Exchange traded funds (ETFs) are a relatively recent financial innovation receiving much attention from investors and media due to its low administrative costs. Literature related to ETF performance presents no sizeable records as a result of its brief history.This study contributes to the literature on ETF performance by comparing ETFs to their respective tracking indices as well as to comparable passive unit trusts (PUTs) and active unit trusts (AUTs) after administrative costs. Data used involved ETFs that are derived from securities listed on the Johannesburg Stock Exchange (JSE) that track FTSE/JSE indices. PUTs and AUTs were selected on the basis that they use the same FTSE/JSE indices, as the ETFs, as a benchmark.The results indicate that ETFs have a slightly lower tracking error than PUTs due to lower administrative costs. On average, ETFs and PUTs present statistically insignificant net return differences and it can be inferred that they have very similar return records. Furthermore, ETFs and AUTs, on average, also present statistically insignificant net return differences and it can be inferred that they have very similar return records. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

No abstract available / Dissertation (LLM)--University of Pretoria, 2012. / Centre for Human Rights / unrestricted

TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN TRIBUTACIÓN / Azócar, Christian, [Parte I], Escobar, Eugenia, [Parte II] / El nuevo artículo 41 G incorporado a la Ley de Impuesto a la Renta a través de la Ley número 20.780 del año 2014, sobre reforma tributaria, y la Ley número 20.899 del año 2016, sobre perfeccionamiento de la Reforma Tributaria, vigente a partir del 1 de enero de 2017, corresponde a la respuesta jurídica a las recomendaciones que la OCDE planteó en la acción número 3 de las normas BEPS, y que tienen como fin evitar el traslado de utilidades a países de baja o nula tributación, que es un mecanismo utilizado para la erosión de las bases sobre las cuales se determina la correcta carga tributaria. El nuevo artículo 41 G define el tratamiento de las rentas pasivas que son generadas por entidades extranjeras, pero cuyo control se centra en personas, naturales o jurídicas, con residencia en Chile, dentro de los cuales considera a los trusts. El trust es un tipo de contrato para la administración de bienes, físicos o financieros, cuya figura jurídica no existe en la legislación chilena. La razón fundamental de porque no existe en Chile, se debe a que entre sus principales características definen la propiedad de los mismos en más de una persona, condición que es contraria a la definición de propiedad según nuestro código civil, que considera que ésta sólo puede radicar en una persona. Se suma a lo anterior, la existencia de un tercer partícipe en estos contratos, relacionados a la figura de los beneficiarios, quienes son definidos por el originador del trust y que corresponde a quienes serán los destinatarios de los réditos asociados al trust.

Purpose The high yield debt market has evolved into a $1 trillion market over the last 25 years. The purpose of this paper is to analyze the riskadjusted performance of individual mutual funds that investors use to invest in this asset class. Design/methodology/approach Conditional excess returns are calculated for individual high yield bond mutual funds. Performance persistence over time is measured and size, asset growth, asset duration, the expense ratio, turnover, and manager tenure are used to determine if differences across funds can be explained. Findings Overall, high yield bond funds significantly underperform the CSFB high yield index by 1.6 percent on an annualized basis which is 0.5 percent more than the average expense ratio. Individually, funds do exhibit performance persistence and top ranked funds in one period outperform bottom ranked funds over the proceeding period by an average of 2.7 percent annually. However, except for the expense ratio, commonly used explanatory variables do not appear useful for explaining riskadjusted excess return differences across funds leaving 86 percent of the variation unexplained. Research limitations/implications This paper examines only noload mutual funds that have at least ten years of return data. Historical data for the explanatory variables used to explain alpha differences are limited which constrains any longterm definitive conclusions. Practical implications For investors wishing to invest in this asset class, it appears that past performance does indicate future success, and investors should concentrate on the top performing funds with the lowest expense ratios. Originality/value This paper usefully reaffirms previous evidence on the persistence of high yield bond mutual funds, but casts doubt on the viability of using standard variables other than the expense ratio to explain riskadjusted returns across funds.

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A research report submitted to the Faculty of Commerce, Law and Management, in partial fulfilment of the requirement for the degree of Master of Commerce, University of the Witwatersrand. / As the objective of investing is the maximization of wealth, it is imperative for investors to find instruments which will help them achieve their goal. A real estate investment trust can be a form of wealth maximization if an investor is knowledgeable about its long-term performance and the drivers of this performance. This study employed the use of panel regression models to isolate the performance of South African REITs, in order to compare the risk-adjusted returns of REIT segments over the long term and to identify the determinants of REIT risk-adjusted returns. Risk-adjusted performance ratios were used to measure return on real estate investment funds to conclude on the performance of SA REITs. The Sharpe ratio, Treynor index and Jensen’s Alpha were performance measures of 55 JSE-listed and delisted REITs over 18 years (2000 – 2017) thus incorporating 433 firm-years.The empirical evidence suggests that size, book-to-market, property asset intensity, dividend yield and real GDP growth influence the performance of South African real estate investment trusts and Hotel and Resort REITs as well as Retail REIT significantly underperformed the other REIT sectors, under the Sharpe ratio and Jensen’s Alpha. Furthermore, the REIT performance during the financial crisis outperformed their performance during the other market phases. / PH2020

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