Securities Investment Trust industry had matured which reached to an intensive competition market in recent years. In any case, the high turnover rate of fund manager suggests that how company establishes its organizational ability now facing a serious issue, and it eventually cuts the overall growth of company. Therefore, if company¡¦s human resources management system can be matched with its own organizational culture, it should help the company retain talents; to develop better organizational innovative capability which leads to more outstanding performance. In this research, we focused on four particular companies which known for its specialty in securities investment trust by processing case study method. From these cases, we found there are strong relationships between organizational culture, strategic human resource management and performance on organizational innovation. Organizational culture presents the core value of organization which is the central idea for corporation operation as well. It becomes the principles for recruitment and assessment of human resource. That is to say, culture affects human resource management activities. Human resources management activities play an important role on human capital accumulation which can direct link to performance of innovation, especially on service innovation. Our research suggested that technical innovation or product innovation will be affected by other factors, such as company¡¦s resources and industrial properties. As a result, the strategy of human resources management has partially influence on both product innovation and technological innovation.

Recently, the market of mutual fund is getting larger and larger; and the need of determining which fund to buy is more important as well. In this study, we want to find out the relationship between mutual fund managerial team and mutual fund performance. We examine the performance of 64 mutual funds over the 3 year period 1997 through 1999 using Fama and French¡¦s 3-factor model. Then we test the persistence of mutual fund performance and whether a mutual fund manager have market timing ability. Results show that a fund¡¦s performance is significantly impacted by its manager¡¦s number, fund age, turnover, expense, and mutual fund company¡¦s age. All else equal, investors can expect better performance from funds with few manager numbers, low fees, low buy turnovers, high sale turnovers, and younger mutual fund companys. On average, mutual fund managers do not have market timing ability, and mutual funds exist performance fersistence over the 3 year period.

Bakgrund: Det har i tidigare forskning visats att människor alltid påverkas av psykologiska fallgropar. Empiriska studier har tidigare genomförts med syfte att finna hanteringssätt att reducera psykologiska fallgropar. Vid litteraturstudien till denna uppsats påträffades dock ingen kvalitativ studie vilken berör hanteringen i praktiken varför det var av intresse att studera det genom intervjuer med svenska fondbolag. Då dessa empiriska studier till viss del utgått från praktiken vid skapandet av hypoteser gällande problematiken med psykologiska fallgropar var det även relevant att kartlägga på vilken kunskapsnivå svenska fondbolag befinner sig gällande behavioral finance som forskningsfält. Syfte: Denna uppsats syftar till att kartlägga och analysera svenska fondbolags kunskaper gällande behavioral finance som forskningsfält. Den ämnar även analysera om och i vilken mån hanteringssätt av psykologiska fallgropar, presenterade av tidigare forskning, i praktiken används av svenska fondbolag vid investeringsbeslut. Genomförande: För att uppnå uppsatsens syfte har ett kvalitativt tillvägagångssätt använts med utgångspunkt i åtta genomförda intervjuer med representanter från svenska fondbolag. Samtliga representanter har en övergripande insyn i hur fondförvaltningen går till på respektive fondbolag. Den insamlade empirin har dels analyserats utifrån en för denna uppsats framtagen analysmodell med syfte att kartlägga vart svenska fondbolag befinner sig kunskapsmässigt gällande behavioral finance, och dels utifrån tidigare empirisk forskning inom forskningsområdet. Slutsats: Uppsatsen lägger fram en ny hypotes vilken innebär att teoretiska förkunskaper om behavioral finance saknas i branschen samt att de hanteringssätt som används av svenska fondbolag till stor del inte reducerar psykologiska fallgropar. Det förklaras av att det till stor del inte finns stöd för svenska fondbolags hanteringssätt i tidigare forskningsresultat. / Background: Previous research has shown that people always are influenced by biases. Empirical studies have previously been conducted in order to find ways to reduce the biases. In the literature review for this thesis was however no qualitative study found which concerned the handling in practice, why it was of interest to study. Since the empirical studies, to some extent, have been based on practice when creating their hypotheses regarding the problem of biases, it was also relevant for this paper to survey the knowledge that Swedish fund companies currently have regarding behavioral finance as a research field. Aim: This paper aims to survey and analyse Swedish fund companies’ knowledge regarding behavioral finance as a research field. The paper also intends to analyse if and to what extent ways of handling biases, by previous research presented, in practice are used by Swedish fund companies when making investment decisions. Completion: To achieve the purpose of this paper, a qualitative approach has been used based on eight interviews conducted with representatives from Swedish fund companies. All representatives have an overall insight into how the fund management is done in respective fund companies. The collected empirical data has been analyzed partly on the basis of one, for this paper developed, analytical model with the aim to survey were Swedish fund companies are in terms of knowledge regarding behavioral finance, and partly on previous empirical research in the field of this research area. Conclusion: This paper table a new hypothesis which means that the industry lacks theoretical knowledge in behavioral finance and that the methods used by Swedish fund companies generally do not reduce biases. It is explained by the fact that a majority of the methods used by Swedish fund companies are not supported in precious research.

Syftet med denna kandidatuppsats är att gå in i djupet i hur en förvaltare av fastighetsfonder arbetar. Det stora fokusområdet för uppsatsen är processen bakom olika fondförvaltares beslutsfattande där olika faktorer som påverkar detta analyseras. Det vill säga hur beslut fattas mellan olika fastighetsrelaterade tillgångar som aktier och fastigheter i fonden samt vilka faktorer som påverkar portföljen både på mikro- och makronivå. Olika teorier kring förvaltning av fastighetsfonder studeras. Beslutsteori innebär olika modeller för hur beslut fattas och vilka hinder som finns mot att fatta rationella beslut. Förvaltningsstrategier som tas upp innefattar olika mätmetoder för förvaltarens aktivitet, vilka strategier som har fungerat historiskt och vilka riskklasser som fondförvaltaren måste ta hänsyn till. Hållbarhet i förvaltningen, coronapandemins inverkan på olika fastighetssegment, olika förvaltaregenskapers påverkan på fonden och fondavgift studeras också. För att förstå den dagliga förvaltningen för en förvaltare av fastighetsfonder så genomfördes det en kvalitativ studie genom att ställa semistrukturerade frågor för att kunna besvara vår frågeställning. Resultatet visar att för att förvaltaren skall kunna fatta ett så rationellt beslut som möjligt, ser svaren lite olika ut. Bland annat kan man använda sig av en investeringskommitté eller en scoring-modell. Faktorer som påverkar innehaven i aktiefonder och för onoterade bolag är bland annat aktieanalys, hållbarhetskrav och möjligheten till fastighetsutveckling. Makroekonomiska förhållanden har olika inverkan på olika fastighetssegment. Till följd av det allokeras tillgångar i fonden ofta efter makroekonomiska cykler. Sett till de tre hållbarhetsområdena environmental, social och governance (ESG) är environmental den viktigaste. EU-taxonomin kan användas som regelverk för att säkerställa att innehaven i fonden är hållbara. En förvaltare av fastighetsfonder arbetar efter en tydlig struktur. Det kan vara med hjälp av checklistor och investeringskommittéer. Hållbarhet, aktievärdering, framtida tillväxtmöjligheter och makroekonomi är viktiga faktorer när fondförvaltaren väljer vilka tillgångar som ska finnas i fonden. / The purpose of this study is to examine in-depth how Swedish real estate fund managers oversee and optimize the portfolio daily. The main focus area in this essay is the decision-making of real estate fund managers, how decisions are being made regarding assets like stocks and real estate as well as contributing factors that can affect the portfolio at macro-and micro-levels. Different theories in the management of real estate funds are brought up in this study. Decision theory is the study of how decisions are made and contains different models that can be used to make decisions. Decision theory also contains the barriers that make it hard to make rational decisions. Fund management strategies contain different measurements of the fund manager's activeness and different fund risk classes that the fund manager must have in mind when allocating assets in the fund. Theories regarding sustainability in fund management, the coronavirus pandemic impact on different real estate segments, fund manager characteristics and their impact on real estate funds, the fee structure in real estate funds, and historical fund performance are also studied. To understand what a real estate manager's everyday life looks like while handling real estate funds a qualitative study was made by asking semi-structured questions based on the literature to get a general perception of our question at issue. The results show that a manager should be able to make the most rational decision possible. The answers were varied and differed from each other in the sense that some decisions were made through investment committees and some used a scoring model. Factors that influence the holdings that are brought up in this essay for equity funds and unlisted real estate companies are stock valuation, sustainability requirements, and the ability of real estate development. Macroeconomic factors have a different impact on different real estate segments. As a result, the portfolio is managed dependent on the segment and its suitability in current and future macroeconomic cycles. Regarding the three sustainability factors, environmental, social, and governance (ESG) it is clear that the environment is the key area to observe. EU taxonomy is being used as a regulation to secure the possession of sustainable funds. Real estate fund managers have a clear structure in their working life. It can be done with checklists and investment committees. Sustainability, stock valuation, future growth opportunities, and macroeconomics are important factors for fund holdings.

In this paper, we explore drivers and mitigators of agency conflicts inherent in the fund manager-fund investor relationship through the lens of the principal-agent model. By engaging in abductive qualitative research, we apply both deductive and inductive inquiry to complement and extend previous literature with insights from parties directly involved in the Swedish mutual fund market. Hence, data is collected from eight semi-structured interviews with four senior fund managers, three institutional investors and one fund investment association, all operating in Sweden. The results of the study show that agency conflicts and mitigators found in previous studied principal-agent settings are also in large part found in the fund manager-fund investor setting in Sweden. However, this study has extended previous research by generating knowledge about drivers and mitigators of agency conflict found in the real world, which have been left unexplored in previous studies.

基金經理人相較於一般投資大眾，具備了相當豐富的財金背景與知識，並且幾乎每天都拜訪各上市上櫃公司，深入瞭解各公司營運狀況，而各投信公司內部又設有研究部門，協助基金經理人收集資料、分析報告，因此投資績效相對於一般大眾好。只是國內投資信託環境還不夠成熟，基金經理人的更換太過頻繁，早已嚴重影響投資人的權益。此外，一般相信在投資組合的資產配置確定時的那一刻，便已經決定了報酬的多寡。Sharpe（1992）曾提出資產類別因素模型，發現基金績效表現可由基金之投資風格所解釋，那麼基金的正確分類便顯得非常重要，而其投資報酬，也在其投資風格確定的一刻起，便早已決定了。 本研究試圖構建出基金的投資風格指數，並檢視基金經理人異動之後，基金的績效表現、風險偏好、選股與擇時能力是否有顯著差異，最後，根據構建出的風格指數，檢視各基金在經理人替換後，是否發生風格移轉的情形，進行相關探討。 本研究利用Sharpe指標與Jensen指標來檢視基金前後期績效之差異，並分別利用統計檢定檢視其風險上的差異，此外，引入Treynor-Mazuy迴歸模型，用以分析前後期基金經理人的選股與擇時能力，最後，利用二次式規劃求解來分類並檢定其前後期投資風格是否一致。研究期間為民國89年4月以前經理人曾經替換過之基金，共篩選出28支曾經歷過經理人替換之開放式股票型基金，實證結果如下： 1.僅有跳槽此原因能顯示出經理人替換前績效優於經理人替換後績效，其他諸如離職或內部轉任等，皆無法有顯著差異情況。整體而言，基金經理人替換和績效表現並無顯著相關的情形。 2.實證結果顯示，不論在總風險、系統風險與非系統風險上，經理人替換後皆明顯的低於經理人替換前。 3.實證結果顯示，在基金經理人替換前後期的選股與擇時能力上，在基金經理人替換前後期的選股能力上，經理人替換後明顯優於經理人替換前，但在基金經理人替換前後期的擇時能力上，經理人替換前卻明顯優於經理人替換後，二者間似乎存在一種抵換關係。 4.實證結果顯示，在研究的28支基金樣本中，有27支基金在經理人替換後發生風格移轉的情形，風格移轉比率高達96.43％。

Intresset för fondsparformen har ökat de senaste åren och med tanke på att åtta av tio svenskar sparar i fonder är det viktigt att undersöka vad det är som påverkar hur en fond presterar utifrån vem som förvaltar fonden.    Syftet med studien är att bidra med ökad kunskap kring vad det är som påverkar en fondförvaltares prestationer. Studien avser först att undersöka den enskilda fondförvaltarens prestation i form av riskjusterad avkastning utifrån de demografiska aspekterna. Därefter undersöks om grupper presterar bättre eller sämre riskjusterad avkastning än enskild individer och slutligen undersökes om gruppers diversitet, utifrån de demografiska aspekterna, påverkar fondens prestation också mätt i riskjusterad avkastning.   Studien utgår från ett positivistiskt synsätt och en forskningsstrategi med en deduktiv ansats. Metodvalet karaktäriseras av ett kvantitativt tillvägagångssätt där empirin grundar sig på icke-indexfonder i Morningstars kategorisering Sverigefonder.   Studiens övergripande slutsatser är att de olika demografiska aspekterna har olika påverkan på den riskjusterade avkastningen. Grupper presterar generellt sämre än enskilda individer och ju mer diversifierad gruppen är desto sämre blir också resultatet. / The interest of saving in funds has risen in recent years. Since eight of ten Swedes have got savings in funds it’s important to investigate what affects the funds’ performance, based on who manages the fund.   The purpose of the study is to contribute with increased knowledge about what affects the performance of fund managers. The focus of the study is firstly on different demographic aspects and how they affect the risk-adjusted returns. Secondly the study examines whether group performances are superior to individuals. Lastly the study also examines whether more diverse groups perform better than less diverse groups.   The study is based on a positivistic approach and a research strategy with a deductive approach. The method selection is characterized by a quantitative approach where data is based on non-index funds in the Morningstar categorization of Sverigefonder.   The overall conclusions of the study is that different demographical aspects have different effects on the risk-adjusted returns. Groups generally perform worse than individuals and the study also concludes that the more diversified the group gets, the worse the results will be.

[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.

Pervious academic researches point out that there are two-way effects in the relationship between fund return performance and cash flows. The preceding fund return performance would attract net cash flows and cash flows would adversely affect the succeeding fund return performance. This paper tries to verify that whether these effects exist in Taiwan and examine these effects in more details. The results are partly consistent with pervious literatures. In our sample, we find that fund return performance positive influences both cash inflows and outflows and cash flows do affect succeeding return performance.

Background: On January 3, 2018, the discussed MiFID II directive was implemented. The proponents argue that MiFID II increases transparency and benefits the end customers. The critics argue that smaller players are driven out from the market and that companies lose coverage. Although a year has passed, there are few studies on how financial players perceive the effects and how research, that in theory contributes to reduce information asymmetry on the financial market, is affected. Purpose: The purpose of this study is to increase the understanding of how the Buy and Sell side of equity analysis experience the aftermath of MiFID II one year after the implementation, and what continued impact the directive is expected to have in the long run. This study will more specifically study how equity research, operations, the market and its players got effected by MiFID II. Method: In order to answer the purpose of this study a qualitative method is being used. Moreover, the study has an abductive approach and a case study design in which eight semi-structured interviews were conducted in order to answer the research questions and capture the phenomenological perspective. Conclusion: The study shows that the biggest change that the Buy and Sell side observe MiFID II has had is the unbundling cost of research and execution. This change has led to a decrease in demand, a fall in prices and a decrease in the overall quality of analyzes. The Buy side has reduced the number of counterparties, while the Sell side experienced reduced revenues. / Bakgrund Den 3 januari 2018 infördes det omdiskuterade MiFID II direktivet. Förespråkarna menar att MiFID II ökar transparensen och gynnar slutkunderna. Kritikerna menar att mindre aktörer slås ut och att bolag tappar bevakning. Trots att ett år passerat finns få studier av hur finansiella aktörer såsom fondförvaltare och aktieanalytiker upplever MiFID II:s följder, samt hur aktieanalyser, som i teorin bidrar till att minska informationsasymmetrin på den finansiella marknaden, påverkats. Syfte Syftet med denna studie är att öka förståelsen för hur köp- och säljsidan av aktieanalyser aktieanalyser upplever att MiFID II har haft för följder ett år efter implementeringen, samt hur MiFID II förväntas ha för fortsatt påverkan på sikt. Mer specifikt ämnar studien att undersöka hur verksamheten, marknaden, aktörerna och aktieanalyser påverkats. Metod För att besvara studiens syfte används en kvalitativ metod. Vidare har studien en abduktiv ansats och en fallstudiedesign, där åtta semistrukturerade intervjuer genomfördes för att kunna besvara studiens forskningsfrågor och fånga studiens fenomenologiska perspektiv. Slutsats Studien visar att den största förändringen som respondenterna på köp- och säljsidan upplever att MiFID II haft är uppdelningen av kostnaden för analys och exekvering. Denna förändring har bland annat lett till att efterfrågan minskat, priset sjunkit och den generella kvalitén på analyserna minskat. Köpsidan har dragit ned på antal parter och säljsidan upplever problem medminskade intäkter.