Le marché français, caractérisé en particulier par une forte segmentation, d’une faible sophistication des investisseurs et une domination des banques, serait peu compétitif. Sur le plan théorique, nous cherchons à illustrer, à l’aide des deux modèles simples, les effets d’une absence relative de compétition entre les fonds. Le premier met en évidence le rôle de la compétition dans la création des incitations implicites. Le second tente d’illustrer le fait que cette absence de compétition (liée à la domination des banques sur le marché français) conduirait à une performance plus faible pour les fonds. Sur le plan empirique, nous vérifions, d’une part, l’existence de ce manque de compétition du marché français. D’autre part, nous mettons en évidence l’existence d’un conflit d’intérêt direct entre les investisseurs et les fonds, résultant direct du manque de compétition du marché. Au niveau de la rentabilité des fonds, le manque de compétition du marché reflète dans le fait que les investisseurs ne réagissent pas fortement à la rentabilité relative des fonds. Au niveau des frais, l’insensibilité des investisseurs individuels aux frais des fonds pourrait traduire une moindre concurrence du marché. Nous observons également une discrimination par les frais entre les investisseurs institutionnels et les investisseurs individuels. Ces derniers paient plus chers pour une rentabilité plus faible. Toutefois, le marché commence à montrer des signes de compétition, reflétant dans le fait que les investisseurs individuels commencent à faire attention au rapport qualité-prix des fonds. Par ailleurs, un plus grand degré de sophistication des investisseurs institutionnels pourrait expliquer le fait que nous ne constatons aucun lien entre les frais et la rentabilité des fonds dans ce segment. En effet, ces investisseurs, susceptibles d’être plus sophistiqués, pourraient estimer la qualité de la gestion par des mesures plus complexes de la performance. Enfin, nous fournissons une preuve de l’existence d’un conflit d’intérêt entre les investisseurs et les fonds : les déséconomies d’échelle de performance. / The French market, characterized especially by a strong segmentation, low sophistication of investors and a domination of banks, would not be competitive. On the theoretical side, we try to illustrate, using two simple models, the effects of a lack of competition. The first one highlights the role of competition in the creation of implicit incentives. The second one shows that the lack of competition leads to weak funds’ performance. Empirically, we verify firstly the existence of this lack of competition in the French market. Secondly, we show the existence of a conflict of interest between investors and funds. The lack of competition reflects by the fact that investors do not react strongly to funds’ performance and individual investors are not sensitive to fund fees. We also observe a price discrimination between institutional and individual investors. The latter pays more for lower return. However, the market begins to show some signs of competition. In fact, individual investors start to pay attention to the “price-quality” rapport. In addition, a greater degree of sophistication of institutional investors may explain the fact that we do not obtain any relation between fees and return in this segment. Indeed, these investors may be more sophisticated and could estimate the quality of a fund by more complex measures of performance. Finally, we provide evidence for the existence of a conflict of interest between investors and funds: diseconomies of scale.

Ökning av bedrägerier i den finansiella rapporteringen anses ha skadat förtroendet för bolagsledningar och revisorer vilket i sin tur har lett till ett ökat krav på ansvarstagande för bolag. Svag bolagsstyrning anses vara en av de bakomliggande orsakerna till det förtroendeproblem som uppstått inom det svenska näringslivet. För att försöka återfå investerarnas förtroende har ett antal åtgärder vidtagits. Svensk Kod för bolagsstyrning uppkom delvis med syftet att stärka förtroendet för de svenska börsbolagen. Styrelsen är ansvarig för transparens och upprättandet av intern kontroll och i ett försök till att höja dess kvalitét skall styrelsen inrätta ett revisionsutskott.Som ett i led i att försöka stärka allmänhetens förtroende för bolagsledningar och revision skall revisionsutskotten säkerställa den interna och externa rapporteringen i bolagen. Detta har fört oss till vår forskningsfråga: Hur har de professionella investerarnas förtroende för de publika bolagen påverkats av införandet av revisionsutskott?För att försöka besvara vår frågeställning har vi genomfört intervjuer med professionella investerare och professionella aktörer, vilka på olika sätt har en relation till revisionsutskott. Vår empiri visar att revisionsutskotten inte har någon direkt påverkan på förtroendet eftersom revisionsutskotten inte har en direkt kommunikation ut till marknaden. Däremot kan vi genom empirin utläsa att revisionsutskotten har en positiv påverkan på den interna kontrollen inom bolagen. Således kan vi dra vår slutsats om att revisionsutskotten har en indirekt påverkan på investerarnas förtroende. / Program: Civilekonomprogrammet

Dans un contexte économique mondialisé, les prises de position d’achat et/ou de vente sur les marchés financiers obéissent à des logiques qui échappent parfois à la rationalité (bulle spéculative…). Les prévisionnistes et les analystes financiers mobilisent une boite à outil statistique pour connaître les tendances futures à partir de l’étude des tendances passées. Cette boite à outils repose sur l’hypothèse de normalité des lois statistiques sous jacentes ce qui autorise des logiques d’inférence statistique, de test, de corrélation... On a pu observer par le passé que les résultats de ces projections ont souvent été miss à défaut : la crise financière que nous traversons correspond par exemple à un choc difficilement prévisible même s’il fait l’objet d’une rationalisation a posteriori. Notre objectif, partant de ce constat, est de renouveler les approches traditionnelles des prévisionnistes et analystes financiers en mobilisant deux approches complémentaires : l’intelligence économique appliquée au domaine financier et l’utilisation de techniques modernes de gestion de l’imprévisible. Dans ce travail interdisciplinaire, notre approche s’inspire tout d’abord du concept d’image, de réputation d'une entreprise cible et de la démarche du cycle de renseignement issue de l’approche de l’intelligence économique. De plus, nous pouvons compléter notre démarche à travers les travaux de Nassim Nicolas Taleb. Nous mobilisons enfin le concept de force de situation (François Julien) pour renforcer la décision des investisseurs institutionnels en situation d’incertitude. Pour valider notre contribution théorique, nous avons choisi le Vietnam comme terrain de recherche. A partir d’une approche qualitative conduite auprès de gérants de portefeuilles Vietnamiens, nous avons pu connaître mieux leurs pratiques de prises de décisions, les critères d’évaluation d’investissement différents issus des analyses de matrices stratégiques, leur perception de la réputation et le rôle de l’intelligence financière dans leur processus d’investissement. Nous proposons alors une méthode qualitative reposant sur la réputation pour caractériser le degré de robustesse d’une organisation à des chocs et élaborons en outre un système de renseignement financier en prenant en compte la hiérarchie des critères d’évaluation d’investissement des gérants de portefeuilles Vietnamiens. Notre démarche est illustrée par l’étude de cas d'une entreprise aquacole Vietnamienne. / In the context of economic globalization, the stand point of purchase and/or sale on the financial market obeys logics which escape sometimes rationality (speculative bubbles…).The forecasters and the financial analysts mobilize one statistical toolbox in order to know the future trends based on the study of the last trends.This toolbox builds on the assumption of normality of the statistical laws underlying which authorizes logics of statistical inference, test, correlation… We could observe in the past which the results of these projections were often failed:the financial crisis which we pass correspondent to a not easily foreseeable shock even if it is the object of a rationalization a posteriori. Our objective,on the basis of thisreport,is to renew the traditional approaches of the forecasters and financial analysts by mobilizing two complementary approaches: business intelligence applied to the financial field and the utilization of modern technologies of management of the unforeseeable risks.In this interdisciplinary work,our approaches are inspired,first of all concept oftheimage or of the reputation of a target company and approach of the intelligence cycle resulting from the approach of the business intelligence.Moreover,we can complete our approach through the principle of bounded rationality,that of the speculative bubble and that of the logic uncertain suggested by Nassim Nicolas Taleb. Finally, we mobilize the concept of force of situation(François Julien) in order to reinforce the decision of the institutional investors in uncertain situation.To validate our theoretical contribution,we chose Viet Nam as our ground of research.From a qualitative approach and based on experimentation ahead 5 Vietnamese portfolio managers, we could better know their practice of making decision, their different investment evaluation criteria, their perception of reputation and the role of the financial intelligence in their process of investment. Thus, we propose a qualitative method based on the reputation in order to characterize the degree of robustness of an organization faced to shocks and elaborate moreover a system of financial information by taking into account the hierarchy of the investment evaluation criteria of the Vietnamese portfolio managers. Our approach is illustrated through a case study of a Vietnamese aquaculture company.

臺灣期貨市場中，三大法人的舉動及其持有部位的多寡往往是市場上投資人關注的對象，在未來市場走勢仍然混沌不明的情況下，投資人實在需要個利器來判別盤勢。本研究希望透過臺灣期貨交易所目前提供三大法人及大額交易人的交易資訊與未平倉資訊等籌碼面因素，來分析機構投資人及大額交易人之多、空買賣力道，希冀由此能預測臺股期貨指數漲跌趨勢。 本文發現：1.以期貨及選擇權的資料或單獨以期貨作為臺股期貨指數漲跌之訊號，均是自營商解釋能力較佳；2.單獨以選擇權為訊號，外資及自營商未平倉之契約金額皆有不錯之解釋能力；3.當外資選擇權未平倉部位契約金額淨額由正轉成連續負值時，臺指期貨就會出現一波空頭走勢；4.在時機的掌握上外資的選擇權操作比三大法人合計臺指期未平倉部位契約金額淨額更加精確；5.指數連續下跌的情況下，外資的選擇權部位便會持續的增加，直到指數開始反彈或回檔時，才會回補空單部位，反之亦然。

Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations. / <p>Diss. Stockholm : Handelshögskolan, 2012</p>

<p>Background:</p><p>Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis.</p><p>Purpose:</p><p>The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used.</p><p>Method:</p><p>A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework.</p><p>Findings:</p><p>Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors.</p><p>Conclusion:</p><p>By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.</p>

Background: Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis. Purpose: The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used. Method: A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework. Findings: Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors. Conclusion: By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.

本篇論文藉由文獻探討與迴歸分析探討法人與散戶的投資偏好與行為的不同而造成的報酬上的差異，本文共收集了54篇探討法人與散戶投資行為和選股偏好的文獻並進行整理，其54篇文獻細分成三個方向探討投資人的投資行為：交易策略、認知與情緒偏誤和訊息內含。由文獻的整理中發現，法人與散戶的投資報酬差異確實與交易策略和選股偏好相關，相較於散戶，法人具有資訊與資源上的優勢，所以他們較能夠在面臨投資和選股決策時，做出正確的決定。然而，散戶在資訊的取得上相較法人處於劣勢，所以在做決策時較為不明確，並且由統計數據來看，散戶的部位通常與法人為相反的，所以散戶通常為法人提供流動性，並且因此得到較差的報酬。 而行為財務學的角度來看，法人和散戶皆有不理性的投資行為，而這些不理性的行為皆會為他們招致較低的投資報酬，而法人有較高的投資報酬率並非因為他們理性，而是因為相較於散戶，法人的不理性程度較為低的原因。既然由行為財務學的觀點來看大家皆是不理性的，便推論法人與散戶的報酬差異是來自選股的偏好，在第四部分以台灣經濟新報658家上市公司的資料進行迴歸分析以探討台灣法人、散戶與外資的選股偏好，結果顯示法人和散戶偏好依據其週轉率、公司規模、本益比、股價波動度與股利殖利率有所不同，而外資法人的偏好則與國內法人類似。 / This paper surveys the literatures relating to the investment preference and performance between institutional and individual investors in order to determine the reason of return disparity. 54 papers are surveyed to understand the preference and performance through three aspects: trading strategies, cognitive and emotional biases, and information content. Disparity of returns is due to trading behaviors and stock preferences. Institutional investors tend to be informed and make correct decision when trading. However, individual investors tend to invest in the opposite direction to institutions and provide liquidity for them. Therefore, institutional investor have better performance due to their less irrational behaviors and correct selection of underlying objects. In the fourth part, using data of 658 listed equities from Taiwan Economic Journal from Taiwan’s stock market, we investigate the relation between investors’ ownership and financial indicators. The regression analysis shows that the stock preferences between individual and institutional investor are different. Results indicate that institutional and individual investors have distinct preferences based on turnover rate, size, price to earnings per share ratio, stock volatility, and dividend yield. Foreign institutions’ stock selection preference is similar to domestic institutions.

Submitted by Frederico Muniz (fredericomuniz@hotmail.com) on 2015-01-30T18:37:17Z No. of bitstreams: 1 Frederico_Rezende_Muniz.pdf: 309522 bytes, checksum: d81a82e2f8a1b4448247a63313cfa2b0 (MD5) / Rejected by JOANA MARTORINI (joana.martorini@fgv.br), reason: Frederico, Seu trabalho foi rejeitado, por gentileza, justificar a página onde consta a dedicatória pois está fora das normas da ABNT. Peço que deixe conforme a página onde consta o resumo, este é o padrão correto. on 2015-02-04T16:25:28Z (GMT) / Submitted by Frederico Muniz (fredericomuniz@hotmail.com) on 2015-02-04T18:24:03Z No. of bitstreams: 1 Frederico_Rezende_Muniz_vf.pdf: 308475 bytes, checksum: 2078a1520dc9cc8be9be3f1540fa7008 (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2015-02-04T18:35:05Z (GMT) No. of bitstreams: 1 Frederico_Rezende_Muniz_vf.pdf: 308475 bytes, checksum: 2078a1520dc9cc8be9be3f1540fa7008 (MD5) / Made available in DSpace on 2015-02-04T20:32:02Z (GMT). No. of bitstreams: 1 Frederico_Rezende_Muniz_vf.pdf: 308475 bytes, checksum: 2078a1520dc9cc8be9be3f1540fa7008 (MD5) Previous issue date: 2015 / The aim of this study was to investigate the relationship between past performance and fund flows in brazilian funds. Using a unique data set provided by a local fund manager and using a regression model with fixed effects, evidences were found of a positive and statistically significant relationship between past performance and fund flows. In addition, in the most important contribution of this study, it was found that investors with origin in different segments are likely to differ in their behavior while investing in the same funds. The evaluated segments were Institutional, Private Banking, Corporate, External Distribution and Fund of Funds. More sophisticated clients showed a weaker tendency to chase past performance. / Neste trabalho foi estudada a relação entre o desempenho passado e a captação em fundos de investimento no Brasil. A partir de informações contidas em uma base de dados disponibilizada por uma gestora de recursos local e utilizando um modelo de regressão com efeitos fixos, foram encontrados indícios de relação positiva e estatisticamente significativa entre desempenho passado e captação. Adicionalmente, na análise que representa a principal contribuição deste trabalho, foi verificado que existem diferenças significativas no comportamento de investidores de diferentes segmentos que sejam cotistas dos mesmos fundos mútuos. Os segmentos analisados foram o Institucional, Private Banking, Corporate, Distribuidores e Fundo de Fundos. Investidores tidos como mais sofisticados se mostraram menos orientados pelo desempenho histórico em suas decisões de alocação.

Submitted by Caio Vinicius Mayoli Bolognesi (caiobolognesi@gmail.com) on 2018-02-20T13:46:46Z No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal.pdf: 905987 bytes, checksum: 029664bc291989f71a5e58d57734662a (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Caio, boa tarde! Para que possamos aprovar sua Dissertação, é necessário que faça somente uma alteração: - Na página 4, a Data de Aprovação e Banca Examinadora devem se manter ao lado direito da página, abaixo do texto e do Campo de Conhecimento. No aguardo. Obrigada. on 2018-02-20T19:02:05Z (GMT) / Submitted by Caio Vinicius Mayoli Bolognesi (caiobolognesi@gmail.com) on 2018-02-20T19:09:15Z No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal_.pdf: 909719 bytes, checksum: 1349f1f071349a8fba01951fbd00916d (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-02-20T19:29:52Z (GMT) No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal_.pdf: 909719 bytes, checksum: 1349f1f071349a8fba01951fbd00916d (MD5) / Made available in DSpace on 2018-02-21T13:16:00Z (GMT). No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal_.pdf: 909719 bytes, checksum: 1349f1f071349a8fba01951fbd00916d (MD5) Previous issue date: 2018-01-24 / A governança corporativa e seus impactos em diferentes indicadores de performance é um tema amplamente discutido na literatura econômico-financeira. No entanto, mesmo com diversos estudos realizados na área, a relação direta entre uma governança corporativa adequada e desempenho superior ainda é dúbia. Este trabalho tem por objetivo estudar o impacto da presença de diferentes tipos de investidores em empresas small caps na Bolsa brasileira. Para isso, utiliza-se o Q de Tobin como indicador de performance financeira e variáveis que indicam a presença ou não de investidores financeiros e não financeiros nessas companhias durante o período selecionado. O trabalho realiza o teste para dois tipos de período: o primeiro considera a presença de investidores de uma determinada natureza em qualquer momento do período testado; e o segundo considera o período específico de presença desses investidores. Os resultados obtidos não são conclusivos para estabelecer uma relação direta nos casos testados, mesmo que tenham sido encontrados alguns resultados significativos para alguns tipos de investidores em testes específicos. / The relationship between corporate governance and a firm's performance has been a widely studied theme among scholars. However, despite all the drawn to this question, the connection of appropriate corporate governance and superior performance is still dubious. This work aims to analyze the impact of the presence of different corporate and financial investors in small caps companies in the Brazilian stock market. For this purpose, Tobin's Q was selected as the key indicator of financial performance to be tested with variables indicating the presence or not of such investors. Two different types of tests were performed for this work: the first considering the existence of this kind of investor at any given period during the analyzed time frame, and the second considering the presence or not of these investors only during the specific quarters. Results were not conclusive to establish a direct relationship between these factors, despite the fact that some tests showed significant results.