Academic literature on the topic 'Strategy and Fund Performance'
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Journal articles on the topic "Strategy and Fund Performance"
1
Kaur, Inderjit. "Performance of Equity Mutual Fund and Educational Credentials of Fund Manager." Vision: The Journal of Business Perspective 21, no. 1 (February 10, 2017): 23–34. http://dx.doi.org/10.1177/0972262916681227.
Full textAbstract:
The investors of mutual funds can reduce their selection risk by selecting the mutual funds based on certain criteria. One such criterion could be the educational credentials of fund managers. The present study has examined whether performance of mutual funds could be attributed to differentials in educational credentials of fund managers and thereby can provide necessary signals to investors. The study has compared performance and investment strategy of fund managers having management degree from premier management institutions with others having CA/CFA/ICMA qualification. The results show that the performance between these two groups of fund managers does not differ significantly. However, the difference in performance became significant after controlling for various fund characteristics, such as size, expense ratio, liquidity ratio and flow of funds. This suggests that the relation between fund performance and educational credentials may be moderated by control variables. The results showed that the fund managers with a premier management degree were performing better than the other group and that they also followed a more extreme investment strategy. Further, the study has examined whether the relation between educational credentials of fund managers and performance and investment strategy has been impacted by different time periods of economic cycle. The examination in different sub-periods of economic cycle provided better performance of fund managers with premier management education, particularly during crisis period of economy. This performance differential due to educational credentials during the crisis period have been independent of the investment strategy of fund managers.
2
SHIN, SANGHEON, JAN SMOLARSKI, and GÖKÇE SOYDEMIR. "HEDGE FUNDS: RISK AND PERFORMANCE." Journal of Financial Management, Markets and Institutions 06, no. 01 (June 2018): 1850003. http://dx.doi.org/10.1142/s2591768418500034.
Full textAbstract:
This paper models hedge fund exposure to risk factors and examines time-varying performance of hedge funds. From existing models such as asset-based style (ABS)-factor model, standard asset class (SAC)-factor model, and four-factor model, we extract the best six factors for each hedge fund portfolio by investment strategy. Then, we find combinations of risk factors that explain most of the variance in performance of each hedge fund portfolio based on investment strategy. The results show instability of coefficients in the performance attribution regression. Incorporating a time-varying factor exposure feature would be the best way to measure hedge fund performance. Furthermore, the optimal models with fewer factors exhibit greater explanatory power than existing models. Using rolling regressions, our customized investment strategy model shows how hedge funds are sensitive to risk factors according to market conditions.
3
Lapatto, Anni, and Vesa Puttonen. "Life after death: acquired fund performance." Managerial Finance 44, no. 3 (March 12, 2018): 389–402. http://dx.doi.org/10.1108/mf-02-2017-0031.
Full textAbstract:
Purpose The purpose of this paper is to study how the target fund in mutual fund mergers performed compared to the acquiring funds had they not been merged but continued on their own as buy-and-hold portfolios. Design/methodology/approach The authors develop a novel approach to examine post-merger wealth effects. The authors’ study how the target portfolios would have performed compared to the funds acquiring them had they not been merged but continued on their own as passive portfolios. The data set consists of 793 merging US equity funds from January 2003 to December 2014. Findings The authors find that the target portfolio shareholders would have been better off if the target fund had been converted from an actively managed fund to a passively managed fund that maintained their current holdings. Research limitations/implications The findings are the opposite to many previous studies who view target fund shareholders as the major beneficiaries in mutual fund mergers. Practical implications Investors receiving notification of their fund merging should reconsider their investment strategy. If they wish to maintain the original strategy of their fund, they should oppose the merger. Alternatively they may withdraw their money from the (soon-to-be) merged fund, replicate the latest portfolio of their fund, and buy-and-hold that portfolio. Originality/value The authors develop a novel approach to examine post-merger wealth effects.
4
Bae, Kibeum, and Junesuh Yi. "Performance of Private Equity Funds in Korea." Korean Journal of Financial Studies 49, no. 2 (April 30, 2020): 163–87. http://dx.doi.org/10.26845/kjfs.2020.04.49.2.163.
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This study analyzes performance of PEFs in Korea. Using the unique return data of 134 private equity funds collected from limited partners (LP) including pension funds, this study explores performance differences by investment step, strategy, timing, and fund size. This study also investigates risk adjusted return, return on economic cycles, and likelihood of performance exaggeration by general partners (GP) on liquidated funds. In addition, this paper examines factors to affect PEF performance. We find that Korean PEF records 6.12% of IRR and 1.22 of investment multiple on average. Fund performance is also found to be superior in liquidated funds by investment step, buyout funds by investment strategy, and small funds by fund size. As the result of analyzing performance of only liquidated funds, reflecting the nature of private equity funds where most of the profits are realized at the time of harvesting, we find that risk adjusted returns by measuring KS-PME, PME+, and direct alpha overperform market returns, and that funds liquidated during the recession display higher returns than funds liquidated during the boom. In terms of factors affecting performance, fund performance is negatively related to fund life, market return, and GDP growth rate.
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Sanjaya, Sigit, Yosi Yulia, Elfiswandi, Zerni Melmusi, and Faradilla Suretno. "Factors influencing equity fund performance: evidence from Indonesia." Investment Management and Financial Innovations 17, no. 1 (March 17, 2020): 156–64. http://dx.doi.org/10.21511/imfi.17(1).2020.14.
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This study aims to discover the factors that affect equity fund performance in companies listed on the Indonesia Stock Exchange (IDX) during 2015–2018. This research is quantitative. Past performance, stock selection skills, market timing abilities, fund size, fund age are independent variables, while fund performance is the dependent variable. The population in this study was 73 equity funds. A total of 21 equity funds were selected as the sample by the purposive sampling method. The analytical method used is panel data regression analysis using the EViews program. Hypotheses were tested using a t-test with a significance level of alpha 0.05. The results show that equity fund past performance, stock selection skill, market timing ability, fund size, fund age and IDX composite index simultaneously have a significant effect on equity fund performance. Stock selection skill and IDX composite index partially have a positive and significant effect on equity fund performance. However, past performance, market timing ability, fund size and fund age have no positive and significant effect on equity fund performance. AcknowledgmentAll authors would like to thank Universitas Putra Indonesia YPTK Padang and Yayasan Perguruan Tinggi Komputer for financial support. Any remaining errors are our own.
6
Apau, Richard, Paul-Francois Muzindutsi, and Peter Moores-Pitt. "Mutual fund flow-performance dynamics under different market conditions in South Africa." Investment Management and Financial Innovations 18, no. 1 (March 15, 2021): 236–49. http://dx.doi.org/10.21511/imfi.18(1).2021.20.
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Questions regarding the specific factors that drive continuous cash allocations by investors into portfolios of actively managed funds, despite consistent underperformance, continue to remain an inexhaustive aspect of the literature that calls for further investigations. This study assesses the dynamic relationship between fund flow and performance of equity mutual funds in South Africa under different market conditions. The study employs a GMM technique to analyze the panel data of 52 South African equity mutual funds from 2006 to 2019. The analysis found that convexity is prevalent in the flow-performance relationship, where fund contributors in subsequent periods allocate recent underperforming and outperforming funds disproportionate cash. This finding is evident in the lack of significance in the past performance effects on subsequent fund flows. The study found that lagged fund flows, fund size, fund risk, and market risk drive subsequent fund flows under changing conditions of the general market and fund markets. Overall, it is posited that fund contributors and asset administrators adapt to prevailing market dynamics relative to trading decisions. As a result, this affirms the normative guidelines of the Adaptive Markets Hypothesis, leading to the conclusion that exogenous factors drive fluctuations in fund flows in South Africa.
7
Cao, Charles, Bradley A. Goldie, Bing Liang, and Lubomir Petrasek. "What Is the Nature of Hedge Fund Manager Skills? Evidence from the Risk-Arbitrage Strategy." Journal of Financial and Quantitative Analysis 51, no. 3 (June 2016): 929–57. http://dx.doi.org/10.1017/s0022109016000387.
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AbstractTo understand the nature of hedge fund managers’ skills, we study the implementation of risk arbitrage by hedge funds using their portfolio holdings and comparing them with those of other institutional arbitrageurs. We find that hedge funds significantly outperform a naive risk-arbitrage portfolio by 3.7% annually on a risk-adjusted basis, whereas non–hedge fund arbitrageurs fail to outperform the benchmark. Our analysis reveals that hedge funds’ superior performance does not reflect fund managers’ ability to predict or affect the outcome of merger and acquisition deals; rather, hedge fund managers’ superior performance is attributed to their ability to manage downside risk.
8
Robiyanto, Robiyanto, Michael Alexander Santoso, and Rihfenti Ernayani. "Sharia mutual funds performance in Indonesia." Business: Theory and Practice 20 (January 9, 2019): 11–18. http://dx.doi.org/10.3846/btp.2019.02.
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The study aims to measure each Sharia mutual fund performance and compare with market performance in Indonesia. Sharia mutual fund investment instruments in Indonesia have positive developments over the period from 2012 to 2017. These positive developments add to the option of investment instruments for public, especially investors who put forward the principles of Sharia. This research was conducted so that the public could have scientific information about Sharia mutual funds that have the best performance. The study found consistent results regarding Sharia mutual funds with the best performance on Sharpe and Jensen measurement methods. The best performing Sharia mutual fund by using those methods was PNM Syariah, while the lowest-performing mutual fund was PNM Amanah Syariah if measured by using Sharpe Index and PNM Ekuitas Syariah if measured by using Jensen Alpha. Different results were found when Sharia mutual fund performance was measured using Treynor Ratio Information Ratio, where the best Sharia mutual fund performance was by Manulife Syariah Sectoral Amanah mutual fund while the lowest performance was by Cipta Syariah Equity mutual fund. This findings are expected to be useful for Sharia-based investors.
9
de Mingo-López, Diego Víctor, Juan Carlos Matallín-Sáez, and Amparo Soler-Domínguez. "Cash management and performance of index mutual funds." Academia Revista Latinoamericana de Administración 33, no. 3/4 (August 3, 2020): 549–65. http://dx.doi.org/10.1108/arla-07-2020-0158.
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PurposeThis study aims to assess the relationship between cash management and fund performance in index fund portfolios.Design/methodology/approachUsing a sample of 104 index mutual funds that track the Standard and Poor 500 stock market index from January 1999 to December 2016, the authors employ quintile portfolios and different regression models to assess the differences in risk-adjusted monthly returns experienced by index funds managing different cash levels in their portfolios. To ensure the robustness of the results, different sub-periods and market states are considered in the analyses as well as other exogenous factors and fund characteristics affecting the level of portfolio cash holdings and index fund performance.FindingsResults show that index funds holding higher levels of cash and cash equivalents performed significantly worse than their low-cash counterparts. This evidence remains even after considering different sub-periods and bullish and bearish market conditions and controlling for fund expenses and other variables that could drive this cash-performance relationship.Originality/valueThis study expands the extant literature analyzing cash management in the mutual fund industry. More specifically, the analyses focus on index fund portfolios that replicate a specific benchmark, given that their performance differences should not be related to the market evolution but to the factors derived from the fund management and other exogenous issues. These findings are of interest to managers and investors willing to improve their risk-adjusted returns while investing as diversified as a stock market index.
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Gusni, Silviana, and Faisal Hamdani. "Factors affecting equity mutual fund performance: evidence from Indonesia." Investment Management and Financial Innovations 15, no. 1 (January 3, 2018): 1–9. http://dx.doi.org/10.21511/imfi.15(1).2018.01.
Full textAbstract:
The evaluation of equity mutual fund performance and identification factors that affect mutual fund performance is of great interest to an investor in Indonesia. This study investigates the performance of equity mutual fund by using risk-adjusted performance proposed by Treynor (1965) and examines factors affecting mutual fund performance by using the ability of investment manager (market timing and stock selection skill), fund size, and inflation. To achieve the objectives of this study, a total of 19 equity mutual funds was selected using purposive sampling method from the period from 2011 to 2015. A panel data analysis method has been used to analyze the effect of those factors on the equity mutual fund performance. The result showed that equity mutual fund performance tends to fluctuate in Indonesia. Equity mutual fund performance influenced by stock selection skill and inflation, meanwhile, market timing skill and fund size have no significant effect on the equity mutual fund performance.
Dissertations / Theses on the topic "Strategy and Fund Performance"
1
Gallagher, David R. "Investment Manager Characteristics, Strategy and Fund Performance." Thesis, The University of Sydney, 2002. http://hdl.handle.net/2123/858.
Full textAbstract:
This dissertation presents five research essays evaluating the performance of managed funds in light of the investment strategy and manager characteristics exhibited by institutional investment companies. An analysis of investment performance with respect to a fund managers strategy provides important information in determining whether performance objectives have been achieved. There are a number of different types of investment strategies managed funds may adopt. However, the primary dichotomy is on the basis of whether the portfolio manager implements either an active or index approach. Active managers attempt to outperform the market through the use of price-sensitive information, whereas a passive manager's objective is to replicate the returns and risk of a target benchmark index. The evaluation of investment manager characteristics is also evaluated. This is motivated on the basis that asset management entities place significant emphasis on both the articulation and differentiation of their investment style relative to competitors, and selling the strengths of their portfolio management skills (in terms of past performance) as well identifying the key individuals comprising their investment team and their unique attributes. For active equity managers, the methods used in constructing portfolios and implementing the investment strategy include security selection, in terms of 'top-down' or 'bottom-up' strategies, value-biased, growth-biased or style-neutral strategies, and portfolios exhibiting market capitalisation biases (i.e. preferences to large or small-cap securities). In terms of active bond portfolio management, the most common strategies include duration management and yield curve positioning. Active managers' strategies are likely to extend beyond stock selection, in particular, where the fund manager adjusts the portfolio's composition in anticipation of favourably capitalising on future movements in the market. For index managers, replication of both the returns and risk of the underlying index may be achieved through either full-replication of constituent stocks comprising the index, or through non-replication techniques (stratified sampling and/or optimisation). Each essay provides a unique contribution to the literature with respect to the performance of active and index funds, as well as an analysis of funds that invest specifically in domestic equities, domestic fixed interest, and diversified funds that invest across the broad spectrum of asset classes. The origins of the performance evaluation literature are ascribed to Cowles' (1933) pioneering work, and the literature has given increasing attention to the topic. However the most fundamental issue considered in almost all previous studies of managed fund performance is the extent to which actively managed portfolios have earned superior risk-adjusted excess returns for investors. The literature has overwhelmingly documented (with a small number of exceptions) that active funds have been unable to earn superior returns, either before or after expenses (e.g. Jensen (1968), Elton et al. (1993), Malkiel (1995), Gruber (1996)). While the international evidence is supported by the few Australian managed fund studies available, Australian research remains surprisingly scarce. This is perplexing considering the sheer size of the investment industry in Australia (around $A717 billion as at 30 June 2001) and the importance placed on the sector with respect to successive Federal Governments' retirement income policies. The objectives of this dissertation therefore involve an analysis of managed fund performance with respect to differences in investment strategies (i.e. active and index), as well as providing an analysis of funds invested in equities, bonds and diversified asset classes (or multi-sector portfolios). The first essay evaluates the market timing and security selection capabilities of Australian pooled superannuation funds. These funds provide institutional investors with exposure to securities across many different asset classes, including domestic and international equities, domestic and international fixed interest, property and cash. Surprisingly, the specific analysis of multi-sector funds is scarce in the literature and limited to Brinson et al. (1986, 1991), Sinclair (1990), and Blake et al. (1999). This essay also evaluates performance for the three largest asset classes within diversified superannuation funds and their contribution to overall portfolio return. The importance of an accurately specified market portfolio proxy in the measurement of investment performance is demonstrated, where the essay employs performance benchmarks that account for the multi-sector investment decisions of active investment managers in a manner that is consistent with their unique investment strategy. This approach rectifies Sinclair's (1990) analysis resulting from benchmark misspecification. Consistent with the literature, the empirical results indicate that Australian pooled superannuation funds do not exhibit significantly positive security selection or market timing skill. Given the evidence in the literature surrounding the inability of active funds to deliver superior returns to investors, lower cost index funds have become increasingly popular as an alternative investment strategy. Despite the significant growth in index funds since 1976, when the first index mutual fund was launched in the U.S., research on their performance is sparse in the U.S. and non-existent in Australia. The second essay provides an original analysis of the Australian index fund market, with specific analysis applicable to institutional Australian equity index funds offered by fund managers. While indexing is theoretically straightforward, in practice there exist potential difficulties in exactly matching the return of the underlying index. Therefore the magnitude of tracking error is likely to be of concern to investors. This essay documents the existence of significant tracking error for Australian index funds, where the magnitude of the difference between index fund returns and index returns averages between 7.4 and 22.3 basis points per month for funds operating at least five years. However, there is little evidence of bias in tracking error, implying that these funds neither systematically outperform or underperform their benchmark on a before cost basis. Further analysis documents that the magnitude of tracking error is related to fund cash flows, market volatility, transaction costs and index replication strategies used by passive investment managers. The third essay presents evidence of the performance of U.S. mutual funds, where attention is given to both active and index mutual funds for which the applicable benchmark index is the S&P 500. This essay examines both the magnitude and variation of tracking error over time for S&P 500 index mutual funds. The essay documents seasonality in S&P 500 index mutual fund tracking error, where tracking error is significantly higher in the months of January and May, together with a seasonal trough in the quarters ending March-June-September-December. Statistical evidence indicates tracking error is both positively and significantly correlated with the dividend payments arising from constituent S&P 500 securities. In terms of a performance comparison between actively managed and index funds, active funds on average are found to significantly underperform passive benchmarks. On the other hand, S&P 500 index mutual funds earned higher risk-adjusted excess returns after expenses than large capitalisation-oriented active mutual funds in the period examined. These results suggest the S&P 500 is consistent with capital market efficiency, implying an absence of economic benefit accruing to the average investor utilising actively managed U.S. equity mutual funds. The fourth essay presented in the dissertation examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds (or diversified asset class funds), Australian share funds and Australian bond funds. Performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. This essay also evaluates the performance of senior sector heads to determine the skills of individuals driving the investment process, even though these individuals may migrate to competitor organisations. The essay finds evidence that a significant number of active Australian equity managers earned superior risk-adjusted returns in the period, however active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk-adjusted excess returns, systematic risk and investment expenses. Of particular note, performance of balanced funds is negatively related to the institution's age and the loyalty of non-senior investment staff. Performance is also found to be significantly higher for managers that predominantly operate their portfolios using a bottom-up, stock selection approach. Interestingly, the human capital of managers, measured as the years of tertiary education undertaken, does not explain risk-adjusted excess returns. Systematic risk is positively related to an institutions age and negatively related to both senior manager loyalty and the implementation of bottom-up portfolio management strategies. In terms of management expenses, fees are directly related to the Australian equities benchmark allocation, the years of tertiary education, the number of years service (loyalty) for non-senior investment professionals and the total years experience of senior money managers. This concluding essay also documents that changes in top management have significant performance effects. In the 12-month period after a change in fixed income director or chief investment officer, performance is significantly lower and significantly higher, respectively. There is no significant difference in performance where changes in top management occur for Australian equities. The years of service (loyalty) provided to asset management firms by equities directors is inversely related to risk-adjusted return. The fifth and final essay examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. This essay represents a significant and original analysis in terms of its contribution to the literature, given the absence of Australian bond fund performance analytics and also the limited attention provided in the U.S. Both security selection and market timing performance is evaluated using both unconditional models and conditional performance evaluation techniques, which account for public information and the time-variation in risk. Overall, the results of this essay are consistent with the U.S. and international mutual fund evidence, where performance is found to be consistent with an efficient market. While actively managed institutional funds perform broadly in line with the index before expenses, the paper documents significant underperformance for actively managed retail bond funds after fees. The study also documents that retail fund flows negatively impact on market timing coefficients when flow is not accounted for in unconditional models.
2
Gallagher, David R. "Investment Manager Characteristics, Strategy and Fund Performance." University of Sydney. Business, 2002. http://hdl.handle.net/2123/858.
Full textAbstract:
This dissertation presents five research essays evaluating the performance of managed funds in light of the investment strategy and manager characteristics exhibited by institutional investment companies. An analysis of investment performance with respect to a fund managers strategy provides important information in determining whether performance objectives have been achieved. There are a number of different types of investment strategies managed funds may adopt. However, the primary dichotomy is on the basis of whether the portfolio manager implements either an active or index approach. Active managers attempt to outperform the market through the use of price-sensitive information, whereas a passive manager's objective is to replicate the returns and risk of a target benchmark index. The evaluation of investment manager characteristics is also evaluated. This is motivated on the basis that asset management entities place significant emphasis on both the articulation and differentiation of their investment style relative to competitors, and selling the strengths of their portfolio management skills (in terms of past performance) as well identifying the key individuals comprising their investment team and their unique attributes. For active equity managers, the methods used in constructing portfolios and implementing the investment strategy include security selection, in terms of 'top-down' or 'bottom-up' strategies, value-biased, growth-biased or style-neutral strategies, and portfolios exhibiting market capitalisation biases (i.e. preferences to large or small-cap securities). In terms of active bond portfolio management, the most common strategies include duration management and yield curve positioning. Active managers' strategies are likely to extend beyond stock selection, in particular, where the fund manager adjusts the portfolio's composition in anticipation of favourably capitalising on future movements in the market. For index managers, replication of both the returns and risk of the underlying index may be achieved through either full-replication of constituent stocks comprising the index, or through non-replication techniques (stratified sampling and/or optimisation). Each essay provides a unique contribution to the literature with respect to the performance of active and index funds, as well as an analysis of funds that invest specifically in domestic equities, domestic fixed interest, and diversified funds that invest across the broad spectrum of asset classes. The origins of the performance evaluation literature are ascribed to Cowles' (1933) pioneering work, and the literature has given increasing attention to the topic. However the most fundamental issue considered in almost all previous studies of managed fund performance is the extent to which actively managed portfolios have earned superior risk-adjusted excess returns for investors. The literature has overwhelmingly documented (with a small number of exceptions) that active funds have been unable to earn superior returns, either before or after expenses (e.g. Jensen (1968), Elton et al. (1993), Malkiel (1995), Gruber (1996)). While the international evidence is supported by the few Australian managed fund studies available, Australian research remains surprisingly scarce. This is perplexing considering the sheer size of the investment industry in Australia (around $A717 billion as at 30 June 2001) and the importance placed on the sector with respect to successive Federal Governments' retirement income policies. The objectives of this dissertation therefore involve an analysis of managed fund performance with respect to differences in investment strategies (i.e. active and index), as well as providing an analysis of funds invested in equities, bonds and diversified asset classes (or multi-sector portfolios). The first essay evaluates the market timing and security selection capabilities of Australian pooled superannuation funds. These funds provide institutional investors with exposure to securities across many different asset classes, including domestic and international equities, domestic and international fixed interest, property and cash. Surprisingly, the specific analysis of multi-sector funds is scarce in the literature and limited to Brinson et al. (1986, 1991), Sinclair (1990), and Blake et al. (1999). This essay also evaluates performance for the three largest asset classes within diversified superannuation funds and their contribution to overall portfolio return. The importance of an accurately specified market portfolio proxy in the measurement of investment performance is demonstrated, where the essay employs performance benchmarks that account for the multi-sector investment decisions of active investment managers in a manner that is consistent with their unique investment strategy. This approach rectifies Sinclair's (1990) analysis resulting from benchmark misspecification. Consistent with the literature, the empirical results indicate that Australian pooled superannuation funds do not exhibit significantly positive security selection or market timing skill. Given the evidence in the literature surrounding the inability of active funds to deliver superior returns to investors, lower cost index funds have become increasingly popular as an alternative investment strategy. Despite the significant growth in index funds since 1976, when the first index mutual fund was launched in the U.S., research on their performance is sparse in the U.S. and non-existent in Australia. The second essay provides an original analysis of the Australian index fund market, with specific analysis applicable to institutional Australian equity index funds offered by fund managers. While indexing is theoretically straightforward, in practice there exist potential difficulties in exactly matching the return of the underlying index. Therefore the magnitude of tracking error is likely to be of concern to investors. This essay documents the existence of significant tracking error for Australian index funds, where the magnitude of the difference between index fund returns and index returns averages between 7.4 and 22.3 basis points per month for funds operating at least five years. However, there is little evidence of bias in tracking error, implying that these funds neither systematically outperform or underperform their benchmark on a before cost basis. Further analysis documents that the magnitude of tracking error is related to fund cash flows, market volatility, transaction costs and index replication strategies used by passive investment managers. The third essay presents evidence of the performance of U.S. mutual funds, where attention is given to both active and index mutual funds for which the applicable benchmark index is the S&P 500. This essay examines both the magnitude and variation of tracking error over time for S&P 500 index mutual funds. The essay documents seasonality in S&P 500 index mutual fund tracking error, where tracking error is significantly higher in the months of January and May, together with a seasonal trough in the quarters ending March-June-September-December. Statistical evidence indicates tracking error is both positively and significantly correlated with the dividend payments arising from constituent S&P 500 securities. In terms of a performance comparison between actively managed and index funds, active funds on average are found to significantly underperform passive benchmarks. On the other hand, S&P 500 index mutual funds earned higher risk-adjusted excess returns after expenses than large capitalisation-oriented active mutual funds in the period examined. These results suggest the S&P 500 is consistent with capital market efficiency, implying an absence of economic benefit accruing to the average investor utilising actively managed U.S. equity mutual funds. The fourth essay presented in the dissertation examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds (or diversified asset class funds), Australian share funds and Australian bond funds. Performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. This essay also evaluates the performance of senior sector heads to determine the skills of individuals driving the investment process, even though these individuals may migrate to competitor organisations. The essay finds evidence that a significant number of active Australian equity managers earned superior risk-adjusted returns in the period, however active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk-adjusted excess returns, systematic risk and investment expenses. Of particular note, performance of balanced funds is negatively related to the institution's age and the loyalty of non-senior investment staff. Performance is also found to be significantly higher for managers that predominantly operate their portfolios using a bottom-up, stock selection approach. Interestingly, the human capital of managers, measured as the years of tertiary education undertaken, does not explain risk-adjusted excess returns. Systematic risk is positively related to an institutions age and negatively related to both senior manager loyalty and the implementation of bottom-up portfolio management strategies. In terms of management expenses, fees are directly related to the Australian equities benchmark allocation, the years of tertiary education, the number of years service (loyalty) for non-senior investment professionals and the total years experience of senior money managers. This concluding essay also documents that changes in top management have significant performance effects. In the 12-month period after a change in fixed income director or chief investment officer, performance is significantly lower and significantly higher, respectively. There is no significant difference in performance where changes in top management occur for Australian equities. The years of service (loyalty) provided to asset management firms by equities directors is inversely related to risk-adjusted return. The fifth and final essay examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. This essay represents a significant and original analysis in terms of its contribution to the literature, given the absence of Australian bond fund performance analytics and also the limited attention provided in the U.S. Both security selection and market timing performance is evaluated using both unconditional models and conditional performance evaluation techniques, which account for public information and the time-variation in risk. Overall, the results of this essay are consistent with the U.S. and international mutual fund evidence, where performance is found to be consistent with an efficient market. While actively managed institutional funds perform broadly in line with the index before expenses, the paper documents significant underperformance for actively managed retail bond funds after fees. The study also documents that retail fund flows negatively impact on market timing coefficients when flow is not accounted for in unconditional models.
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Söderblom, Anna. "Private equity fund investing : investment strategies, entry order and performance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Företagande och Ledning, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1295.
Full textAbstract:
Private equity investing (PE) has experienced rapid growth on a global scale over the last few decades to become a significant industry. While scholars have devoted considerable effort to studying the area of risk capital investing into businesses, research about private equity as an asset class is surprisingly scarce. This dissertation addresses this gap by enhancing understanding of PE fund investing in general, and specifically about how heterogeneity in investor-specific characteristics and entry order strategies may impact performance. Based on a comprehensive set of interviews with PE fund investors, in-dept insights about variances in motives for investing in the asset class, ways of working, and investment strategies across investors were acquired; findings that are elaborated upon in the dissertation. In addition, to facilitate a thorough investigation of the links between organizational characteristics, entry order and performance, hypotheses were tested through the statistical analysis of unique data covering PE funds raised in Sweden over a twenty-year period. Among several novel results, this study indicates that the level of environmental uncertainty has a clear impact on which organization-specific factors explain entry order, as well as which factors impact the ability of an organization to take advantage of a chosen entry order. Furthermore, the study points at organizational reputation as an especially valuable asset in situations of uncertainty. While a good reputation does not directly lead to superior performance, it may be used in exchange for favorable entry order positions.Diss. Stockholm : Handelshögskolan i Stockholm, 2011
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Bernardin, Arthur, and Camille Dumoussaud. "A case study on the risk-adjusted- financial performance of The Vice Fund : The risk-adjusted-financial performance of this fund will be evaluate through a comparison with an other mutual fund having a different investment strategy and with two benchmarks." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73444.
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Nowadays, there is a debate about the possibility that sin stocks bring higher returns than other ones to the investors. This thesis is a case study on a mutual fund: The Vice Fund. This US fund has a specific investment strategy: it invests in sin stocks. We compared this mutual fund to The Timothy Fund because they have similar characteristics such as – date of inception, total assets, home country and investment universe, expect the investment strategy. Indeed, The Vice Fund invests in sin stocks and The Timothy Fund does not. Two benchmarks are also used in the study: the S&P 500 Index as a domestic benchmark and the MSCI World Index as an international benchmark. This thesis is a case study using a deductive approach on a quantitative ground. The study is done on ten years long from 2003 to 2012. We divided the entire period into three different sub-periods depending of the S&P 500 Index trend. The first and the last sub-periods are bullish and the second one is bearish. In order to analyse both the financial performances and the risks of The Vice Fund we use several tools. We calculated returns and risk-adjusted ratios: the Treynor’s ratio, the Sharpe’s ratio and the Jensen’s ratio. Because these ratios are less accurate in bearish markets, we calculated the normalized Sharpe ratio by doing linear regressions and we also calculated the modified Sharpe ratio. In order to perform these calculations, we used DataStream as a database to obtain prices and dividends for the two mutual funds and the prices for the two benchmarks. We got also the one-month T-bill to have a risk-free rate. We found that The Vice Fund had a better average returns performance whatever the market conditions over the period studied. However the difference between weekly results with The Timothy Plan Fund and the benchmarks is not statistically significant. The risk- adjusted ratios confirmed the superiority of the risk-adjusted financial performance of the sin fund.
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Akinjolire, Akinwande. "The evaluation of the South African unit trust fund managers' performance and strategy in a changing economic climate (1989-2002)." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/53115.
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Thesis (MBA)--Stellenbosch University, 2002.ENGLISH ABSTRACT: Previous studies show that interest rates, dividend yields and other commonly available variables are useful market indicators. Although this has produced new insights into asset pricing models, it has not been applied to the measurement of unit trust funds' performance. This study introduces a set of predetermined variables into the measures of performance of South African unit trust fund managers. This paper modifies classical performance measures to incorporate these well-known market indicators. The performance and strategy of the South African general equity unit trust managers are evaluated for the period 1989 to 2002. The incorporation of these predetermined variables is both statistically and economically significant. It is concluded that when the conditional measures are applied to this sample of unit trusts, their performance improves and there is no evidence of market timing strategy. This study advocates conditional performance evaluation in which the relevant expectations are conditioned on public information variables.
AFRIKAANSE OPSOMMING: Vorige studies toon dat rentekoerse, dividendopbrengste en ander algemeen beskikbare veranderlikes bruikbare markaanwysers is. Hoewel dit nuwe insigte in bateprysbepalingsmodelle bring, is dit nog nie toegepas op die meting van effektetrust prestasie nie. Hierdie ondersoek gebruik 'n stel voorafbepaalde veranderlikes in die prestasiemeting van Suid-Afrikaanse effektetrust bestuurders. Hierdie werkstuk wysig klassieke prestasiemetings om die bekende markaanwysers in ag te neem. Die prestasie van Suid-Afrikaanse algemene aandele-effektetrusts vir die tydperk van 1989 tot 2002 is geëvalueer met behulp van hierdie wysigings. Daar word bevind dat die gebruik van hierdie voorafbepaalde veranderlikes statisties sowel as ekonomies beduidend is. Hierdie ondersoek bevind dat die prestasie van die steekproef van effektetrusts verbeter wanneer voorwaardelike metings daarop toegepas word. Daar is geen bewys van marktydberekeningstrategie nie. Hierdie werkstuk beveel voorwaardelike prestasie-evaluering aan waarin die betrokke verwagtings bepaal word deur veranderlikes wat openbare inligting is.
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Little, Derek. "The strategy deployment paradox : linking strategy, performance measurement systems to appraisals." Thesis, University of Strathclyde, 2003. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21246.
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The thesis starts by examining how organisations deploy strategy and performance measurement systems and reviews how well they fink to the employee appraisal process. Many organisations are still failing to provide the linkage that employees require to fully exploit their potential. Whilst companies have processes for strategy and appraisal construction, objective setting and support structures, including communications the research found that these lacked the effectiveness necessary to motivate employees. For strategy to become truly meaningful to employees' personal goals and objectives must be aligned with the organisational objectives. The methodology design detailed in this thesis assisted the research in determining that none of the current strategy and performance measurement models or frameworks was able to combine strategy and appraisal processes in to an integrated system that was effective. A strategy deployment process was developed which creates this link to the employe e's appraisal system, ensuring that the actions of the individual are inline with the company goals. Four process requirements were identified in the model construction. The strategy deployment process is a new business model to integrate strategy and performance measurement systems to the appraisal process. This provides a greater understanding of the competencies required by management and the employees of the organisation. All businesses need to align their strategies, operations, competencies and resources in order to achieve the organisational objectives but to gain the maximum from these the culture of the company has to be flexible and encouraging to achieve this. To ensure that cultural flexibility is sustained the research found that organisations should have: strategy aligned communication links, effective leadership and a coaching environment. From the beginning of the research, criteria for the evaluation of the quality of the research were developed. The thesis concludes with the evaluation of the research against these criteria. The results obtained demonstrate that the research has satisfactorily fulfilled academic requirements and has reached the standards outlined in the methodology.
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Sävendahl, Carl, and Erik Flodmark. "A Return Maximizing Strategy in Market Rebounds for Swedish Equity Funds." Thesis, KTH, Matematisk statistik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-252747.
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The growing interest in savings on the financial markets implicates that the competition is expanding and managers of Swedish equity funds need to create shareholder value, independent of the macroeconomic situation. The Swedish financial market experienced a rapid rebound during the first quarter of 2019, following the plunge in the preceding quarter. This thesis utilizes multiple linear regression to analyze Swedish equity funds during the first quarter of 2019. The aim is to identify variables affecting fund performance in a market rebound in order to formulate a performance maximizing strategy. Based on the results of the performance influencing variables, the strategy is to underweight small cap stocks, overweight the energy and technology sector, underweight the communication services sector and staying neutral to overweighted in remaining sectors. Furthermore, the strategy proposes an overweighted exposure to North American stocks and an underweight to Western European stocks. The overexposure to North America should be larger in absolute value compared to the underexposure to Western Europe. The strategy is ambiguous since data from only one market rebound is analyzed. Therefore, the strategy is not significantly proven to be adaptable in any market rebound. The model analysis is based on modern macroeconomic and financial theories. In addition, the discussion problematizes the neoclassical view on economics based on the notion that a combination of rationality and irrationality is prevalent among investors. Further research is essential either to support or reject the performance affecting variables and the allocation strategy specified in the thesis.Det växande intresset att investera på de finansiella marknaderna implicerar att konkurrensen hårdnar bland fondförvaltare. Fondförvaltare för svenska aktiefonder måste därmed skapa andelsägarvärde, oberoende av det makroekonomiska läget. Den finansiella marknaden återhämtade sig snabbt under det första kvartalet 2019 efter den branta nedgången under det föregående kvartalet. Studien avser att identifiera de bidragande faktorerna till avkastning för svenska aktiefonder under denna återhämtning. Multipel linjär regression används för detta ändamål samt för att formulera en avkastningsmaximerande strategi. Strategin föreslår att förvaltare för svenska aktiefonder bör undervikta småbolag, övervikta aktier inom energi och teknik samt undervikta aktier i kommunikationssektorn. Strategin är vidare att vara neutral till överviktad i övriga sektorer. Dessutom är strategin att övervikta nordamerikanska aktier och att undervikta västeuropeiska aktier. Övervikten i Nordamerika ska vara större i absoluta termer än undervikten i Västeuropa. Strategin är tvetydig då den bygger på data från enbart en marknadsåterhämtning. Därmed är den framtagna strategin inte bevisad att vara applicerbar på vilken marknadsåterhämtning som helst. Analysen är baserad på modern makroekonomisk och finansiell teori. Diskussionen problematiserar den neoklassiska synen på ekonomi baserat på uppfattningen att investerare är både irrationella och rationella i sina investeringsbeslut. Fortsatt forskning är essentiell för att antingen stärka eller förkasta dragna slutsatser i denna studie.
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Malo, Dominik. "Řízení volného kapitálu podniku na finančním trhu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2020. http://www.nusl.cz/ntk/nusl-416898.
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This diploma thesis deals with the management of free capital of a selected company on the financial market with a focus on mutual funds and ETFs. The result is the construction and analysis of the potential appreciation of the investment strategy interpreted through historical data and a comparison of the results with alternative options for the appreciation of financial capital, especially in the form of mutual funds.
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Hashim, Arshad. "Export performance and marketing strategy for Malaysian palm oil." Thesis, University of Aberdeen, 1994. http://digitool.abdn.ac.uk/R?func=search-advanced-go&find_code1=WSN&request1=AAIU060622.
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This study evaluates the performance of the export marketing strategy for Malaysian palm oil over the period 1980-90, with emphasis on the promotion of this commodity in a large number of importing countries world-wide. The analysis of global data indicates that over this period the average per capita consumption level of oils and fats grew from 13.4 to 15.1 kg/hd, led by soybean oil and followed by palm, rape seed, and coconut oils, tallow and butter. However, the per capita consumption trend of soybean and coconut oils is declining, while there is a positive trend for rapeseed and palm oils, tallow and butter. Regression analysis using 1990 cross-sectional data based on 92 importing countries indicates that there is a significant positive and inelastic income response in per capita consumption of oils and fats, but that the income elasticity of consumption for animal fats is higher than that for vegetable oils. The relationship between per capita consumption of oils and fats types with price was found to be negative. The only significant relationship between per capita consumption of oil types and price is with palm oil. Between 1982 and 1990, vegetable oils accounted for 78 per cent of world trade in oils and fats, led by palm, soybean, rapeseed and sunflower oils. Malaysian palm oil accounted for 21 per cent of the total oils and fats trade in 1982-90. Based on market share analysis, the export gains for Malaysian palm oil came mainly from the general expansion of demand for oils and fats, particularly in developing countries, and to the lesser extent from the market reorientation and competitiveness effects. The contribution of promotional efforts was evaluated using import demand and promotion model for Malaysian palm oil. Promotional efforts were measured by estimated costs of overseas trips and familiarisation programmes, and a binary variable for ministerial visits.
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Ishak, Asmai. "Effects of marketing strategy on performance : a study of Indonesian organizations /." Curtin University of Technology, School of Marketing, 2002. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=13882.
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This research provides empirical evidence on the implementation of the strategic marketing planning in the context of Indonesia, a newly industrialized country. Drawing from a contingency theory, the research posits that the credibility of marketing strategy depends on the external business environments and its formulation process. The credibility of marketing strategy and the strategy formulation process, in turn, determine the effectiveness of the implementation of the strategy in achieving the desired performance. The causal relationships amongst these variables were then analyzed by structural equation model using LISREL 8.30 program. The primary data for this study were collected through structured interviews with the Marketing Managers of 219 Indonesian companies. The results of the study not only strengthen the notion of the influence of external business environments on the actions of organizations, such as the credibility of marketing strategy, but also confirm the belief of the importance of an innovative culture in implementing strategic marketing planning. The study also identifies that marketing managers play a pivotal role in the formulation and implementation of the strategy. Within the scope of the strategy formulation, marketing managers as boundary spanners of their companies provide the decision makers with current and up to date strategic issues, which in turn enhance the credibility of the formulated strategy. On the other hand, within the strategy implementation, the managers with their autonomy conduct evaluation and control of the marketing strategy, and adjust the strategy to any significant environmental changes to achieve the desired performance.These findings not only support the view that it is inappropriate to separate the strategy formulation from its implementation aspects, but also corroborate the importance of the fit between marketing strategy and its external and internal environments to gain the desired performance. Finally, the use of Indonesian companies as the sample of this study and the consistencies of most of the results of the study with the existing findings reveal that the results are applicable in both industrialized and newly industrialized countries.
Books on the topic "Strategy and Fund Performance"
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Michigan. Office of the Auditor General. Performance audit of the 21st Century Jobs Trust Fund programs: Michigan Strategic Fund. Lansing, Michigan: State of Michigan, Office of the Auditor General, 2013.
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Michigan. Office of the Auditor General. Performance audit of the 21st Century Jobs Trust Fund programs: Michigan Strategic Fund and Strategic Economic Investment and Commercialization Board. Lansing, Mich: Michigan Office of the Auditor General, 2010.
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Sports Council for Northern Ireland. Lottery Sports Fund: Pathways to participation and performance : a strategy for the distribution of lottery monies 1999-2002. Belfast: Sports Council for Northern Ireland, 1999.
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Michigan State Housing Development Authority. Performance audit of homeownership programs: Michigan State Housing Development Authority, Michigan Strategic Fund. Lansing, Michigan]: Michigan Office of the Auditor General, 2014.
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Lückoff, Peter. Mutual Fund Performance and Performance Persistence. Wiesbaden: Gabler, 2011. http://dx.doi.org/10.1007/978-3-8349-6527-1.
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Tran, Vinh Quang. Evaluating Hedge Fund Performance. New York: John Wiley & Sons, Ltd., 2006.
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Tran, Vinh Q., ed. Evaluating Hedge Fund Performance. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2012. http://dx.doi.org/10.1002/9781119201182.
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Evaluating hedge fund performance. Hoboken, N.J: Wiley, 2006.
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Ghobadian, Abby, Nicholas O’Regan, David Gallear, and Howard Viney, eds. Strategy and Performance. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230523135.
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Adams, A. T. Fund turnover and investment performance. Edinburgh: University of Edinburgh, Centre for Financial Markets Research, Dept. of Business Studies, 1997.
Find full textBook chapters on the topic "Strategy and Fund Performance"
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Lei, Tingyu. "Hedge Fund Strategy Performances during Corona Virus Disease2019." In Proceedings of the 2022 International Conference on Mathematical Statistics and Economic Analysis (MSEA 2022), 292–300. Dordrecht: Atlantis Press International BV, 2023. http://dx.doi.org/10.2991/978-94-6463-042-8_43.
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Klubinski, William Joseph, and Thanos Verousis. "On the Underestimation of Risk in Hedge Fund Performance Persistence: Geolocation and Investment Strategy Effects." In Financial Risk Management and Modeling, 265–93. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-66691-0_8.
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Papaioannou, Michael G., and Bayasgalan Rentsendorj. "Sovereign Wealth Fund Investment Performance, Strategic Asset Allocation, and Funding Withdrawal Rules." In Advances in the Practice of Public Investment Management, 73–99. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-90245-6_4.
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Savona, Roberto. "Hedge Fund Performance." In Asset Management and Institutional Investors, 355–71. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-32796-9_12.
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Whitacre, Ryan. "How the Science of HIV Treatment-as-Prevention Restructured PEPFAR’s Strategy: The Case for Scaling up ART in ‘Epidemic Control’ Countries." In Social Aspects of HIV, 187–200. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-69819-5_14.
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AbstractThe clinical logics of TasP shaped PEPFAR’s latest strategic initiative to achieve ‘epidemic control’ including the organisation’s use of metrics for evaluating performance, and decisions for allocating funds to specific programs and countries. TasP was conceptualised as an ‘evidence-based’ solution for effectively treating and preventing HIV, which could be consistently measured and reported on, however its ability to produce the right kinds of evidence remained abstract and hypothetical. The effects of TasP have also been evident in the budget since PEPFAR launched the strategy to achieve ‘epidemic control’. Whereas under previous initiatives to ‘lead to the global response’ to the epidemic, PEPFAR supported a wider variety of program areas, including by strengthening health systems, under the strategy of epidemic control PEPFAR has prioritised treatment programs over and above all others. TasP also justified disproportionate spending on a subset of countries. By adopting the clinical logics of TasP, PEPFAR justified spending on a limited number of programmes in a small set of countries that could produce what it defined as the right kinds of outcomes, and laid the groundwork for the retreat of US foreign aid.
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Vishwanath, S. R. "Measuring Mutual Fund Performance." In Investment Management, 567–87. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-540-88802-4_25.
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Zhu, Ning. "Disappointing Mutual Fund Performance." In Financial Decision Making, 39–46. Abingdon, Oxon ; New York, NY : Routledge, 2017.: Routledge, 2017. http://dx.doi.org/10.4324/9781315619859-5.
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Lückoff, Peter. "Dynamic Aspects of Mutual Fund Performance." In Mutual Fund Performance and Performance Persistence, 243–326. Wiesbaden: Gabler, 2011. http://dx.doi.org/10.1007/978-3-8349-6527-1_5.
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Adler, Ralph W. "Competitive strategy." In Strategic Performance Management, 91–110. 2nd ed. London: Routledge, 2022. http://dx.doi.org/10.4324/9781003267195-10.
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Barth, Anthony L., and Wiaan de Beer. "Organization Strategy." In Performance Management Success, 15–26. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-64936-8_3.
Full textConference papers on the topic "Strategy and Fund Performance"
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Hillner, Matthias. "Towards a Democratisation of Innovation." In 13th International Conference on Applied Human Factors and Ergonomics (AHFE 2022). AHFE International, 2022. http://dx.doi.org/10.54941/ahfe1001518.
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Singapore is an innovation-intensive nation. In 2020 Prime Minister Lee Hsien Loong pledged to inject ‘up to S$150million’ in the country’s startup ecosystem (Channel News Asia). This paper discusses the distribution of public funds amongst startups in Singapore. It raises questions about the effectiveness of early-stage pre-seed funding and discusses medium and long-term impact of distributed funds on business performance. The paper defines startups as growth-oriented independent SMEs in pursuit Series A investments. It distinguishes between bootstrap initiatives and funding-intensive initiatives. The paper argues that there is currently a problematic emphasis on funding-intensive startups, and a potentially compromising neglect of bootstrap ventures who do typically not have equal access to smart funds, mentoring schemes and support frameworks. Equally importantly, bootstrap initiatives often escape the radar of government authorities, thus compromising the authorities’ capabilities of monitoring innovation performance across the entire spectrum.This paper uses a mixed-method approach. It draws on a series of exchanges with experts — entrepreneurs, incubator managers, investors, VC firms, as well as representatives of government funding bodies — and secondary research findings. The primary research data has been collected over a period of nine years. The preliminary hypothesis is that the support mechanisms in the context of contemporary startup ecosystems tend to be ill-directed and may compromise overall innovation performance. Various studies carried out in different parts of the world raise questions about the effectiveness of government funding for innovations that are pursued by startups and suggest that the distribution of public funds does often not benefit innovation performance generally: Following an investigation of public fund distribution in China, Hong et al. (2015) claim that ‘government grants negatively impact the overall innovation efficiency in the high-tech sector.’ Other studies (Liu and Rammer, 2016) point towards the possibility that government grants are often used as substitute for private innovation investment by established businesses who, in the absence of public funding, would be able to afford R&D financing internally, whilst early-stage startups that are in greater need of funding, often miss out on support due to requirements related to match funding or trading history. This means that early-stage startups are often disadvantaged, in particular bootstrap initiatives, whilst established SMEs and large businesses do not enhance their innovation performance through subsidies. It is also thought that there is a prioritisation of incremental innovations and a lack in funding for potentially disruptive innovations because the latter are at higher risk of economic failure. As a result, firms tend to prioritise incremental innovation, in conjunction with which it is easier to predict viability.This paper, which primarily focuses on the distribution processes used by Enterprise Singapore (ESG) and other public institutions in Singapore, raises questions about the effectiveness of public spending in relation to innovation. Bootstrap ventures that might benefit from smart-fund injections, are not captured by the Singapore authorities, and there is currently no reliable progress tracking to objectively monitor startup performance. Instead, various funding organisations including universities, VC firms, as well as the ESG, rely on each other’s recommendations in their decision-making. There is a likelihood that the selection process is subject to bias which may have compromising macro-economic implications in the long term.To summarise the above, the proposed paper raises questions about the tracking of government funded startups, and it explores the consequences of startup funding from an economic and a sociopolitical point of view. The paper discusses possibilities of reversing this trend by empowering independent startups through accessible support frameworks that operate autonomously and independent from profit-oriented incubators, VC firms and angel investment networks.Sample Sources:Hong, J. et al. (2015): Government Grants, Private R&D Funding and Innovation Efficiency in Transition Economy, Abingdon-on-Thames, UK: RoutledgeLiu, R., Rammer, C. (2016): The Contribution of Different Public Innovation Funding Programs to SMEs’ Export Performance, ZEW Discussion PapersSoetanto, D. P., van Geenhuizen, M. (2015): Getting the right balance: University networks’ influence on spin-offs’ attraction of funding for innovation, in: Technovation, Volumes 36–37, February–March 2015, Pages 26-38, Amsterdam, Netherlands: Elsevier Teece, D. (2009): Business Models, Business Strategy and Innovation, Amsterdam, Netherlands: Elsevier
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"Unlisted fund performance." In 19th Annual European Real Estate Society Conference: ERES Conference 2012. ERES, 2012. http://dx.doi.org/10.15396/eres2012_200.
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Zhang, Jian. "Individual Pension Account Fund Investing Strategy." In 2012 Fifth International Joint Conference on Computational Sciences and Optimization (CSO). IEEE, 2012. http://dx.doi.org/10.1109/cso.2012.126.
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Qamar, Hassan, and Sanjay Singh. "Mutual fund performance prediction." In 2016 IEEE Distributed Computing, VLSI, Electrical Circuits and Robotics (DISCOVER). IEEE, 2016. http://dx.doi.org/10.1109/discover.2016.7806257.
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Ginanjar, Raden, and Augustina Kurniasih. "Indonesian Equity Fund Performance Determinants." In Proceedings of the 1st MICOSS Mercu Buana International Conference on Social Sciences, MICOSS 2020, September 28-29, 2020, Jakarta, Indonesia. EAI, 2021. http://dx.doi.org/10.4108/eai.28-9-2020.2307356.
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"FUND MANAGER PERFORMANCE: HOW PERSISTENT IS THE PERFORMANCE OF UK REAL ESTATE FUND MANAGERS?" In 15th Annual European Real Estate Society Conference: ERES Conference 2008. ERES, 2008. http://dx.doi.org/10.15396/eres2008_209.
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Gao, Yun. "Empirical Test of the Impact of Fund Managers on Fund Performance." In 2020 International Conference on E-Commerce and Internet Technology (ECIT). IEEE, 2020. http://dx.doi.org/10.1109/ecit50008.2020.00045.
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An-li, Fu, and Ma Chao-qun. "Investment Style of China's Fund and Its Influence on Fund Performance." In 2006 International Conference on Management Science and Engineering. IEEE, 2006. http://dx.doi.org/10.1109/icmse.2006.314042.
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Huang, Zuoxing, and Shiming Xiao. "The Study about the Relationship of Fund Manager and Fund Performance." In 2008 4th International Conference on Wireless Communications, Networking and Mobile Computing (WiCOM). IEEE, 2008. http://dx.doi.org/10.1109/wicom.2008.2314.
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Miao, You, and Han Li-yan. "A study of China strategy sovereign wealth fund." In 2011 International Conference on E-Business and E-Government (ICEE). IEEE, 2011. http://dx.doi.org/10.1109/icebeg.2011.5876651.
Full textReports on the topic "Strategy and Fund Performance"
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Ben-David, Itzhak, Justin Birru, and Andrea Rossi. The Performance of Hedge Fund Performance Fees. Cambridge, MA: National Bureau of Economic Research, June 2020. http://dx.doi.org/10.3386/w27454.
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Huang, Jennifer, Clemens Sialm, and Hanjiang Zhang. Risk Shifting and Mutual Fund Performance. Cambridge, MA: National Bureau of Economic Research, April 2009. http://dx.doi.org/10.3386/w14903.
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Jones, Christopher, and Jay Shanken. Mutual Fund Performance with Learning Across Funds. Cambridge, MA: National Bureau of Economic Research, December 2002. http://dx.doi.org/10.3386/w9392.
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Berk, Jonathan, and Richard Green. Mutual Fund Flows and Performance in Rational Markets. Cambridge, MA: National Bureau of Economic Research, October 2002. http://dx.doi.org/10.3386/w9275.
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Jennifer D. Morton. INL High Performance Building Strategy. Office of Scientific and Technical Information (OSTI), February 2010. http://dx.doi.org/10.2172/983359.
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Ernest Fossum and Chris Ischay. INL High Performance Building Strategy. Office of Scientific and Technical Information (OSTI), July 2013. http://dx.doi.org/10.2172/1093388.
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Monetta, Dominic J., and Myron W. Holmes. Performance Measurement in the Navy Industrial Fund Ordnance Community. Fort Belvoir, VA: Defense Technical Information Center, April 1989. http://dx.doi.org/10.21236/ada208161.
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Del Guercio, Diane, and Jonathan Reuter. Mutual Fund Performance and the Incentive to Generate Alpha. Cambridge, MA: National Bureau of Economic Research, October 2011. http://dx.doi.org/10.3386/w17491.
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de Souza, André, and Anthony Lynch. Does Mutual Fund Performance Vary over the Business Cycle? Cambridge, MA: National Bureau of Economic Research, June 2012. http://dx.doi.org/10.3386/w18137.
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Gupta, Arpit, and Kunal Sachdeva. Skin or Skim? Inside Investment and Hedge Fund Performance. Cambridge, MA: National Bureau of Economic Research, July 2019. http://dx.doi.org/10.3386/w26113.
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