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The Alternative Investment Fund Managers Directive ("AIFMD"), adopted by the European Union on 11 November 2010, has introduced a harmonized set of rules for alternative investment funds (“AIFs”) in Europe. This thesis discusses potential financial risks for the AIFs industry arising from the European regulatory reform, which started before the current financial crisis, and compares relevant European, Canadian and US rules governing AIFs. This comparative analysis is based on four main criteria: i) registration and authorization requirements, ii) general financial transparency requirements, iii) capital requirements, and iv) remuneration restrictions. The analysis of AIFs regulatory reform in Europe leads to three main conclusions. First, the AIFMD requirements are much stricter than analogue regimes in Canada and the United States. Second, as a consequence of this regulation, European AIFs may be in disadvantage. Third, the complexity of the present European institutional framework is not able to fully implement the European regulatory reform.

The Alternative Investment Fund Managers Directive ("AIFMD"), adopted by the European Union on 11 November 2010, has introduced a harmonized set of rules for alternative investment funds (“AIFs”) in Europe. This thesis discusses potential financial risks for the AIFs industry arising from the European regulatory reform, which started before the current financial crisis, and compares relevant European, Canadian and US rules governing AIFs. This comparative analysis is based on four main criteria: i) registration and authorization requirements, ii) general financial transparency requirements, iii) capital requirements, and iv) remuneration restrictions. The analysis of AIFs regulatory reform in Europe leads to three main conclusions. First, the AIFMD requirements are much stricter than analogue regimes in Canada and the United States. Second, as a consequence of this regulation, European AIFs may be in disadvantage. Third, the complexity of the present European institutional framework is not able to fully implement the European regulatory reform.

[pt] O presente estudo tem por objeto examinar as normas regentes da responsabilização civil do administrador e do gestor do fundo de investimento (denominados conjuntamente prestadores de serviços essenciais pela regulação da Comissão de Valores Mobiliários) por danos causados aos seus cotistas, bem como os critérios de análise que devem ser empregados pelo tomador de decisão para determinar tal responsabilidade no caso concreto. Para tanto, a análise aqui empreendida é segmentada nos exames sucessivos sobre (i) a relação jurídica contratual existente entre os cotistas e os prestadores de serviços essenciais, com especial ênfase nos deveres atribuídos a estes e no conteúdo do adimplemento contratual que destes se espera; (ii) a ocorrência e os contornos do inadimplemento dos deveres atribuídos aos prestadores de serviços essenciais à luz das normas que disciplinam a responsabilidade civil destes perante os cotistas; e (iii) os critérios a ser adotados e as questões que necessitam ser enfrentadas pelo julgador para determinar a responsabilidade civil dos prestadores de serviços essenciais perante os cotistas no caso concreto. / [en] This study seeks to examine the norms regarding the civil liability of administrators and managers of investment funds (categorized in the regulatory acts of the Brazilian Securities Commission as essential services providers to the investment fund) for damages caused to the funds investors, as well as the criteria to analyze by the decision maker to determine such liability in concrete cases. For this purpose, the analysis made in this study is segmented in successive investigations regarding (i) the contractual relationship between the funds investors and the essential services providers, with special emphasis on the duties attributed to the latter and in the content of the contractual performance owed by these actors; (ii) the occurrence and characteristics of the contractual breach of the duties attributed to the essential services providers in the context of the norms that discipline the civil liability of these actors for damages caused to the funds investors; and (iii) the criteria to be adopted and the issues to be addressed by the decision maker in order to determine the civil liability of essential services before the funds investors in concrete cases.

Significant savings in CO2 emissions can be won from fabric upgrades, and improved forms of heating. An increase in the number of building retrofits and installations of energy efficient plant such as biomass boilers or CCHPs must be the aim if the UK is serious in meeting its commitment to CO2 reduction at both the domestic and EU level. A way of achieving this increase, which will need to be significant, would be to tap into the vast funds under management by institutional investors who are required to invest those funds to optimise its monetary return, taking into account the level of risk. The aim of the research is to identify the enabling conditions that would need to exist to attract institutional investment in energy efficiency at scale. The UK Green Investment Bank has invested £50m into three energy efficiency funds, requiring each fund manager to match the amount by attracting investment from institutional investors. It is these funds that have been analysed as a single Green Investment Bank case study. Embedded units of analysis are on two levels with the individual funds being the first, and the institutional investors investing in those funds as the second. A hybrid deductive and inductive qualitative approach to the research was taken employing thematic analysis. The findings of the research reported here indicate that the emerging key enabling conditions that would make energy efficiency an attractive proposition are firstly, the way energy efficiency investments are classified in terms of an investment asset class, secondly the contractual structure of the individual transactions made by the funds, and finally, the experience and familiarity of the fund manager.

The aim of the thesis is to provide the reader the information about the work of foundations and endowment funds in the Czech Republic. This work deals with the fiscal, financial and management accounting issues as well as contributions from the Foundation Investment Fund. Separate chapters are devoted to statutory audit of foundations and endowment funds. There is also mention of the financial support of these non-profit entities from the lottery companies. In the last part of this work there is a foundation sector survey and evaluation of publishing requirements of non-profit entities in relation to users of financial statements.

Using the Student Investment Fund at Claremont McKenna College as a proxy for inexperienced investors, I demonstrate that inexperienced investors using fundamental analysis produce momentum-like buying patterns. The results show that the Student Investment Fund is on average buying stocks that outperform Carhart’s four-factor asset pricing model in the year before purchase. As a result, the Student Investment Fund has, on average, underperformed the S&P500 by .48% per year since 1996. My thesis explores why the Student Investment Fund may have adopted momentum-like purchasing patterns and what steps can be taken to remedy it.

The aim of the thesis is to analyse the non-bank regulatory framework with particular attention devoted to hedge funds and private equity funds. The thesis describes functioning of the funds, discusses their performance during the global financial crisis of 2007-present and, predominantly, describes and analyses the EU and U.S. regulatory reforms with respect to these institutions which have arisen as a response to the crisis. Based on the analysis of the measures incorporated in these reforms, the thesis outlines its own proposal of an alternative investment fund regulatory framework which, if applied, would lead to a more efficient functioning of the alternative investment industry than what is likely to be the outcome of the already adopted reforms. The nature of the thesis is institutional; its methodology is characterized by a broad literature survey. Hedge funds and private equity funds are considered both in pre-crisis context as well as in circumstances that have been brought about by the crisis. Several hypotheses concerning systemic risk and the approach of the regulatory reforms to it are assessed. Mostly qualitative analysis is employed to evaluate the hypotheses.

Cette thèse étudie spécifiquement la stratégie d'investissement des fonds d'investissement en microfinance à partir des données contextuelles, en utilisant une approche d'analyse de contenu qualitative. Information écrite de 84 sites de fonds de la microfinance a été utilisé comme sources secondaires. La principale question de recherche est "comment sont les stratégies d'investissement des fonds de microfinance conçus ? " Cette étude examine uniquement les informations que les fonds d'investissement en microfinance sont prêts à informer aux parties concernées au sujet de leur point de vue et les conditions d'investissement en microfinance, et la portée ne s'étend pas aux investisseurs et aux institutions de microfinance aspects. Il se trouve la stratégie d'investissement du fonds est conçu en incluant un certain nombre d' éléments spécifiques tels que les objectifs d'investissement, les critères de choix des investissements, les secteurs d'investissement , des instruments d'investissement et de leurs modalités, la structure de financement, la répartition géographique , le risque , le rendement , la couverture , effet de levier, les stratégies de sortie , et les procédures de sélection des investissements . Les conclusions de l'étude suggèrent les recherches futures utilisant des sources de données plus larges, en particulier d'examiner les investisseurs et les micro côtés de l'institution , afin d'obtenir une stratégie d'investissement efficace qui est bien adapté aux préférences de toutes les parties concernées . Par la suite, une évaluation de l'impact de cette stratégie sur la décision d'investissement devrait également être étudiée. / This thesis specifically investigates the investment strategy of microfinance investment funds from contextual data, employing a qualitative content analysis approach. Written information from 84 microfinance fund websites has been used as secondary sources, in order to search for the particular components contributing to the formulation of a well-designed investment strategy, and to answer to the main research question of this thesis. The main research question is “how are investment strategies of microfinance funds designed?” Ten sub-questions was raised after reviewing literature to answer this research question. This study examines only the information that microfinance investment funds are willing to inform to relevant parties regarding to their perspective and investment conditions in microfinance, and the scope does not extend to investors and microfinance institutions aspects. It is found the investment strategy of the fund is designed by including of a number of specific components such as investment objectives, selection criteria for eligible investments, investment sectors, investment instruments and their terms, funding structure, geographical distribution, risk, return, hedging, leverage, exit strategies, and investment selection procedures. The study’s findings suggest future research employing broader data sources, in particular to examine both investors and the microfinance institution sides, in order to obtain an effective investment strategy that is well matched with all relevant parties’ preferences. Subsequently, an evaluation of the impact of this strategy on investment decision should also be studied.

Os Parques Científicos e Tecnológicos (PCTs) são considerados instrumentos de política de apoio à inovação e transferência de tecnologia. Os parques procuram oferecer uma infra-estrutura física e organizacional favorável ao estabelecimento de empresas de base tecnológica que se beneficiam dos resultados das aglomerações dessas empresas. O objetivo deste trabalho é apresentar uma arquitetura de um modelo inovador para financiamento de Parques Científicos e Tecnológicos no Brasil. A proposição do novo modelo explora o potencial dos fundos de investimento como mecanismo de financiamento para os parques. A arquitetura do novo modelo apresentado neste trabalho utilizou uma estrutura norteada pelos moldes de um project finance associada ao uso do Fundo de Investimento em Participações (FIP), e o Fundo de Investimento Imobiliário (FII), como fontes de obtenção de recursos para o financiamento do empreendimento. A metodologia utilizada neste trabalho foi pesquisa-ação que contou com uma etapa de ensaio e avaliação do novo modelo. / The Science and Technology Parks (STPs) are considered useful instruments to promote innovation and transfer of technology. These parks usually offer well developed Real Estate and Research (R&D) infrastructure for the organizations and for Technology Based Firms (TBFs). The firms located in these parks can acquire strategic benefits from the effects of clustering. The main objective of this research is to propose an innovative model for the finance of STPs in Brazil. The proposed model is based on the use of private equity and real estate funds as mechanisms of finance for these parks. The model proposed in this research uses the project finance concept combined with the Brazilian Fundo de Investimento em Participações (FIP, a private equity fund) and the Fundo de Investimento Imobiliário (FII, a real estate fund). The main methodology used in this work was action research that included the testing phase and the evaluation of the model by specialists in the field.