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noneChuang, Che-ming 06 September 2007 (has links)
Abstract
Since the open of domestic financial market recent years, the
financial products have become more and more various. In six years, there
has been 2.7 funds issued every month on average. For investors, how to
choose a good fund company and an appropriate fund from plenty of new
offered funds is uneasy. Particularly new offered fund has no history data
to examine the performance, and also lacks the regular benchmarks like
£]and Sharp ratio.
This thesis uses the data of the domestic stock funds which were
offered over 1 year from 1997 January 1 to 2006 December 31.The data
resources is from TEJ. The study will distinguish all data from whether
the prospectuses regulate the funds¡¦ stock holding percentage over 70
¢H or not. Then we want to investigate the behavior in the first year and
to discuss if the fund managers¡¦ experiment will result in the abnormal
performance.
The study results shows that the stock holding percentage of the
domestic stock funds have been over 70¢H on average since offered 3 months,
but the percentage of the funds with free investment period of 3 months
is less than 60¢H. However the percentage of the funds with free investment
period of 6 months would rise to be 70¢H early in the second or third month.
We try to use a statistic way and set a dummy variable to test whether
there is different between the performance of the funds with free period
and those with limited period. The result shows that there is no fund
performance difference between these two period.
From the second month after the fund is offered, turnover rare is close
or even over the average of one year. The average level is about 30¢H and
it shows the domestic stock funds have changed stocks frequently since
it is offered .
The tenure of Fund managers¡¦ after domestic stock funds raised is
20 months on average from 95 months to 1 month.13¢Mof fund managers will
be taken place less than half year after the fund offered, 39¢Mwill be
less than 1 year. 60¢Mof the fund managers have ever managed other funds
before the newly one which he manage now, but 40¢Mhave no such experiment.
The statistics shows that there is no significant different between fund
managers¡¦ experiment and fund¡¦s abnormal returns.
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The Directive on Alternative Investment Fund Managers: Comparative Analysis of Certain Aspects of the Regulatory Regimes of Europe, Canada and the United States of AmericaHernandez, Miguel A. 21 March 2012 (has links)
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.
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The Directive on Alternative Investment Fund Managers: Comparative Analysis of Certain Aspects of the Regulatory Regimes of Europe, Canada and the United States of AmericaHernandez, Miguel A. 21 March 2012 (has links)
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.
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Kvinnliga fondförvaltares förhållande till risk och förvaltarstil : En kvalitativ studie om kvinnliga fondförvaltares syn på och erfarenheter av risktagande och förvaltarstil i en bransch överrepresenterad av män / Female fund managers’ relation to risk and management style : A qualitative study regarding female fund managers’ experiences of risk-taking and management style in an industry overrepresented by menFrom, Cecilia, Johansson, Amanda January 2016 (has links)
Bakgrund: Färre kvinnor än män, inom finansbranschen, söker sig till fondförvaltning och yrket är således överrepresenterat av män. Studier visar på att det föreligger en skillnad i risktagande och förvaltarstil mellan kvinnor och män på professionell nivå. Vidare antyder dock empirisk forskning att skillnaderna minskar i takt med erfarenhet och att det således även föreligger en skillnad i risktagande mellan kvinnor inom fondförvaltning och kvinnor i allmänhet. Generellt sett är kvinnor i allmänhet mer riskaversiva än män. Detta tyder på att kvinnor inom fondförvaltning är en utmärkande grupp, vilket motiverar ytterligare undersökning. Syfte: Syftet med uppsatsen är att undersöka kvinnliga fondförvaltares erfarenheter kring och syn på skillnader och orsaker till skillnader mellan kvinnors och mäns risktagande på både generell och professionell nivå. Vidare ämnar studien att analysera och jämföra den eget insamlade empirin gentemot den empiriska forskningslitteraturen om kvinnligt och manligt risktagande och förvaltarstil i syfte att kunna föreslå nya hypoteser kring vad som styr kvinnligt professionellt risktagande. Genomförande: Studien utfördes genom ett kvalitativt metodval, i form av personliga intervjuer. Sammanlagt hölls 8 intervjuer med kvinnliga fondförvaltare. Urvalet skedde utifrån en egen kartläggning av kvinnliga fondförvaltare, med säte i Sverige, med sammanställd information om deras förvaltade fonder. Slutsats: Sammanfattningsvis har studien genererat ett antal hypoteser. En första hypotes är att vana och erfarenhet påverkar risktagande och beslutsprocessen då användandet av system 1 ökar. En andra hypotes är att forskning ger en felaktig bild av verkligheten då denna inte tar hänsyn till snedfördelningen i branschen eller förvaltarens mandat. På generell nivå genererades en hypotes att skillnader i risktagande och omsättning inte beror på genus utan snarare grundas i intresse. / Background: Fewer women than men, within finance, work as a fund manager and the profession is therefore overrepresented by men. Studies show the existence of differences in risk and management style between women and men on a professional level. However indicates empirical studies that these differences reduce when the professional experience grows and that there also is a difference in risk-taking between women in fund management and women in general. Generally are women more risk aversive than men. This indicates that women in fund management are a distinctive group, which motivates further studying. Aim: The aim with this thesis is to inquire female fund managers’ experiences in the difference between women and men concerning risk-taking and management style, on a general and professional level, and the difference between professional women and women in general. Furthermore, the study aims to analyze and compare the result with the empirical research. Completion: The study was conducted by a qualitative method, through personal interviews. A total of eight interviews were held with female fund managers. The selection was based on a survey of female fund managers, geographically located in Sweden. Conclusion: In conclusion, the study has generated three hypotheses. Firstly, practice and experiences affects risk-taking and decision-making process since the use of system 1 increases. Secondly, previous research provides an inaccurate picture of the reality since this does not account for the disparity in the industry or the trustee's mandate. On a general level, a hypothesis was generated that the difference in risk-taking and turnover does not arise because of gender.
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Swedish hedge funds : An analysis of the Swedish hedge funds’ investment strategies and risks associated with hedge fundsWerner-Zankl, Simon, Samuelsson, Linda, Jonsson, Emma January 2007 (has links)
Background Out of the different fund categories hedge funds have had the highest development in Sweden since 1994. Swedish investors’ interest in hedge funds doubled from 2005 to 2006. Hedge funds are said to be an investment with a low risk and not being dependent upon business cycle movements. Historically there have been high initial investments, most often over 100 000 SEK, required to invest in hedge funds. This has started to shift towards lower initial investments. This is a reason why hedge funds start to become interesting to private investors and not only to institutional, and wealthy private investors. Purpose The purpose of this thesis is to explore what different investment strategies and sub strategies that are used within Swedish hedge funds. Also specific risks and risk measurements, depending on investment strategy, will be investigated and compared. Method In order to meet the purpose of this thesis a qualitative approach has been used. A questionnaire, with both closed and open-end questions, was sent to 13 hedge fund managers operating in the Swedish hedge fund market. Afterwards, four semi-structured interviews were conducted. Two of the interviewees are hedge fund managers who also answered the questionnaire. The others were with a person who is a hedge fund analyst and a person working at the Swedish Financial Supervisory Authority (SFSA). Conclusion Out of the five different investment strategies investigated the two most widely used in Swedish hedge funds are funds of hedge funds and equity hedge. The sub strategies that are used within the Swedish hedge fund market are those with a focus on low risk. Within Swedish hedge funds there are some specific risks and risk measurements that are useful. Sharpe ratio is best used to compare similar funds. Standard deviation is useful to evaluate each specific hedge fund. How much leverage capital that can be used is decided by SFSA. Yet, the risks depend on the hedge fund manager rather than the investment strategy used. This, due to the fact that the hedge fund managers have an own interest in the hedge fund.
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Swedish hedge funds : An analysis of the Swedish hedge funds’ investment strategies and risks associated with hedge fundsWerner-Zankl, Simon, Samuelsson, Linda, Jonsson, Emma January 2007 (has links)
<p>Background</p><p>Out of the different fund categories hedge funds have had the highest development in Sweden since 1994. Swedish investors’ interest in hedge funds doubled from 2005 to 2006. Hedge funds are said to be an investment with a low risk and not being dependent upon business cycle movements. Historically there have been high initial investments, most often over 100 000 SEK, required to invest in hedge funds. This has started to shift towards lower initial investments. This is a reason why hedge funds start to become interesting to private investors and not only to institutional, and wealthy private investors.</p><p>Purpose</p><p>The purpose of this thesis is to explore what different investment strategies and sub strategies that are used within Swedish hedge funds. Also specific risks and risk measurements, depending on investment strategy, will be investigated and compared.</p><p>Method</p><p>In order to meet the purpose of this thesis a qualitative approach has been used. A questionnaire, with both closed and open-end questions, was sent to 13 hedge fund managers operating in the Swedish hedge fund market. Afterwards, four semi-structured interviews were conducted. Two of the interviewees are hedge fund managers who also answered the questionnaire. The others were with a person who is a hedge fund analyst and a person working at the Swedish Financial Supervisory Authority (SFSA).</p><p>Conclusion</p><p>Out of the five different investment strategies investigated the two most widely used in Swedish hedge funds are funds of hedge funds and equity hedge. The sub strategies that are used within the Swedish hedge fund market are those with a focus on low risk. Within Swedish hedge funds there are some specific risks and risk measurements that are useful. Sharpe ratio is best used to compare similar funds. Standard deviation is useful to evaluate each specific hedge fund. How much leverage capital that can be used is decided by SFSA. Yet, the risks depend on the hedge fund manager rather than the investment strategy used. This, due to the fact that the hedge fund managers have an own interest in the hedge fund.</p>
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Fund managers and analysts relation to sustainability : The investment decision, motives for sustainable investments and configuration of the sustainability reportsJufors, Henrik, Karlsson, Per January 2017 (has links)
The concept of sustainable development has increased a lot in recent times and has spread throughout society. A group traditionally known for focusing on financial aspects is the investors, but because of the increased focus on sustainability from different stakeholders many of them also focus on including corporate social responsibility information in their investment decisions. Through a qualitative approach this study is meant to explore how investors, especially fund managers, implement sustainability data into their investment decisions, what motivates them to invest sustainably and how they perceive the configuration of the reports. To achieve this purpose, eleven respondents with considerable knowledge and experience of working with sustainability were interviewed. The results indicate that the respondents do use sustainability data in their investment decision and that they also use different kind of sources for obtaining this information. There are several different reasons why they work with sustainable investments including minimizing risks, profits, customer demand and personal interests. Lastly, there is a desire among the respondents for a standardized framework regarding the sustainability reports similar to the financial equivalent.
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Fondförvaltares riskhantering av företagsobligationer : En kvalitativ studie utifrån den kumulativa prospektteorinKarlsson, Philip, Karlsson, Olle January 2017 (has links)
Sammanfattning Beteendeekonomi var fram till år 1979 ett forskningsämne som saknade större motsättningar. Sedan 1700-talet var den allmänna uppfattningen att de beslut som individer fattade under risk var baserade på ett rationellt beteende. Daniel Kahneman och Amos Tverskys åsikt var polär mot den tidigare forskningen och baserat på deras kritik mot föregående studier inom beteendeekonomi presenterade de år 1979 prospektteorin, en teori som senare renderade i nobelpriset. Därefter har teorin utvecklats och år 1992 publicerade Tversky och Kahneman den kumulativa prospektteorin. Den kumulativa prospektteorin (1992) baseras på att individer frångår objektiva sannolikheter och istället utgår beslut från subjektiva preferenser och därav ett irrationellt beteende. Kahneman och Tversky ansåg att rationella individer inte alltid fattar beslut baserat på vilket alternativ som genererar den högsta nyttan utan tidigare erfarenheter och upplevelser resulterar i att individer agerar annorlunda. Ett flertal studier har funnit empiriskt bevis för att den kumulativa prospektteorin är applicerbar på investerare, däribland på förvaltare inom fonder samt inom private banking. Denna studies syfte är att med hjälp av tolv kvalitativa intervjuer erhålla en djupare förståelse huruvida den kumulativa prospektteorin är applicerbar på svenska fondförvaltare med inriktning på företagsobligationer. Samtidigt som allmänheten enligt de intervjuade förvaltarna tenderar att ha bristfälliga kunskaper gällande risker associerade till företagsobligationer anser många journalister, bland annat på grund av de förväntade räntehöjningarna, att obligationsmarknaden befinner sig i en bubbla. Detta gör företagsobligationsmarknaden intressant att undersöka. Studiens slutsats är att förvaltarna, i likhet med den kumulativa prospektteorin, agerar irrationellt vid investeringsbeslut. Detta på grund av att förvaltarna ger indikationer på att de inte enbart investerar i de företagsobligationer som genererar den högsta nyttan, det vill säga avkastning, utan tar stor hänsyn till risker kopplade till företagsobligationer. I likhet med teorin tenderar förvaltarna att hantera likviditetsproblematiken och kreditrisken i enlighet med den kumulativa prospektteorin. Vidare är studiens slutsats att förvaltarna, i kontrast till den kumulativa prospektteorin, övervärderar en redan hög sannolikhet för att ränte- och inflationsrisken ska påverka fonderna negativt. Dessutom ges indikationer att förvaltarna, i likhet med teorin, agerar riskavert mot vinster, men i kontrast till teorin, agerar de också riskavert mot förluster. Detta stöds bland annat genom att majoriteten av förvaltarna agerar med en hög grad av försiktighet samt deras bemötande av kreditrisk.
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Fondförvaltare, hållbarhet och sociala normer : En kvalitativ studie om svenska fondförvaltares integrering av hållbarhet och sociala normerGidmark, Jacob, Lundqvist, Axel January 2021 (has links)
Sustainability has for long time been widely discussed, and in addition the opportunities and influence that the financial industry has. The concept sustainability is also a concept without a generally accepted definition. With the vague definition and the financial industry’s responsibilities for climate issues as background, this study aims to investigate how Swedish fund managers choose to implement sustainability issues, also called ESG-factors, and how fund managers are affected by the everchanging social norms that abound in society. With the use of previous research alongside a qualitative study based on interviews with active Swedish fund managers, the following questions are answered: How do Swedish fund managers implement ESG-factors in investment decisions and how are fund managers affected by social norms linked to sustainability in investment decisions. After analyzing the empirical result, several themes have been identified under which the study’s respondents were placed. The study finds that the most common strategies among Swedish fund managers are a mixture of negative screening and active ownership. Furthermore, the study shows that the impact of social norms has on fund managers varies. The variation can be caused by differences in experience, emotions, and prejudice. The study shows that social norms affect companies' code of conduct and thus affect fund managers indirectly, while some fund managers consider ruling norms to a greater extent and are thus directly affected.
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The effect of client affiliation on the performance attributions of fund managers in South AfricaEnaw, Enih Ebot January 2011 (has links)
<p>This study seeks to evaluate the performance of unit trust managers based on their client affiliation classification. Worldwide, the number of investors investing in unit trusts is on the rise and increasingly they want to be able to evaluate the performance of the managers managing their funds so as to make better investment decisions. This increase in the asset size and number of unit trusts funds could be attributed but not limited to the low capital required for investment by small investors who before could not afford to invest in portfolios requiring large capital (Prather, Bertin, and Henker, 2004). In addition, the fund managers of these units are believed to have special skills such as market timing and stock selectivity which contribute to the performances they achieve. The evaluation of the performance of unit trust fund managers is a largely unexplored area in South Africa. As a result, the study focuses on South Africa fund managers and has as aim to evaluate the performance of two groups of fund managers (independent and dependent) who were classified based on their client affiliation structure. The client affiliation classification is as a result of the fund managerâs clientele base. The dependent group are those who formed part of a group structure and offer other wealth management services for which their clients or investors in the unit trust services originate from within the group while the independent group are those whose clients are pulled together from diverse individuals or institutions and does not form part of a group or render other services other than fund management. Two fund types were selected namely / general equity funds and balanced funds. It has also examined the underlying skills the different groups of fund managers possess. The performance of unit trust has an effect on many parties who are related in one way or the other to the unit trust funds. The results of this study will inform individual investors, trustees and asset consultants in their decision making process of selecting a fund manager. The results of the study will be of value to the asset management industry in terms of assessing their structures and restructuring the investment service business to meet the expectations of their clients / the investors. It could also be used as a marketing tool. Publicly available historical data on the returns generated by fund managers for a five year period from  / 2005 to 2009 was obtained. Analyses were done using the independent sampled t-test and the Treynor Mazel model respectively for the different research questions posed. The results obtained indicated that there were no statistically significant differences between the performances of independent fund managers with those of dependent fund managers. However, dependent fund managers of equity funds performed better than their counterparts the independent fund managers. In the case of balanced funds, the independent fund managers performed better than their dependent counterparts. On average, both fund  / manager types possessed selectivity skills for equity funds and none for balanced funds. However for both fund types, the dependent fund manager demonstrated more selectivity skills than their independent counterparts. The results for market timing skills demonstrated that on average, both fund managers did not possess market timing skills for balanced funds while possessing these skills for equity funds. The dependent  / fund managers demonstrated more market timing skills for balanced funds though negative when compared to that of their counterparts. On the other hand, the equity fund independent fund  / managers demonstrated more market timing skills than the dependent fund managers.</p>
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