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Dissertations / Theses on the topic 'Institutional investments'
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Choi, Nicole Yunjeong. "Institutional investors and financial statement analysis." Pullman, Wash. : Washington State University, 2009. http://www.dissertations.wsu.edu/Dissertations/Spring2009/N_Choi_041709.pdf.
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Nam, Sangwook S. M. Massachusetts Institute of Technology. "Korean institutional investors and real estate investments." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92598.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 50-52).
Korean institutional investors comprise one of the major investor groups in the financial market. Given their characteristics and constraints, asset allocation of such institutional investors is dominated by 'traditional assets' such as stocks, bonds and cash. The recent global financial crisis increased uncertainty, and corresponding low interest rate trends have made it difficult for institutions to meet their own required returns. To accomplish higher and more stable return profiles, major institutional investors in Korea have begun restructuring asset allocation strategies, moving toward greater exposure in the real estate sector. In the context of this trend, where do Korean institutional investors stand on real estate investment? This thesis attempts to cast light on the current and future approaches to real estate investments by the major institutional investors in Korea, including major pension funds and insurance companies. To achieve this goal, the thesis is largely composed of two parts: (i) a prior investigation of real estate and Korean institutional investors with academic literatures and industry data and (ii) comprehensive interviews with Korean institutional investors and their external partners. As a prior investigation, academic literatures show that despite drawbacks, investments in real estate have clear benefits for institutional investors. The industry data clearly demonstrates that the growth of Korean investors' assets under management, intensifying competition in domestic markets, and recent low-interest market environments have all led Korean institutional investors to pay more attention to the global markets. Their real estate investment practices in the global market have been diversified in terms of the destination and property types. Analyzing key interview findings, the study reorganizes practical industry applications and compares them with the prior investigation. The thesis concludes that Korean institutional investors have attempted to establish their own asset allocation strategies based on each unique investment appetite and liability.
by Sangwook Nam.
S.M. in Real Estate Development
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Ma, Xiaorong, and 马笑蓉. "Three essays on information production and monitoring role of institutional investors." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hub.hku.hk/bib/B50662260.
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This thesis includes one essay about the information production of institutional investors and two essays about the monitoring role of institutional investors.
The first essay empirically examines the association between investor base and information production in the context of stock splits. Using the proportion of 13F filers as the proxy for the size of investor base, we show that three proxies for stock price informativeness, adjusted probability of information-based trading (AdjPIN), price non-synchronicity and probability of information-based trading (PIN), decrease significantly due to enlarged investor base after stock splits. It suggests that institutional investors are less incentivized to gather firm specific information when firm's investor base expands, which is consistent with the “risk sharing hypothesis”, proposed by Peress (2010). Furthermore, we find that the change of the price informativeness around splits is negatively related to the magnitude of positive return drifts following splits. This result is consistent with the notion that less information incorporated in stock prices results in a sluggish response by the market to corporate event.
The second essay empirically identifies an external corporate governance mechanism through which the institutional trading improves firm value and disciplines managers from conducting value-destroying behaviors. We propose a reward-punishment intensity (RPI) measure based on institutional investors' absolute position changes, and find it is positively associated with firm's subsequent Tobin's Q. Importantly, we find that firms with higher RPI exhibit less subsequent empire building and earnings management. It suggests that the improved firm values can be attributed to the discipline effect of institutional trading on managers, which is in line with the argument of “Governance Through Trading". Furthermore, we find that the exogenous liquidity shock of decimalization augments the governance effect of institutional trading. We also find that the discipline effect is more pronounced for firms with lower institutional ownership concentration, higher stock liquidity, and higher managers' wealth-performance sensitivity, which further supports the notion that institutional trading could exert discipline on a manager.
The third essay focuses on a particular type of institutional investor, short sellers, and explores the discipline effect of short selling on managerial empire building. Employing short-selling data from 2002-2012, we find a significantly negative association between the lending supply in the short-selling market and the subsequent abnormal capital investment. Besides, we find a positively significant association between the lending supply and the mergers and acquisitions announcement returns of acquiring firms. These results suggest that the short-selling potential could deter managers from conducting over-investment and value-destroying acquisitions. In addition, the discipline effect is stronger for firms with higher managers' wealth-performance-sensitivity, for firms with lower financial constraints, and for stock-financed acquisition deals. Finally, firms with higher lending supply also have higher Tobin's Q in the subsequent year. These results indicate that short-selling is another important external governance force.published_or_final_version
Business
Doctoral
Doctor of Philosophy
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Eames, Michael. "Institutional investor myopia, ownership, earnings, and returns /." Thesis, Connect to this title online; UW restricted, 1995. http://hdl.handle.net/1773/8768.
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Lekander, Jon. "Institutional Real Investments : Real Estate in a Multi-Asset Portfolio." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-196536.
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The purpose of this thesis is to analyze real estate investments from the vantage point of an institutional multi asset investor perspective, both in terms of the potential benefits real estate can bring as well as the challenges it can pose. The thesis consists of six papers and approaches the research question from three distinct perspectives. The quantitative papers consists of paper 1 and 5. Paper 1 analyses the portfolio characteristics of domestic and international real estate in a mean variance framework over seven investor domiciles. It is found that the optimal allocation to real estate is in the range of 15-25 percent depending on domicile of the investor. The fifth paper expands the analysis in paper one by expanding the data. Furthermore, the analysis is extended to investigate how the structure of the real estate portfolio can support a diversification objectives best. Papers 2, 3 and 4 are the market related papers. Paper 2 compares the suggested allocation weights with the allocation to real estate of institutions in four countries, and finds that the actual allocation is significantly lower and that all investor domiciles have a significant home bias. The third paper discusses changes in the institutional framework of real estate markets and the size of the investment universe. Paper 4 discusses various entry points to the real estate market, and how an investor can utilize these in order to adjust the characteristics of the real estate portfolio. The sixth and last paper is qualitative, and investigates how institutions managing pension capital handle real estate. QC 20161115
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Nakano, Katsura. "Corporate shareholding in Japan." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0020/NQ46397.pdf.
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HÄGGBOM, MARIA, and KARIN ÅSENIUS. "Liquidity risk in real estate investments from a perspective of institutional investors." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-224223.
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Talukdar, Shahidur Rashid. "Social, political, and institutional determinants of investment and economic growth : a cross-country study /." Connect to resource online, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ysu1251877560.
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Nielsen, Oskar. "Responsible investments in the Swedish pension fund system : A case study of institutional investors." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-234455.
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Institutional investors are increasing their ownership in corporations and therefore their influence on financial markets is expanding. The Swedish public pension funds are one of Sweden’s largest institutional investors, holding capital for pension savers that amount to 1 123 billion Swedish Kronor. Media and non-governmental organizations’ attention on institutional investors’ corporate engagement have put pressure on their work with socially responsible investments. The Swedish public pension funds are no exception. Recent reports reveal that the pension funds are still owners in fossil fuel intensive corporations as well as firms connected with human rights violations. The aim of this study is to identify factors that influence pension funds’ view on socially responsible investments. Particular focus is directed towards the funds’ view on corporations that are highly involved in fossil fuel emissions. The study is presented as a case study in which a comparison of management between two of Sweden´s public pension funds is made in order to define how the attitude towards socially responsible investments affect the choices of instruments of influence that are used in corporate engagement. The findings of the study argue that the two funds use similar instruments of influence in their corporate engagement. However, differences in how the instruments are applied exist and the study reveals that the two funds’ approaches to corporations that are highly involved in fossil fuel emissions are different. Conclusions from the study are that the funds’ work with socially responsible investments is based on the mandate to serve the Swedish citizens and manage their retirement money in a desirable way. The study argues that the funds’ view on socially responsible investments is based on their role as representatives for the majority of individuals in Sweden and that the funds actions, consequently, should reflect the majority opinion of the Swedish society.
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AZEREDO, FRANCISCO EDUARDO MOREIRA DE. "REAL ESTATE INVESTMENTS BY INSTITUTIONAL INVESTORS: FACTORS THAT MODEL PENSION FUNDS REAL ESTATE MANAGEMENT." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2004. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=5860@1.
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FUNDAÇÃO PETROBRÁS DE SEGURIDADE SOCIALO modelo de monitoração, registro e valoração de investimentos, adotado por investidores institucionais em países desenvolvidos e em especial o americano, juntamente com todos os seus agregados financeiros - índices de bolsas, indicadores de performance, precificação de ativos, ratings, standards, etc...- é sem dúvida um forte elemento direcionador e influenciador dos modelos adotados no Brasil para administração de carteiras de investimento. Surgiu no próprio mercado americano, após o término da recessão do inicio dos anos 90, uma profunda remodelagem dos instrumentos, veículos, indicadores de performance e standards dos investimentos de base imobiliária, que até então seguiam seus próprios e diversificados padrões, desvinculados dos modelos propalados e adotados pelo mercado financeiro. O conhecimento dos modelos de gestão adotados por investidores institucionais brasileiros, em especial os fundos de pensão é básico para se desenhe uma nova estratégia futura de alocação e respectiva gestão de recursos em carteiras de base imobiliária de investidores institucionais. O foco do presente trabalho é dar início a este processo de conhecimento pela identificação e interpretação dos principais fatores que modelam a gestão imobiliária dos fundos de pensão brasileiros, propondo a partir daí algumas reflexões iniciais sobre estes fatores e por conseguinte sobre estes modelos, visando padronizações, aperfeiçoamentos e um maior alinhamento com práticas já consagradas em mercados mais desenvolvidos e eficientes.
It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.
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Nadarajah, Prashanthi Banking & Finance Australian School of Business UNSW. "Top management turnover: an empirical examination of changes in portfolio holdings and investment performance." Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/19356.
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This thesis presents two research projects examining the relationship between top management turnover (i.e. investment directors of funds management firms) and the performance of actively managed Australian institutional funds. Khorana (1996, 2001) studies this relationship from purely a performance perspective using U.S. managed funds. This thesis extends the work of Khorana (1996, 2001) by providing investors and other stakeholders with empirical evidence on performance, sources of performance and the dynamics of portfolios in the pre-and-post replacement periods. This issue is significant given the importance of executive management in the implementation of the institution's investment strategy, the sizeable assets under their control, as well as the overall success and profitability of the funds management operation. In addition, investors, asset consultants, managed fund ratings agencies and the financial media devote significant resources in scrutinizing the performance, organizational activities, leadership and human capital of investment management firms. Accordingly, the first research project examines the impact of performance and fund flow activity on top management turnover in both the pre-and-post replacement periods. The research documents that turnover of underperforming investment managers results in significantly higher performance in the post-replacement period, while turnover coinciding with outperforming managers delivers investors significantly lower returns (risk-adjusted). The evidence also identifies significant changes in portfolio risk associated with managerial turnover. Finally, the study finds that underperforming investment managers exhibit significantly lower fund flows prior to replacement. The second research project represents the first rigorous analysis of top management turnover with respect to monthly portfolio holdings for a sample of actively managed Australian equity funds. An examination of the dynamics of portfolios surrounding both the departure and the arrival dates of investment managers provides a finer decomposition in understanding investment performance, the sources of value added and the extent to which momentum strategies are executed both pre-and-post the turnover event. Accordingly, the study examines a manager's success or failure depending on 'winner' and 'loser' stock holdings, portfolio turnover, reliance on momentum strategies, variation in portfolio risk, stock preferences and fund flows for underperforming versus outperforming investment directors in the pre-and-post replacement periods. The research also documents that new investment managers of previously underperforming portfolios exhibit superior stock-selections skills in the post-replacement period, therefore reversing the portfolio's previously poor performance. The study finds that new investment managers liquidate 'loser' stocks (i.e. cleaning out the portfolio) as well as decreasing the portfolio's concentration (i.e. increases the portfolio's diversification and lowering tracking error). The results also indicate that underperforming investment managers in the pre-replacement period exhibit a preference for larger stocks (i.e. more liquid stocks with greater relative benchmark weights in the index), growth-oriented securities and a preference towards riding past period winners (i.e. following momentum strategies), however they are unable to successfully select and exploit momentum stocks. On the other hand, incoming managers of underperforming portfolios in the pre-replacement period do not show any particular stock size preference. The study also shows these managers prefer growth stocks, do not rely on momentum strategies, and yet still display superior returns in the post-replacement period. The study also documents that new investment managers of previously outperforming portfolios are unable to replicate the performance of the previous head of equities. In terms of stock preferences related to superior performing portfolios, the results show that departing investment managers prefer larger stocks and select stocks based on momentum strategies. On the other hand, incoming investment managers have a greater preference for smaller stocks, are less reliant on momentum strategies and prefer more volatile securities, however, these strategies do not provide superior returns relative to the pre-replacement period.
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Hafeez, Malik Muhammad. "The role of institutional shareholders in the UK approach to corporate governance : the possible contribution of duties under Company law and Trust law." Thesis, University of Aberdeen, 2011. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=167710.
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Corporate governance refers to a complementary set of legal, economic and social institutions to protect the interests of corporate owners by securing long-term corporate stability. A corporate governance system is comprised of a wide range of practices and institutions, from accounting standards and laws concerning financial disclosure, through executive compensation, to the size and composition of corporate board all envisaging monitoring responsibility on the part of the investors to protect them from expropriation by managers. Managers’ power and prestige in running a large and powerful corporation give them superior access to inside information and thus a privileged position as compared to the numerous and dispersed shareholders. The principal concern of the present work is the UK-model of corporate governance and the role of institutional shareholders in the governance of their investee companies listed on the London Stock Exchange. The proportion of the listed UK equity market owned by major shareholders grew enormously between the early 1960s and 2008. Whereas in the early 1930s, individual investors had 80% of the securities traded on the London Stock Exchange, now the ownership structure of public listed companies has significantly changed so that institutional investors have become the dominant players on the British financial market with 88.7% share-ownership of listed companies. This significant growth of institutional ownership has coincided with the emergence of self-regulatory corporate governance practices. The British model has played a pioneering role for the development of a self-regulatory approach to corporate governance framework from the Code of Best Practices 1992 to the Combined Code 2008 and the UK Corporate Governance Code 2010 and the Stewardship Code 2010. The self-regulatory approach on the basis of the ‘comply or explain’ principle adopted by the British model has now been in operation for the last two decades. The operational flexibility of the ‘comply or explain’ approach not only encourages the companies to adopt the general spirit of the code rather than the letter but also takes into account the monitoring responsibility of the institutional investors. This latter feature of the UK approach is based on the assumption that institutions have an economically-rational self-interest to monitor and actively engage with their investee companies to evaluate the veracity of their disclosure statements and thus to protect their investments.The crucial question asked by this thesis, however, is why institutional investors are not behaving as the model expects them to and thus why they have in fact been acting as ‘absentee owners’. Their perfunctory monitoring behaviour by adopting a ‘box-ticking’ approach on the basis of a ‘comply or perform’ analysis appears to have contributed significantly to the financial crisis. This thesis moves on from this observation, however, in order to consider whether there is anything that can be done to improve the monitoring behaviour of institutional investors. In this regard, it begins by noting that institutional investors are not homogeneous; some are companies while others are trusts; they face different problems of collective action, short-termism, conflicts of interest and managerial manipulation. The thesis accordingly considers whether there are any existing powers and remedies within company law and trust law that could be brought to bear in order to encourage or even enforce improved monitoring by institutional investors within the UK’s corporate governance model, which even in the aftermath of the financial crisis remains steadfastly wedded to self-regulation.
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Dreyhaupt, Stephan J. "Locational tournaments in the context of the EU competitive environment a new institutional economics approach to foreign direct investment policy competition between governments in Europe /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://site.ebrary.com/id/10231776.
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Zhang, Tingting, and 张婷婷. "Subnaitonal [i.e. Subnational] institutional environments within a host country, entry mode choices of multinational corporations,foreign affiliate performance and subsequent expansions of foreignaffiliates." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hub.hku.hk/bib/B50662326.
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Based on the institution-based view, this thesis investigates the effects of subnational institutional environments within a host country on foreign direct investment decisionsand the performance of foreign affiliates. Subnational institutional environments refer to the rules of the game of a society in a subnational region, shaping the manners of individual and organizational activities in the region. I focus on two aspects ofsubnational institutional environments, the level of subnational institutional development and legitimating actors’ cognition of wholly owned foreign subsidiaries in a subnational region, and then develop three studies examining the influences of subnational institutional environments on the entry mode choices of multinational corporations (MNCs), the performance of foreign affiliates, and the subsequent expansions of foreign affiliates.
The first study proposes that the levels of subnational economic, political and social institutional development have positive effects on MNCs to take wholly owned subsidiaries (WOSs) at the time of entry, while the high level of acceptance in legitimating actors’ cognition of wholly owned foreign subsidiaries also encourages MNCs to choose WOSs as the entry modes. The influences of the two aspects of subnational institutional environments on the entry mode choices of MNCs vary in degree. The second study examines the independent and relative influences of the levels of subnational economic, political and social institutional development on the level of and variation in foreign affiliate performance. The third study hypothesizes that the subsequent expansions of foreign affiliates within a subnational region are contingent onboth the levels of subnational economic, political and social institutional development and the affiliates’ relative performance to their aspiration levels. The poor performance feedback stimulates a foreign affiliate to take advantage of high levels of subnational political and social institutional development for changing the current situation via expanding the operational size within a subnational region.
Drawing from the foreign-invested firms positing in different subnational regions of a large institutional transition economy, China, I test hypothesized relationships based on a measurement of subnational institutional development that captures economic, political and social institutional conditions of subnational regions within the country. This thesis provides implications for both theoretical development and management practices.published_or_final_version
Business
Doctoral
Doctor of Philosophy
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Gilmour, Scott. "Institutional herding : evidence from the South African Unit Trust Industry." Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/51801.
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Thesis (MBA)--Stellenbosch University, 2000.ENGLISH ABSTRACT: Similar trading patterns, or so-called herding by institutional investors has interested market participants and academics for some time. Recent international research has established empirical evidence of this phenomenon. The context of this study is to observe evidence of herding by institutional investors in the South African Unit Trust Industry during the period December 1991 to September 1999. Furthermore, it investigates possible relationships between institutional herding and other topics of interest. These include risk profile of funds, market volatility, house view of management companies, size of herd, returns on hypothetical portfolios and on individual shares. Empirical results indicate evidence of herding over the period, albeit at a relatively small level. The average count herding measure of 2,4% is similar to levels recorded in the American Mutual Fund and Pension Fund Industries. A currency imbalance ratio is also used to measure herding, and indicates average levels of herding of 8,3%. This measure is deemed to reflect greater accuracy. as it measures actual currency movements (size of positions) as opposed to number of funds active in a share. On average, herding is present as often on the buy side as on the sell side of the market. Intuition would suggest that as the size of a herd increases (number of funds taking similar positions), the degree of herding increases. Evidence from this study corroborates with an American study, indicating to the contrary. There is a statistically significant negative relationship between the size of a herd and degree of herding. An observation of herding measures relative to the risk profile of funds indicates the presence of a statistically significant positive relationship. Highest levels of herding are recorded in aggressive growth funds and lowest levels in income/growth funds. This supports the rationale that aggressive growth funds, by nature of their investment objective, follow high growth firms. Analysts possess less accurate information regarding future earnings; hence the greater herding levels, for whatever reason. House views, imposed by individual management companies, may also lead to higher herding levels. There is tentative evidence of the presence of this practice, particularly in two of the seven companies observed. The relationship between herding and equity market volatility indicates an interesting phenomenon. There is the presence of a strong positive relationship between quarterly volatility estimates and levels of herding. This relationship changes materially for volatility levels in excess of 9%, indicating the clear presence of a structural breakpoint. For quarterly volatility estimates greater than 9%, the relationship weakens substantially and the slope of the relationship flattens. A quarterly time series of portfolio returns is calculated relative to levels of herding to observe trading strategies practiced by fund managers. The findings indicate weak evidence of funds following positive feedback trading strategies. Furthermore, funds trade in past winners more often than in past losers, indicating the absence of window dressing strategies. There is strong evidence of funds following profit taking strategies at quarterly intervals. The absence of return reversals indicates the absence of over reaction at quarterly intervals.
AFRIKAANSE OPSOMMING: Soortgelyke handelspatrone, of sogenaamde samedromming van institusionele beleggers, is al geruime tyd vir markdeelnemers en akademici van belang. Onlangse internasionale navorsing het empiriese bewys van hierdie fenomeen opgelewer. Hierdie studie is daarop gefokus om bewyse van samedromming deur institisionele beleggers waar te neem, binne konteks van die Suid Afrikaanse Effektetrustbedryf gedurende die periode Desember 1991 tot September 1999. Daar word verder ondersoek ingestel na 'n moontlike verhouding tussen institusionele samedromming en ander onderwerpe van belang. Ingesluit hierby is die risikoprofiel van fondse, markonbestendigheid, 'house view' van bestuursmaatkappye, grootte van die samedromming, opbrengste van hipotetiese portefeuljes en individuele aandele. Empiriese resultate dui aan dat bewyse van samedromming gedurende die relevante periode wel bestaan, alhoewel dit op 'n relatiewe klein skaal plaasvind. Die gemiddelde telling samedrommingsmaatstaf van 2,4% is soortgelyk aan die vlakke waargeneem in die Amerikaanse Mutualfonds en Pensioenfondsbedrywe. 'n Geldeenheid onewewigtigheidsverhouding word ook gebruik as maatstaf van samedromming en dui 'n gemiddelde samedrommingsvlak van 8,3% aan. Die laasgenoemde maatstaf word as meer akkuraat beskou aangesien dit werklike geldeenheidbewegings (grootte van die posisies) reflekteer, in teenstelling met die aantal fondse wat aktief betrokke is by 'n spesifieke aandele. Samedromming is oor die algemeen ewe veel teenwoordig tydens die koop en verkoop van aandele in die mark. Intuïsie dui aan dat soos die grootte van die samedromming toeneem (aantal fondse wat dieselfde posisie inneem), die intensietyd van samedromming ook toeneem. Bewyse van hierdie studie bevestig die bevindinge van 'n Amerikaanse studie wat aandui dat die teenoorgestelde waar is. Statisties gesproke is daar 'n wesenlike negatiewe verhouding tussen die grootte en intensietyd van samedromming. 'n Waarneming van samedrommingsmaatstawwe, relatief tot die risikoprofiel van fondse, dui die teenwoordigheid van 'n statistiese wesenlike positiewe verhouding aan. Die hoogste vlakke van samedromming word waargeneem by aggresiewe groeifondse en die laagste vlakke by inkomste-/groeifondse. Hierdie bevinding staaf die gedagte dat aggresiewe groeifondse, as gevolg van die aard van hul beleggingsdoelwit, hoë groei maatskappye volg. Ontleders beskik oor minder akkurate inligting ten opsigte van toekomstige opbrengs en gevolglik is daar groter samedrommingsvlakke vir watter rede ookal. 'House views', soos voorgeskryf deur individuele bestuursmaatskappye, mag ook tot hoër vlakke van samedromming lei. Voorlopige bewyse ten opsigte van die teenwoordigheid van hierdie praktyk bestaan, veral in twee van die sewe maatskappye waargeneem. Die verhouding tussen samedromming en aandelemarkonbestendigheid reflekteer 'n interessante fenomeen. 'n Sterk positiewe verhouding is teenwoordig tussen kwartaalikse onbestendigheidsskattings en vlakke van samedromming. Hierdie verhouding verander wesenlik vir onbestendigheidsvlakke groter as 9%, wat die teenwoordigheid van 'n strukturele breukpunt duidelik aantoon. 'n Kwartaallikse tydreeks van portefeulje-opbrengste word bereken relatief tot die vlak van samedromming om handelstrategië, soos deur fondsbestuurders toegepas, waar te neem. Bevindinge dui aan dat daar gebrekkige bewyse is van fondse wat positiewe terugvoerstrategië volg. Daar is ook gevind dat fondse meer gereeld handel in gewese wenners as in gewese verloorders wat 'n afwesigheid van uitstallingsstrategië aandui. Daar is besliste bewyse van fondse wat winsbejagstrategië volg met kwartaalikse tussenposes. Die afwesigheid van omgekeerde opbrengste dui die afwesigheid van oorreaksie aan met kwartaalikse tussenposes.
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Kent, Avidan. "International trade, investment, and climate change : a tale of legal and institutional fragmentation." Thesis, University of Cambridge, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648583.
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Lindner, Thomas, Jakob Müllner, and Jonas Puck. "Cost of capital in an international context: Institutional distance, quality, and dynamics." Elsevier, 2016. http://dx.doi.org/10.1016/j.intman.2016.01.001.
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Cost of debt is a key cognitive anchor for managerial decisions and an important determinant of firm profitability. We extend international management research by analyzing the effects of institutional distance, institutional quality, and their dynamics on the cost of debt in the context of foreign direct investments (FDI). We test our conceptual model on a sample of companies making 3,764 greenfield foreign direct investments from developed into less developed markets. Using hierarchical linear modelling, we show that the financial consequences of internationalizing into countries with weak institutions depend on both the institutional distance between countries, as well as their institutional quality. Furthermore, we find that recent changes in institutional quality form expectations about future development and ultimately influence post investment financing costs.
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Kemeny, Carlos Alexandre. "Three Studies on Institutional Environment and the Private Equity Continuum: From Early-Stage Venture Capital Investments to Buyouts." Research Showcase @ CMU, 2015. http://repository.cmu.edu/dissertations/525.
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This dissertation evaluates the effects of the institutional environment on investment and performance in the private equity industry. It provides insights on how trade secret protection can increase venture capital (VC) investment through a state court’s favorability toward the inevitable disclosure doctrine, the effect of anti-takeover regulation as it relates to private equity firm buyout performance, and the role that political context has in determining VC distributions to different states. Data analysis is based on Thomson Reuters’ VentureXpert for VC investment and geography, inevitable disclosure rulings gathered from multiple sources, a proprietary database on private equity firm buyout performance, and election results at the state and national levels of the United States. Three studies were conducted, which comprise this dissertation. The first paper investigates how inevitable disclosure, a form of trade secret protection, affects the geography of VC investment in the United States. Results show that a rule in favor of inevitable disclosure increases the overall amount of VC inflows and the proportion of investment by non-local VCs in a state more than an against or no rule. Mechanisms are addressed that can explain these findings by considering how a court decision on inevitable disclosure might increase the probability of obtaining a court injunction against a former employee departure and the predictability of that probability. The second paper extends experiential learning theory by arguing that the degree of causal ambiguity in firm decisions likely differs not only across different settings (i.e. operational vs. strategic), but also across different stages of the same strategic decision. With particular regard to acquisitions, the selection stage seems to be less causally ambiguous than the restructuring stage. Since experience translates into learning to a lesser extent when causal ambiguity is greater, acquisition experience translates more readily into learning to select than into learning to add value. Accordingly, results show that more experienced acquirers should perform better in scenarios when the focal acquisition is more selection- (rather than restructuring-) oriented, such as when (1) the educational background of the acquiring firm’s top management is more finance- (rather than business-) oriented; and (2) the information environment is less transparent. Results are largely consistent with the notion that correlation between acquisition experience and performance is more positive when the firm’s capacity to select target companies is more relevant. The third paper attempts to uncover the effects of political context, as it relates to VC distributions to different states across the United States. The primary finding is that VC investment distributions increase when states that elect a Republican governor also vote for a Democratic presidential candidate (regardless if that candidate wins). Additionally, as the stability of a Republican gubernatorial regime increases, VC investment decreases. Finally, results show that policies that improve the quality of financial institutions (through the number of IPOs) might help explain the political effects on VC, whereas tax policy (through capital gains tax rate) and proentrepreneurship policy (through the number of new firms) do not.
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Bellos, Sotirios. "Institutional, economic and regional determinants of foreign direct investments in the Balkan, Central European and ex-Soviet transition economies." Thesis, University of Bath, 2010. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.525540.
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The study focused on the transition economies of South Eastern Europe, Central Europe and those of the ex-Soviet countries, during the period 1990-2005. The main research aims included the identification of the distinct FDI features, the research for FDI determinants and the relation between FDI and the host countries’ institutions with a particular emphasis on corruption and poor governance phenomena. Additional to that the study shed light on the impact of transition process reforms on FDI. The research employed a variety of different data sources and empirical methods, in order to achieve its goals.
The empirical analysis indicated that foreign investments in the area of interest were not particularly affected by the presence of corruption. Actually, foreign investors were rather encouraged by both high corruption and the low governance levels. Regarding FDI features, the formulated view is of foreign investments as business entities with secured financial support, export orientation, not significant contribution to labour skills and production increase and with a rather indifferent approach towards taxation.
With regards to FDI determinants, the empirical results highlighted the host country’s market potential, the privatization opportunities both at small and large scale, the existence of strategic natural resources, the quick implementation of the transition reforms in terms of competition policies, trade and prices liberalization and banking reforms, while also the existence of an adequate and exploitation promising infrastructure.
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Blomström, Sofia, and Sofie Bokfors. "Sustainable Investments : Sustainability reporting from the institutionalinvestors point of view." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-278190.
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This thesis examines the type of Environmental, Social, and Governance (ESG) information that institutional investors seek when making and monitoring investment decisions, as well as the possibilities for this information to be presented in sustainability reports. As a basis, twelve semi-structured interviews were conducted with Swedish state institutional fund holders in the category regions and municipalities. Furthermore, five interviews were conducted with six employees at a large Swedish-Norwegian fund company. The results show that the basic demand for ESG information is governed by the content that the investor's organization's financial policy requires, for example, that the fund company has signed the UN Principles for Responsible Investments (PRI) or follows frameworks such as the Global Reporting Initiative (GRI). Furthermore, sustainability motivations are sought in qualitative form, for example about the fund's sustainability strategy, corporate inclusion and justifications about the fund's actual sustainability impact in the portfolio companies. In addition, motivations for potential future business exclusions is also desired. However, this wish is difficult to cater for as it could potentially create discontent between fund companies and portfolio companies. Such a justification could also contribute to market disorders for the company in question, which could degrade the value of the fund holding. Quantitative data are also requested, such as carbon dioxide emissions for the fund portfolio. However, this cannot always be met in the report as reported data from companies are missing. Furthermore, a necessity for the sustainability reports to be used properly by the investors is that data is presented similarly between funds, so that comparisons between funds are facilitated. Finally, investors point out that much of the ESG information they seek is only useful if all funds report in a similar format, and that the ESG information only becomes truly valuable after a unanimous definition of sustainability is introduced.I detta examensarbete undersöks vilken typ av ESG-information som institutionella investerare eftersöker när de ska genomföra och övervaka investeringsbeslut, samt hur möjligheterna ser ut för denna information att kunna presenteras i hållbarhetsrapporter. Som underlag genomförs tolv stycken semi-strukturerade intervjuer med svenska statliga institutionella fondinnehavare inom kategorin regioner och kommuner. Vidare genomfördes fem intervjuer med sex stycken anställda på ett stort Svenskt-Norskt fondbolag. Resultaten visar att den grundläggande efterfrågan av ESG information styrs av det innehåll som investerarens organisations finansiella policy kräver, exempelvis att fondbolaget signerat PRI eller följer ramverk såsom GRI. Vidare så eftersträvas hållbarhetsmotiveringar i kvalitativ form, exempelvis kring fondens hållbarhetsstrategi, företagsinkludering samt motiveringar kring fondens faktiska hållbarhetspåverkan i portföljbolagen. Utöver dessa efterfrågas även motivering av potentiella framtida företagsexkluderingar. Denna önskan är dock svår att tillgodose då denna potentiellt skulle kunna skapa osämja mellan fondbolag och portföljbolag. En sådan motivering skulle även kunna bidra till marknadsoroligheter för det aktuella bolaget, vilket kan försämra värdet på fondinnehavet. Slutligen efterfrågas även kvantitativ data, exempelvis koldioxidutsläpp för fondportföljen. Denna kan dock inte alltid tillgodoses i rapporten då nog lång tillbakagången klimatdata saknas. En nödvändighet för att hållbarhetsrapporterna ska nyttjas ordentligt av investerarna är vidare att data presenteras liknande mellan fonder, så att en jämförelse mellan fondalternativ underlättas. Investerarna poängterar slutligen att stor del av den ESG-information de eftersträvar bara är användbar om alla fonder rapporterar på liknande sätt, samt att ESG-informationen först blir riktigt användbar då en samstämmig definition av hållbarhet införs.
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Shiva, Suman. "The Moderating Role of Institutional Quality, Leverage and Size in the Relationship between R&D Investments and Firm Value." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377180.
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This study examines the relationship between R&D intensity (R&D/sales) and firm value. Additionally, both the moderating effect of endogenous firm characteristics (i.e. firm size, leverage and the interaction between size and leverage) and institutional quality are considered. By employing a sample of 1,833 firms throughout 49 countries, this study finds evidence supporting a positive association between R&D and firm value in its cross-national sample. Moreover, the results support the positive moderating effect of leverage on the relationship between R&D and firm value, in favour of the disciplining role of debt. Furthermore, a negative moderating effect of firm size is found, suggesting that smaller firms possess a superior ability to appropriate value from their R&D investments. Lastly, the size-leverage interaction reveals that small firms with high leverage reap the greatest firm value from their R&D investments.
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Lee, Sungho. "Exploratory modeling and adaptive strategies for investment in standard services to facilitate public service networks." Santa Monica, CA : RAND, 2006. http://www.rand.org/pubs/rgs_dissertations/RGSD199/.
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Sorsa, Ville-Pekka. "Pension fund capitalism in Europe : institutional organisation and governance of Finnish pension insurance companies." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:64a98d6a-92f8-4a7d-a00f-46785162125a.
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Pension capital is the single largest block of capital in the global domain of finance and a transformative social force. However, the studies on pension fund capitalism have been geographically limited. Although vast pools of pension capital have been generated outside the Anglo-American institutional environments, we still have little knowledge on the social construction of pension fund capitalism outside that context. The purpose of the study is to develop theoretical-methodological tools for studying the institutional differences in pension fund investments with habitual institutionalist theory at the level of organisation fields, and to apply these tools in an empirical case study that has theoretical relevance concerning the recent financialisation of European pension provision. The case study is focussed on the field of Finnish pension insurance companies that execute the nationally mandatory partly funded TyEL pension scheme. The case study includes a single case analysis at the organisation field level with embedded case analyses on the investment processes in two companies. The study is based on multiple sources of textual and interview data gathered and analysed with content analysis. It is argued that the institutional life of Finnish pension insurance company investments illustrates divergence from the Anglo-American pension fund capitalism and has reinforced elastic institutional solutions especially in domains of governance and regulation even under Europe-wide financialisation pressures. The Finnish case shows that there are alternative institutional solutions for various domains of pension fund capitalism, but the strong Europe-wide trends have all characterised recent institutional change in the TyEL field as well. It is concluded that although the European shift towards pension fund capitalism with the generation of increasingly independent portfolio investors with increasingly principle-based regulation and risk-based supervision has not necessarily implied strong institutional convergence, the European pension investors are likely to share a number of common questions in the future.
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Helmy, Ingy. "Three essays on institutional investors participation in infrastructure projects." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E016.
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Malgré une adéquation théorique parfaite entre les objectifs des investisseurs institutionnels et les opportunités d’investissement en infrastructure, la participation de ce type d’investisseur a été très modeste. Cette thèse étudie, à l'aide de méthodes empiriques, les modalités pour accroitre et faciliter la participation des investisseurs institutionnels dans les projets d’infrastructure. La thèse contribue à la littérature sur la participation du secteur privé dans le financement des projets d’infrastructure et explore des pistes et des solutions potentielles qui pourraient accroitre les flux de capitaux des investisseurs institutionnels vers les projets d'infrastructure. Tout d'abord. la relation entre les différents risques du projet et l'attractivité du projet pour les investisseurs institutionnels est étudiée, afin d'identifier les risques majeurs qui peuvent entraver leur participation. Deuxièmement. nous nous focalisons sur le rôle du soutien financier des organismes multilatéraux comme catalyseur de l'investissement privé provenant des investisseurs institutionnels. L'analyse est effectuée à la fois sur les pays développés et les pays en voie de développement. Le dernier chapitre de cette thèse explore l'efficacité d’introduire dans le cadre d'un PPP, une option de sortie sous certaines conditions, à la fois pour l’investisseur et pour le gouvernement. Les micro-mécanismes comportementaux sous-jacents sont ensuite testés dans le laboratoireDespite a theoretical perfect match between institutional investors and infrastructure investments, allocations to infrastructure have been slow and small. This dissertation investigates using empirical methods the question of how to make a better match between infrastructure investments and institutional investors. The dissertation contributes to the literature on private participation in infrastructure and shifts the debate from private participation in infrastructure as a public policy matter to what is needed to be done from an investment standpoint to unlock the full potential of institutional investors in infrastructure. First, the relation between infrastructure project risks and projects’ attractiveness for institutional investors is investigated. The results highlight that higher macroeconomic, regulatory and political risk can hinder investment by institutional investors. Furthermore, a different risk appetite among direct institutional investors, asset managers and infrastructure funds is found. Second, the role of financial multilateral support in crowding-in institutional investors’ capital into infrastructure is analyzed in developed and developing countries. The results suggest a positive effect in developed countries and a crowding-out effect in developing countries. Finally, an exit and bail-out options mechanism to overcome ex-ante fear of investment in infrastructure is proposed and tested in the lab. Concurrent exit and bail-out options were found to increase partnership formation, cooperative behavior and partnership sustainability compared to situations without exit or unilateral exit from the government only
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Гриценко, Лариса Леонідівна, Лариса Леонидовна Гриценко, and Larysa Leonidivna Grytsenko. "Інституційне розуміння ролі держави в інвестиційному забезпеченні розвитку економіки." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63702.
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Розглянуто місце теорії інституціоналізму серед сучасних теоретичних концепцій обґрунтування ролі держави в активізації інвестиційних процесів. Досліджено Досліджена система партнерських відносин та активізації взаємодії між державним і приватним сектором як один із основних елементів сучасної теорії змішаної економіки.The author examined the place of the institutionalism theory among the modern theoretical concepts justify the state's role in investment processes. Researched studies of partnerships and promote cooperation between the public and private sector as one of the key elements of the modern theory of the mixed economy.
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Railo, Tomi. "Internationell diversifiering i portföljinvesteringar av institutionella investerare.Internationell jämförelse med fokus i Japan." Thesis, Linköping University, Department of Management and Economics, 2000. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-706.
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Background: The global capital markets have enlarged investment opportunities and thus also the sources of funds for companies which increasingly face global markets for their services and products. Huge capital movements show that investors are constantly searching ways to minimise risk and maximise returns. In the light of the substantial growth of assets in institutional funds, an important question for international finance is the degree to which institutional investors have diversified their portfolios internationally.
Purpose: The purpose of this study is to examine the international diversification of portfolio investments of institutional investors in Japan, the US and the UK and deepen into international diversification in portfolios of Japanese institutional investors.
Demarcations: Institutional investors can use their power directly in companies or indirectly through capital markets. In this thesis, I will not discuss corporate governance issues. Nor is it an aim of this thesis to try to find the optimal portfolio or the best performing portfolio.
Method: Secondary data in this study are based on several sources from academic literature as well as from public data and statistics. Primary data for this study include interviews and background discussions as well as my own calculations. Interviews were made in order to obtain more information and make a proper comparison. The interviews were held in Tokyo, Japan.
Conclusions: International diversification of portfolio investment of institutional investors tend to differ more between countries where the investors are based than between the type of investor in different countries. Institutional investors in UK tend to diversify their investments more internationally compared to Japanese and US counterparts. Japanese institutional investors tend to have very similar international diversification strategies. This can be explained by cultural aspects which traditionally have promoted risk averse and domestic investment strategies. Furthermore, there are reasons which make investment strategies more country contingent. Currency risk, level of knowledge and domestic investment opportunities have critical impact on international investments.
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Ku, Yongli. "Chinese Investments and Conflict Resolution—A Case Study of Tasang (Mong Ton/Mai Dong) Dam, Myanmar." Thesis, Linnéuniversitetet, Institutionen för samhällsstudier (SS), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-56574.
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The aim of this research is to bridge the correlation of peace and foreign investments through the lens of North et al.’s (2013) Limited Access Orders (LAOs). The research seeks to engage in the discussion of LAOs by providing a perspective from analyzing Chinese investments under the context of New Silk Road policy with the case of Tasang Dam. Current discussion of LAOs does not involve how foreign investments affect institutional transition in LAOs. Therefore this research is a humble attempt to engage in the existing literature from a different perspective. Tasang Dam is designed to be built in southern Shan State, Myanmar, an area that has encountered continuous armed conflicts. The conflicts between the local armed group SSA-S/RCSS and the Tatmadaw continue even after a ceasefire agreement was signed in 2011. Chinese investors acting under the context of New Silk Road project have tried to involve in creating stability in the area to reduce costs. According to the LAOs logic, if the access to rents is open to armed organizations, there will be motivations for rival parties to avoid violence. In order to redistribute the resources, there should be an institutional transition. In Tasang Dam’s case, the rents created by Chinese investments are not available to SSA-S/RCSS, but with the Chinese investments as the democratization of Myanmar goes on, there are opportunities to alter the story of repeated violence.
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Zaulochnaya, Ya-Brouwer Irina. "The praxis of responsible investment in South Africa: a holistic case study of Evolution One Fund." Thesis, Rhodes University, 2012. http://hdl.handle.net/10962/d1003899.
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At the beginning of the 21st century the public interest in environmental and social sustainability, and corporate governance grew exponentially fuelled by recurring ecological and financial crises. The market demand for cleaner production and corporate transparency created opportunities for sustainability entrepreneurs in a variety of industries, including financial markets and investment management. An increasing number of financial institutions across the world now offer ethical or socially responsible products to meet the environmental, social and governance (ESG) aspirations of their clients. In the US, according to the Social Investment Forum (SIF), responsible investment (RI) assets reached US$ 2,29 trillion in 2007 (Mitchell, 2008). The European Sustainable Investment Forum (EuroSIF) estimated that total European SRI assets reached EUR 5 trillion in 2009 (Wheelan, 2010). In June 2011 the International Finance Corporation (IFC) reported that at the end of 2010 professional sustainable investment under management in South Africa approximately equalled US$ 122,6 billion (IFC, 2011:44). The statistics describing the rapid growth in the ESG-type investments are, however, complicated by the variety of names and definitions used to describe this emerging type of investment and a general market uncertainty about what constitutes the practice of RI. The purpose of this case study is to better understand responsible investment principles and practice as seen through the eyes of a South African private equity fund, which specializes in clean technology.
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Castro, Aline Eggres de. "Investimentos socioambientais para posicionamento de marca: um estudo sobre imagem organizacional." Universidade Federal de Santa Maria, 2011. http://repositorio.ufsm.br/handle/1/4589.
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Coordenação de Aperfeiçoamento de Pessoal de Nível SuperiorThis study aims to investigate how the Social and Environmental Investments and other actions of Corporate Social Responsability of the companies impact on organizational image of them before their customers. The theme is justified by the need to verify that such actions bring effective results in the quest for improved organizational image. For a better understanding of the topic, literature search was conducted on the topics of organizational image, Social Responsibility, Institutional Marketing and Communications. The company Natura Cosmetics SA was chosen as an object of study due to its strong performance in the social, environmental and cultural areas in the country. The actions carried out by the company were described in this study through a literature search conducted on the company s publications about the subject and segmented into three categories: Ecologic Marketing, Cultural Marketing, and Social Marketing. To achieve the objectives of the study, a survey was conducted with the consultants (sellers of products). This public was chosen because they are considered to be the first consumers of Natura s products. The survey was conducted through a questionnaire, developed from a hypothetical model of research adapted from Gonçalves Filho et al (2009). The results indicated that the activities better known by the respondents are the ones about ecology, which are directly related to the identity linked to natural products that do not harm the environment that the company transmits (therefore, they are well communicated) and the program "Believe to See, "which has a line of products aimed at raising funds to it, so the consultants are in frequent contact. The respondents were asked about their opinion on the investments and 99.2% have positive view, with only one respondent has indifferent vision. Moreover, 80% of respondents said that the realization of these actions positively affect their opinion on the company. The focus of the study, however, was to investigate the impact of specific actions, whereas other studies have already shown the impact of Social Responsibility actions in general. Thus, the consultants were asked about what actions impacted the most their opinion about the company. The results indicate that the activities that are better communicated are also those that most affect the opinion, especially those related to ecology and society. The actions related to culture, however, even when properly communicated don t have relevant return on image, compared to the returns of other kind of actions. The results, therefore, allowed to accept two hypotheses made (related to ecology and society) and refute one of the hypotheses (related to cultural activities).
O presente estudo tem como objetivo investigar a maneira como os Investimentos Socioambientais e demais ações de Responsabilidade Social Corporativa das empresas impactam na imagem organizacional delas perante seus consumidores. O tema justifica-se pela necessidade de verificar se tais ações trazem resultados efetivos na busca de melhoria de imagem organizacional. Para uma maior compreensão do tema, foi realizada pesquisa bibliográfica sobre os temas da imagem organizacional, Responsabilidade Social, Marketing e Comunicação Institucionais. A empresa Natura Cosméticos S.A. foi escolhida como objeto de estudo devido a sua forte atuação nas áreas social, ambiental e cultural no país. As ações realizadas pela empresa foram descritas neste estudo por meio de uma pesquisa bibliográfica nas publicações realizadas pela empresa sobre o tema e segmentadas em três modalidades: Marketing Ecológico, Marketing Cultural e Marketing Social. Para atingir os objetivos do estudo, foi realizada pesquisa survey com as consultoras (revendedoras de produtos) da empresa, público escolhido por serem consideradas as primeiras consumidoras dos produtos Natura. A survey se deu por meio da aplicação de questionário, elaborado a partir do modelo hipotético de pesquisa adaptado de Gonçalves Filho et al (2009). Os resultados indicam que as ações mais conhecidas pelas respondentes são as de cunho ecológico, que estão diretamente relacionadas com a identidade ligada a produtos naturais, que não agridem o meio ambiente que a empresa transmite (ou seja, são bem comunicadas) e o programa Crer para Ver , que possui uma linha de produtos direcionada a arrecadar fundos a ele, portanto as consultoras estão em freqüente contato. As respondentes foram questionadas a respeito de sua opinião sobre os investimentos e 99,2% afirmam ter visão positiva, sendo que apenas uma respondente tem visão indiferente. Além disso, 80% das respondentes afirmaram que a realização dessas ações afeta positivamente sua opinião em relação à empresa. O foco do estudo, entretanto, era verificar o impacto de ações específicas, visto que outros estudos já demonstraram o impacto de ações de Responsabilidade Social de maneira geral. Dessa forma, as consultoras foram questionadas a respeito de quais ações impactavam mais sua opinião em relação à empresa. Os resultados indicam que as ações mais bem comunicadas são também as que mais afetam a opinião, especialmente as relacionadas à ecologia e sociedade. As ações relacionadas à cultura, entretanto, mesmo quando propriamente comunicadas não apresentam retorno relevante em imagem, se comparado ao retorno das ações de outros cunhos. Os resultados, portanto, permitiram aceitar duas das hipóteses apresentadas (as relacionadas à ecologia e sociedade) e refutar uma das hipóteses (relacionada a ações culturais).
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Lorenius, Alexander, and Marcus Wallin. "Varför är investeringsviljan så låg förinstitutionella investerare i onoterade fastighetsinvesteringar med en crowdfunding-modell?" Thesis, KTH, Fastigheter och byggande, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-211073.
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Den svenska fastighetsmarknaden har tagit fart de senaste åren. Den gynnsamma marknaden har lockat allt fler nya aktörer till fastighetsbranschen. Detta ger upphov till nya finansieringsalternativ så som crowdfunding. Idag är det främst privatpersoner som investerar i fastighetsprojekt med crowdfunding-modeller. I den här uppsatsen undersöks varför investeringsviljan i crowdfunding är låg hos institutionella investerare. Information har hämtats från sex stycket interjuver med representanter från olika institutioner. Inställningen till det nya finansieringsalternativet crowdfunding har visat sig vara positivt men det är många faktorer som hindrar institutionerna från att investera. Framförallt är det den bristande likviditeten i investeringen, förtroende hos projektutvecklarna & crowdfunding-plattformen samt den projektvolymerna som begränsar viljan att investera i crowdfunding-projekt. Crowdfunding inom fastigheter i Sverige är fortfarande något som är väldigt nytt och behöver därför fortsätta att växa för att skapa ett vidare intresse hos institutionella investerare.The Swedish real estate market has taken off in recent years. The growing market has attracted an increasing number of new actors to the real estate industry. This promotes new alternatives to traditional financing, such as crowdfunding. Currently crowdfunding models is used to invest mostly by private individuals invest in crowdfunding models. This paper examines the incentives of institutional investors to invest in crowdfunding. Information have been gathered from six interviews with representatives from different institutions. While the attitude towards the new funding option crowdfunding has proved to be positive, there are many factors that prevent the institutions from investing. Above all, it is the lack of liquidity in the investment, trust of the project developers & crowdfunding platform, as well as the project volumes that limit the incentive/will to invest in crowdfunding projects. Crowdfunding within real estate in Sweden is still very new and therefore needs to continue to grow to create a wider interest in institutional investors.
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Hadgi, Gulistan, and Keziah Petersson. "Faktorer som påverkar integrering av kriterierna för miljö-, socialt och styrning inom Private Banking." Thesis, Högskolan i Halmstad, Akademin för företagande, innovation och hållbarhet, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-45039.
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Bakgrund: I takt med klimatförändringarna har EU publicerat nya förordningar som syftar till att begränsa den sektor som har högst koldioxidutsläpp. Private Banking-sektorn omfattas av de nya förordningarna och tidigare forskning lyfter fram olika faktorer som påverkar en Private Bankers integrering av ESG i investeringsprocessen i arbetet mot att uppnå Parisavtalet och de globala målen 2030. Forskningsfråga: Hur arbetar Private Bankers med miljö-, sociala och styrningskriterier? Syfte: Syftet med denna studie är att analysera vilka faktorer som påverkar en Private Banker att integrera miljö-, sociala och styrnings (ESG-) kriterier i investeringsprocessen. Studien avgränsar till Private Banking-sektorn i Sverige. Metod: Studien har genomfört på ett kvalitativt tillvägagångssätt i kombination med en abduktiv ansats. Intervjuerna har genomförts med fem olika respondenter från tre olika storbanker i Sverige från Halmstad, Göteborg och Stockholm. Teoretisk referensram: Den teoretiska referensramen behandlar tre olika teorier; aktieägarteori, intressentteori, nyinstitutionell teori. Resultat: Det görs tydligt att trenden inom storbankerna är hållbarhet. De olika faktorerna visar sig ha ett samband i hur en Private Banker integrerar ESG i investeringsprocessen genom att faktorerna påverkar varandra. De formella reglerna har störst påverkan i en Private Bankers investeringsbeslut inom storbankerna, men är även formad efter samhällets normer och värderingar. En utmaning inom sektorn är att få sina kunder mer medvetna om den påverkan deras placeringar har.
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Kyriakakis, Konstantinos N. "Die Überwachung einer US-amerikanischen Aktiengesellschaft durch institutionelle Anleger /." Frankfurt am Main [u.a.] : Lang, 2002. http://www.gbv.de/dms/sbb-berlin/337451761.pdf.
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Univ., Diss. u.d.T.: Kyriakakis, Konstantinos: Die Überwachung des Managements einer US-amerikanischen Aktiengesellschaft durch institutionelle Anleger--Osnabrück, 2000.Nebent.: Überwachung des Managements durch institutionelle Anleger.
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Cox, Paul. "Institutional investment and responsible investing." Thesis, University of Exeter, 2009. http://hdl.handle.net/10036/98368.
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The four refereed journal articles and one government research report that form the core of this submission for a PhD represent my work in the subject area of institutional investment and responsible investing. The research, as a whole, has two major areas of focus. One area of focus is the behaviour of institutional investors. The research first examines different types of institutional investor and their demand for the characteristics of social and environmental performance within their equity portfolios. The research next examines the fund managers that institutional investors appoint to manage their assets. Attention is paid to the different locations of fund management as well as the features that determine the degree of competition between fund managers. The research examines these different fund management settings and the demand for the characteristics of social and environmental performance within their equity portfolios. A further issue investigated is whether different types of institutional investor pay greater attention to responsible investment when investing domestically than overseas. The second area of focus is the study of responsible investment based on grounded research methods. The main contributions are an assessment of how fund managers perceive that responsible investment achieves financial performance, the communication between fund managers and corporate directors for the purpose of responsible investment, the use of information and staff within responsible investment, and costs and charges associated with responsible investment. Both areas have contributed to policy debates and development, and have prompted other researchers to publish and undertake fieldwork. The commentary, which forms Part A of this submission, illustrates these features by reference to the five publications that are reproduced in their entirety in part B.
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Abdioglu, Nida. "Three essays on institutional investment." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/three-essays-on-institutional-investment(bde050d7-3f41-4df7-b242-d63e5cd28844).html.
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This thesis investigates the investment preferences of institutional investors in the United States (US). In the second chapter, I analyse the impact of both firm and country-level determinants of foreign institutional investment. I find that the governance quality in a foreign institutional investor's (FII) home country is a determinant of their decision to invest in the US market. My findings indicate that investors who come from countries with governance setups similar to that of the US invest more in the United States. The investment levels though, are more pronounced for countries with governance setups just below that of the US. My results are consistent with both the 'flight to quality' and 'familiarity' arguments, and help reconcile prior contradictory empirical evidence. At the firm level, I present unequivocal evidence in favour of the familiarity argument. FII domiciled in countries with high governance quality prefer to invest in US firms with high corporate governance quality. In the third chapter, I investigate the impact of the Sarbanes-Oxley Act (SOX) on foreign institutional investment in the United States. I find that, post-SOX, FII increase their equity holdings in US listed firms. This result is mainly driven by passive, non-monitoring FII, who have the most to gain from the SOX-led reduction in firm information asymmetry, and the consequent reduction in the value of private information. The enactment of SOX appears to have changed the firm-level investment preferences of FII towards firms that would not be their traditional investment targets based on prudent man rules, e.g., smaller and riskier firms. In contrast to the extant literature, which mostly documents a negative SOX effect for the US markets, my chapter provides evidence of a positive SOX effect, namely the increase in foreign investment. In the fourth chapter, I examine the effect of SOX on the relation between firm innovation and institutional ownership. I find that US firms investing in innovation attract more institutional capital post-SOX. Prior literature highlights two SOX effects that could cause this result: a decreased level of information asymmetry (direct effect) and increased market liquidity (indirect effect). My findings support the direct effect, as I find that the positive relation between innovation and institutional ownership is driven by passive and dedicated institutional investors. A reduction in firms' information asymmetry is beneficial for these investors while they gain less from increased market liquidity. Overall, my results indicate that SOX is an important policy that has strengthened the institutional investor's support for firm innovation.
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Nguyen, Kimthoa Thi. "How resource rich countries attract foreign direct investments: a study of Western Asian countries and strategies of industrialization and diversification." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/15058.
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Fuel is a self-depleting resource and long term dependency on this commodity alone will not suffice. An export trade oriented approach can lead to faster industrialization while diversification leads to economic sustainable growth. This research seeks to understand how countries compete for foreign direct investments, and how certain activities have the most impact in the competitive global marketplace. Research suggests that when companies decide to invest abroad, they seek only to find countries that facilitate their strategic objectives. The results conclude with appropriate levels of government accountability, credibility and visibility with the private sector, foreign direct investment is attracted by policy advocacy and policy reform. By reviewing countries such as United Arab Emirates in direct comparison to Western Asian countries, including Kuwait and Iraq with high levels of fuel exports, along with Qatar with optimistic marketplace indicators and plentitude of skills and capabilities – research seems to suggest that despite high capabilities and attractive GDP, promotional investment activities yield the highest returns using policy advocacy and reform.
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Chan, Narith. "Institution et investissement : impact de l’environnement institutionnel sur l’entrée d’IDE au Cambodge." Thesis, Lyon 2, 2011. http://www.theses.fr/2011LYO22005/document.
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Dans le cadre de la Nouvelle Economie Institutionnelle, Douglass C. North a développé une nouvelle approche théorique des institutions pour donner une nouvelle explication au développement économique. L’une des explications est celle du déterminant institutionnel des IDE. En prenant le Cambodge comme champ d’étude, cette thèse a pour objectif de participer à la vérification empirique de la relation entre institution et IDE, en montrant que l’environnement institutionnel relativement peu solide du Cambodge décourage les investisseurs. Actuellement, le Cambodge demeure une option pour les entreprises qui cherchent une localisation pour s’implanter, mais les risques associés à ces investissements liés à son encadrement légal et règlementaire perçus par les firmes étrangères restent parmi les inquiétudes. Les réformes institutionnelles n’ont alors pas seulement pour buts de rendre à la société un ordre public juste et des services publics appropriés et efficace, mais aussi de favoriser les investissements directs étrangers dont le rôle dans le développement est déjà confirméAs part of the New Institutional Economics, Douglass C. North, has developed a theory of institutions as a new approach to the economic development study in which institutions play a key role. According to this theory, the presence of a strong institutional environment accelerates the development process; among the explanation, the determinant role of the institutional environment for FDI. Taking Cambodia as field of study, this dissertation tends to provide more evidence of this institution-FDI relation by showing that the relatively weak institutional environment in Cambodia discourage foreign investors. With its advantages, the kingdom is perceived by foreign firms as an attractive option for investment, but the investment risks resulting from the country’s legal and regulatory framework perceived by foreign firms, are among the concerns. Thus, the institutional reforms are not only used to give to society the public order, the adequate and effective public services with rule of law but also to promote foreign direct investments whose role in development has already confirmed
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Gleizer, Valeria, and Volkan Özturk. "Ekonomisk tillväxt och utländska direktinvesteringar i Sub-Sahara." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-24132.
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The Sub-Saharan countries have for a long time struggled with poverty and conflicts which might have proven hostile for investors. The analysis aims to see if there is a significant correlation between foreign direct investments (FDI) and economic growth and which cultural and institutional factors seem to be significant in this correlation. Considered are also other variables and their influence that might explain what motivates and gives incentives for foreign direct investments (FDI) and are used in the construction of a regression analysis. This to see whether there is an effect on the economic growth in relations to FDI. The results show that FDI is of significance to the economic growth in the region and the study shows that corruption seems to be the most significant institutional factor in the correlation with effect on economic growth and the ability to attract FDI.
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Ennis, Jeffrey L. (Jeffrey Lake). "The institutional real estate clearinghouse : implications for institutional investment in real estate." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11393.
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Blake, Daniel J. "Thinking Ahead: Time Horizons and the Legalization of International Investment Agreements." The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1284993123.
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Olsson, Therése, and Richard Strömwall. "Foreign Direct Investment in Sub-Saharan Africa : The Importance of Institutional Settings." Thesis, Jönköping University, Jönköping University, Jönköping University, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-10150.
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Hansen, Michael Leif. "Investment, governance, and the environment an institutional assessment /." Thesis, Click to view the E-thesis via HKUTO, 2005. http://sunzi.lib.hku.hk/hkuto/record/B31930736.
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Zhai, Chuan. "Chinese institutional investment in U.S. real estate market." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/101317.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (page 64).
Followed by huge amounts of small real estate investments from wealthy Chinese individuals, large institutional investors, like well-known insurance companies and developers, also started to step into the U.S. real estate market to make large profit since 2013. Apparently, the strong economy and relatively steady real estate market are the major attractions for both individual and institutional investors all around the world; however, compared with individual investors who care more about return and immigration, Chinese institutional investors focus more from the strategic standpoint especially when the current U.S. real estate market has such relatively high price and possibly would face another round of depression within a few years. This thesis will first look at all transaction details of large-scale real estate investments in major American cities to uncover the similarities and differences in terms of product types and geographic areas. And then, many reasons for the strong investment trend will be discussed on both macro- and micro-level. In addition, through interviews and literature reviews, specific real estate products, strategies, and investment methods will be discussed for each type of institutional investors. Finally, this thesis will compare Chinese institutional real estate investment nowadays with Japanese investors in the 1980s to find out the similarities and differences, and most importantly, what Chinese can learn from Japanese investors' failure and what is a good way to participate in the U.S. real estate market.
by Chuan Zhai.
S.M. in Real Estate Development
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Schopohl, Lisa. "Essays on institutional investment and socially responsible investing." Thesis, University of Reading, 2017. http://centaur.reading.ac.uk/69599/.
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This thesis contributes to the growing body of research on socially responsible investing (SRI) and institutional investment. Throughout the three main chapters of the thesis, I empirically investigate how institutional investors incorporate environmental, social and ethical considerations into their investment practices. First, I assess the impact of different political dimensions on the equity holdings of 31 U.S. state pension funds. I provide evidence that pension funds with Democratic leaning members tend to tilt their portfolios more strongly towards companies with higher environmental and social performance and that pressures by Democratic state politicians intensify this tendency. Additionally, I show that the sample funds neither under- nor outperform on their politically motivated SRI holdings, implying that their SRI preferences are unlikely financially-driven. Next, I investigate how Scandinavian public asset owners balance their financial and ethical objectives through exclusionary screening. I empirically analyse the performance effect of the exclusion of “unethical” companies from the portfolios of two leading Nordic investors, Norway’s Government Pension Fund-Global (GPFG) and Sweden’s AP-funds. I show that the portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark indices, indicating that the exclusion decisions generally did not harm fund performance. Finally, I evaluate the extent to which investors account for the financial materiality of environmental and social factors in their shareholder activism. I find that a considerable amount of investor resources is spent on advancing immaterial issues through shareholder proposals. While certain “dedicated” investors such as public pension funds, endowments, religious institutions and asset managers are better at targeting financially material issues, the overall shareholder base does not differentiate between the financial materiality, or otherwise, of a proposal. Material proposals neither receive greater vote support nor does the market react more positively to learning that a company has been targeted by a material proposal.
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Enciso, Huayek Lisseth. "Foreign institutional investment in Latin American real estate." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/113481.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017Cataloged from PDF version of thesis.
Includes bibliographical references (pages 67-69).
Latin America has witnessed many upheavals and controversies in the recent past. However, the region continues to show strong and stable growth as business carries on despite political and social turbulence. Local economies are open to foreign investment. Markets have developed in both depth and sophistication as first risk-seeking frontier investors and then larger Institutional Investors entered the market. Today, open economies, increased market transparency and liquidity, sophisticated local partners, the availability of debt financing from both local and global parties and a variety of structures provide opportunities for Foreign Institutional Investors (FIls) to invest capital in assets in Latin America with attractive risk-return profiles. This thesis will assess the five largest Latin American markets for FIs, describing their economies' evolution and the formation and development of the FDI market. Investing in Latin America has become a central pillar of many international corporations' and developed countries' economic strategies. Many North American, Asian, and European firms have material investments in Latin America's real estate sector. The thesis will outline a series of best practices to follow when sourcing opportunities and managing a portfolio of assets in Latin America, along with the risks that may be encountered.
by Lisseth Enciso Huayek.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Zhou, Ye S. M. Massachusetts Institute of Technology. "Foreign institutional investment in China's real estate market." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123585.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 51-53).
The Chinese real estate market has been growing rapidly over the past decade and has become a popular destination for foreign institutional investors (FIls) including both the public and private entities such as sovereign wealth funds, pension funds, equity funds, banks and insurance firms. An increasing interest from global investors has been observed recently. The total property transaction volume of foreign institutional investment in mainland China set a new yearly record in 2018 and a new quarterly record in the first quarter of 2019. The main objective of this study is to identify the investor universe and the investment patterns of different types of FlIs in China's real estate market. Thorough analysis of the actual transaction data is performed to understand the investment behaviors and preferences in each major property sector including office, retail, industrial, apartment, hotel and site development. Company profiles and a few selected cases formost active investors in the market are reviewed to analyze the investment strategies. This research finds that institutions from the United States and Singapore have dominated the foreign investment field. Equity funds and investment managers are the most active players among all types of FIls. While the office sector is the most popular type, prime retail assets also have a few loyal followers. The development site lost it attractiveness but the industrial and the rental apartment sectors received tremendous attention in recent years. Following their investment guidelines, FIls demonstrate different risk tolerances by the investor type and also adopt various investment strategies for different property types. The study also provides analysis of future investment trends in the selected promising sectors and regions. The investment risks are assessed for FIIs who have been or will be in the Chinese real estate market.
by Ye Zhou.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Ko, K. Jeremy (Kwangmin Jeremy) 1973. "On proprietary disclosures of investment institutions." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/8043.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2003.Includes bibliographical references (p. 73-74).
We analyze issues related to proprietary disclosures by specialized investment institutions such as hedge funds to their trading counterparties and creditors. In this paper, disclosure can be costly because of the potential for exploitation through competitive trade or "front-running". In chapter 1, we consider a model with a direct revelation mechanism between leveraged investors and their lenders. In this model, the investors need to borrow from lenders with heterogeneous risk-exposures in order to trade. Investors may obtain advantageous terms of borrowing by disclosing their investment strategy, thereby revealing its correlation to the lender's existing risk-exposure. Investors risk being "front-run" by their lender if they disclose, however. We show that in the presence of front-running, the "unraveling" result of full disclosure may not hold. Mandating disclosure has ambiguous welfare effects since it can not only lead to the matching of uncorrelated risks, but also to concentrations of risk. These results have implications for regulations on leveraged investors in financial markets. In chapter 2, we consider an indirect revelation made by an arbitrageur (e.g., hedge fund) to trading counterparties through traded securities. In this model, the arbitrageur has private information about the relative value of two or more securities. We conjecture that in a segmented dealer market, the arbitrageur trades each security with a different dealer so that each dealer sees only one piece of the total position. We show that this "break-up" strategy can be optimal and unique even if given an array of redundant strategies and securities, including "swaps" of the various securities. The analysis of this equilibrium has implications for the kinds of claims held by an arbitrageur's counterparties in a leveraged scenario and their resulting stability.
by K. Jeremy Ko.
Ph.D.
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Zheng, Yu. "Credibility and flexibility political institutions and foreign direct investment /." Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2007. http://wwwlib.umi.com/cr/ucsd/fullcit?p3268348.
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Thesis (Ph. D.)--University of California, San Diego, 2007.Title from first page of PDF file (viewed August 7, 2007). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 203-220).
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Reiter, Sandra L. "The institutions of foreign direct investment in developing countries and social/economic outcomes : a justice perspective /." Thesis, Connect to this title online; UW restricted, 2006. http://hdl.handle.net/1773/8708.
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Wilson, Janine Lynn Flathmann. "The effect of institutional quality on trade and investment /." For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2004. http://uclibs.org/PID/11984.
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Bonestroo, Jelle. "CEO incentive-based compensation, investment opportunities and institutional heterogeneity." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-317867.
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Using international data (15,786 obs.) from industrial companies from 28 countries over an 11-year period (2003–2014), this research contributes to the area of institutional heterogeneity, CEO compensation and investment opportunities. More precisely, we use three perspectives in order to investigate whether investment opportunities explain CEO compensation structures. We compare (i) U.S. and non-U.S. firms, (ii) Common law and Civil law firms, and (iii) firms operating with similar cultural characteristics. Overall, after controlling for firm governance and board characteristics, we find that investment and growth opportunities in terms of book-to-market ratio, research and development (R&D), and capital expenditures (CAPEX) explain the percentage equity and non-salary CEO compensation. These findings suggest that firms with higher information asymmetries associated with their growth opportunities pay CEOs higher incentive-based compensation.