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The Sarbanes-Oxley Act: Effects on Public Accounting FirmsJin, Yun 06 June 2012 (has links)
No description available.
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Three Essays on Hedge Fund Fee Structure, Return Smoothing and Gross PerformanceFeng, Shuang 01 September 2011 (has links)
Hedge funds feature special compensation structure compared to traditional investments. Previous studies mainly focus on the provisions and incentive structure of hedge fund contract, such as 2/20, hurdle rates, and high-water mark. The first essay develops an algorithm to empirically estimate the monthly fees, fund flows and gross asset values of individual hedge funds. We find that management fee is a major component in the dollar amount of hedge fund total fees, and fund flow is more important in determining the change in fund size compared to net returns, especially when fund is shrinking in size. We also find that best paid hedge funds concentrate in the largest hedge fund quintile. Large funds tend to perform better, earn more, and rely less on management fee for their managers' compensation. Further, we find that fund flow is an important determinant of hedge fund managerial incentives. Together with the "visible" hands of hedge fund management, i.e. the provisions of hedge fund incentive contracts, the "invisible" hands -- fund flows enable investors to effectively impact hedge fund managerial compensation and incentives. The second essay studies the relation between return smoothing and managerial incentives of hedge funds. We use gross returns to estimate both unconditional and conditional return smoothing models. While unconditional return smoothing is a proxy of illiquidity, conditional return smoothing is related to intentional return smoothing and may be used as a first screen for hedge fund fraud. We find that return smoothing is significantly underestimated using net returns, especially for the graveyard funds. We also find that managerial incentives are positively associated with both types of return smoothing. While managers of more illiquid funds tend to earn more incentive fees, funds featuring conditional return smoothing under-perform other funds and do not earn more incentive fees on average. Finally, we find that failed hedge funds feature more illiquidity and conditional return smoothing. The third essay explores the difference between the gross-of-fee and net-of-fee hedge fund performance, by investigating the difference in distribution, factor exposures and alphas between gross returns and net returns. We find that gross returns are distributed significantly differently from net returns. The gross-of-fee alphas are higher than the net-of-fee alphas by about 4% per year on average. We also find positive relation between hedge fund performance and fund size, fund flows, and managerial incentives, which holds for both gross-of-fee performance and net-of-fee performance. Our findings suggest that it is necessary to examine the gross-of-fee performance of hedge funds separately from the net-of-fee performance, which may give us a clearer picture of the risk structure and performance of hedge fund portfolios.
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Změny v koncepci životního pojištění / Changes of conception in life insuranceBabický, Toni January 2017 (has links)
The thesis deals with complex questions of life insurance primarily on the Czech insurance market. At the beginning of the work, life insurance is described from a theoretical point of view and its main characteristics and mechanisms are outlined. In the next step, the main topics, which have the most important place in life insurance, are analysed. It is comparison of the insurance in Europe. Then, it is current use of life insurance mainly for covering of the short-term income in case of health problems. It also deals with the opinion of young people on insurance and with approach of ordinary people to the health form connected with a new contract. For the savings, there are capital and investment life insurance mentioned. The investment life insurance is the very important part because of the problems, which it has created in the last 15 years. The thesis also speaks about the possibilities of insurance for athletes. Finally, a small questionnaire had been completed by people on the street. Own contribution of the thesis is to demonstrate problematic parts of life insurance for the clients and explanation why it is so.
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Faculty Senate Minutes December 4, 2017University of Arizona Faculty Senate 06 February 2018 (has links)
This item contains the agenda, minutes, and attachments for the Faculty Senate meeting on this date. There may be additional materials from the meeting available at the Faculty Center.
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Faculty Senate Minutes November 6, 2017University of Arizona Faculty Senate 05 December 2017 (has links)
This item contains the agenda, minutes, and attachments for the Faculty Senate meeting on this date. There may be additional materials from the meeting available at the Faculty Center.
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