在全球基金總部要求擴大公民社會參與度的背景下，2006年4月，非政府組織聯合發起運動，反對中國全球基金國家協調委員會秘書處組織的兩名民間社會代表的選舉，要求增加參與權和改善選舉程式。本研究採用質性研究方法，對這場由非政府組織發起的政策倡導運動的發生原因、運動發起方的構成與真實力量、運動參與方在期間的互動過程與策略運用以及運動所能達成的成果展開分析，為社會運動理論在中國的適用與變化提供實證研究基礎上的探索，對非政府組織在中國環境下謀求組織發展及拓寬政治參與空間提出建議。 / 本研究回顧了中國愛滋病問題的背景與現狀、西方社會運動研究理論體系與相關研究成果以及中國抗爭政治研究，採用動員結構與政治機會結構為核心的分析框架，發現： / （1）在西方社會運動理論研究中沒有重要地位的傘狀組織關係在在CCM選舉運動動員結構中扮演了關鍵角色，增加了運動發起方的整體力量與合法性來源，並呈現出多層級傘狀組織結構。 / （2）CCM選舉運動聯盟距離臨時性、適當制度化和去中心化的目標尚有距離，正在向理想的外部動員結構轉化，目前呈現出非政府組織聯盟與多層級傘狀組織相結合的動員結構。 / （3）中國目前宏觀政治環境中存在倡導型運動的生存空間。通過一系列的策略選擇與運用，運動發起方可以發掘、詮釋、擴大政治機會，不斷營造運動發展空間，尤其是對國際因素的敏銳把握與利用，成功將運動不斷推進。 / （4）政治機會結構四要素並不是平行發揮作用。在國家鎮壓能力基本穩定維持不變的情況下，政治體制內同盟者的存在對政治管道和政治精英體制穩定性發揮主導作用，進而對運動進程和結果帶來深遠影響。 / 本研究提出了目前CCM選舉運動的動員結構特徵，以及運動發起方在對政治機會把握、利用過程中的優點與缺陷，並提議加入跨界拓展作為考察外部動員結構的分析視角，在政治機會結構四要素的分析中整合國際因素的影響，最後提出對非政府組織發展，國際項目管理和相關政策的建議。 / Since Global Fund claimed for expanding public participation in civil society, in the April of 2006 NGOs made allies to launch a movement against the election organized by CCM Secretariat, requiring adding the right of participation and improving election procedures. With qualitative research method, this paper analyzes the reason, process and result including interactions and strategies among participants of this advocacy movement organized by NGOs, providing evidence-based study for employment and adaptation of the social movement theory in China; and makes suggestions for NGOs to expand organization development and political participation in the context of China. / This study adopts mobilization structure and political opportunity structure in the theory of social movement as core theoretical framework based on reviewing the background and status quo of AIDS issue in China, the theory and relevant studies of social movement as well as studies on China contentious politics. Findings are as follows: / 1.Umbrella organizations, which are of less emphasis in the western studies of social movement, play a key role in CCM election movement mobilization. It increases organizers’ overall strength and legitimacy and shows a multi-level structure. / 2.CCM election movement allies haven't yet achieved being temporary, proper institutionalized and decentralized, and are converting into ideal external mobilization structure, demonstrating integration among NGOs allies and multi-level umbrella organizations at present. / 3.There exists living space for advocacy movements in the context of political environment in China. Organizers are able to detect, interpret, extend political opportunity via exertion of strategies, especially taking advantage of international factor, and, consequently, push the movement forward successfully / 4.Four components of political opportunity structure are not equally important. Under the circumstance that the state remains its ability of repression, political elite allies play a more leading role than the access to participation and the stability of ruling alignments and influence profoundly on both process and result of the movement. / This paper delineates the mobilization structure of CCM election movement as well as the disadvantages and advantages of organizers, when they were holding political opportunities and taking advantages of them. Allies cross borders are added as a new angle of view to analyze external mobilization structure. International factor is integrated with four components of political opportunity structure to analyze the issue. Suggestions are made for organization development of NGOs, international projects management and policy reform in the end. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / 王泳. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 223-258) / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in Chinese and English. / Wang Yong. / 致謝 --- p.5 / 研究摘要 --- p.6 / Chapter 第一部分 --- 研究問題與研究方法 --- p.12 / Chapter 第一章 --- 導論 --- p.12 / Chapter 一 --- 緣起 --- p.12 / Chapter 二 --- 研究背景與簡介 --- p.13 / Chapter 三 --- 研究問題 --- p.14 / Chapter 第二章 --- 文獻回顧 --- p.18 / Chapter 一 --- 中國愛滋病問題回顧與現狀 --- p.18 / 問題的浮現 --- p.18 / 現有公共政策的缺陷 --- p.21 / 憤怒之源“血漿經濟 --- p.22 / 愛滋病領域內的先鋒，NGO介入與資訊披露 --- p.25 / 來自基層的普遍抗爭與草根小組的大量湧現 --- p.30 / 聯合抗爭的逐漸形成 --- p.36 / Chapter 二 --- 西方社會運動理論及其研究發展歷程 --- p.38 / 社會運動理論與研究在歐洲的發展 --- p.40 / 美國早期的社會運動研究與理論發展 --- p.41 / 二十世紀九十年代以來政治過程研究與理論的新發展 --- p.43 / 新社會運動 --- p.48 / Chapter 三 --- 中國社會運動與抗爭政治的研究與理論 --- p.49 / Chapter 第三章 --- 概念與理論框架 --- p.62 / Chapter 一 --- 本研究的概念體系 --- p.62 / 草根組織 --- p.62 / 非政府組織 --- p.63 / 以社區為基礎的組織 --- p.66 / 政府主導的非政府組織 --- p.66 / 民間組織 --- p.67 / 國際組織 --- p.67 / Chapter 二 --- 理論框架 --- p.68 / Chapter 第四章 --- 研究設計 --- p.76 / Chapter 一 --- 研究範式與方法 --- p.76 / Chapter 二 --- 研究者的角色 --- p.87 / Chapter 三 --- 訪談對象的抽樣方法 --- p.92 / Chapter 四 --- 資料收集、分析與研究質量 --- p.94 / Chapter 第二部分 --- 研究發現 --- p.100 / Chapter 第五章 --- 全球基金中國國家協調委員會2006年選舉事件始末 --- p.100 / Chapter 一 --- 全球基金中國項目背景與CCM改革 --- p.100 / Chapter 二 --- 第一階段：官方主導的選舉與衝突的產生 --- p.103 / Chapter 三 --- 第二階段 民間選舉與選舉結果合法性爭辯 --- p.107 / Chapter 四 --- 第三階段：獨立第三方調查 --- p.114 / Chapter 五 --- 第四階段：武漢大會與重新選舉 --- p.118 / Chapter 第六章 --- CM選舉事件中抗爭活動的動員結構 --- p.127 / Chapter 一 --- 草根組織與非政府組織的連接 --- p.127 / “愛知行的來龍去脈 --- p.128 / “愛知行與草根組織的關係 --- p.130 / 民間獨立選舉會議之前的動員措施 --- p.137 / 非政府組織參加選舉的動機 --- p.139 / 總結 --- p.143 / Chapter 二 --- 非政府組織聯盟 --- p.145 / 非政府組織間聯盟 --- p.146 / 跨界聯盟與社會關係網絡 --- p.149 / 總結 --- p.154 / Chapter 三 --- 結論 --- p.155 / Chapter 第七章 --- CCM選舉事件中的政治機會分析 --- p.164 / Chapter 一 --- 運動初始階段的政治機會 --- p.165 / CCM選舉抗爭前的政治機會結構 --- p.165 / 政治機會條件成熟與運動的發起 --- p.171 / Chapter 二 --- 運動發展階段的多方互動 --- p.175 / 獨立選舉方的抗爭策略 --- p.175 / 獨立選舉反對方的壓制策略 --- p.183 / 多元利益的角逐 --- p.187 / Chapter 三 --- 結論 --- p.191 / Chapter 第三部分 --- 總結與討論 --- p.195 / Chapter 第八章 --- 總結 --- p.195 / CCM選舉運動的動員結構 --- p.196 / CCM選舉運動的政治機會空間 --- p.199 / 研究貢獻 --- p.204 / 研究局限 --- p.205 / 未來研究方向 --- p.206 / Chapter 第九章 --- 討論與建議 --- p.207 / Chapter 一 --- 非政府組織發展與運動策略 --- p.207 / Chapter 二 --- 國際愛滋病項目的運作與管理 --- p.209 / Chapter 三 --- 政策建議 --- p.211 / Chapter 附錄一 --- 訪談提綱 --- p.214 / 對NGO的訪談提綱 --- p.214 / 對草根小組的訪談提綱： --- p.215 / 對參與抗爭行動的HIV感染者的訪問提綱 --- p.216 / Chapter 附錄二 --- 訪談同意書 --- p.218 / Chapter 附錄三 --- 受訪者基本情況 --- p.221 / 參考文獻 --- p.223

Submitted by Adalto Acir Althaus Junior (adaltojl@yahoo.com.br) on 2017-03-20T19:06:20Z No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-03-20T19:09:02Z (GMT) No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5) / Made available in DSpace on 2017-03-20T20:24:40Z (GMT). No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5) Previous issue date: 2017-02-20 / This study aims to investigate the risk shifting behavior of mutual funds to test the hypotheses that managers have incentives to raise risk. We evaluated the effect of performance fees on the level of risk, risk shifting and mutual fund's performance to assess agency costs differences between both mutual funds - with and without performance fees. We observed the mutual fund's volatility level and its changes imposed by the managers. Volatility was estimated by a standard deviation of returns in the last 12 months. The change on the level of risk measured was the risk shifting, that is, the difference between a mutual fund's current portfolio holdings volatility and its past realized volatility, both estimated over past 12 months' period. We used a sample of 203 Brazilian mutual funds which covered the period from 2009 to 2015. We used data from stock prices, Brazilian bonds prices, BDRs prices and the characteristics of these funds. When funds have higher monthly returns, they tend to run negative risk shifting; when they have lower monthly returns, they tend to seek risk by doing positive risk shifting. When the funds decrease their risk (negative risk shifting), they tend to perform better. It is possible to ensure that the funds which charge performance fee have superior performance if compared to those that without performance fee. Also, they have greater positive risk shifting and lower negative risk shifting. However, funds that charged performance fees presented lower levels of risk. These findings suggest that the performance fee can contribute to align interests between mutual funds and their investors. These results are more in accordance to the behavior of risk-averse managers who used their stock selection or market timing ability to ensure a desirable minimum performance, rather than use maximum effort to looking for extraordinary returns. / Este trabalho investiga o comportamento do deslocamento de risco (risk shifting) nos fundos de investimento em ações e suas consequências sobre o desempenho, para examinar a hipótese de que os gestores têm incentivos para elevar o risco dos fundos. Estuda o efeito da taxa de performance sobre o desempenho, o nível de risco e o risk shifting dos fundos para identificar diferenças nos custos de agência entre os fundos que cobram e os que não cobram taxa de performance. Essa avaliação é feita observando-se o nível de risco dos fundos e as variações impostas pelo gestor em torno do nível de risco operado pelo fundo. O risco é medido pelo desvio padrão do retorno mensal realizado pelos fundos nos últimos 12 meses. O risk shifting dos fundos é medido como a diferença entre a volatilidade de um retorno mensal hipotético, estimado a partir das carteiras divulgadas pelos fundos, e a volatilidade do retorno mensal realizado, ambos sobre os últimos 12 meses. A amostra contou com dados de 203 fundos brasileiros de investimento em ações no período de 2009 a 2015. Foram utilizados dados de retorno das ações da BM&F Bovespa, títulos públicos, BDRs e cotas de fundos de investimento, além das características dos fundos. Quando os fundos têm maiores retornos mensais, tendem a fazer risk shifting negativo; quando têm menores retornos mensais; tendem a buscar risco, fazendo risk shifting positivo. Quando os fundos fazem risk shifting negativo tendem a ter desempenho melhor. É possível afirmar que os fundos que cobram taxa de performance têm desempenho superior àqueles que não cobram, fazem maiores risk shiftings positivos e menores negativos. No entanto, fundos que cobram taxa de performance apresentam menores níveis de risco. Esses achados sugerem que a taxa de performance é um instrumento capaz de contribuir no alinhamento de interesses entre os fundos de investimento em ações e seus investidores. Esses resultados estão mais alinhados com o comportamento de gestores avessos a risco, que usam sua habilidade de seleção de ativos ou market timing para garantir um desempenho mínimo desejável, em vez de imprimir esforços para buscar retornos extraordinários.

Collective investments have become a very popular investment vehicle in South Africa because it is, among other things, transparent, liquid and easily accessible. Growing investor knowledge, good market returns and its suitability for diversification, which minimizes risk, also contributes to its popularity. A value chain that adds value to the investor has developed around the collective investment scheme. The role players in this chain include the investment manager, the management company and financial intermediaries. The growth in this part of the collective investment industry has been so dynamic that regulation and the introduction of various new intermediary layers are constantly affecting the value chain and the value added for the investor. Research was conducted to assess the impact of the value chain on the behaviour of the individual investor and the effect this has on wealth creation. The literary review established that the environment surrounding this dynamic and interdependent value chain is well-regulated and that costs and investor behaviour could have a significant impact on investment returns. The empirical study revealed that the average individual investor recognizes the impact of the value chain on his investment, but perceives himself as being knowledgeable enough to avert ineffectiveness in the chain by ensuring desired investment returns through good investment decisions. Over-diversification and irresponsible switching between funds by the investor can, however, destroy value and negate the effect of long-term returns. / Business Management / M. Com. (Business Management)

Made available in DSpace on 2016-04-26T20:48:30Z (GMT). No. of bitstreams: 1 Dissertacao Marcelo de Jesus.pdf: 2140991 bytes, checksum: 62ed6711e30e20ebb60553fb0fd2bf70 (MD5) Previous issue date: 2005-04-25 / The purpose of this study is to analyze the evolution of the mutual funds as one of the main institutional investors in Latin America, with the analysis of five countries in this region: Argentina, Brazil, Chile, Mexico and Peru, in the period between 1995 to 2004. The analysis is performed starting from the middle 1990´s, when the growth of the mutual funds assets got stronger and made such institutions to become an important money saving mechanism. It is discussed its role in the financial system, also the factors which influence objective to surpass the old restriction to the financing investment. The origin of the mutual funds is briefly described, starting the discussion about the reasons that contributed to the institutionalization of the money savings and the function attributed by the Keynesian and post-Keynesian theoretical reference to the institutional investors. Furthermore, it looks for identifying how regulation evolved. At last, it is done an analysis of the evolution of the funds asset portfolio in the analyzed countries, from 1995 to 2004, observing the macroeconomic context on the analyzed period. / O propósito desta dissertação é analisar a evolução dos fundos mútuos como um dos principais investidores institucionais na América Latina, a partir da análise de cinco países da região: Argentina, Brasil, Chile, México e Peru, no período compreendido entre 1995 e 2004. A análise desenvolve-se a partir de meados da década de 1990 quando o crescimento dos ativos dos fundos mútuos ganhou força e fez com que tais instituições se tornassem importante mecanismo de gestão de riqueza financeira. Discute-se a sua participação no sistema financeiro e os fatores que operam no sentido de superar a antiga restrição ao financiamento do investimento. A origem dos fundos mútuos é relatada de forma breve, dando início à discussão sobre os motivos que contribuíram para institucionalização da poupança e o papel atribuído pelo referencial teórico keynesiano e pós-keynesiano aos investidores institucionais. Em seguida, busca-se identificar como evoluiu a regulamentação. Por fim, é feita uma análise da evolução da carteira de ativos dos fundos mútuos nos países analisados, de 1995 a 2004, tendo em vista o contexto macroeconômico no período analisado.

Made available in DSpace on 2015-12-03T18:33:08Z (GMT). No. of bitstreams: 1 Fabio_Roberto_Iorio.pdf: 803352 bytes, checksum: 494f597b54e29be057b6e68d97e681f9 (MD5) Previous issue date: 2014-05-27 / The REITs have raised interest mainly to individual investors in order to serve as an alternative to traditional investments in Brazil, in view of the very favorable environment for this type of application in recent years. Despite a doubt practical this investor regarding the form of allocation of resources within this category of investment cast is the main objective of this study is to analyze the performance of portfolios formed by REITs traded on the BM&FBOVESPA to compare two different training strategies portfolios: a portfolio theory proposed by Markowitz (1952) when it is assumed that the distributions of rates of return expected for the future are similar to those observed in the past, through a strategy of adjusting portfolios based on the criterion maximizing the Sharpe ratio (1966); an alternative strategy naive diversification and a third model portfolio, the theoretical portfolio of Real Estate Investment Funds Index BM&FBOVESPA (IFIX), used as an indicator of average stock performance on the real estate funds market in Brazil. To meet this goal, the following performance indicators were analyzed: profitability, risk measured by standard deviation and Sharpe Performance Index (1966), during the period from April 2011 to September 2013. Additionally, the test of differences between means (Student's t test) in order to verify the existence of any difference in mean performance of returns between two portfolios was used. The results presented showed that the theoretical portfolio of Real Estate Investment Funds Index (IFIX) had the best performance in terms of risk-return ratio. In the same direction, it could also observe the superiority of the Markowitz portfolio compared to the naive diversification strategy. Given this observation may suggest that the method of portfolio optimization developed by Markowitz (1952) constructed based on the criterion of maximizing the Sharpe ratio (1966) tends to be able to provide a performance based on the best risk-return relationship that a naive diversification strategy, establishing itself as an additional tool to the individual investor / Os fundos de investimento imobili??rio t??m despertado o interesse, principalmente, dos investidores individuais no sentido de servir como uma alternativa ??s aplica????es financeiras tradicionais no Brasil, tendo em vista o contexto bastante favor??vel a esta modalidade de aplica????o nos ??ltimos anos. A despeito de uma d??vida de ordem pr??tica deste investidor em rela????o ?? forma de aloca????o dos recursos dentro desta categoria de investimento moldou-se o objetivo principal deste estudo que consiste em analisar o desempenho de carteiras formadas por fundos de investimento imobili??rio negociados na BM&FBOVESPA ao comparar duas diferentes estrat??gias de forma????o de portf??lios: a teoria de carteiras proposta por Markowitz (1952) quando se admite que as distribui????es das taxas de retorno esperadas para o futuro s??o semelhantes ??quelas observadas no passado, mediante uma estrat??gia de ajuste das carteiras com base no crit??rio de maximiza????o do ??ndice de Sharpe (1966); uma estrat??gia alternativa de diversifica????o ing??nua e um terceiro modelo de portf??lio, a carteira te??rica do ??ndice de Fundos de Investimento Imobili??rio BM&FBOVESPA (IFIX), utilizada como indicador de desempenho m??dio das cota????es do mercado de fundos de investimento imobili??rio no Brasil. Para cumprir este objetivo, foram analisados os seguintes indicadores de performances: a rentabilidade, o risco medido pelo desvio-padr??o e o ??ndice de desempenho de Sharpe (1966), durante o per??odo de abril de 2011 a setembro de 2013. Adicionalmente, foi utilizado o teste de diferen??a entre m??dias (Teste t de Student) com o intuito de verificar a exist??ncia de eventual diferen??a de m??dias de desempenhos de retornos entre duas carteiras. Os resultados apresentados evidenciaram que a carteira te??rica do ??ndice de Fundos de Investimento Imobili??rio (IFIX) obteve o melhor desempenho em termos de rela????o risco-retorno. Nesta mesma dire????o, p??de-se observar tamb??m a superioridade da carteira de Markowitz em rela????o ?? estrat??gia de diversifica????o ing??nua. Diante desta observa????o pode-se sugerir que o m??todo de otimiza????o de carteiras desenvolvido por Markowitz (1952) constru??do com base no crit??rio de maximiza????o do ??ndice de Sharpe (1966) tende a ser capaz de proporcionar um desempenho com base na rela????o risco-retorno melhor que uma estrat??gia de diversifica????o ing??nua, constituindo-se como uma ferramenta adicional ao investidor individual

Devenue en l'espace d'une trentaine d'années un segment à part entière de la finance internationale, la finance islamique trouve désormais tout son sens dans l'économie contemporaine. La crise de 2008 et ses conséquences dramatiques sur le tissu économique et entrepreneurial ont donné un attrait aux financements islamiques et notamment aux opérations de capital risque. Apparu au début des années 2000, le capital risque islamique consiste à prendre des participations au capital de sociétés non cotées considérées comme conformes à l'éthique musulmane afin de financer leur création et leur démarrage. Dans cette opération, il existe un lien incontestable entre l'éthique religieuse et la notion d’investissement. Si les prescriptions du droit musulman garantissent un équilibre entre les partenaires financiers, elles soumettent néanmoins l’investisseur à certaines contraintes. La structuration d'une opération financière islamique commande en effet le respect de certains principes d'essence religieuse tels que la prohibition de la spéculation, l'aléa et toute forme de rémunération par l'intérêt. Se pose alors la question de l'acculturation de ce modèle dans la finance française. En ce sens, l'hypothèse principale de cette recherche vise à analyser l'adaptabilité du capital risque islamique en vue de sa structuration dans le cadre juridique français. A travers une analyse approfondie des exigences de la loi islamique et du cadre de la gestion collective en France, la présente étude met en perspective les structures juridiques permettant d'atteindre la flexibilité requise pour mettre en œuvre une opération de capital risque islamique en droit français. Outre les enjeux économiques qui sont attachés à la réception d'une activité à haute valeur ajoutée, la modélisation d'un « capital risque islamique à la française » pourrait renforcer l'attractivité de la place de Paris en permettant l'inclusion d'une catégorie d'entrepreneurs et d'investisseurs à la recherche d'une alternative plus éthique et solidaire pour le financement d'entreprise. / In the space of 30 years, Islamic finance has become a full segment of international finance and has proved its value in the contemporary economy. The 2008 crisis and its dramatic consequences on the economic and business fabric raised attractiveness of Islamic finance transactions, in particular venture capital. The latter was created in the early 2000’s and consists in taking equity participations in unlisted companies that are considered compliant with Islamic ethics to finance their creation and startup. Thus, religious ethics and investment are indisputably linked. If the Islamic law requires ensuring a balance between financial partners, the investor is nevertheless subject to certain constraints. Indeed, the legal structuring of Islamic financial transactions obliges compliance with certain religious principles such as prohibition of speculation, hazard and any form of remuneration by interest. This raises the question of the acculturation of this model within the French finance. To this end, the main hypothesis of this research aims to analyze the adaptability of Islamic venture capital in view of its implementation in the French legal framework. Through in-depth analysis of the requirements of Islamic law and the framework of collective management in France, this study puts into perspective the legal structures that could provide the flexibility required to implement an Islamic venture capital transaction into French law. In addition to the economic benefits attached to the receipt of an activity with high added value, modeling a "French Islamic venture capital" could increase the attractiveness of the financial place of Paris by allowing the inclusion of a class of entrepreneurs and investors looking for ethical and cooperative alternatives for corporate finance.

The goal of this diploma thesis is to analyze the gold market and provide readers with the necessary information and context having an impact on the price of gold. The thesis consists of three chapters. First one deals in general with the commodity market and introduces the readers to commodity exchange issues such as trading commodities in commodity exchanges, motives of commodity trading as well as the specific characteristics of commodities. Second one concerns the detailed analysis of commodity investment tools that investors might use when they feel like getting an exposure to price movements of commodities. The last chapter gears towards an analysis of the gold market in today's super globalized world and depicts what fundamental factors have an impact on the price of gold. At last, I shall summarize existing pieces of knowledge and cast light on further gold price movements.

Syfte: Syftet med denna undersökning är att göra en komparativ studie mellan Sverige-och global aktiefonder för att vidare analysera vilka aktiefonder som ger högst avkastning. Metod: Uppsatsen bygger på en statistisk analys vilket sekundärdata ligger till grund för våra beräkningar. Genom tillämpning av kvantifierbar hård data där bland annat historiska aktiekurser ingår, så har en kvantitativ studie använts. Befintliga teorier och modeller har tillämpats. Slutsats: Studien visar i stort sett att högre risk ger en högre avkastning. Under period 1 presterade Latin Amerika fonderna bäst varefter Sverige fonder presterade bättre under period 2. Dessa marknader kan vara väldigt oberoende av varandra och tenderar därmed inte att följa varandras kursutveckingen. Slutsatsen är då att en investering i olika geografiska placeringar diversifierar risken mer. Exempelvis en investering i en svensk fond och en latin amerika fond.

Η παρούσα διπλωματική εργασία ερευνά την σχέση μεταξύ των συναλλαγών των μετοχικών αμοιβαίων κεφαλαίων και των χρηματιστηριακών αποδόσεων για την περίπτωση του Ελληνικού Χρηματιστηρίου για την χρονική περίοδο 1994-2002. Με την χρησιμοποίηση ποικίλων οικονομετρικών μεθόδων γίνεται έλεγχος για την ύπαρξη σχέσης συνολοκλήρωσης καθώς και κάποιας βραχυχρόνιας σχέσης μεταξύ αυτών των δύο παραγόντων, ενώ γίνεται προσπάθεια εντοπισμού κάποιας σχέσης αιτιότητας μεταξύ αυτών με βάση τον έλεγχο αιτιότητας του Granger. / This diplomatic thesis investigates the relationship between the trading of mutual funds and stock returns in the case of the Greek Stock Exchange Market, for the period 1994 - 2002. A variety of econometric methods was used to check the existence of a cointegration relationship and a kind of a short-run relationship between these two factors. Finally an attempt was made to identify causal relationships between them using the Granger causality test.

Collective investments have become a very popular investment vehicle in South Africa because it is, among other things, transparent, liquid and easily accessible. Growing investor knowledge, good market returns and its suitability for diversification, which minimizes risk, also contributes to its popularity. A value chain that adds value to the investor has developed around the collective investment scheme. The role players in this chain include the investment manager, the management company and financial intermediaries. The growth in this part of the collective investment industry has been so dynamic that regulation and the introduction of various new intermediary layers are constantly affecting the value chain and the value added for the investor. Research was conducted to assess the impact of the value chain on the behaviour of the individual investor and the effect this has on wealth creation. The literary review established that the environment surrounding this dynamic and interdependent value chain is well-regulated and that costs and investor behaviour could have a significant impact on investment returns. The empirical study revealed that the average individual investor recognizes the impact of the value chain on his investment, but perceives himself as being knowledgeable enough to avert ineffectiveness in the chain by ensuring desired investment returns through good investment decisions. Over-diversification and irresponsible switching between funds by the investor can, however, destroy value and negate the effect of long-term returns. / Business Management / M. Com. (Business Management)