ABSTRACT All the current moving in the financial market would be affected by the business cycle and the price the asset, Do all the investor realize the knowledge of the financial asset, and allocate their asset rationally or emotionally, even take the advice of the sales representative¡H After reading studies of mutual fund, For the purpose of realize the determinants of money flow, we combine the experience and econometrics and the opinion of market participants to undertake this study. In this study, we investigate the determinants of mutual fund flows from aggregate viewpoint. The empirical results are as follows: 1.The initial public offering of new fund have positive influence on the aggregate flow, no evidence that aggregate mutual fund flows have been affected by the stock return. 2.The stock returns with 1 month lag show no evidence to influence the flows, 3.Long-term real interest have obviously negative influence on the aggregate mutual fund and while short-tern interest does not. 4.Personal income positively related to aggregate mutual fund flows but not obvious for 1-month lagged income.

An increasing number of people in Sweden and in the rest of the world are becoming more interested in the mutual fund sector. Investments in mutual funds have grown rapidly these past few years. Nilsson (2004) wrote that 85 percent of the Swedish population invested in mutual funds in 2004. The Swedish Investment Fund Association also found an increase in investments in mutual funds; 83 billion Swedish crowns were invested in mutual funds in 2005, an increase from 56 billion in 2004. The purpose of this thesis is to evaluate whether or not there is a relationship between low fee, middle fee, and high fee charging Swedish Equity funds and their respective performance (unadjusted and risk-adjusted returns). The Modigliani & Modigliani (1997) risk-adjusted performance measurement was used to calculate the risk-adjusted performance of the 130 mutual funds. And the linear regression was used to analyze whether or not there was a relationship between the variables (management fee vs. returns/risk-adjusted returns). The mutual funds were also divided into three different categories, based on their management fees; low, middle and high fee mutual funds. The analysis illustrated that there was no clear relationship between the management fee and the returns/risk-adjusted returns. There was some connection found between the management fee and the low, middle fee category. However, this research confirms that investors should not believe that a mutual fund which charges higher fees necessarily generate higher returns.

The International Monetary Fund points out that four kinds of financial crisis in the world financial markets currency crisis, external debt crisis, bank crisis and systematic crisis . Taiwan could be happened in bank crisis and could have potentially impaired the economies of Taiwan. That was reason why Government protected banking industry avoiding collapse and bankruptcy. This paper details why Private Equity Fund M&A Taiwan domestic bank and the effects on financial markets. Since 2006 Carlyle Group one of a global private equity investment firm takeover bid for Advanced Semiconductor Engineering Inc (¤é¤ë¥ú¥b¾ÉÅé)--the world's top chip packager for US$5.45 billion- Private Equity Firm had known for Taiwan financial markets. The Government refused the plan due to that takeover bid may weakening the local capital market and leading to an outflow of investment into China. Foreign investment in Taiwan's banking industry is not new, but the acquisition of domestic banks has only become available to Private Equity Fund recently. The domestic banking industry has become a lucrative target for foreign investors not only of the Government has a policy of limiting the quantity of banking branches but also lower P/B in Asia region. Since 1997s, a striking feature in the development of Taiwan banking industry structure is the significant decline in the performance of banks while the steadily increase in the number of bank branches and caused by overbanking in Taiwan. As Taiwan slowly opens its banking industry after second round banking reformation in 2001, global M&A trends also had impacts on Taiwan, foreign financial institutions are increasingly looking to make strategic and financial investments. This paper gives a brief description of the development in the past 10 years, analyzes the driving forces on the merger of financial institutions From this research, we could come to the conclusions as follows: 1. A financial investment in domestic banks is a win-win for the various parties Private equity fund M&A of domestic commercial banks not only a very good source of capital in Taiwan, but also, through the competition of foreign banks, stimulates domestic financial institutions to upgrade operational skills and management, and improve operational efficiency and competitiveness, thus contributing to the upgrading of the financial system. 2. This paper using threshold regression model to find an adequate branch numbers of Commercial Banks industry in Taiwan. We found significant evidence good for the shareholders equity only when the branch numbers are larger than 88. 3. On the view of bank branch, the next target acquired company is Far Eastern International Bank(35 branches) ,Jih Sun Bank(36 branches) , King¡¥s Town Bank(62 branches) ,Taichung Commercial Bank(78 branches).ABN AMRO Bank(Taiwan)M&A Taitung Business Bank, the branches from 5 to 37, not to meet the bank's need for scale economics in Taiwan markets and should be M&A again 4. Private Equity Fund aims to pursue long term total return primarily through investment in equities and equity-related securities but had unique niche in resolving banking risk and corporate governance. also capitalized on the recovery of financial markets after the financial crisis in Taiwan banking indusdry According to experience of Private-Equity Firm to merge to banking industry in Korea Private Equity Fund exit their investments at last within 5-7 years after turned the bank successfully around 5. It's difference type of entering the Taiwan market through the acquisitions of banks, one is strategic investment (e.g.,Citigroup and Standard Chartered) and financial players (e.g., Newbridge Capital, The Carlyle Group).Strategic investment made a goal to construct a plateform to link Taiwan and China

<p>An increasing number of people in Sweden and in the rest of the world are becoming more interested in the mutual fund sector. Investments in mutual funds have grown rapidly these past few years. Nilsson (2004) wrote that 85 percent of the Swedish population invested in mutual funds in 2004. The Swedish Investment Fund Association also found an increase in investments in mutual funds; 83 billion Swedish crowns were invested in mutual funds in 2005, an increase from 56 billion in 2004.</p><p>The purpose of this thesis is to evaluate whether or not there is a relationship between low fee, middle fee, and high fee charging Swedish Equity funds and their respective performance (unadjusted and risk-adjusted returns). The Modigliani & Modigliani (1997) risk-adjusted performance measurement was used to calculate the risk-adjusted performance of the 130 mutual funds. And the linear regression was used to analyze whether or not there was a relationship between the variables (management fee vs. returns/risk-adjusted returns). The mutual funds were also divided into three different categories, based on their management fees; low, middle and high fee mutual funds.</p><p>The analysis illustrated that there was no clear relationship between the management fee and the returns/risk-adjusted returns. There was some connection found between the management fee and the low, middle fee category. However, this research confirms that investors should not believe that a mutual fund which charges higher fees necessarily generate higher returns.</p>

Thesis (MBA (Business Management))--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: Private equity has been dominating the news recently both as an asset class and a tool to facilitate market efficiency in South Africa. Many private equity funds have had good returns in recent times. However, many pension funds still shun away from this asset class, mainly due to lack of understanding of the risk inherent in this asset class, and in its potential overall risk diversifying characteristics. Regulation 28 of the Pension Fund Act, prescribes maximum allocation of five percent to unlisted assets and that includes private equity as an asset class. One of the reasons why investors don't understand this asset class is the lack of comparable data relative to the listed asset classes such as listed equities and listed bonds. From these asset classes, people get data on a daily basis and they are able to understand the daily prices and values of their portfolio. They can also try to value the individual stocks within their portfolio by using variables such as price earnings ratio and dividend yields, as that information is freely available. This research tries to use the listed private equity companies to establish a Private Equity Index. The criteria used are the same as the ones used by Bilo, Christophers, Degosciu and Zimmennann (2004) when they created a Listed Private Equity Index (LPE), which is made up of 114 global listed private equity companies mainly from Europe and North America. The South African Index was created from six companies, and even though the sample looks small, the results were good enough to justify further studies on the same line and to encourage more listings of these types of companies. The Index was then analysed using modem portfolio analysis and optimisation tools to understand the risk and return characteristics of this asset class and how it behaves when blended with other asset classes. The results suggest that this asset class is under allocated and there is a need to create a more representable index even on an IRR basis. / AFRIKAANSE OPSOMMING: Privaataandele het onlangs die nuus oorheers, beide as 'n bateklas sowel as 'n instrument om die markdoeltreffendheid in Suid-Afrika te fasiliteer. Talle privaataandeelfondse het onlangs goeie opbrengste opgelewer. Baie pensioenfondse skram egter steeds weg van hierdie bateklas, hoofsaaklik weens 'n kennisgebrek van die risiko wat inherent is aan die bateklas en die potensiele risikoverskansing wat die bateklas bied. Regulasie 28 van die Pensioenfondswet vereis dat 'n maksimumtoewysing van vyf persent in ongenoteerde bates bele mag word en dit sluit privaataandele as 'n bateklas in. Een van die redes hoekom beleggers nie hierdie bateklas verstaan nie, is weens 'n gebrek aan vergelykbare data met die genoteerde bateklasse soos genoteerde aandele en genoteerde verbande. Uit hierdie bateklasse verkry mense inligting op 'n daaglikse basis en is hulle in staat om die daaglikse pryse en waardes van hul portefeuljes te verstaan. Hulle kan ook probeer om die afsonderlike gevolge binne hul portefeuljes te begryp deur veranderlikes soos prys inkomsteverhouding en dividendopbrengste te evalueer, soos wat die inligting beskikbaar raak. Hierdie navorsing poog om genoteerde privaataandeelmaatskappye te gebruik om 'n privaataandeelindeks daar te stel. Die maatstawwe wat gebruik word, is dieselfde as die wat Bilo, Christopbers, Degosciu en Zimmennann (2004) gebruik het toe bulle 'n Genoteerde Privaataandeel-indeks (GPA) daargestel bet, waarin 114 genoteerde privaataandeelmaatskappye wereldwyd uit hoofsaaklik Europa en Noord-Amerika gebruik is. Die Suid-Afrikaanse Indeks is saamgestel uit ses maatskappye en hoewel die steekproef klein blyk te wees, was die eindresultaat voldoende bevredigend om verdere navorsing volgens dieselfde riglyne te regverdig en om die notering van meer sulke maatskappye aan te moedig. Die indeks is vervolgens ontleed aan die hand van moderne portefeulje-ontledings tegnieke om die risiko en opbrengste van hierdie bateklas te verstaan en hoe dit reageer wanneer dit met ander bateklasse vermeng word. Die resultate dui daarop dat hierdie bateklas onvoldoende onderskryf is, maar dat daar 'n nodigheid bestaan om 'n meer verteenwoordigende indeks selfs op 'n interne opbrengskoers grondslag daar te stel.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2016-08-29T12:57:43Z No. of bitstreams: 1 Marilú Rodriguez e Rodrigues.pdf: 1113309 bytes, checksum: 2dced7ce9b255848e14b778ee3ba988b (MD5) / Made available in DSpace on 2016-08-29T12:57:43Z (GMT). No. of bitstreams: 1 Marilú Rodriguez e Rodrigues.pdf: 1113309 bytes, checksum: 2dced7ce9b255848e14b778ee3ba988b (MD5) Previous issue date: 2016-04-04 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / There is a representative number of studies showing evidence of the disposition effect. Such studies show that there are no explicit reasons for this deviant behavior, being a reason for doubt between rational and behavioral motivations. Shefrin and Statman (1985), in their seminal study developed the theory called the disposition effect, in which investors tend to sell winning assets quickly and loser assets remain active for longer. Although evidence of the disposition effect has been observed on these studies there are still gaps which have not been solved. Including the study of the disposition effect in emerging countries like Brazil, and studies with primary data which do not exist. The aim of this study is to evaluate whether Brazilian equity fund managers are affected by the disposition effect manifestation. The first empirical study with data from stock funds obtained from Economatica software took in consideration not only the portfolio of each fund every month, but also stock prices over time, assets of each fund and the Bovespa index. Along the study, several analysis were carried out, from statistical proportions tests to the adjustment of multivariate models such as logistic regression and ordered logistics to try to detect signs of the manifestation of the disposition effect on Brazilian equity funds managers. With all these techniques, we cannot neglect the presence of the disposition effect on the managers of the main Brazilian funds. The only test which showed no statistical significance was the test comparing proportion and market return. The difference on this test could have been influenced by the lack of fund assets control, which was held in regressions. The conclusion of the study shows that there is a disposition effect in Brazilian equity and investment fund managers, therefore the aim of the research survey has been met, as well as the data analysis performance made by Economatica software compared to previous studies such as Lucchesi (2010), where the author used data collected monthly by The Securities Commission of Brazil (2010). For further studies it is suggested that the research is carried out with the use of primary data from BM&FBOVESPA customers, as further from the evidence of the disposition effect it will be possible to identify the socioeconomic and demographic profile as well as other characteristics of the stock exchange Brazilian investor / Existe um número representativo de estudos que demonstram evidências sobre o efeito disposição. Esses estudos evidenciam que não existem razões explícitas sobre esse desvio comportamental, sendo motivo de dúvida entre as motivações racionais e comportamentais. Shefrin e Statman (1985), em seu estudo seminal, desenvolveram a teoria denominada efeito disposição, na qual os investidores tendem a vender ativos vencedores rapidamente e mantêm ativos perdedores durante um tempo maior. Embora nesses estudos tenham sido verificadas evidências sobre o efeito disposição, ainda existem lacunas que não foram estudadas. Entre elas o estudo do efeito disposição nos países emergentes como o Brasil, além de não existirem estudos realizados com dados primários. O objetivo deste trabalho é avaliar se os gestores de fundo de ações brasileiros são afetados pela manifestação do efeito disposição. Foi realizado o primeiro estudo empírico com dados dos fundos de ações somente obtidos do software Economatica, desde o portfólio de cada fundo em todos os meses, assim como os preços das ações ao longo do tempo, o patrimônio de cada fundo e o índice Bovespa. Durante o estudo, foram realizadas várias análises, desde testes de proporções estatísticos, até o ajuste de modelos multivariados como regressões logísticas e a logística ordenada para tentar detectar indícios da manifestação do efeito disposição nos gestores dos fundos de ações ativos brasileiros. Com todas essas técnicas, não podemos rejeitar a presença do efeito disposição nos gestores dos principais fundos brasileiros. Apenas no teste de proporção, comparando com o retorno de mercado, não foi encontrada significância estatística. A diferença nesse teste pode ser influenciada por não ter sido controlado pelo patrimônio do fundo, o que foi realizado nas regressões. A conclusão do estudo demonstra que existe o efeito disposição nos gestores brasileiros de fundos de investimentos em ações, portanto o objetivo da investigação da pesquisa foi atendido, assim como a análise dos dados realizada por meio do software Economatica comparando com os estudos anteriores como Lucchesi (2010), onde o autor utilizou dados mensais coletados da Comissão de Valores Mobiliários (2010). Para possíveis estudos, sugere-se a realização da pesquisa com dados primários dos clientes da BM&FBOVESPA, dados que, além de permitirem a manifestação do efeito disposição, permitirão identificar o perfil socioeconômico, demográfico e demais características do investidor brasileiro em bolsas de valores

ABSTRACT Globalization pushes more and more intensive competition and brings only minor profit to company globally. To keep key customers, to look for corporate expansion or growth up, and to earn more profit, company should keep improving cost stucture, key technology and strengthening the competition advantage by applying with both internal and external strategies. ¡§Leverage Buyout¡¨ and ¡§Management Buyout¡¨ are two typical operation models of Private Equity Fund and it is very popular and mature in the Western. Recently, the Asia emerging and booming market attracts the interest from Private Equity Fund. Moreover, because Taiwan enterprises have better system, more reasonable market price, and lower interest rate, they are aimed by Private Equity Fund as a gangway to China market. On the other hand, Taiwan domestic enterprises also look for investment from global Private Equity Fund to enhance corporate global competition. This study selects ¡§Yageo Management Buyout¡¨ triggered by Oriont Investment Co., Ltd. in 2011. With analysis of Yageo financial reports, I get Yageo corporation valuation and the reasonable share price at the moment of MBO announcement by Oriont using Porter (1980) Five Forces Analysis to summarize passive components industry key competition and key successful factors. After comparing with actual share price, it is apparent that Yageo share price is undervalued for a long time because Taiwan minor share holders pursuing short term return on the investment. In 2011, Yageo management team intended to privatize the company so that management team can concentrate on long term performance and competition improvement. With the successful improvement, Yageo is expected to re-public the share into the global market to have the reasonable share price showing its actual corporate value. The case study points out that Taiwan unique invest environment on minor share holders for any other global Private Equity Fund reference. Furthermore, the study concludes that, in addition to concerning on share holders¡¦ rights and Taiwan local market development, the government should take more aggressive policy to support domestic company leading to be a global one because globalization is a must and survival solution to an enterprise.

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abstract: Based on multiple case studies of the transactions in China by private equity funds, this paper attempts to explore the value-creation capabilities of private equity funds at the transaction/deal level. Previous studies on financial performance of PE funds utilized data collected from publically traded companies in European/US markets. By measuring financial performance of both “pre- and post-transactions,” these studies researched two questions: 1) Do buyout funds create value? 2) If they do, what are the sources of value creation? In general, studies conclude that private equity/buyout funds do create value at both the deal level and investor level. They also identified four possible sources of such value creation: 1) undervaluation, 2) leverage effect, 3) better governance, and 4) operational improvement. However, relatively little is known about the process of value creation. In this study, I attempt to fill that gap, revealing the “secret recipe” of value creation. By carefully looking into the process of value creation, this study suggests five propositions covering capabilities at 1) deal selection/screening, 2) deal structuring, 3) operational improvement, 4) investment exit, and 5) Top Management Team (TMT). These capabilities at private equity/buyout funds are critical factors for value creation. In a thorough review of the value-creation process, this paper hopes to: 1) Share real-life experiences and lessons learned on private equity transactions in China as a developing economy. 2) Reveal the process of deal/transaction to observe measures taken place within deal/transaction for value creation. 3) Show how well-executed strategies and capabilities in deal selection/screening, deal structuring, operational improvement, and investment exit can still create value for private equity firms without financial leverage. 4) Share the experience of State-Owned Enterprises (SOE) reform participated in by private equity firms in China. This could provide valuable information for policy makers in China. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

本論文研究主題是「私募股權基金法規規範之理論與實務」，透過比較法之方式，本論文首先說明外國私募股權基金之實務運作、風險及相關法規規定，再者分析外國私募股權基金在我國之具體個案，瞭解其失敗或成功之原因，以探討我國法律適用於具體個案之相關問題。 本論文分為七章。第一章說明論文研究動機、目的及範圍。第二章闡述私募股權之定義，並探討私募股基金之種類，復剖析私募股權基金之特點及優缺點。第三章分析私募基金可能造成之風險。第四章主要探討先進國家對私募股權基金之規範及監管方式，包括美國、英國、日本等國。第五章說明外國私募股權基金在我國之發展及分析我國私募制度之規範。第六章探討我國政府就私募股權基金併購活動之現行相關法律規範，並探討我國目前法令之缺失或不足。第七章為總結。 關鍵字：私募股權基金、私募、併購 / This thesis focuses on the issue concerning “the theory and practice of the legal system of private equity funds.”By adopting the method of comparative legal study, the author first illustrates the practice, risk and regulations of foreign private equity funds. Further, this thesis discusses the actual transactions conducted by foreign private equity funds in Taiwan. Through the analysis of the reason for the success or failure of such transactions, the author discusses the problems arising when applying current laws to such transactions conducted by foreign private equity funds. This thesis is comprised of seven chapters. Chapter One explains the motivation, purpose and scope of the thesis. Chapter Two illustrates the definition of private equity fund as well as types, pros and cons of private equity funds. Chapter Three analyzes the risks caused by private equity funds. Chapter Four discusses regulations and supervision over private equity funds in developed countries, such as the U.S., U.K, and Japan. Chapter Five states the development of foreign private equity funds in Taiwan and introduces the private placement system of Taiwan. Chapter Six discusses the current regulations concerning M&A transactions conducted by foreign private equity funds and analyzes the demerit or deficiency of these regulations. Chapter Seven finalizes the issues raised in the previous chapters and reaches the conclusion of this thesis. Keywords: private equity fund, private placement, merger and acquisition