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Determinants of Net New Money Flows to the Equity Mutual Fund Industry In the Marketing SightSun, Chiang-Chuang 02 September 2003 (has links)
ABSTRACT
All the current moving in the financial market would be affected by the business cycle and the price the asset, Do all the investor realize the knowledge of the financial asset, and allocate their asset rationally or emotionally, even take the advice of the sales representative¡H After reading studies of mutual fund, For the purpose of realize the determinants of money flow, we combine the experience and econometrics and the opinion of market participants to undertake this study.
In this study, we investigate the determinants of mutual fund flows from aggregate viewpoint. The empirical results are as follows:
1.The initial public offering of new fund have positive influence on the aggregate flow, no evidence that aggregate mutual fund flows have been affected by the stock return.
2.The stock returns with 1 month lag show no evidence to influence the flows,
3.Long-term real interest have obviously negative influence on the aggregate mutual fund and while short-tern interest does not.
4.Personal income positively related to aggregate mutual fund flows but not obvious for 1-month lagged income.
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A Re-Examination on Risk-Adjusted Mutual Fund PerformanceChi, Bai-Chung 26 June 2003 (has links)
In the past, some of studies would like to research the mutual fund return persistence into the causes of performance and they find that short-term mutual fund persistence is largely driven by fund managers accidentally holding past winner/loser stocks (Carhart, 1997) and long-term mutual fund persistence is largely driven by persistence in expense ratios (Carhart, 1992). My sample of equity mutual fund is identified themselves by the Taiwan Economy Journal (TEJ) styles (e.g. closed-end, high tech, etc.) and is often confined to trading stocks within their style, style-adjusted fund returns would be a more appropriate measure of fund manager performance. we could find the performance of the portfolio of the style-adjusted mutual funds that truly and conspicuously has advantage over the comparative group consisted of the same funds in the same period, but without weighting. The value of alpha in the portfolio is much greater than the one of that comparative group.
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Hedge-Fonds als alternative Investments : Stilrichtungen, Risiken, Performance /Rutkis, Andre. January 2002 (has links)
Wilhelmshaven, Fachhochsch., Diplomarbeit, 2002.
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Die Welt der Hedgefonds : Chancen und Risiken der umstrittenen Anlageklasse /Berg, Bernd. January 2006 (has links)
Universiẗat, Diplomarbeit--Tübingen.
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To evaluate government policy on the local fund-raising workMak, Sau-ying. January 2008 (has links)
Thesis (M.P.A.)--University of Hong Kong, 2008. / Includes bibliographical references (p. 65-67)
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Strategies towards a sustainable fundraising model in schools: Lebowakgomo Circuit focusPudi, Mangoashe Victoria January 2008 (has links)
Thesis (MBA.) -- University of Limpopo, 2008 / Fundraising is operationally feasible in schools. Schools are allowed to solicit investors in terms of the South African School Act. The research was conducted at Lebowakgomo Circuit , Capricorn District. It was the purpose of this study to develop a sustainable fundraising model for schools through perceptions and experiences of the school principals.
The researcher used a survey questionnaire to collect data. Statistical analysis were followed in order to derive information from the data. A key finding was that fundraising takes place at schools mostly when there is insufficient funds, organizing for school events or there is an urgent need of resources. Most of the schools do not allocate a budget for fundraising . A fundraising plan is not included in the school developmental plan. The plan for fundraising is done periodically when a need arises. The purpose and the size of the project determine the type of fundraising.
Most of the businesses are willing to give as part of their social responsibility or tax cut. However, schools should market and sell themselves to potential donors and follow more aggressive strategies towards fundraising.
Recommendations made include a sustainable fundraising model for schools and the steps to be followed when applying the model.
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Strategies towards a sustainable fundraising model in schools: Lebowakgomo Circuit focusPudi, Mangoashe Victoria January 2008 (has links)
Thesis (MBA.) -- University of Limpopo, 2008 / Fundraising is operationally feasible in schools. Schools are allowed to solicit investors in terms of the South African School Act. The research was conducted at Lebowakgomo Circuit , Capricorn District. It was the purpose of this study to develop a sustainable fundraising model for schools through perceptions and experiences of the school principals.
The researcher used a survey questionnaire to collect data. Statistical analysis were followed in order to derive information from the data. A key finding was that fundraising takes place at schools mostly when there is insufficient funds, organizing for school events or there is an urgent need of resources. Most of the schools do not allocate a budget for fundraising . A fundraising plan is not included in the school developmental plan. The plan for fundraising is done periodically when a need arises. The purpose and the size of the project determine the type of fundraising.
Most of the businesses are willing to give as part of their social responsibility or tax cut. However, schools should market and sell themselves to potential donors and follow more aggressive strategies towards fundraising.
Recommendations made include a sustainable fundraising model for schools and the steps to be followed when applying the model.
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Reviewing Exchange Traded Funds : Market dimensional impacts on profitabilityBurck, Johan January 2015 (has links)
Background: Ever since Sharpe, Treynor and Jensen advanced the methods of fund performance evaluation in the 60’s it has been a popular field of study in academia. As the intricacies of fund performance was untangled it became clear that paying for active management doesn’t yield higher cost adjusted returns. An Index investment strategy is the most sensible approach and it’s the associated cost which separate index vehicles. Exchange traded funds have risen as a competitor to the conventional index mutual fund but the research evaluating these is very scarce. The research conducted comparing the costs of the two vehicles do not take into account implicit transaction costs that in turn depend on specific market microstructure designs and could affect the cost relationship. The problem: Do liquidity and market structural disparities between markets affect the cost relationship between exchange traded funds and index mutual funds, through the implicit transaction cost? Objective of the research: The objective of this paper is to examine whether structural differences between markets affect implicit transaction costs to the extent that the cost relationship between index funds and exchange traded funds differ from earlier findings. Method: The need to generalize the findings prompted a quantitative approach to the research. Comparative examination will be done on the microstructure and liquidity of two different markets. The transaction costs will then be measured with statistical means and incorporated in a cost comparison model. Result and conclusion: There are architectural and liquidity differences between the two sample markets allowing for systematic differences in transaction cost, which were found but were not a significant contributor to the tracking error cost of the index mutual funds. The Swedish ETF do not get more profitable as the investment sum increases. A finding which contradicts earlier findings and is likely a consequence of the Swedish tax-laws for capital gains as well as the higher levels of management fees for ETFs. ETFs might still be a worthwhile investment since they possess unique qualitative benefits.
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Státní fondy / State fundsŠimon, Jan January 2011 (has links)
This thesis deals with the issue of funding public needs through State funds. It is not very well known to the public, but very interesting institution with which everyone can encounter in everyday life. The main objective of this work is to define and evaluate the possible development of the State funds in the Czech Republic de lege ferenda. The sub- objectives include the legal framework for the functioning of the State funds (their financing and organizational structure ) and a comparison of Czech legislation with foreign, specifically examples of State funds in Poland and the Slovak Republic. The thesis is composed of five chapters. First part is designed to lay down the theoretical foundation for further explanation, readers familiar with the area of public finances, namely the budgetary management. The second chapter defines and describes the system of fund off-budget funds. The third part is devoted to the various State funds in the Czech Republic (currently there are six of them), their common features and brings positives and negatives of their existence - as de lege lata. The following chapter gives examples of international regulation that we can use as a source of inspiration. Last, the fifth chapter analyzes the State funds de lege ferenda. Its mission is to bring possibilities of the...
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The Study on the Relationship between Performance and Size of Domestic Open-end Mutual FundChiu, Li-chen 07 September 2010 (has links)
Investment of mutual fund has always been popular to the common investor. No matter investing at Systematic Investment Plan or One-time Investment, choosing a ¡§good¡¨ mutual fund is expected for every investor. However, how to find a good one among a large number of funds? In the past reports or theses, there are many reasons of influencing mutual fund performance, which include fund¡¦s size among others. The common sense said that ¡§if you want to invest in mutual fund, you should choose the larger size ¡¨ Is that true? Through the past reports we can find out different opinions. This study mainly research into the relationship between performance and size of domestic open-ended mutual funds. Expect to give a simpler data for reference and lower the risk before general investors put money into funds.
The logic of Spearman's Rank Correlation coefficient would be applied as the statistical inference in this study, and the domestic open-ended equity fund, balanced fund, and quasi-money market fund will be used as the observed samples. Monthly performance and size is the observed unit of time in this research period from March 2001 to February 2010. Thus via this mode will know whether the correlation between fund¡¦s performance and size is positive, negative or there is no correlation.
The conclusions of this study are presented as follows:
1. There is a low positive correlation between performance and size for equity fund and quasi-money market fund. But the balanced fund does not show any correlation for these two variables.
2. Moreover, the study shows there is better performance for investing in over 4 billion NT asset of equity fund in a short term period. But the result of balanced fund and quasi-money market fund can¡¦t highlight the optimal size in a short term period.
3. From the long term point of view, the optimal interval of size for equity and balanced fund is between 1 billion and 2 billion. And the optimal size to quasi-money market fund is over 40 billion.
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