Thesis--Universität Bern. / Also published without thesis note. Includes bibliographical references.

Thesis (Ph.D.)--Washington State University, May 2006. / Includes bibliographical references (p. 83-85).

The purpose of this study is to examine the three hypotheses: (a) expected returns and risk as measured by the dispersion of returns associated with risk classes of securities are positively correlated, (b) that the variance of returns is the appropriate measure of risk and (c) Canadian investors in open-end investment companies do not exhibit greater risk aversion than their American counterparts. The method of study employed is the application of regression analysis to samples of Canadian and American open-end investment companies. The conclusions drawn from the study are expected returns and risk are positively correlated, risk classes of securities are scaled according to expected returns and variance of returns, and Canadian investors in open-end investment companies do not exhibit more nor less risk aversion than their American counterparts. / Business, Sauder School of / Graduate

The common shares of closed-end funds, unlike mutual funds, trade on the stock exchanges. A market determined value of the assets of closed-end funds (net asset value) is published weekly for those funds listed on the New York Stock Exchange. A discrepancy exists between the market price of the common share of the closed-end fund and the net asset value per common share of the fund. The size of these discrepancies, premiums and discounts, has never been adequately explained within the context of financial theory. Furthermore, estimates of risk coefficients (betas) are such that the common equity appears les risky than the closed-end fund itself. An investigation was undertaken of the statistical properties associated with both weekly and monthly market value and net asset value return series for twelve closed-end funds listed on the New York Stock Exchange from 1965 to the end of 1972. These twelve funds account for approx imately fifty percent of all funds by asset size listed during that period. Non-parametric tests demonstrated a lack of independence in contiguous observations and some additional support was given by a measure of serial correlation. Goodness-of-fit tests were performed for the normal distribution and it was rejected as representative of the data. The distribution of the return series, as verified by the sample moments, is leptokurtic and shows properties consistent with a stable distribution. The lack of independence and normality in the data causes serious violations of the assumptions necessary to fit the market model in order to estimate the betas of the closed-end funds. The violations are such that the market return betas are likely to be seriously underestimated and therefore cause the common equity of closed-end funds to appear less risky than the funds themselves. Some support for theory which indicates that the common equity should be riskier is given by the results of the lagged market model. / Business, Sauder School of / Graduate

Thesis (Ph. D.)--University of Wisconsin. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 289-293).

Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 . Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007. Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities. Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.

<p>Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 .</p><p>Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007.</p><p>Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities.</p><p>Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.</p>

M.Comm. / The South African investment management sector is considered well-developed with local fund managers managing approximately ZAR2.1 trillion in assets as at the end of June 2009. These assets grew to approximately ZAR2.4 trillion as at the end of June 2010. The majority of these assets are made up of institutional funds which include retirement funds. Retirement-fund investment savings have a profound impact on the country’s economic welfare not only because it provides income to a large number of aged people in South Africa, but also because it contributes to the country’s overall economic wellbeing. Therefore, one of the biggest challenges within the retirement fund industry is to ensure that retirement-fund savings are invested in an optimal way.

by Chi Chun Hung, Michael, Lo Kwai Sang, Dennis. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 101-103). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.vi / LIST OF TABLE --- p.ix / PREFACE --- p.1 / Chapter CHAPTER I --- INTRODUCTION --- p.3 / Scope of Study and Topics for Discussion --- p.4 / Research Methodology --- p.5 / Chapter CHAPTER II --- SOME CONCEPTS ON COLLECTIVE INVESTMENT --- p.6 / Definitions of Collective Investment --- p.6 / Functions of Collective Investment --- p.6 / Professional management --- p.7 / Risk diversification --- p.7 / Liquidity and savings of transaction costs --- p.7 / Entry to Overseas Markets --- p.8 / Regulations and Disclosure --- p.8 / Record Keeping --- p.9 / Challenges to CIS --- p.9 / The Product --- p.10 / Chapter CHAPTER III --- THE COLLECTIVE INVESTMENT FUND MARKET IN HONG KONG --- p.13 / The Developments Of The Equity Market In Hong Kong --- p.13 / A Brief History Of The Hong Kong Stock Market --- p.13 / Capital Raising At The Stock Market --- p.15 / Regulatory Environment --- p.16 / Market Size & Growth Of CIS --- p.20 / Market Development --- p.20 / Boom and Bust in the Past Two Years --- p.21 / Market Prospects --- p.24 / Near Future --- p.24 / Competition --- p.25 / Distribution --- p.27 / Chapter CHAPTER IV --- THE STRUCTURE OF COLLECTIVE INVESTMENT SCHEMES --- p.28 / Mutual Fund Vs Unit Trust --- p.28 / Open-end Vs Closed-end Funds --- p.29 / Constituents of a CIS --- p.31 / Trustee/Custodian --- p.31 / Investment Advisor --- p.32 / Fiduciary Duty and Conflicts of Interest --- p.32 / Chapter CHAPTER V --- THE REGULATORY ENVIRONMENT IN HONG KONG --- p.34 / Authorization --- p.35 / The Fit and Proper Rule --- p.37 / Fund Manager --- p.37 / Trustee/Custodian --- p.38 / Information Disclosure --- p.39 / Constitutive Document --- p.39 / Offering document --- p.40 / Continuing Obligations --- p.41 / Promotion --- p.42 / Investment Restrictions --- p.42 / Conflicts of Interest --- p.43 / Tax --- p.44 / Recognized Jurisdictions --- p.45 / Specialized Funds --- p.45 / Private Offerings --- p.46 / Registration --- p.46 / Fees --- p.48 / Recent Deregulatory Changes --- p.48 / Chapter CHAPTER VI --- A COMPARISON WITH OTHER JURISDICTIONS --- p.50 / Protection of Investors --- p.50 / Restrictions on Funds Promotion --- p.51 / Regulations of Operators --- p.54 / Restrictions on Types of Investment --- p.56 / Investment Limits --- p.57 / Reporting and Supervision --- p.59 / Administration --- p.60 / Authorization of Overseas Funds --- p.61 / Chapter CHAPTER VII --- FUND ECONOMICS --- p.65 / Revenues For A Manager --- p.65 / Front end fee --- p.65 / Back End Fee --- p.66 / Management Fee --- p.67 / Performance Fee --- p.67 / Rebate From Brokers --- p.70 / Costs to Fund Investors --- p.73 / Transaction Costs --- p.74 / Trustee/Custodian Fees --- p.75 / An Illustration of the Costs to the Fund Investors --- p.76 / Break-Even Analysis For A New Fund House --- p.77 / Chapter CHAPTER VIII --- OPERATING ISSUES --- p.79 / Performance --- p.79 / Herd instincts --- p.79 / Operating Scale --- p.80 / Chapter CHAPTER IX --- CONCLUSIONS --- p.82 / TABLES --- p.84 / APPENDIX 1 AN EXAMPLE OF PRICE QUOTES --- p.93 / APPENDIX 2 RECOGNIZED JURISDICTION SCHEMES --- p.94 / APPENDIX 3 SCHEDULE OF FEES PAYABLE TO THE SFC --- p.95 / APPENDIX 4 AMENDMENTS TO THE CODE ON UNIT TRUSTS AND MUTUAL FUNDS --- p.96 / APPENDIX 5 QUOTATION OF CUSTODIAN BANK CHARGES (BANK A) --- p.98 / APPENDIX 6 QUOTATION OF CUSTODIAN BANK CHARGES (BANK B) --- p.100 / BIBLIOGRAPHY --- p.102

by Tse Ying-tin, Wong Chi-wai, Alan. / Bibliography: leaves 68-70 / Thesis (MBA)--Chinese University of Hong Kong, 1985