Momentum is one of the most robust anomalies in financial markets, there are two main recent explanations for this phenomenon, a behavioral-based explanation through disposition-effect (i.e., the willingness to sell \"winners\" too quickly and to hold \"losers\" for a long time) and a fund-flow based explanation. The disposition-effect explanation is centered in the convergence of the spread between the fundamental value and the observed market price (disposition-effect causes an underreaction to news that generates this spread), and the fund flows-based explanation is due to the persistence of the performance of mutual-funds (which usually keep buying winning positions and selling the losses). This master thesis compares those theories using Brazilian data (which is suitable for the strong presence of momentum). Our empirical analysis was done using Fama-MacBeth regressions with results pointing the disposition-effect explanation as the most significant, with our robustness analysis contributing positively to the main findings. / Uma das anomalias mais robustas presente nos mercados financeiros é a existência de momentum nos preços de ações, existem duas principais explicações recentes para este fenômeno: explicação comportamental através do efeito-disposição (i.e. disposição de vender ativos \"vencedores\" rapidamente e de segurar ativos \"perdedores\" por muito tempo) e explicações de fluxos de fundos de investimento. A explicação através do efeito-disposição é centrada na convergência do spread entre o valor fundamental de um ativo e o preço de mercado observado (o efeito-disposição causa uma reação branda a notícias que gera esse spread), e a explicação baseada em fluxos de fundos que se deve pela persistência da performance de fundos (que usualmente continuam comprando posições vencedoras e vendendo as perdedoras). O objetivo desta dissertação é comparar essas teorias utilizando dados brasileiros (que é adequado pela forte presença de momentum). Nossa análise empírica foi feita através de regressões de Fama-MacBeth com resultados apontando a explicação centrada no efeito-disposição como a mais significativa, com nossa análise de robustez contribuindo positivamente para nossos resultados principais.

本論文乃針對國營事業可支配現金流量的代理問題及可支配現金流量高低 對企業投資行為的影響加以探討。在研究方法上，由於受限於樣本家數， 對於可支配現金流量大小、投資種類及規模和企業特質等方面只能作敘述 性統計分析，而有關投資行為方面，則利用個案分析法及人員訪談方式得 到的資料，進行相關研究，研究結果經整理得到以下幾點： 1.以成長機 會和可支配現金流量兩構面將國營事業分群，可分成三個群體，其中台糖 公司、台肥公司及中石化公司為低成長機會且擁有高可支配現金流量，台 電公司、中油公司、中鋼公司為中度可支配現金流量群體，而中船公司、 台機公司、中華工程公司等三家則為低度可支配現金流量群體。2.高可支 配現金流量群體的國營事業，平均而言，其" 營業內他營業費用 "支出比 例較高，且管理費用增加的速度較快。3.國營事業可支配現金流量增加時 ，其" 營業內其他營業費用 "亦會增加。4.管理費用較低的國營事業，大 幅降低其可支配現金流量，可減少管理者的權衡性行為，因此 " 營業內 其他營業費用 "會下降。5.管理費用較高的國營事業，降低其可支配現金 流量，並無法降低其" 營業內其他營業費用 "。6.高可支配現金流量群體 的國營事業，平均而言，其總投資支出比例的增加速度較快。7.降低成長 型國營事業的可支配現金流量，不會抑制其總投資支出比例，該類型國營 事業會透過金融市場，籌措投資所需的資金。8.高可支配現金流量的國營 事業，其非計劃型投資支出增加率較快。9.高可支配現金流量群體的國營 事業投資時較會依賴內部資金，會保留較多的舉債能力，其負債比率會較 低，且會降低此一比率。10.高可支配現金流量群體的國營事業，風險迴 避程度較高，較會依賴短期負債，較不願舉長期負債。11.企業風險較低 的國營事業，較易產生高可支配現金流量。

The research is to study how the difference of economic development between cities is from by observing the change in investment. The different main bodies of investment will make different investment decisions in different stage of life cycle of urban industries. The state-owned units are policy tools, and will invest in urban infrastructure, which is not for profit. In contrast, the only goal of non-state owned enterprises is to maximize the profit, but evade the risk, so they will invest in any profitable items. Finally, the non-state investment will exceed the state investment, and to be more and more important in a city. I select fifty big cities in china to empirically analyze the proposition, and the result indicate that the fixed-investment of non-state sector have exceeded the fixed-investment of the state sector in coastal cities, and the fixed-investment of the state sector is still more than the fixed-investment of non-state sector in inland cities. Under the condition that the goal of government policy is to raise the standard of the infrastructure of inland cities, and that the most industries of coastal cities are staying in industrial growth period, the cities with higher level of economic development grow fast more.

Momentum is one of the most robust anomalies in financial markets, there are two main recent explanations for this phenomenon, a behavioral-based explanation through disposition-effect (i.e., the willingness to sell \"winners\" too quickly and to hold \"losers\" for a long time) and a fund-flow based explanation. The disposition-effect explanation is centered in the convergence of the spread between the fundamental value and the observed market price (disposition-effect causes an underreaction to news that generates this spread), and the fund flows-based explanation is due to the persistence of the performance of mutual-funds (which usually keep buying winning positions and selling the losses). This master thesis compares those theories using Brazilian data (which is suitable for the strong presence of momentum). Our empirical analysis was done using Fama-MacBeth regressions with results pointing the disposition-effect explanation as the most significant, with our robustness analysis contributing positively to the main findings. / Uma das anomalias mais robustas presente nos mercados financeiros é a existência de momentum nos preços de ações, existem duas principais explicações recentes para este fenômeno: explicação comportamental através do efeito-disposição (i.e. disposição de vender ativos \"vencedores\" rapidamente e de segurar ativos \"perdedores\" por muito tempo) e explicações de fluxos de fundos de investimento. A explicação através do efeito-disposição é centrada na convergência do spread entre o valor fundamental de um ativo e o preço de mercado observado (o efeito-disposição causa uma reação branda a notícias que gera esse spread), e a explicação baseada em fluxos de fundos que se deve pela persistência da performance de fundos (que usualmente continuam comprando posições vencedoras e vendendo as perdedoras). O objetivo desta dissertação é comparar essas teorias utilizando dados brasileiros (que é adequado pela forte presença de momentum). Nossa análise empírica foi feita através de regressões de Fama-MacBeth com resultados apontando a explicação centrada no efeito-disposição como a mais significativa, com nossa análise de robustez contribuindo positivamente para nossos resultados principais.

Generation Y is the cohort that are facing the risk of being affected if the public pension system runs out of funds. Luckily enough time are at their favor with roughly 30 years until retirement. By creating a better understanding about what factors effects the individual investor the most it becomes easier to motivate a higher level of saving and investments. That can prevent an increased number of elderly living in poverty. Previous research has for a long period of time studied different aspects of invest behavior. The aim of the thesis is to explain the impact of different demographical factors on the long term financial planning behavior of Generation Y in comparison with Generation X. The study was performed with a quantitative method, a positivistic philosophy and deductive approach. The results show that the only demographic factors affecting Generation Y are age and ethnicity. Other variables affecting the investment behavior was financial knowledge and overconfidence. The key conclusion is that demographic factors does not affect Generation Y to the same extent as with previous Generations. Financial knowledge on the contrary turns out to be the singlehanded most affecting factor on the long term financial planning of the Generation. / Generation Y är den kohort som riskerar att bli drabbad om de statliga pensionsmedlen visar sig inte räcka till. Gynnsamt nog har generationen tiden till sin fördel då de har cirka 30 år kvar till pensionen. Genom att bättre förstå vad som påverkar en individs investeringsbeteende blir det lättare att kunna motivera till ökad grad av sparande och investeringar. Detta kan förhindra en ökande mängd fattigpensionärer. Tidigare forskning har länge studerat olika aspekter på investeringsbeteende. Denna uppsats syftar till att förklara olika demografiska faktorers påverkan på Generation Ys långsiktiga investeringsbeteende i jämförelse med sina föregångare Generation X. För att uppfylla syftet utgår studien ifrån en positivistisk kunskapssyn med en deduktiv ansats samt en kvantitativ metod som grundas på en urvalsundersökning genom frågeformulär. Resultaten visar att de enda demografiska faktorerna som påverkar Generation Ys långsiktiga finansiella planering är ålder och etnicitet. Ytterligare variabler som kunnat påvisas påverka generationens investeringsbeteende är framförallt finansiell kunskap, men även karaktärsdraget overconfidence. En viktig slutsats är att demografiska faktorer inte påverkar Generation Y i samma utsträckning som hos tidigare Generationer. Istället visar sig finansiell kunskap vara den enskilt starkast påverkande faktorn till långsiktig finansiell planering hos Generationen.

Diese Dissertation besteht aus fünf empirischen Studien. Zwei Studien befassen sich mit passiv gemanagten Finanzprodukten. Sie untersuchen den Replikationsprozess von Exchange Traded Funds (ETFs) und vergleichen hierbei die Replikationsgüte von synthetischen und physischen ETFs. Oftmals wird darauf verwiesen, dass synthetische ETFs eine höhere Replikationsgüte besitzen als physische ETFs. Dies lässt sich für Renten-ETFs bestätigen, allerdings nicht für Aktien-ETFs. Zudem wird gezeigt, dass ETFs und Indexzertifikate, die sich im direkten Wettbewerb befinden, im Hinblick auf ihre Geldmittelflüsse komplementär, allerdings nicht perfekt komplementär zueinander sind. Dieser Effekt lässt sich mithilfe der Replikationsgüte und einer Zuordnung beider Indexprodukte in verschiedene Marktnischen erklären. Weitere drei Studien befassen sich mit aktiv gemanagten Finanzprodukten. Sie widmen sich der Frage, ob mithilfe von Fondsbewertungen wie dem Feri Trust Rating, der Finanztest-Bewertung und der FondsNote die zukünftige Performance deutscher Aktienfonds prognostiziert werden kann. Hintergrund ist, dass Investoren Fondsbewertungen in ihre Anlageentscheidung einbeziehen. Sie investieren vor allem in Fonds, die eine Top-Bewertung aufweisen. Die Prognosefähigkeit von Fondsbewertungen kann sich allerdings stark voneinander unterscheiden. Die Ergebnisse zeigen, dass mithilfe der FondsNote am besten zwischen sich zukünftig besser und schlechter entwickelnden Fonds differenziert werden kann. Die Prognosefähigkeit lässt sich durch Kombination der drei Fondsbewertungen sogar erhöhen. Dies hängt allerdings von der Kombination und dem verwendeten Performancemaß/-zeitraum ab. Zudem werden Faktoren untersucht, die einen Einfluss auf die Prognosefähigkeit haben können. Es wird gezeigt, dass qualitative Bewertungsfaktoren nicht zu einer Erhöhung der Prognosefähigkeit beitragen. Stattdessen weisen die Fondskosten und das Verhalten der Investoren einen signifikanten Einfluss auf. / This thesis consists of five empirical studies that deal with actively and passively managed financial products. The first two studies focus on the replication process of exchange-traded funds (ETFs) and compare the tracking ability of ETFs based on physical replication of their benchmark indices with those of synthetic ETFs. Contrary to conventional wisdom, synthetic equity ETFs are not different in terms of tracking errors from their physical counterparts. However, synthetic fixed-income ETFs have lower tracking errors than physical fixed-income ones. Moreover, the second study examines the coexistence of ETFs and index certificates within one market by analyzing the relationship between their money flows. Evidence shows that ETFs and index certificates complement each other, but not in a perfect way. This effect can be explained by similar tracking abilities and a segmentation of investors into different market niches. The other three studies address the question if fund ratings like the Feri Trust rating, the Finanztest-Bewertung, and the FondsNote can predict the future performance of German equity mutual funds. The reason is that investors include fund ratings in their decision-making. They primarily invest in funds which have the best fund rating. However, fund rating predictability can significantly differ among fund ratings. Results indicate that the FondsNote can best distinguish between well and poorly performing funds. Predictability can be enhanced by a combination of fund ratings. However, it depends on the particular fund rating combination, the chosen performance measure, and the post-rating period. Moreover, these three studies analyze factors that could influence the predictability of fund ratings. It is shown that qualitative factors can hardly improve the predictability. By contrast, the costs of funds and the behavior of investors with regard to fund ratings significantly influence the ability to predict future performance.

Les désastres naturels ont des conséquences particulièrement dévastatrices dans les pays en développement où les individus sont hautement vulnérables et les institutions inefficaces. Néanmoins, leurs impacts sur le bien être des ménages et le rôle des autorités publiques restent encore mal compris. En outre, alors que la plupart des études se focalisent sur le risque climatique, les désastres géologiques, et les éruptions volcaniques en particulier, restent peu étudiés. Pourtant, même si elles représentent une fraction marginale des désastres naturels au niveau mondial, les éruptions volcaniques sont une menace majeure dans certains pays tels que l’Indonésie ou l’Equateur. La présente thèse tente donc de contribuer à la littérature à travers trois essais empiriques traitant de l’effet à long terme du risque volcanique sur l’accumulation de capital des ménages, de l’impact d’une éruption sur le capital social ainsi que du rôle des autorités publiques dans les décisions de migration. / Natural disasters have particularly devastating consequences in developing countries where people are highly vulnerable and institutions remain inefficient. Nevertheless, their impacts on households’ well-being and the role of public authorities are, yet, not fully understood. In addition, while most studies focus on climatic risk, geological disasters, and volcanic eruptions in particular, are clearly understudied. However, despite representing a marginal share of natural disasters at the global level, volcanic eruptions are a major threat in some countries, such as Indonesia or Ecuador. The present dissertation tries to contribute to the literature by investigating the long-term effect of volcanic hazard on farmers’ capital accumulation, the impact of an eruption on social capital, as well as the potential mitigating role of public authorities on migration decisions.

The purpose of this thesis is to analyze differences between stock preferences of women and men in Sweden and analyze what portfolio characteristics and long-term effects that are revealed by investing in the stocks than men and women prefer. To fulfill the purpose of the thesis, two fictious portfolios have been created which are based on data from the reports “Aktieägandet i Sverige” by Euroclear. These reports present the favorite stocks of Swedish men and women by presenting stock top charts between the years 2017- 2021, and the data covers the total stock investing Swedish population. The fictious portfolios have been assigned to two fictious investors, Alice, and Adam, to enable analysis of the investment behavior and the portfolio’s performance on an aggregate level.   Alice’s and Adam’s portfolios are evaluated by using risk- and portfolio management measures, and the investment behavior is evaluated through measures previously presented in research within behavioral economics. The analysis is conducted by combining classic financial theory and previous research within behavioral economics to evaluate investment behavior from the perspective of portfolio theory.   The results show that the investment behavior differs between Swedish men and women, considering both stock preferences and investment strategy. Men tend to have a higher preference for risk than women and are more active when managing their portfolio. Women tend to invest more long-term and manages their portfolio in a more passive manner. Women also tend to invest in value stocks with dividends, while men invest in growth stocks. The investment strategy of men demonstrates a betting element which leads to a high total and non-systematic risk exposure. The consequences of the investment strategies long-term indicates that women obtain a more stable return due to lower volatility in their portfolio, while the higher non-systematic risk exposure and turn-over rate in men’s portfolio indicates that their return will be more volatile over time.   The results confirm, to a great extent, previous research on the differences between the investment behavior of women and men on an individual level. Based on new observations we conclude that a limited rational behavior does not always equal a higher risk exposure in the portfolio as it can also lower the level of risk. In addition, based on the analysis, we can conclude that men tend to invest more unethical than women. / Uppsatsens syfte är att identifiera och analysera skillnader i svenska kvinnor och mäns aktiepreferenser samt analysera vad för portföljegenskaper och långsiktiga effekter som följer av investering i de aktier som kvinnor och män föredrar. För att uppnå uppsatsens syfte har två fiktiva portföljer skapats som baseras på Euroclears rapporter ”Aktieägandet i Sverige”. Rapporterna presenterar svenska kvinnor och mäns favoritaktier i form av aktietopplistor mellan åren 2017–2021, varav datan omfattar hela den svenska aktieinvesterande populationen. De fiktiva portföljerna har tilldelats två fiktiva investerare, Alice och Adam, för att möjliggöra analys av investeringsbeteendet och portföljernas prestation på en aggregerad nivå.   Alices och Adams portföljer utvärderas med risk- och portföljutvärderingsmått, och investeringsbeteendet utvärderas genom mått som tidigare forskning inom beteendeekonomi lyft fram. Analysen genomförs genom att kombinera klassisk finansiell teori med tidigare forskning i beteendeekonomi för att utvärdera investeringsbeteendet ur ett portföljvalsperspektiv.   Resultaten påvisar att svenska kvinnor och mäns investeringsbeteende skiljer sig åt gällande både aktiepreferenser och förvaltningsstrategi. Män tenderar att ha en högre riskpreferens än kvinnor, samt är mer aktiva i förvaltningen av portföljen. Kvinnor tenderar att investera mer långsiktigt och passivt i familjära värdebolag med utdelning, medan män investerar i tillväxtbolag. Mäns investeringsstrategi har inslag av betting, vilket leder till en hög total- och icke-systematisk riskexponering. Konsekvenserna av investeringsstrategierna på lång sikt blir att kvinnor erhåller en stabilare avkastning till följd av lägre volatilitet, medan mäns exponering mot icke-systematisk risk samt höga omsättningshastighet leder till mer volatil avkastning över tid.  Resultaten bekräftar i stor utsträckning tidigare forskning om skillnader i kvinnor och mäns investeringsbeteende på individnivå. Genom nya observationer konstateras att ett begränsat rationellt beteende inte alltid leder till en högre riskexponering, utan även kan sänka risknivån i portföljen. Dessutom kan vi utifrån analysen konstatera att män tenderar att investera mer oetiskt än kvinnor.

在台灣的高科技產業發展中，創投扮演了重要的角色，其所提供的資金與協助促進了新創事業的成長，造就了台灣資訊電子產業的躍居世界舞台與傲人的經濟成長。2000年人類基因圖譜的解出，似乎加快了基因技術的應用與相關產業的發展，進而成為全球經濟成長的新動力，因此我國創投的投資觸角也積極地延伸到生物技術產業上。 　　過去有關創投的相關研究多集中在投資評估準則的總體性研究，甚少針對某一產業的特性不同，來做進一步的研究，特別是在生物科技產業方面，因此，本研究將針對生物技術產業的特性與創投的股東背景、經營團隊與合作網路等組成因子，來探討其所產生的投資策略與行為。 　　本研究採用個案訪談之定性研究，選擇六家在生技產業投資比重較大的國內創投公司做訪談，再依據本研究架構進行分析整理，得到了以下之結論： 　　一、 生技產業的特性對投資策略與行為之影響 　　　1. 創投因看好生技產業的成長潛力而將提高此方面的投資比重，而生技產業的投資金額以美國為最高。 　　　2. 創投在生技產業的投資階段傾向涵蓋不同的階段。 　　　3. 創投在生技產業的投資以醫藥產業及其週邊之醫療器材為主，主要考量是醫藥產業是目前為止較高報酬的領域。 　　　4. 創投在生技產業的投資區域以美國為主，其中最重要的原因與該地區之產業群聚有關。 　　　5. 創投在生技產業的投資傾向以投資組合管理及聯合同業投資來降低投資風險。 　　　6. 創投在生技產業的投資傾向不聘任外部顧問，而傾向以經營團隊之專業評估為主，再以已投資公司與事業夥伴為諮詢對象。 　　　7. 創投在生技產業的投資回收策略為上市或購併，投資回收期間並不會因為生技產業的產品開發期長而延長。 　　　8. 創投在生技產業的投資評估，著重整體性評估（不會只看技術或智慧財產權），會因事業投資階段而有不同的評估重點，投資案愈偏早期，愈著重技術與人。投資案愈偏成熟期，所需評估的項目愈多。 　　　9. 生技產業的特性雖對創投的附加價值沒有影響，但創投對生技產業的投資案有提供附加價值，會因投資案事業發展階段之不同，而提供所需之協助，附加價值則以資訊蒐集與人脈介紹為主。 　　二、創投的組成對投資策略與行為之影響 　　　1. 創投的股東對外部顧問策略、投資案源與投資評估有影響，對投資金額、投資階段、投資領域、投資區域、風險控管、回收策略與附加價值沒有影響。 　　　2. 創投的經營團隊對投資金額、投資階段、投資領域、投資區域、風險控管、外部顧問、回收策略、投資評估與附加價值有明顯的影響，對投資案源則有些影響。 　　　3. 創投的合作網路對外部顧問、投資評估與附加價值有影響，對投資案源更是有明顯影響，而對投資金額、投資階段、投資領域、投資區域、風險控管與回收策略沒有影響。　 　　三、生技產業的特性對創投的組成之影響 　　　1. 生技產業的特性對創投董事會內的股東背景沒有影響。 　　　2. 生技產業的的特性影響到創投招募技術專業之經營團隊。 　　　3. 創投未因生技產業的特性而建構新的合作網路，而傾向運用集團中原有之合作網路，尤其是過去的已投資公司，為創投主要的諮詢者。 / Venture capital plays an important role in the development of high technological industries in Taiwan. It provides the essential fund and useful assistance to promote the growth of start-up companies. Because of it, the growth of economy in Taiwan dramatically increases and Taiwan has become the kingdom of information and communication industries around the world. In the year 2000, the complete sequence of human genome has enhanced the speed of the development in the field of biotech and its associated industries. In addition, the investment in biotech industry is expected to stimulate another trend of global economic growth. Therefore, venture capital in Taiwan also actively extends its influence in the field of biotech industries. 　　The majority of researches in venture capital seems to concentrate on the overall evaluation of the general criteria of investment, few studies focused on one particular industry, especially the biotech industry and its characteristics and aspects. Therefore, this study will aim at the characteristics of biotech industry and the constituent factors of venture capital to explore the strategies and behaviors of investment. 　　A qualitative research was conducted in six important venture capital firms in Taiwan using a method of intensive personal interview. The summaries of the research findings are as follows: 　　I. The impacts of the characteristics of biotech industry on the strategies and behaviors of investment: 　　　1. Venture capital firms will increase investment percentage in biotech area because of its potential of growth, and the majority amounts of venture capital seem to be invested in the United States. 　　　2. The venture capital firms’ investments in biotech tend to cover various stages. 　　　3. The fields venture capital firms invest in biotech appear to be focused on pharmaceuticals and medical devices, because the operating return from this area is higher than any others so far. 　　　4. The location of biotech companies venture capital invested are focused on the United States, which seem to have obvious phenomenon of clustering. 　　　5. Through portfolio management and co-investment, venture capital firms can reduce risk while investing in biotech. 　　　6. Instead of relying on outside consultant when invest in biotech, venture capital firms prefer to depend on inside management teams for due diligence. In addition, the past invested firms and partners are helpful while needed. 　　　7. The exit strategies of venture capital firms are initial public offering or merger & acquisition when invest in biotech companies, and the period of investment appears to be not correlated with the long product life cycle of biotech industry. 　　　8. Instead of emphasis on technologies or intellectual properties, venture capitalists emphasize all factors which evaluating biotech companies. Their decision criteria depend on venture development stages, the earlier stages these cases are, the more important technologies and management teams are, the later stages these cases are, the more factors are considered. 　　　9. Venture capitalists add values to the biotech companies they invested, not because of the characteristics of biotech industry, but differ from development stages of cases. Most of add values are information collection and networking. 　　II. The influences of the constituent factors of VC on the strategies and behaviors of investment: 　　　1. The stockholders of venture capital affect outside consultant strategy, deal flow, due diligence, but make no influence on investment amount, venture development stage, field, location, risk control, exit strategy and value-added. 　　　2. The management teams of venture capital obviously influence investment amount, venture development stage, field, location, outside consultant strategy, risk control, exit strategy, due diligence and value-added, and make a little influence on deal flow. 　　　3. The networking of venture capital make a little influence on outside consultant, due diligence and value-added, and make obvious influence on deal flow, but do not affect investment amount, venture development stage, field, location, risk control and exit strategy. 　　III. The influences of the characteristics of biotech industry on the components of venture capital: 　　　1. The characteristics of biotech industry don’t appear to affect the background of stockholders in the board. 　　　2. Venture capital firms recruit professional management teams because of the same particular characteristics of biotech industry. 　　　3. While investing in biotech industry, venture capital firms utilize networks, especially the past invest , as their main consultants.

Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process.   This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.