Książki na temat „Short term returns to investors”

This chapter reviews recent evidence on the use of long-term finance in developing countries (relative to developed ones) to try to identify where short- and long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. In fact, loans in developing countries have significantly shorter maturities than those in developed countries. Capital markets have become increasingly sizable since the 1990s and can provide financing at fairly long terms. But just a few large firms use these markets. Only some institutional investors provide funding at long-term maturities. Incentives for asset managers are tilted toward the short term due to constant monitoring. Instead, asset-liability managers have a longer-term horizon, as foreign investors in developing countries do. Governments might help expand long-term financing, although with limited policy tools.

From Main Street to Wall Street examines the relation between the economy and the stock market. It discusses the academic theories and empirical facts, and guides readers through the fascinating interaction between economic activity and financial markets. Itexamines what causes long-run economic growth and shorter-term business-cycle fluctuations and analyses their impact on stock markets. From Main Street to Wall Street also discusses how investors can use knowledge of economic activity and financial markets to formulate expectations to future stock returns. The book relies on data, and figures and tables illustrate arguments and theories in intuitive ways.In the end, From Main Street to Wall Street helps academic scholars and practitioners navigate financial markets by understanding the economy.

This chapter focuses on new trends in the hedge fund industry. The chapter begins by creating some historical context for the current perception and state of hedge funds. The remainder of this chapter focuses on the following trends and their potential impact on the industry: (1) growth in all areas of the industry, especially in terms of long-term capital flows from institutional investors; (2) uncertainty about growth in the short term; (3) ways hedge funds approach growth; (4) the need for more diversity among hedge fund managers, including more minorities and women; (5) diverging long-term objectives for larger and smaller hedge funds; (6) future cost savings to investors; (7) development of new investment options to address liquidity concerns for investors; (8) new regulations; and (9) the future role of technology in the hedge fund industry.

In a slowing global economy with diminished confidence in the long-term prospects of public financial markets, many institutional investors are looking for innovative, and often private, investment strategies to meet expected return targets. One source of potential inspiration has, perhaps surprisingly, come from the community of sovereign development funds. SDFs are strategic, government-sponsored investment organizations with dual objective functions: to deliver high financial performance, while fostering development. Despite expectations that this dual function inevitably leads to financial underperformance, certain SDFs have actually delivered consistently high investment returns, especially in private markets. As such, SDF strategies are increasingly being used as models for investment strategies among non-developmental investment organizations. This chapter explores the rise of SDFs, explains the differences between SDFs and SWFs, and substantiates variations in their models of governance and management. In doing so, its goal is to situate SDFs in the changing world of global financial markets and public policy.

Roughly coinciding with the onset of the commodity price boom of the 2000s was an influx of financial investment in commodity derivatives. This ‘financialization’ has given rise to debates regarding the potential influence of investors on commodity prices. This chapter examines these debates and places them within the context of the wider scholarship on financialization. It argues that critiques of financialization are problematic in several important respects. They are underpinned by long-standing suspicions and misconceptions of derivatives trading as a socially unproductive or harmful activity; they tend to conflate the participation of financial investors with ‘speculation’. The chapter finds that the term ‘financialization’ is ultimately misleading for in its characterization of the new institutional realities of the commodity price formation process. Rather than attempting to demarcate ‘purely’ financial investment in commodities from commercial trading, ‘financialization’ should refer to the growth of ‘hyper’ or short-term trading that occurs in commodity markets.

This book deals with risk capital provided for established firms outside the stock market, private equity. It has grown rapidly over the last three decades, yet it is largely poorly understood. Although private equity has often been criticised in the public mind as being short-termist and having adverse consequence for employment, in reality this is far from the case. Dispelling some of the biggest myths and misconceptions about private equity, the book explains in detail what private equity involves and provides a review of the systematic evidence of what the impact of private equity has been. Written in a highly accessible style, it takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The book contains summary tables of the academic research carried out over the past three decades across the private equity landscape, including the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deal.

The increasing complexity and de-localization of finance has allowed for an obfuscation of fees, costs, and expenses, leading to distortion in the underlying incentives that are being created. This distortion is driving an increasingly short-term and disconnected financial world. Here it is argued that the world of finance and investment needs to better understand the underlying ingredients of financial products, in particular the fees and costs of intermediated products. At the core of the arguments is a more professional and engaged community of asset owners that can understand the ingredients in all the financial products being consumed. This paradigm shift, termed ‘organic finance’, requires a research programme that examines the relational dynamics between financial products, intermediaries, and asset-owner investors using methodologies that go beyond those within pure economics. Economic geographers are enlisted to new studies of these important actors and agents, and how their interactions will play out over time.

The book deals with the 1997 Asian currency crisis and analyses the causes and consequences of the crisis.The two hypotheses, fundamental and panic/herd behavior hypotheses, which are often viewed as competing, are also examined. The first hypothesis states that fundamental imbalances triggered the Asian currency and financial crisis in 1997.The crisis occurred because the economies had deteriorating current accounts, a slow down in growth rates and short-term debt approaching a dangerous level; while the second hypothesis states that sudden shifts in market expectations and confidence were the cause of the initial financial turmoil.When the crisis erupted, it caused panic among domestic and foreign investors. The main focus of this book is to evaluate these two approaches and to examine whether there was evidence of insolvency prior to the crisis in four Asian countries namely Malaysia, Indonesia, Thailand and the Philippines. A solvency index, originally popularized by Cohen, is calculated for each country.An analysis of the trade sector is undertaken in which the dynamic OLS is employed. Subsequently, the price elasticities obtained from the export demand model together with the GDP supply elasticity are used to calculate the index. From the analysis, it appears that all countries were solvent prior to the crisis where the percentage of actual debt service paid (in 1997) was greater than the percentage that must be paid to be solvent. This suggests that further external credit could have solved the problem, as it was a matter of short-term liquidity difficulties and panic, rather than insolvency.

Stock-market-driven short-termism is crippling the US economy, according to legal, judicial, and media thinking. Firms forgo the R&D they need, cut capital spending, and buy back their own stock so feverishly that they starve themselves of cash. The stock market is the primary cause: directors and managers cannot manage for the long-term when their shareholders furiously trade their companies’ stocks, they cannot invest enough when stockholders demand rising quarterly profits, they must slash R&D when investors demand that precious cash be used to buy back stock, and they cannot even strategize about the long-term when shareholder activists demand immediate results. The stock market’s short-termism is also blamed for environmental degradation, for contributing to global warming, and for employee mistreatment. This book shows, however, that the purported ills emanating from stock-market short-termism are either not shown, likely to minor, demonstrably false, or due to other pernicious economic causes. The social costs attributed to corporate short-termsim—environmental degradation, mistreatment of stakeholders, riaking climate catastrophe—emanate more from selfishness than from distorted time horizons, as we shall see. Moreover, public and policymaker obsession with stock-market short-termism as upsetting the economy and settled arrangements is explained more by dissatisfaction with the rapidity of technological change, the increasing uncertainty and instability of the workplace, and a dissatisfaction with overall economic arrangements. Lawmakers and pundits can readily miss more likely causes of the underlying issues—like how best to push forward US R&D—by mistakenly aiming at stock-market short-termism. After considering what the evidence tells us, we consider what political and social reasons could explain the issue’s prominence.

Almost every country throughout the globe has been affected by the Covid-19 pandemic. The virus's propagation has a disastrous effect on both human health and the economy as a whole. The COVID-19 global recession is the worst since World War II ended. According to the IMF's April 2021 World Economic Outlook Report, the global economy declined by 3.5 percent in 2020, 7 percent drop from the 3.4 percent growth predicted in October 2019. While almost every IMF-covered nation saw negative growth in 2020, the decline was more extreme in the world's poorest regions. The global supply system and international trade of all countries, including India, were affected by the nationwide lockdown in India and around the world to stop the pandemic from spreading. Since the beginning of 2020, the Covid-19 pandemic has had a negative impact on the global business climate. The COVID-19 pandemic has resulted in significant public health and economic problems in South Asian countries and the worst impacted being India, Bangladesh and Pakistan in recent years. The nationwide lockdown adopted by the countries was effective in slowing down the spread of the coronavirus in South Asia, but it came at a substantial financial and social cost to society. Manufacturing activities in Japan, South Korea, Indonesia, Vietnam, and the Philippines have shrunk sharply. Tourism, trade and remittances, and all major sources of foreign money for South Asian countries, have been substantially impacted. The COVID-19 spread has had a significant influence on global financial markets. The international financial and energy markets substantially dropped as the number of cases began to rise globally, primarily in the United States, Italy, Spain, Germany, France, Iran, and South Korea along with South Asian countries. Reduced travel has had a substantial impact on service businesses such as tourism, hospitality, and transportation. According to IMF, (space required after,) 2020 South Asian economies are likely to shrink for the first time in 4 decades. The pandemic has pushed millions into poverty and widened income and wealth disparities because of premature deaths, workplace absenteeism and productivity losses. A negative supply shock has occurred with manufacturing and productive activity decreasing due to global supply chain disruptions and factory closures. This resulted in a severe short-term challenge for policymakers, especially when food and commodity prices rise, exacerbating economic insecurity. Failure to achieve equitable recovery might result in social and political unrest, as well as harsh responses from governments that have been less tolerant of dissident voices in recent years. Almost every area of the Indian economy is being ravaged by the pandemic. But the scope and degree of the damage vary from sector to sector within each area. One of the worst-affected areas in India is the Micro, Small, and Medium Enterprises (MSMEs) sector. Apart from MSMEs, Agriculture and Agro-based industries, Banking companies and NBFCs and Social Sectors are also in jeopardy. The pandemic creates turmoil in the Capital Market and Mutual Funds industry. India's auto manufacturing and its ancillary sectors were badly hit during the initial stages of the pandemic when lockdown measures were adopted and the situation continued to remain subdued for many quarters. It is still uncertain whether this recession will have long-term structural ramifications for the global economy or will have only short-term financial and economic consequences. Additionally, the speed and the strength of the healing may be crucially dependent on the capability of the governments to accumulate and roll out the COVID-19 vaccines. In the context of the pandemic and its devastating impact on the Indian economy, an edited volume is proposed which intends to identify and analyse the footfalls of the pandemic on various sectors and industries in India. The proposed edited volume endeavours to understand the status, impact, problems, policies and prospects of the agricultural and agro-based industries, Banking and NBFCs, MSMEs, Social Sector, Capital Market and Mutual Funds during the pandemic and beyond. The proposed volume will contain research papers/articles covering the overall impact of the pandemic on various sectors, measures to be adopted to combat the situation and suggestions for overcoming the hurdles. For this, research papers and articles will be called from academicians, research scholars and industrialists having common research interests to share their insights relating to this area. It is anticipated that the volume will include twenty to twenty-five chapters. An editorial committee will be constituted with three chief editors and another external editor to review the articles following a double-blind review process to assure the quality of the papers according to the global standards and publisher's guidelines. The expected time to complete the entire review process is one month, and the publication process will start thereafter. The proposed volume is believed to be having significant socio-economic implications and is intended to cater to a large audience which includes academicians, researchers, students, corporates, policymakers, investors and general readers at large.

Economy and mankind are inextricably interlinked. Just as the economy or the production of material wealth is unimaginable without a man, so human existence and development are impossible without the wealth created in the economy. Shortly, both the goal and the means of achieving and realization of the economy are still the human resources. People have long ago noticed that it was the economy that created livelihoods, and the delays in their production led to the catastrophic events such as hunger, poverty, civil wars, social upheavals, revolutions, moral degeneration, and more. Therefore, the special interest of people in understanding the regulatory framework of the functioning of the economy has existed and exists in all historical epochs [A. Sisvadze. Economic theory. Part One. 2006y. p. 22]. The system of economic disciplines studies economy or economic activities of a society. All of them are based on science, which is currently called economic theory in the post-socialist space (the science of economics, the principles of economics or modern economics), and in most countries of the world - predominantly in the Greek-Latin manner - economics. The title of the present book is also Modern Economics. Economics (economic theory) is the science that studies the efficient use of limited resources to produce and distribute goods and services in order to satisfy as much as possible the unlimited needs and demands of the society. More simply, economics is the science of choice and how society manages its limited resources. Moreover, it should be emphasized that economics (economic theory) studies only the distribution, exchange and consumption of the economic wealth (food, beverages, clothing, housing, machine tools, computers, services, etc.), the production of which is possible and limited. And the wealth that exists indefinitely: no economic relations are formed in the production and distribution of solar energy, air, and the like. This current book is the second complete updated edition of the challenges of the modern global economy in the context of the coronary crisis, taking into account some of the priority directions of the country's development. Its purpose is to help students and interested readers gain a thorough knowledge of economics and show them how this knowledge can be applied pragmatically (professionally) in professional activities or in everyday life. To achieve this goal, this textbook, which consists of two parts and tests, discusses in simple and clear language issues such as: the essence of economics as a science, reasons for origin, purpose, tasks, usefulness and functions; Basic principles, problems and peculiarities of economics in different economic systems; Needs and demand, the essence of economic resources, types and limitations; Interaction, mobility, interchangeability and efficient use of economic resources. The essence and types of wealth; The essence, types and models of the economic system; The interaction of households and firms in the market of resources and products; Market mechanism and its elements - demand, supply and price; Demand and supply elasticity; Production costs and the ways to reduce them; Forms of the market - perfect and incomplete competition markets and their peculiarities; Markets for Production Factors and factor incomes; The essence of macroeconomics, causes and importance of origin; The essence and calculation of key macroeconomic indicators (gross national product, gross domestic product, net national product, national income, etc.); Macroeconomic stability and instability, unemployment, inflation and anti-inflationary policies; State regulation of the economy and economic policy; Monetary and fiscal policy; Income and standard of living; Economic Growth; The Corona Pandemic as a Defect and Effect of Globalization; National Economic Problems and New Opportunities for Development in the conditions of the Coronary Crisis; The Socio-economic problems of moral obsolescence in digital technologies; Education and creativity are the main solution way to overcome the economic crisis caused by the coronavirus; Positive and negative effects of tourism in Georgia; Formation of the middle class as a contributing factor to the development of tourism in Georgia; Corporate culture in Georgian travel companies, etc. The axiomatic truth is that economics is the union of people in constant interaction. Given that the behavior of the economy reflects the behavior of the people who make up the economy, after clarifying the essence of the economy, we move on to the analysis of the four principles of individual decision-making. Furtermore, the book describes how people make independent decisions. The key to making an individual decision is that people have to choose from alternative options, that the value of any action is measured by the value of what must be given or what must be given up to get something, that the rational, smart people make decisions based on the comparison of the marginal costs and marginal returns (benefits), and that people behave accordingly to stimuli. Afterwards, the need for human interaction is then analyzed and substantiated. If a person is isolated, he will have to take care of his own food, clothes, shoes, his own house and so on. In the case of such a closed economy and universalization of labor, firstly, its productivity will be low and, secondly, it will be able to consume only what it produces. It is clear that human productivity will be higher and more profitable as a result of labor specialization and the opportunity to trade with others. Indeed, trade allows each person to specialize, to engage in the activities that are most successful, be it agriculture, sewing or construction, and to buy more diverse goods and services from others at a relatively lower price. The key to such human interactions is that trade is mutually beneficial; That markets are usually the good means of coordination between people and that the government can improve the results of market functioning if the market reveals weakness or the results of market functioning are not fair. Moroever, it also shows how the economy works as a whole. In particular, it is argued that productivity is a key determinant of living standards, that an increase in the money supply is a major source of inflation, and that one of the main impediments to avoiding inflation is the existence of an alternative between inflation and unemployment in the short term, that the inflation decrease causes the temporary decline in unemployement and vice versa. The Understanding creatively of all above mentioned issues, we think, will help the reader to develop market economy-appropriate thinking and rational economic-commercial-financial behaviors, to be more competitive in the domestic and international labor markets, and thus to ensure both their own prosperity and the functioning of the country's economy. How he/she copes with the tasks, it is up to the individual reader to decide. At the same time, we will receive all the smart useful advices with a sense of gratitude and will take it into account in the further work. We also would like to thank the editor and reviewers of the books. Finally, there are many things changing, so it is very important to realize that the XXI century has come: 1. The century of the new economy; 2. Age of Knowledge; 3. Age of Information and economic activities are changing in term of innovations. 1. Why is the 21st century the century of the new economy? Because for this period the economic resources, especially non-productive, non-recoverable ones (oil, natural gas, coal, etc.) are becoming increasingly limited. According to the World Energy Council, there are currently 43 years of gas and oil reserves left in the world (see “New Commersant 2007 # 2, p. 16). Under such conditions, sustainable growth of real gross domestic product (GDP) and maximum satisfaction of uncertain needs should be achieved not through the use of more land, labor and capital (extensification), but through more efficient use of available resources (intensification) or innovative economy. And economics, as it was said, is the science of finding the ways about the more effective usage of the limited resources. At the same time, with the sustainable growth and development of the economy, the present needs must be met in a way that does not deprive future generations of the opportunity to meet their needs; 2. Why is the 21st century the age of knowledge? Because in a modern economy, it is not land (natural resources), labor and capital that is crucial, but knowledge. Modern production, its factors and products are not time-consuming and capital-intensive, but science-intensive, knowledge-intensive. The good example of this is a Japanese enterprise (firm) where the production process is going on but people are almost invisible, also, the result of such production (Japanese product) is a miniature or a sample of how to get the maximum result at the lowest cost; 3. Why is the 21st century the age of information? Because the efficient functioning of the modern economy, the effective organization of the material and personal factors of production largely depend on the right governance decision. The right governance decision requires prompt and accurate information. Gone are the days when the main means of transport was a sailing ship, the main form of data processing was pencil and paper, and the main means of transmitting information was sending letters through a postman on horseback. By the modern transport infrastructure (highways, railways, ships, regular domestic and international flights, oil and gas pipelines, etc.), the movement of goods, services and labor resoucres has been significantly accelerated, while through the modern means of communication (mobile phone, internet, other) the information is spreading rapidly globally, which seems to have "shrunk" the world and made it a single large country. The Authors of the book: Ushangi Samadashvili, Doctor of Economic Sciences, Associate Professor of Ivane Javakhishvili Tbilisi State University - Introduction, Chapters - 1, 2, 3, 4, 5, 6, 9, 10, 11,12, 15,16, 17.1,18 , Tests, Revaz Shengelia, Doctor of Economics, Professor of Georgian Technical University, Chapters_7, 8, 13. 14, 17.2, 17.4; Zhuzhuna Tsiklauri - Doctor of Economics, Professor of Georgian Technical University - Chapters 13.6, 13.7,17.2, 17.3, 18. We also thank the editor and reviewers of the book.