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Academic literature on the topic 'Qualified investor fund'
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Journal articles on the topic "Qualified investor fund"
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Cho, Hyeongtae, and SungMan Yoon. "Investment asset allocation in response to tax relief for mutual funds: The case of South Korea." Investment Management and Financial Innovations 18, no. 3 (September 20, 2021): 347–58. http://dx.doi.org/10.21511/imfi.18(3).2021.29.
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This study examines whether the management style of a fund differs depending on the type of fund being managed for tax purposes, given the rules of temporary tax relief for fund investments. The study considers a change in the ratio of tax-favored assets to the net asset value of a tax relief qualified fund around the effective date of tax relief laws in South Korea in 2007 and 2016. A regression model is used to test sample data from domestic and overseas equity funds available in the three months before and after the 2007 and 2016 Restriction of Special Taxation Act came into effect. It was found that the ratio of the value of tax-favored assets to the net asset value in the tax relief qualified fund increased significantly since the enactment of tax relief laws in both 2007 and 2016. These findings suggest that fund managers may try to change the asset allocation in a managed fund to increase the after-tax return of the fund investor, which means that fund managers do take into account the potential tax burden on fund investors and try to minimize it. AcknowledgmentThis work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF- 2019S1A5A8035027).
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Metzger, Aleksandr. "Transformation of corporate governance models in investment funds." SHS Web of Conferences 89 (2020): 01005. http://dx.doi.org/10.1051/shsconf/20208901005.
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The article is devoted to the phenomenon of corporate governance in investment funds, as one of the key elements ensuring the effective functioning of this institution of financial intermediation. A narrow and formal understanding of the term “corporate governance” in mutual funds is reduced to the relationship between owners and leaders of the management companies. This problem is devoid of practical sense in the context of highly concentrated ownership in these companies. The author proposes an expanded interpretation of corporate governance based on considering an investment fund as an “investment corporation”, in which the participants are various categories of investors, fund management, as well as a number of other participants and stakeholders, depending on the nature of the investment process. Considering corporate governance as a system of control and management in Russian investment funds, the author comes to a number of conclusions. The current model considers the protection of the interests of fund investors from the opportunism of managers as a priority and meets the specifics of a certain market segment. The same model, but under different conditions, becomes redundant or even destructive. The analysis of the specifics of the activities of the investment funds for qualified investors makes it possible to formulate adequate changes in the corporate governance model. These include: 1) the transition to a model of coordinating the interests of the investors (controlling and minority), as well as other participants in the investment process, 2) reducing external regulation and moving to internal mechanisms for assessing and making decisions, taking into account the qualifications of the participants themselves, 3) limiting or compensation for the excessive influence of the controlling investor with a concentrated structure of investors.
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Khutorova, Natalya A. "Global Catastrophe Bond Market and the Prospects of Its Formation in the Russian Federation." Financial Journal 13, no. 1 (February 2021): 75–92. http://dx.doi.org/10.31107/2075-1990-2021-1-75-92.
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The article is devoted to the development of instruments for catastrophe risk financing. The state of the global market for disaster risk financing is analyzed in order to identify the main development trends and the possibilities of using conceptual approaches in the Russian practice of the financial market. It is proven that the development of the catastrophe bond market has prospects in conditions of permanent instability, since catastrophe bonds are unique and highly attractive due to the lack of correlation with macroeconomic events. It is suggested that the instruments of catastrophe risk financing can be considered in the context of the development of sustainable finance. The paper identifies the main problems slowing down the development of the Russian catastrophe bond market, and formulates proposals aimed at developing the market for insurance-linked securities (ILS) in the Russian Federation. Pilot CAT bonds emission prospectuses should be based on structured bonds, with elements of a subordinated bond. There is a need to introduce into the Russian legal field a term defining ILS as a category. It is proposed to register special purpose vehicles (SPVs) and catastrophe funds in Russian offshores. The Russian analogue of catastrophe funds should be a closed-end investment fund with high funding for qualified investors. It is proposed to update the formula for calculating the creation of and the procedure for using reserve funds, in particular with the use of catastrophe risk financing tools. A pilot issue of CAT bonds is proposed to be conducted on behalf of VEB.RF, as bonds sponsoring regions exposed to high natural risks. In the process of developing socially responsible investor practice and tools for socially responsible investments, it is suggested to establish a Russian “Green Index” and to create green ETFs in Russia. Due diligence (DD) approaches are recommended for decisions on issuing catastrophe bonds.
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Januzzi, Flávia Vital, Aureliano Angel Bressan, and Fernando Moreira. "Opacity, Risk, Performance and Inflows in Hedge Funds." Revista de Administração Contemporânea 24, no. 1 (January 2020): 77–99. http://dx.doi.org/10.1590/1982-7849rac2020180233.
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Abstract This article analyzes the relationship between opaque assets and the risks, returns and inflows of hedge funds. In particular, we use a unique dataset containing information required by a Brazilian regulator to evaluate the amount invested by funds in forward and future contracts, swaps and options in the context of qualified and non-qualified investors. Our results show a positive association between the positions in derivatives and the variations in risk and a negative association between derivatives (especially swaps) and the funds' monthly performances. This means that the use of more derivatives is related to higher risk (total and systematic) without the benefit of higher return. Hedge funds adopting leveraged operations with derivatives also present a lower annual performance. In general, there is significant evidence that swaps are related to fund inflows in a negative way with regard to qualified and non-qualified investors.
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Firmansyah, Egi Arvian. "SELEKSI SAHAM SYARIAH : PERBANDINGAN ANTARA BURSA EFEK INDONESIA DAN MALAYSIA." Jurnal Inspirasi Bisnis dan Manajemen 1, no. 1 (June 8, 2017): 1. http://dx.doi.org/10.33603/jibm.v1i1.480.
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Abstract. Islamic stocks are those which do not contradict with the Islamic teachings derived from Al-Quran, Sunnah, hadith and ijtihad of the qualified Islamic scholars. This is a qualitative research comparing the stock screening criteria in order to be categorized as sharia compliant stocks in two developing countries where most of the citizen are Muslims, i.e. Indonesia and Malaysia. As the sharia stock screening is in the field of muamalah and there is no single scholar (or group) accepted by the whole Muslims worldwide, each country sets its own screening criteria through its Islamic scholars by performing ijtihad as an effort to decide the sharia compliant stocks. It was found that there are differences in screening criteria between Indonesia and Malaysia stock exchange. These are based on the fiqh or understanding of the scholars in the two countries as well as the vision and investor to be targeted. The screening criteria need to be continuously improved or revised along with the changing need of investor and stock exchange strategy in collecting the fund especially from Middle East countries requiring sharia compliance.Keywords. ISSI; JII; stock screening; sharia stock selection. Abstrak. Saham Syariah merupakan saham yang tidak bertentangan dengan ajaran Islam yaitu yang bersumber dari Al-Quran, Sunnah, hadist dan ijtihad ulama terkemuka. Penelitian ini merupakan penelitian kualitatif yang membandingkan kriteria seleksi saham untuk dapat dikategorikan ke dalam saham syariah di dua negara berkembang yang penduduknya mayoritas Muslim yaitu Indonesia dan Malaysia. Karena skrining saham syariah termasuk ke dalam aspek muamalah dan tidak adanya ulama yang diterima oleh umat Muslim seluruh dunia untuk menentukan satu hukum yang diterima umum, maka setiap negara dengan ulamanya masing-masing menggunakan pendekatan ijtihad untuk memutuskan saham mana yang dikategorikan sesuai syariah dan tidak. Terdapat perbedaan kriteria seleksi di Indonesia dan Malaysia yang didasarkan pada pemahaman fiqih yang dianut masing-masing negara serta visi dan target investor yang ingin diraih. Metode skrining senantiasa perlu dievaluasi atau direvisi seiring perubahan selera investor dan strategi bursa dalam mengumpulkan dana terutama dari negara-negara Timur Tengah yang memperhatikan aspek kepatuhan pada syariah.Katakunci. ISSI; JII; stock screening; seleksi saham syariah.
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Tizziani, Elton, Marcelo Cabus Klotzle, Walter Lee Ness Jr., and Luiz Felipe Motta. "O Efeito Disposição na Indústria Brasileira de Fundos de Investimento em Ações." Brazilian Review of Finance 8, no. 4 (January 3, 2010): 383. http://dx.doi.org/10.12660/rbfin.v8n4.2010.1651.
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The goal of this study is to test the disposition effect, the tendency of investors to sell winning investments too soon and hold losing investments too long, by analyzing all Brazilian equity fund portfolios from November 2003 to March 2008. The analysis based on the number of trades shows that equity funds are subject to the disposition effect. On the other hand, contrary to evidence from the American stock market, when the analysis is based on trading volume, the disposition effect is not found. Finally, the disposition effect is strongest in funds open to non-qualified investors.
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Januzzi, Flávia, Aureliano Bressan, and Fernando Moreira. "Opacity in Hedge Funds: Does it Create Value for Investors and Managers?" Brazilian Business Review 17, no. 6 (November 4, 2020): 640–68. http://dx.doi.org/10.15728/bbr.2020.17.6.3.
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This paper investigates if opacity (as measured by derivatives usage) creates value for investors and the managers of hedge funds that charge performance fees. Since we do not identify a positive relation between opacity and managers’ revenue, it is not possible to state that opacity is a source of manager’s value creation for hedge fund investors and managers. However, considering that opacity is positively associated with risk-taking and negatively related with investors’ adjusted returns, we suggest policies aiming at protecting investors, especially those less qualified. We examine a unique and comprehensive database related to the positions in derivatives taken by managers, which was enabled due to specific disclosure regulatory demands of the Brazilian Securities Exchange Commission, where detailed information on hedge funds’ portfolio allocation should be provided on a monthly basis.
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Adler, Sara, Joel I. Greenberg, William G. LeBas, and Ellen Fleishhacker. "US Securities and Exchange Commission (SEC) expands accredited investor definition." Journal of Investment Compliance 22, no. 1 (April 6, 2021): 29–33. http://dx.doi.org/10.1108/joic-09-2020-0029.
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Purpose To explain amendments to the definition of “accredited investor” approved by the SEC in August 2020 and to describe the impact of the changes. Design/methodology/approach Explains how the amendments expand the pool of qualified investors in various subsections of the definition, explains related amendments, and then discusses the implications of the changes. Findings The amendments, among other things: (i) permit natural persons to qualify as accredited investors based on certain professional credentials or, for investments in private funds, based on “knowledgeable employee” status”; (ii) add LLCs and other specified entity types to the list of potentially-qualifying entities, and add a “catch-all” category for unspecified entities (although with different quantitative standards); (iii) add the term “spousal equivalent” to the definition; and (iv) codify certain related staff interpretive positions. In addition, the amendments revise the definition of “qualified institutional buyer” to include additional entity types to avoid inconsistencies with the new accredited investor definition. Originality/value Expert analysis and guidance from experienced securities attorneys who counsel clients on all manner of SEC regulatory policy matters.
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Fedulova, E. A., and Yu M. Еmokhonova. "An optimal organizational and legal form of private equity fund functioning for qualified investors." Финансы и кредит 23, no. 4 (January 27, 2017): 233–48. http://dx.doi.org/10.24891/fc.23.4.233.
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ZHANG YUEIXIA. "Application of China-Korea Tax Treaty to Qualified Foreign Institutional Investor (QFII) Funds." Seoul Tax Law Review 18, no. 1 (May 2012): 327–57. http://dx.doi.org/10.16974/stlr.2012.18.1.008.
Full textDissertations / Theses on the topic "Qualified investor fund"
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Rozsypal, Tomáš. "Investiční doporučení pro fond kvalifikovaných investorů v oblasti investic do drahých kovů." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2021. http://www.nusl.cz/ntk/nusl-443096.
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Precious metal - gold, is perceived as a safety and is used to secure investment at the time of nervousness in the global market. However, the only small part is usually inset into world funds. Qualified (hedge) funds can be managed completely differently. Diploma thesis solves which way and how the qualified investor funds can include the gold into portfolio. The work takes all instruments on gold suitable for investing and analyzes their basic characteristics and differences.
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Kminiak, Michal. "Návrh investičního portfolia fondu kvalifikovaných investorů zaměřeného na akcie Exchange Traded Funds investujících do drahých kovů." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2020. http://www.nusl.cz/ntk/nusl-414473.
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This diploma thesis focuses on the design of three portfolio variants for a fund of qualified investors operating in the Czech Republic, which focuses on investing in shares of Exchange Traded Funds investing in precious metals.
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Václavík, Lukáš. "Návrh investičního portfolia fondu kvalifikovaných investorů." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2020. http://www.nusl.cz/ntk/nusl-414474.
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The diploma thesis deals with the financial analysis of European joint stock companies in the pharmaceutical sector in order to expand the investment portfolio of a field-oriented fund of qualified investors. Selected companies are subjected to financial analysis by selected ratios. Based on these data, they are compared with each other by the method of intercompany comparison according to specified weights and verified in terms of their possible bankruptcy. With the help of these outputs, a proposal to expand the fund's investment portfolio is subsequently formulated.
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Dirhan, Martin. "Analýza hedgeových fondů se zaměřením na právní úpravu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224395.
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This Thesis aims at hedge funds analysis focused on legal regulation. Hedge funds are not very well-known in our country, they represent a specific kind of investment funds. A term which describes these funds most closely within our legal environment is "Funds of qalified investors". The first part of this Thesis is focused predominantely on general descsription of hedge funds, their histroy and specific features. The second part of the Thesis deals with strategy, legislation and some other aspects of hedge funds.
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Benda, Martin. "Investiční společnost při správě fondu kvalifikovaných investorů." Master's thesis, 2018. http://www.nusl.cz/ntk/nusl-372748.
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Investment company in managing funds of the qualified investors The aim of this proposed thesis is a qualitative analysis of the internal mechanisms of operations of an investment company in managing a fund of qualified investors. The stated goal is to relatively analyse the organism, which is providing the managing portfolio in the ownership of the fund by abstracting the most important processes that are taking place in such matter. The thesis is divided in a logical order from the historical genesis of collective investment through a brief analysis of the basic subjects of collective investment up to a qualitative analysis of the issues relating to the management of the assets of an externally managed fund with regard to the division of functions of individual bodies inside the investment structure. In conclusion, following the qualitative analysis of the activities of the individual bodies of the investment company - I then, on an example of the acquisition process, attempt to analyse and break down the roles of the individual bodies performing as a part of the acquisition of an asset to the portfolio of an externally managed investment fund.
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Řeháčková, Hana. "Fondy kvalifikovaných investorů." Master's thesis, 2013. http://www.nusl.cz/ntk/nusl-328140.
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Funds of qualified investors Recent events in the financial world emphasize the need to understand institutions and instruments of capital market. From that reason I have chosen the area of funds of qualified investors. The aim of my thesis is to examine the treatment of funds of qualified investors, to characterize the main changes the funds have come through and to carry out a comparative analysis of similar funds which are intended for professional investors abroad and to focus on strict European legislation in this area which has an effect on the Czech funds of qualified investors and assess influence of the legislation on them. The thesis is structured into six chapters, each of them dealing with different aspects of the funds of qualified investors. The first chapter is introductory and introduces basic terminology of the subjects of collective investment; the chapter is divided into three subchapters. Subchapter one describes collective investment in the context of financial market, the second subchapter concerns the main principles of collective investment and in the third subchapter there are explained advantages and disadvantages of collective investment. The second chapter introduces the legislation of collective investment in the Czech Republic; it is also divided into three...
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Kačiaková, Petra. "Finanční trh a jeho právní aspekty." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-345423.
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Diploma thesis Financial market and its legal aspects provides a general overview on financial market and in next chapters continues with collective investments via funds of collective investors as one of ways how a natural or legal person can participate in the financial market processes. In first two chapters the thesis provides a characteristics and more detailed description of the terms financial market and capital market. Second chapter then defines the division of capital market types of investment Instruments that are traded on the market and entities that are present in the financial market and are necessary for its functionality. The last sub-chapter of second chapter summarizes the general overview of the current situation and development of capital market in Czech Republic, together with providing Czech and European legislation that regulates the financial and capital market. Third chapter introduces the term collective investment together with investment companies and investment funds law, that serves as a main regulation for collective investments. In this chapter we can also find the advantages and disadvantages of investing via investment funds and main entities that operates in the financial market with connection to collective investments. Fourth chapter further defines investment...
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Vaníček, Jan. "Fondy kvalifikovaných investorů a správa majetku srovnatelná s obhospodařováním." Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-451118.
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Qualified investors' funds and asset management comparable to management of an investment funds The main aim of the submitted diploma thesis is particularly a description and analysis of the regulation of qualified investors' funds and asset management comparable to management of an investment funds, and the comparison of their usage in practice, especially in terms of numerical representation of individual legal forms. Apart from the descriptive and analytical methods, I frequently use the comparative method and also methods of deduction and induction. The diploma thesis consists of six chapters. The content of the first chapter is a brief introduction to the capital market law, in the second one, we find the regulation of investment funds in the Czech Republic. In the third chapter, I deal with the definition of the investment fund and analyse activities, which are directly related to the investment fund, i.e. management, administration and marketing of investments. The fourth chapter provides an overview how the current regulation divides investment funds. Emphasis is put on differences in regulatory requirements between establishing an internally managed and externally managed investments fund. In the fifth chapter, I deal with qualified investors' funds. First, I adress the definition of a...
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Kucharovičová, Katarína. "Právní regulace alternativních investičních fondů v České republice." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-345435.
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LEGAL REGULATION OF ALTERNATIVE INVESTMENT FUNDS IN THE CZECH REPUBLIC ABSTRACT The purpose of my thesis is to analyze the impact of the recently adopted groundbreaking European regulation of alternative investment funds into the Czech legal environment of collective investments. The respective chapters provide an analysis of the most important aspects of regulation of alternative investment funds, which I consider as crucial for collective investment undertakings and its (even only potential) investors. In a large portion of the thesis I focus on the definition of alternative investment funds to clarify the possible modes of operation and distinguish them from their earlier regulated standard counterparts. In the first of eight chapters I introduce this topic in the historical context, which provides a brief excursion into the progress of regulation of collective investment at the European and Czech level, and further explain the reasons which led to creation of a unified regulation for collective investment business. The second chapter describes the current regulatory framework in accordance with the European regulation, based primarily on the Alternative Investment Fund Managers Directive (AIFMD) and its subsequent transposition into the Czech Act on Investment Companies and Investment Funds (ICIFA)....
Books on the topic "Qualified investor fund"
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Dutta, Shantanu, Arup Ganguly, and Lin Ge. The Economics of Hedge Funds. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780190607371.003.0002.
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For anyone interested in investments, fascination with hedge funds is almost inevitable. This enthusiasm occurs because amid the ocean of dismal performances in the asset management industry, top-performing hedge funds still manage to garner unbelievable returns even during economic downturns. This chapter explores the economics behind these supersecretive alternative investment vehicles and finds that their functioning can be broadly explained through four different economic paradigms: (1) the principal-agent framework, (2) the adaptive market hypothesis, (3) the governance framework, and (4) the factor theory framework. The chapter indicates why hedge funds are so important to society in general and financial markets in particular despite the fact that only qualified investors can invest in them.