investors, and subordinated cotes, usually bought by the company that originated the receivables. This paper evaluates the risk and return for both kinds of investors through a stochastic model with two main variables: interest rates and default rates. The model is still sensible to the characteristics of the fund, like the amount of subordinated cotes, the type of asset being securitized; and the amount of receivables in relation to the assets. Regarding the case of senior cotes, the risk of returns under the basic level of interest rates is highly improbable; and in the case of subordinated cotes, the risk of returns under the basic interest rate may be considered still low, due to the high spreads observed in the Brazilian financial market. The simulations indicated that under historically mean interest rate volatility the default rates are the main component of the total risk. Accordingly to the developed analysis of international standards of regulation, the Brazilian Central Bank imposes very strong capital requirements to banks that securitize their assets and purchase the corresponding subordinated cotes.
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Silva, Nadjara Davi, Rodrigo Fernandes Malaquias und Fernanda Maciel Peixoto. „Home Bias e Desempenho: um estudo com fundos de ações brasileiros“. Revista de Administração da UFSM 13, Nr. 1 (29.03.2020): 58. http://dx.doi.org/10.5902/1983465927864.
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Considering the benefits of investing in foreign stocks, and, in contrast, the occurrence of the home bias phenomenon, this research aimed to analyze the relationship between home bias and performance. The sample of the study is comprised of 488 Brazilian mutual funds. We employed a multivariate regression model to analyze the relationship among the variables. As a performance proxy, we adopted the Sharpe index for the period from January, 2010 to December, 2015. The average level of investments in foreign stocks was the independent variable of interest. The main results indicated that home bias seems to be costly and probably it occurs due behavioral biases. In a second regression model, we also found that the mutual funds designed for qualified investors and those requiring higher levels of minimum value for investment tend to present lower levels of home bias.
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Wuillaume, Amélie, Amélie Jacquemin und Frank Janssen. „The right word for the right crowd: an attempt to recognize the influence of emotions“. International Journal of Entrepreneurial Behavior & Research 25, Nr. 2 (21.02.2019): 243–58. http://dx.doi.org/10.1108/ijebr-10-2017-0412.
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Purpose The purpose of this paper is to propose a better understanding of how entrepreneurial narrative influences resource acquisition in the fundraising context. Design/methodology/approach The paper combines the literature on emotion as information theory from psychology with behavioral finance findings to develop a conceptual framework with research proposals highlighting the use of narratives in the crowdfunding process. Findings The proposition of the paper advocates that entrepreneurial narrative may influence crowdfunders’ attitude and decision to fund a project. It theorizes how emotions in narratives shape the funders’ attitude toward a project and, in turn, their decision to support it. This potential influence is qualified by taking into account the funders’ primary motivations. These motivations affect the degree to which funders rely on affect or cognition to form their attitude and to which they are influenced by more emotional or cognitive narratives. Originality/value This framework is the result of an effort to achieve the recognition of emotions in entrepreneurial funding. The paper creates a bridge between the narrative emotional content and the often neglected emotional arousal of funders (considered as traditional investors) to provide a framework for explaining crowdfunders’ decision making. The paper also offers nuances by taking into account the different audiences’ motivations to fund a project.
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HANAS, Liubov, Oleh DOROSH, Roksana PRYVEDA und Iryna PLISH. „StartUp projects development“. Economics. Finances. Law, Nr. 12/1 (28.12.2019): 19–23. http://dx.doi.org/10.37634/efp.2019.12(1).4.
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Introduction. A significant trend of modern business has become the rapid spread of startups - a special organizational structure aimed at developing and implementing high-tech and innovative products. Purpose. The main purpose of the article is to analyze startup activity both in Ukraine and abroad. Results. The innovative potential of Ukrainian startup projects can be determined by analyzing statistics. The rating is given on the Startup Ranking service. Ukraine ranks 43rd in the number of startups in this ranking. The US has not lost its leadership position since 2016. With 243 successful startups, Ukraine has not made it to the Top 20 and has a large gap between leading countries (four thousand successful startup projects). With a slight margin, Ukraine is ahead of countries such as Norway, Kenya and so on. This means that Ukrainian founders need to work better on projects, because too many startups do not approve or fail. A number of mistakes are made at the stage of idea formation. However, part of the fundamental setbacks occur from the moment of investor search for startup. Therefore, the main reasons for the closure of startups in Ukraine and abroad can be identified: incorrect determination of the level of demand for a startup idea, lack of management experience, lack of clear plans of activities (strategic and current), bureaucracy, poor location, limited funding and lack of funds for the implementation of the startup idea, lack of calculations for determining the optimal price and break-even point, badly formed advertising campaign, lack of mechanisms for promoting the startup idea, problems of interaction with invest tors, organizational problems, untimely release or release of a defective product / service. Conclusions. Ukraine has significant innovative potential for startups, including highly-qualified engineering resources, and creates the appropriate infrastructure and ecosystem around startups. As a result, the number of startups receiving international recognition and receiving funding from foreign investors (Ugears, Senstone, SolarGaps, PassivDom, CruiseBe, Effa, Cardiomo, Helko Smart Dumbbels, Picolor, Petcube etc.) is growing.
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Mikhailushkin, P. V., und L. E. Popok. „The Economic Efficiency of Deep Processing of Grain (on the example of LTD «Cargill»)“. Economy of agricultural and processing enterprises, Nr. 1 (Januar 2021): 40–43. http://dx.doi.org/10.31442/0235-2494-2021-0-1-40-43.
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The purpose of the article is to assess the economic efficiency of production of deep processing of grain. The relevance of the research is determined by the need to develop this industry in Russia. However, there are many factors that hinder this process: investors’ distrust of the agro-industrial complex as a low-tech sector, the lack of domestic equipment and highly qualified personnel in the field of biotechnology, as well as the lack of experience in the construction of processing plants. For all its disadvantages, which can be eliminated over time through the implementation of measures for state support of the deep processing industry, there are many advantages. These include the possibility of producing high-tech products that are in demand on world markets, intensive development of the livestock industry by improving the feed base, increasing demand and, accordingly, prices for cereals and legumes in the domestic market, creating new technological jobs, etc. The article evaluates the economic efficiency of the production of deep grain processing products on the example of Russia’s largest producer of corn starches and glucose syrups for the food industry. It is revealed that the company effectively uses the available resources, which is reflected in the growth of labor productivity and return on funds, and a decrease in capital intensity. The profitability of production during the study period decreased slightly, but remains at a high level for the industry – 24-25%.
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Пригодич, И. А., И. А. Конончук und А. В. Киевич. „ЗОВНІШНЬОЕКОНОМІЧНА ДІЯЛЬНІСТЬ ЯК ФАКТОР АКТИВІЗАЦІЇ ІНВЕСТИЦІЙ В БРЕСТСЬКА ОБЛАСТЬ БІЛОРУСІЇ“. TIME DESCRIPTION OF ECONOMIC REFORMS, Nr. 2 (20.07.2020): 38–44. http://dx.doi.org/10.32620/cher.2020.2.05.
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Investment in the country is the most effective and efficient driver of the economy. Their availability will inevitably lead to effective employment through the creation of new jobs, and deep modernization. Increasing the competitiveness of goods will contribute to the growth of sales, exports and foreign exchange earnings in the country. The purpose of the article is to characterize foreign economic activity as a factor in intensifying investments in the Brest region of Belarus. Methods used in the study. The use of the induction method allowed us to identify areas for improving the procedures for determining the effectiveness of the application of tax benefits. Research hypothesis. In the Republic of Belarus, this is favored by a well-developed transport infrastructure, an extensive network of Railways and highways, modern logistics centers, and a highly qualified workforce. The key factor in the growth of the country's economy is the investment of funds in the regions. Statement of the main material. The modern Brest district is a region where light industry, agriculture, food industry, construction industry, forestry, and woodworking are actively developing. The geographical position of the region on the border with the European Union creates favorable conditions for trade and investment cooperation with European countries. The products of JSC ”Savushkin product“, the Belarusian-German joint venture ”Santa Bremor“ and the Belarusian-Russian joint venture ”Brestgazoapparat“, and the holding company ”Pinskdrev“ are widely known on the world markets. The national center for marketing and pricing study of the Ministry of foreign affairs will continue to promote economic cooperation between enterprises of the Brest region and foreign partners. Originality and practical value. The free economic zone ”Brest“ has been created and is successfully operating in the region, the advantages of which are well known to investors far beyond the country's borders. The residents of this economic zone have successfully used tax and customs benefits, guarantees in respect of the ownership and disposition of profit. In addition to the benefits provided in the free economic zone, preferences also apply when investing in objects located in small towns and rural areas. Conclusions. The Brest region can offer foreign investors comfortable working conditions and profitable projects. In total, the region's investment portfolio includes more than 20 offers totaling more than 100 million dollars.In the article, analyzes the effectiveness of foreign economic activity of the Brest region of the Republic of Belarus and appreciates its investment potential. The assessment of the economic activity of the region allows us to draw conclusions not only about the weaknesses and strengths of key economic entities, but also to identify the prospects for the development of the Brest region by increasing the use of existing benefits and preferences.
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Shkura, Iryna S., Olena M. Vinichenko und Mariia A. Hrybkova. „THE USE OF POTENTIAL OF HEDGE FUNDS FOR UKRAINIAN INVESTORS“. Academic Review 1, Nr. 54 (Juni 2021). http://dx.doi.org/10.32342/2074-5354-2021-1-54-11.
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Studies show that the world of finance is not standing still; new methods and tools of attracting and using financial capital are constantly appearing. This, in turn, allows you to implement modern, more complex, strategies for managing profitability and risk of financial transactions. One such tool is hedge funds, which today are the most objective indicators of the development of the global financial system. This is due to the fact that they not only use modern financial technologies to make a profit, but also adapt all their actions to any changes in the world economy and international finance, and sometimes, as practice shows, shape these changes. That is why this investment instrument is one of the most popular in the European and American markets. Their high flexibility attracts the most talented financial managers to hedge funds, who are able to demonstrate impressive long-term results. The purpose of the article is development of an international investment project «Creating a hedge fund with Ukrainian investments» and evaluating its effectiveness. Hedge funds are a specific class of alternative investment funds that use modern capital management strategies, which are not available to «traditional» funds, have the right to invest their participants in any assets, use a hedging strategy for capital management, i.e. simultaneous purchase and sale of assets, trading in various instruments. This is the fastest growing segment of the financial market. The specifics of their activities allow hedge funds to make a profit even during periods of falling stock and bond markets. Hedge funds focus on the maximum return in terms of optimal (specified) risk or the minimum risk in terms of optimal return. Recently, complex algorithms and analytical methods have been developed to attract artificial intelligence for creating profit. Hedge funds are of special interest to Ukraine, but, unfortunately, have not yet appeared in our country. The lack of hedge funds in Ukraine is explained by the lack of necessary laws to regulate the derivatives market; insufficiently active stock market; psychological unpreparedness of domestic investors for possible high risks; lack of qualified specialists. It is proposed to turn to foreign experience and attract the organizational tools that are available today. Namely, to open hedge funds under the jurisdiction of offshore countries and with the involvement of outsourcing for their management and operation. It proposed the creation of a closed, unregulated, discrete hedge fund. The completed calculations of the project for a period of five years demonstrated its feasibility with a positive value of net present value, a discounted payback period of four years and a profitability index of more than one unit.
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Timofeyeva, Anna. „On Issue of a Management Company as a Participant in the Securities Market“. Baikal Research Journal 11, Nr. 1 (31.03.2020). http://dx.doi.org/10.17150/2411-6262.2020.11(1).8.
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The need for inflow of additional investment resources into Russias economy in order to finance infrastructural and social projects demand improving the existing mechanisms of accumulation and investment of free monetary funds of the population and economic entities. The foreign experience testifies that to achieve this goal it makes sense to develop the corresponding institutions of the financial market. An important role in mobilizing longterm resources is called upon to be played by the funds controlled by the intermediaries of the security market - the management companies. In view of this, the topical items for the study are the issues of management companies functioning and identification of their place in the structure of the security market. An analysis of the Russian legislation and economic literature testifies that the issue of inclusion of the management company into this or that group the security market participants needs an upgrade. The article shows that the management company is an institutional investor of the security market, which functions on the qualified basis and is classified as a group of collective investors.
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Zou, Liping, Tiantian Tang und Xiaoming Li. „A Tale of Two Styles: Do Qualified Foreign Institutional Investors Have an Edge Over Domestic Funds Managers in China?“ SSRN Electronic Journal, 2016. http://dx.doi.org/10.2139/ssrn.2724349.
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Siriopoulos, Costas, und Maria Skaperda. „Investing in mutual funds: are you paying for performance or for the ties of the manager?“ Bulletin of Applied Economics, 25.09.2020, 153–64. http://dx.doi.org/10.47260/bae/7212.
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This study analyses the performance of US Mutual Funds, from the perspective of Long Memory (LM), exploring if the returns of MFs are systematic due to their active management or they are random. The sample was 200 US equity MFs, from four categories, Large Cap, Middle Cap, Small Cap and World Stock, both 1- and 5-stars rating funds according to Morning Star rating. The time period was starting between 1981 and 2006 and ending 2016. Rescaled Range Analysis (R/S) employed for the Hurst exponent estimation, so to detect LM. Using Surrogate Data Analysis (SDA), the study was extended to Hurst exponent estimation for surrogate time series. The findings suggest that the selection of a MF presents a lot of complexity for investors. The 5-star MFs, with high qualified, and so expensive managers, tend to achieve random returns, while the returns of 1-star MFs, are more systematic. These MFs have higher fees than the 5-star MFs, but the management fees paid are quite inferior. This leads to the conclusion, that it might be preferable to pay for gaining an almost the same, but systematic return than to pay for the ties of the manager.
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Gurung, Jas Bahadur. „Assessing Need and Level of Agreement among Market Participants in Adopting Book Building Pricing in Nepal“. Prithvi Academic Journal, 16.09.2020, 69–87. http://dx.doi.org/10.3126/paj.v3i1.31287.
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This paper aims at assessing the need of book building pricing of IPOs as well as the level of agreement among market participants on its application in the context of Nepal. This study is based on a cross-sectional analysis of survey data of 71 respondents comprising 19 issue managers, 16 portfolio managers, six share registrars, 10 mutual funds, nine stock brokers and 11 retail investors, for the months of January and February 2020. Mainly, descriptive statistics and inferential statistics like one-way ANOVA have been used in the study to assess the need and level of agreement in adopting book building pricing. The study revealed that there is an urgent need of adopting book building mechanisms of IPO pricing in Nepal because the existing primary market is inefficient and there is a huge wealth loss of existing shareholders in terms of higher underpricing on equity offerings. The role of institutional investors followed by underwriters is found crucial especially to discover price band and final price i.e. cut-off price, of offerings under book building. Further, the level of agreement in adopting book building pricing in Nepal’s capital market is positive because (i) the price band is determined with the active support of qualified institutional investors, (ii) it lowers the degree of underpricing of IPOs than that of par value method, and (iii) book building help prevents „random free riders‟ from overwhelming the process of IPOs. Mainly, more active market participants, like issue managers, portfolio managers, and stockbrokers, have a high level of agreement in adopting book building pricing. The study findings associated with book building pricing are crucial and highly applicable in order to formulate policies and implementation of new pricing mechanism in Nepal. Implementation of book building pricing will contribute to reduce level of underpricing, attract real sector companies and/or foster the primary market efficiency in future.