29.11.2012 3:21 [Abstrakt AJ.docx] Summary Investments in real property through funds of collective investment The present diploma thesis focuses on collective investment funds of the kind that may be established under current Czech law, and on their investments into real estate. Real property in general is a popular investment target. However, such investments need not necessarily take a direct form, as there are options for indirect investment available in today's environment - one of which is investing by way of collective investment funds. The particular appeal of this form of investment lies in the numerous advantages which it offers to investors, and which would not be available to them individually; for the potential founders of collective investment funds, the attractiveness of collective investment schemes stems from the tax benefits associated with them. Over the past few years, legislation in the Czech Republic in the area of collective investment, in spite of its relatively short history, has been developing briskly, and it is interesting to observe how Czech laws in this field are still in flux. The primary objective of the present thesis is to describe and evaluate the various options for real estate investments by way of Czech collective investment funds. It is divided into eight separate...

Este trabalho analisa o desempenho de fundos de investimento multimercados no mercado brasileiro, para o período de 2005 a 2010. Ele abrange as subcategorias definidas pela ANBIMA: Long and Short - Neutro, Long and Short - Direcional, Macro, Trading, Multiestratégia, Multigestor, Juros e Moedas, Estratégia Específica, Balanceados e Capital Protegido. O objetivo principal é estabelecer uma classificação de desempenho para cada uma destas dez subcategorias, utilizando-se como medida os seguintes índices: Treynor, Sharpe, Jensen, Modigliani, medida de desempenho específica para investidores e a medida de desempenho de mercado ajustado ao risco. O trabalho permite, ainda, analisar o prêmio por seletividade líquida dos fundos e a capacidade de market timing que são mensurados pela medida proposta por Treynor e Mazuy (1966). Com base nos resultados, é construída uma classificação hierárquica, de forma a salientar os fundos mais relevantes da indústria. Além disso, a pesquisa serve como ferramenta ao público de interesse, para a identificação e escolha das alternativas de investimento e das instituições gestoras de fundos multimercados. A amostra compreendeu os fundos multimercados de investimento abertos, não exclusivos e existentes no período entre 1° de janeiro de 2005 e 31 de dezembro de 2010. Os resultados indicam que, no período estudado, a maior parte dos administradores destes fundos foi capaz de bater o índice Bovespa, os quais fizeram com que a representatividade na indústria fosse ampliada. No período analisado, estes fundos enfrentaram satisfatoriamente a crise econômica mundial no ano de 2008 e a crise da dívida pública da Zona Euro de 2010, como consequência, os multimercados mostraram a robustez dos fundos no Brasil. No entanto, eles não apresentaram habilidades de timing nem de seletividade. / The general goal of this work is to analyze the performance of hedge funds investment in the Brazilian market for the period from 2005 to 2010. The subcategories of the hedge funds defined by ANBIMA (Brazilian Association of Financial and Capital) are covered according to ANBIMA (2004) norm updated by Resolution No. 44 (November, 24, 2010). These subcategories are: Long and Short - Neutral, Long and Short - Directional, Macro, Trading, Multistrategy, Multigestor, Interest and Currency, Specific Strategy, Balanced and Capital Protected. In this context, the main objective is to establish a performance rating for each of these ten subcategories through the following indexes measured: Treynor (1965), Sharpe (1966), Jensen (1968), Modigliani (1997), specific performance measure for investors (2004) and the performance measure of market risk-adjusted (2005). The work also allows analyzing the selectivity premium for liquid funds and the ability to market timing what are measured by the measure proposed by Treynor and Mazuy (1966). A hierarchical classification will be constructed based on the results of different measurements, in order to estimate the contribution of the more relevant industry funds. In addition, this research can be used by specific public as a tool to identify and choose the best alternative investment managers and institutional hedge funds. The sample comprises hedge funds investment divided into ten subcategories determined by ANBIMA (2010), referring to hedge funds open, non-exclusive and available in the period from 1 January 2005 to 31 December, 2010 in Brazil. The results indicate that, during the study period, most of the managers of these funds was able to overcome Bovespa index, verifying its importance in the industry through its stability in the face of global economic crisis in 2008 and public debt crisis of Euro zone since 2010, achieving reasonable returns with acceptable risk and good growth in their net equity. However, they do not have timing or selectivity skills.

Diss. Stockholm : Stockholms universitet, 2007.

Este trabalho analisa o desempenho de fundos de investimento multimercados no mercado brasileiro, para o período de 2005 a 2010. Ele abrange as subcategorias definidas pela ANBIMA: Long and Short - Neutro, Long and Short - Direcional, Macro, Trading, Multiestratégia, Multigestor, Juros e Moedas, Estratégia Específica, Balanceados e Capital Protegido. O objetivo principal é estabelecer uma classificação de desempenho para cada uma destas dez subcategorias, utilizando-se como medida os seguintes índices: Treynor, Sharpe, Jensen, Modigliani, medida de desempenho específica para investidores e a medida de desempenho de mercado ajustado ao risco. O trabalho permite, ainda, analisar o prêmio por seletividade líquida dos fundos e a capacidade de market timing que são mensurados pela medida proposta por Treynor e Mazuy (1966). Com base nos resultados, é construída uma classificação hierárquica, de forma a salientar os fundos mais relevantes da indústria. Além disso, a pesquisa serve como ferramenta ao público de interesse, para a identificação e escolha das alternativas de investimento e das instituições gestoras de fundos multimercados. A amostra compreendeu os fundos multimercados de investimento abertos, não exclusivos e existentes no período entre 1° de janeiro de 2005 e 31 de dezembro de 2010. Os resultados indicam que, no período estudado, a maior parte dos administradores destes fundos foi capaz de bater o índice Bovespa, os quais fizeram com que a representatividade na indústria fosse ampliada. No período analisado, estes fundos enfrentaram satisfatoriamente a crise econômica mundial no ano de 2008 e a crise da dívida pública da Zona Euro de 2010, como consequência, os multimercados mostraram a robustez dos fundos no Brasil. No entanto, eles não apresentaram habilidades de timing nem de seletividade. / The general goal of this work is to analyze the performance of hedge funds investment in the Brazilian market for the period from 2005 to 2010. The subcategories of the hedge funds defined by ANBIMA (Brazilian Association of Financial and Capital) are covered according to ANBIMA (2004) norm updated by Resolution No. 44 (November, 24, 2010). These subcategories are: Long and Short - Neutral, Long and Short - Directional, Macro, Trading, Multistrategy, Multigestor, Interest and Currency, Specific Strategy, Balanced and Capital Protected. In this context, the main objective is to establish a performance rating for each of these ten subcategories through the following indexes measured: Treynor (1965), Sharpe (1966), Jensen (1968), Modigliani (1997), specific performance measure for investors (2004) and the performance measure of market risk-adjusted (2005). The work also allows analyzing the selectivity premium for liquid funds and the ability to market timing what are measured by the measure proposed by Treynor and Mazuy (1966). A hierarchical classification will be constructed based on the results of different measurements, in order to estimate the contribution of the more relevant industry funds. In addition, this research can be used by specific public as a tool to identify and choose the best alternative investment managers and institutional hedge funds. The sample comprises hedge funds investment divided into ten subcategories determined by ANBIMA (2010), referring to hedge funds open, non-exclusive and available in the period from 1 January 2005 to 31 December, 2010 in Brazil. The results indicate that, during the study period, most of the managers of these funds was able to overcome Bovespa index, verifying its importance in the industry through its stability in the face of global economic crisis in 2008 and public debt crisis of Euro zone since 2010, achieving reasonable returns with acceptable risk and good growth in their net equity. However, they do not have timing or selectivity skills.

[pt] Este trabalho é composto por dois artigos. No primeiro deles, modela-se a atuação de fundos de investimento pequenos em mercados relativamente ilíquidos com o objetivo de identificar os efeitos de suas transações sobre o volume transacionado das carteiras de ativos, bem como sobre seus preços. Insere-se um incentivo à coordenação entre os fundos de investimento, o que faz com que a distribuição das carteiras compostas pelos fundos seja concentrada ao redor da carteira média de mercado. Como se lida com um mercado ilíquido, tem-se que as carteiras próximas à média sofrerão um aumento maior de preço. Além disso, mostra-se que a quantidade total – soma das quantidades investidas em todas as carteiras por todos os fundos – cresce quando o motivo de coordenação está presente. Esse crescimento contribui para o aumento médio da variação de preços dentre todas as carteiras. O segundo artigo se dedica à inclusão no modelo básico de uma nova fonte de informação quanto à rentabilidade das carteiras dos fundos: um concurso de rentabilidade. Mostra-se que os resultados alcançados são exatamente opostos aos do aumento da coordenação. / [en] The present work is formed by two articles. In the first, I model the interaction of small investment funds in a relatively illiquid market with the aim of identifying the effects of their transactions on volume and price movements of assets. The behavior of the investment funds exhibits a coordination-motive, which ultimately diminishes the differences in the composition of the various portfolios. In an illiquid market, the rise of the price of these portfolios is higher. Besides, I show that the total volume bought by all funds rises when the coordination-motive is present. That contributes to raise the variation of prices among all portfolios. The second article is dedicated to the inclusion on the basic model of a new source of information concerning the profitability of the funds: a profitability contest. The results are opposite to the case in which the coordination-motive is present.

Types of investment funds from the point of view of positive law The purpose of my thesis is to present a comprehensive view on differences and possibilities of particular types of investment funds from the point of view of positive law. The main aim of the thesis is to contrast these differences and possibilities with other types. The first chapter deals with basic issues of investment funds. The aim of this chapter is to look at investment fund as an institution especially from a fundamental economic perspective and come through into its economic nature. Furthermore the chapter contain description of main benefits of mutual funds as compared with the individual investment, draws attention to the problem of conflicts of interest and contains the basic classification of investment funds. The aim of the second chapter is to describe in basic features development of legal framework of investment funds in Czech Republic in the light of Act on Investment Companies and Investment Funds from early beginnings to current. With regard to the scope of respective law, focuses the chapter mainly on applicability, structure, legal forms and on some chosen questions. Content of the third chapter is brief treatise about legal term of investment fund. Next chapters focus on organizational forms and other division...

LEGAL REGULATION OF ALTERNATIVE INVESTMENT FUNDS IN THE CZECH REPUBLIC ABSTRACT The purpose of my thesis is to analyze the impact of the recently adopted groundbreaking European regulation of alternative investment funds into the Czech legal environment of collective investments. The respective chapters provide an analysis of the most important aspects of regulation of alternative investment funds, which I consider as crucial for collective investment undertakings and its (even only potential) investors. In a large portion of the thesis I focus on the definition of alternative investment funds to clarify the possible modes of operation and distinguish them from their earlier regulated standard counterparts. In the first of eight chapters I introduce this topic in the historical context, which provides a brief excursion into the progress of regulation of collective investment at the European and Czech level, and further explain the reasons which led to creation of a unified regulation for collective investment business. The second chapter describes the current regulatory framework in accordance with the European regulation, based primarily on the Alternative Investment Fund Managers Directive (AIFMD) and its subsequent transposition into the Czech Act on Investment Companies and Investment Funds (ICIFA)....

Management and administration of investment funds. The purpose of this thesis is to comprehensively present a legal regulation of management and administration of investment funds in the Czech Republic. The thesis is divided into five chapters. The first chapter deals with the material scope of Act on Investment Companies and Investment Funds. Purpose of this chapter is to determine, in relation to which activities apply the regulation of management and administration of investment funds pursuant to the Act on Investment Companies and Investment Funds. The second chapter is dedicated to the management of investment funds. The aim of this chapter is to define the management of investment funds, Management Company and the rules for the performance of its activities. The third chapter is dedicated to the administration of investment funds. The aim of the third chapter is to define the administration of investment funds, administrator and rules for the performance of its activities. The fourth chapter briefly discusses the depositary when the aim of this chapter is to define its position in relation to the management and administration of investment funds. The fifth and final chapter briefly deals with the Prime broker, when it also analysis the definition of its position in relation to the management...

The aim of this diploma thesis is to present a systematical view on basic aspects of forms of organisation of investment funds in the light of the Act No. 240/2013 Sb, on Investment Companies and Investment Funds with main focus on those of them which are regulated within the legal system of the Czech Republic in the most comprehensive and specific manner and to simultaneously analyze advantages (eventually disadvantages) regarding application thereof. The first chapter deals with elementary issues of mutual funds, describes its assets and detriments and also offers brief historical overview of its development in Czech legal system from its beginnings until current regulation which mainly lies in harmonization with the legislature of European Union. The aim of the second chapter is to define the term of the investment fund according to current legal regulation in comparison to its definition pursuant to the previous one. Furthermore, it outlines basic classification of investment funds in accordance with their division based on the place of business, legal personality and number of investors. The third chapter focuses on basic characteristics of collective investment funds, distinguishes standard collective investment funds and special collective investment funds and above all it enumerates...

Qualified investors' funds and asset management comparable to management of an investment funds The main aim of the submitted diploma thesis is particularly a description and analysis of the regulation of qualified investors' funds and asset management comparable to management of an investment funds, and the comparison of their usage in practice, especially in terms of numerical representation of individual legal forms. Apart from the descriptive and analytical methods, I frequently use the comparative method and also methods of deduction and induction. The diploma thesis consists of six chapters. The content of the first chapter is a brief introduction to the capital market law, in the second one, we find the regulation of investment funds in the Czech Republic. In the third chapter, I deal with the definition of the investment fund and analyse activities, which are directly related to the investment fund, i.e. management, administration and marketing of investments. The fourth chapter provides an overview how the current regulation divides investment funds. Emphasis is put on differences in regulatory requirements between establishing an internally managed and externally managed investments fund. In the fifth chapter, I deal with qualified investors' funds. First, I adress the definition of a...