Types of investment funds from the point of view of positive law The purpose of my thesis is to present a comprehensive view on differences and possibilities of particular types of investment funds from the point of view of positive law. The main aim of the thesis is to contrast these differences and possibilities with other types. The first chapter deals with basic issues of investment funds. The aim of this chapter is to look at investment fund as an institution especially from a fundamental economic perspective and come through into its economic nature. Furthermore the chapter contain description of main benefits of mutual funds as compared with the individual investment, draws attention to the problem of conflicts of interest and contains the basic classification of investment funds. The aim of the second chapter is to describe in basic features development of legal framework of investment funds in Czech Republic in the light of Act on Investment Companies and Investment Funds from early beginnings to current. With regard to the scope of respective law, focuses the chapter mainly on applicability, structure, legal forms and on some chosen questions. Content of the third chapter is brief treatise about legal term of investment fund. Next chapters focus on organizational forms and other division...

Thesis advisor: Matteo Iacoviello / This thesis focuses on investment, regulation and labor market frictions. The first paper is motivated by lumpiness of investment activity at the plant level. Investment episodes at firm level happen in lumps, period of great activity and periods of inaction. Previous research has suggested that, in a general equilibrium framework, accounting for such microeconomic behavior is irrelevant for explaining aggregate investment (Thomas (2002)). This paper re-evaluates previous findings in a two-sector economy, where non-convex costs of capital adjustment apply to each sector. Calibrating the model to be consistent with microeconomic evidence, I find that lumpy investment is relevant for the business cycle. Through limited intersectoral mobility of capital, non-convex capital adjustment costs impact the relative price of investment generating a synchronization of investment decisions at sectoral level. As a result, aggregate investment is amplified relative to neoclassical benchmarks in response to an aggregate productivity shock. In a one-sector model this mechanism is absent, since intersectoral capital mobility is perfect and the relative price of investment is independent from non-convex capital adjustment costs. In an empirical investigation of the model using 2-digit SIC industry data, I find evidence that sectoral measures of capital distribution forecast aggregate investment. The second paper investigates the effect of product market liberalization on employment and considers possible interactions between policies and institutions in product and labor markets. Using panel data for OECD countries over the period 1980-2002, we present evidence that product market deregulation is more effective at the margin when labor market regulation is high. The data also suggest that product market deregulation promotes labor market deregulation. These results are consistent with the basic predictions of a standard bargaining model, such as Blanchard and Giavazzi (2003), extended to allow for a richer specification of the fall back position of the union. In the third paper, we start from evidence that most countries in the Euro Area are characterized by high product (PMR) and labor market (LMR) regulation. We then study long and short to medium run macroeconomic effects of reforming PMR and LMR by developing a dynamic stochastic general equilibrium model featuring endogenous producers entry and labor market frictions. We show that lowering PMR would increase steady state employment, wages and GDP but aggregate consumption would drop in the aftermath of the reform. Deregulating labor markets presents a less significant intertemporal trade off. Lower unemployment benefits would increase employment and GDP but reduce wages both in the short and long run. Smaller firing costs would trigger a positive effect on producers entry on impact, but employment and GDP would be negatively affected as time passes by. Regulation has also consequences for the business cycles properties of the economy. Lower barriers to entry and smaller unemployment benefits tend to smooth out aggregate fluctuations, while firing costs have a reverse effect. With a counterfactual exercise, we show that if the Euro Area would deregulate both product and labor markets at the US level it would adjust differently to aggregate shocks. A more flexible Euro Area would be more responsive to exogenous disturbances and the reversion to the steady state would be quicker. Our findings point out that concerns about the negative effect of strict regulation for the speed of recovery from downturns could be well placed, consistently with the idea that the European economy might be dynamically sclerotic. / Thesis (PhD) — Boston College, 2009. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Economics.

本論文集收錄了三篇關於儲蓄的宏觀經濟學及其相關領域的文章。 / 第一篇文章討論儲蓄和跨期替代問題。在這篇文章中我們研究在新古典增長模型中，當採用不為1的要素替代彈性和非常數的跨期替代彈性時產生不同的儲蓄動態的問題。使用一般化的效用函數和生產函數，我們的結論覆蓋了現實中的各種儲蓄率變化形式，包括單調遞增、遞減、鐘形和U型。在此我們使用Stone-Geary效用函數和CES生產函數作為一個特例來說明問題。使用相點陣圖分析方法，我們得出了可以導致不同儲蓄率動態的充分和必要條件。我們的數量測驗支持理論的結果。作為一個擴展，接下來我們討論了連續時間OLG模型中的儲蓄率動態。當放鬆偏好和技術兩方面的假設時，我們依然得出了類似於新古典模型的豐富的儲蓄率動態。 / 第二篇文章是一個關於可變IES假設的經驗研究。在這篇文章中我們研究了跨期替代彈性的跨國差異，以及在某一特定國家的增長路徑中其可能的變化。在估計中我們使用了不同形式的歐拉方程模型，尤其是具有Stone-Geary效用形式的約束條件的模型。我們使用東亞和南亞國家面板資料的研究不能拒絶遞增IES的假設。使用兩個典型亞洲國家：日本和韓國的時間序列研究也得出了IES在經濟增長過程中遞增的結論。這一結果給第一章中的理論發現提供了經驗支持，與這些國家的儲蓄率動態變化情況也是相吻合的。 / 第三篇文章在一個具有不對稱生產技術的兩國開放經濟模型中採用數量方法探討了中國的高儲蓄率和經常帳戶不平衡問題。我們估計了中國和OECD國家的生產函數參數，發現中國生產函數中的要素替代彈性和資本份額都要明顯大於發達國家，其中中國的要素替代彈性大於1，而資本份額大于0.5，與文獻中的結論相近。在數量研究部分，我們發現在有中國式的高TFP增長之時，具有估計出的不對稱技術參數的模型能產生高得多的儲蓄和經常帳戶餘額，在2000年之前尤其與現實資料相吻合。而具有對稱技術參數的標準模型則得出了高經常帳戶赤字的結論，這與實際情況是矛盾的。 / This thesis consists of three essays on the issue of macroeconomics of saving and its related areas. / The first essay is on saving and intertemporal substitution. In this essay we study the possibility to generate different saving dynamics with a standard neoclassical growth framework, when allowing non-unitary factor elasticity of substitution (EOS) and non-constant intertemporal elasticity of substitution (IES). When employing both generalized utility and production function, our results can encompass all the varieties of saving patterns that are possible in the evidence, including monotonically increasing, decreasing, hump-shaped and U-shaped. We use the model with Stone-Geary utility and CES production function as a special case for illustration. Following the phase diagram approach, we have derived the necessary and sufficient conditions for the different saving dynamics. Our numerical tests can also support the theoretical findings. We have also studied the saving dynamics in another workhorse model, the OLG model with continuous time as an extension. When relaxing the assumptions in preference and technology, we also find rich transitional dynamics of saving that are close to those in the neoclassical model. / The second essay is an empirical study on the variable IES assumption. In this essay we study the cross-country difference with the intertemporal elasticity of substitution, as well as its possible changes in one country's growth transition. We test different forms of the Euler equation model, especially one with an increasing IES restriction as is implied by the Stone-Geary style utility function. Our estimation with the east and south Asia country panel data can not reject the increasing IES assumption. A time-series study on two typical Asian Country, Korea and Japan's IES also indicates an increasing IES in their growth path. These results provide some support to the theoretical findings in Chapter I, and are consistent with the countries' saving patterns in history. / The third essay investigates China's high saving rate and current account imbalance problem quantitatively in a two-country open economy macroeconomic model when using asymmetric production technologies. We estimate the production parameters for China and the OECD countries, and find that China's elasticity of substitution (EOS) and capital share in production are both higher than those of developed countries. While the estimated EOS of China is above one, the capital share of it is above 0.5 and close to the literature value. In the quantitative study, when there is high TFP growth rate, the model with estimated EOS and capital share can generate much higher saving and current account balance for China, which match the real series very well especially before the year 2000, while the standard model with symmetric production parameters predicts large current account deficits and is contrary to the evidence. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Luo, Gongshu. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts also in Chinese. / Abstract --- p.i / Contents --- p.iv / Chapter 1 --- Saving and Intertemporal Substitution --- p.1 / Chapter 1.1 --- Introduction --- p.1 / Chapter 1.2 --- Saving in the Neoclassical Model --- p.6 / Chapter 1.2.1 --- Model Specification --- p.6 / Chapter 1.2.2 --- Equilibrium Saving Rate --- p.7 / Chapter 1.2.3 --- Transitional Dynamics of Saving --- p.8 / Chapter 1.2.4 --- A Numerical Study --- p.21 / Chapter 1.3 --- Saving in the Perpetual Youth Model --- p.25 / Chapter 1.3.1 --- Model Specification --- p.26 / Chapter 1.3.2 --- Different Utility Forms --- p.28 / Chapter 1.3.3 --- Saving Dynamics --- p.34 / Chapter 1.3.4 --- A Numerical Study --- p.35 / Chapter 1.4 --- Conclusion --- p.36 / Reference --- p.38 / Chapter Tables and Figures --- p.40 / Chapter 2 --- An Empirical Study on Intertemporal Substitution --- p.49 / Chapter 2.1 --- Introduction --- p.49 / Chapter 2.2 --- Theory of Variable IES --- p.54 / Chapter 2.3 --- Estimating IES --- p.59 / Chapter 2.3.1 --- The Euler Equation Approach --- p.60 / Chapter 2.3.2 --- Liquidity Constraint Model --- p.62 / Chapter 2.3.3 --- Extensions on Estimating IES --- p.63 / Chapter 2.3.4 --- On Testing Variable IES --- p.64 / Chapter 2.4 --- Methodology --- p.67 / Chapter 2.4.1 --- The Non-linear GMM Method --- p.67 / Chapter 2.4.2 --- Model to be Tested --- p.69 / Chapter 2.5 --- Data Issues --- p.71 / Chapter 2.6 --- Estimation Results --- p.75 / Chapter 2.6.1 --- Cross-country Panel Study --- p.75 / Chapter 2.6.2 --- Single-country Time Series Study --- p.78 / Chapter 2.7 --- Conclusion --- p.82 / Reference --- p.84 / Chapter Tables and Figures --- p.87 / Chapter 3 --- Production Differences and Current Account Imbalance --- p.94 / Chapter 3.1 --- Introduction --- p.94 / Chapter 3.2 --- Estimation on Capital Share and EOS --- p.100 / Chapter 3.2.1 --- Model Specification --- p.101 / Chapter 3.2.2 --- Data Construction --- p.103 / Chapter 3.2.3 --- Estimation Results --- p.104 / Chapter 3.3 --- A Two-Country Open Economy Model --- p.107 / Chapter 3.3.1 --- Model Setup --- p.107 / Chapter 3.3.2 --- Competitive Equilibrium --- p.109 / Chapter 3.3.3 --- Equilibrium conditions --- p.109 / Chapter 3.4 --- A Quantitative Study --- p.110 / Chapter 3.4.1 --- Calibration --- p.111 / Chapter 3.4.2 --- Parameters --- p.112 / Chapter 3.4.3 --- Initial and Steady-State Conditions --- p.112 / Chapter 3.4.4 --- Basic Results --- p.113 / Chapter 3.4.5 --- Some Special Features of the Model --- p.116 / Chapter 3.4.6 --- Counterfactural Experiments and Sensitivity Analysis --- p.117 / Chapter 3.4.7 --- A Discussion on the Role of IES --- p.119 / Chapter 3.5 --- Conclusion --- p.121 / Reference --- p.123 / Chapter Tables and Figures --- p.125

Chapter 1 shows how an elite can turn an institution from being inclusive to extractive, in the context of the European Union’s free movement of persons (FMP). In an international labour market, integrated by FMP across a number of member countries, we consider expansion of the market through the addition of new members. Each member government can control only immigration from non-members. The main result is that if new members are decreasing in total factor productivity, then expansion at first benefits but later hurts workers, while first hurting but later benefiting an economic elite, and benefiting a political elite throughout. Chapter 2 shows how a government sets immigration policy in the presence of entrepreneurs who undertake investment. The government and the entrepreneurs negotiate to determine the quota of immigration and the amount of contribution to be paid to the government. We also show how a government may be willing to tie its hands to an institution that constrains the immigration policy it can set. We identify conditions such that by tying its hands to such an institution, the government can increase investment in the economy. Chapter 3 analyses the effect of public good provision on the location choice of immigrants in the UK. In particular, we investigate the impact of a change in the number of schools on the location choice of immigrants by exploiting an exogenous shock provided by the Academies Act of 2010. We first employ a difference-in-difference strategy to analyse the effect of the Academies Act on immigration levels by comparing North West England and Wales, since the act was only applicable to England. In a separate analysis, we estimate a discrete choice model to examine the location choice of immigrants using a panel data of London boroughs. This model reports that a 1% increase in the number of schools in a London borough increases the number of immigrants by 1.4%, on average.

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The aim of the thesis is to describe possibilities of financing of company a then to analyze, how concrete company is financed. At first is analyzed financing of whole company. Sources of financing are divided by two criteria on equity and liabilities and on external and internal. After this part comes appreciation of EVA of the company. At the end of thesis comes evaluation of financing of company's investment. Criterion for appreciation is its influence on company's EVA.

Chiu, Man Kin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 83-88). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iv / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature Review --- p.11 / Chapter 3 --- The Model --- p.28 / Chapter 3.1 --- The Preliminaries --- p.28 / Chapter 3.2 --- The problem setting --- p.31 / Chapter 3.3 --- The optimal selling strategy and structural properties --- p.39 / Chapter 3.3.1 --- The optimal selling strategy --- p.39 / Chapter 3.4 --- The optimal investment decision-Making regarding capacity and investment time --- p.44 / Chapter 3.4.1 --- The optimal decision on the construction capacity --- p.45 / Chapter 3.4.2 --- The optimal decision on the starting time of the investment --- p.48 / Chapter 4 --- Numerical analysis --- p.55 / Chapter 4.1 --- The setting of the numerical example --- p.56 / Chapter 4.2 --- The numerical results --- p.63 / Chapter 4.2.1 --- The optimal capacity --- p.63 / Chapter 4.2.2 --- The optimal starting time of the construction --- p.69 / Chapter 4.2.3 --- The effect of the capacity constraint --- p.73 / Chapter 4.2.4 --- The effect of the time constraint --- p.78 / Chapter 5 --- Conclusion --- p.80 / Bibliography --- p.83

Research in this thesis investigates the following issue; dynamics of international financial integration; international portfolio equity investment patterns; Australian investors’ equity investment position in the global economy; and finally geographical and home bias related to equity investment. Research in this thesis employs a new International Monetary Fund’s (IMF’s) Coordinated Portfolio Investment Survey (CPIS) dataset to examine bilateral equity investment in the international and Australian context. This dataset is being employed for the first time in the Australian context. Research in this thesis provides insights into the broad trends on cross country holdings and indicates that the growth in goods trade and stock market capitalisation are the main determinants of the growth in the scale of international balance sheets. This thesis develops a model that links bilateral equity holdings to bilateral trade in goods and services. This thesis finds that the bilateral equity investment is strongly correlated with the underlying patterns of trade in goods and services. Research in this thesis states that the bilateral equity investments take place between countries with similar characteristics, including coordinated business cycles and correlated stock market returns, against the predictions of standard diversification Research in this thesis provides answers to some of the following questions; why does the pattern of Australia’s capital flows not match that of its trade flows; which bilateral factors are responsible for explaining Australia’s portfolio equity investment holdings; are cultural, informational factors important in explaining Australia’s portfolio allocations; How do regulatory and legal variables affect equity portfolio holdings. Research in this thesis investigates geographical bias by developing an empirical model from a consumption based asset pricing model that includes both, information and transaction costs. Research in this thesis documents that investors exhibit a preference for geographically close, same language and same culture countries. This thesis states that Australian investors’ are willing to hold equity portfolios in countries where the judicial system is recognised as efficient and appears to uphold enforcement of the rule of law, and countries which have well developed accounting standards. Research in this thesis also investigate home bias puzzle in the international and Australian context. This thesis indicates that the share of destination countries’ stock market that is invested in the host country, capital controls, trade links, risk adjusted returns and transaction costs have impact on the home bias puzzle. / Doctor of Philosophy (PhD)

Institutional investors have typically involved commercial property in their core portfolios for stable and income-oriented returns, particularly concentrated on low-risk traditional property sectors including office, retail and industrial property. Recent years have seen the strong growth in demand for quality commercial properties resulting in an imbalanced property investment market, with significant capital flows available (eg: growth in superannuation fund assets) for property investment from this increased appetite for commercial property. This has also been driven by some basic factors such as changing demographics. The demographic change has affected savings, investment and capital flows as the elderly prefer investments with the characteristics of higher yield and stability. Due to the ageing population, a compulsory superannuation system was introduced by the Australian government in 1992 which has driven significant increased capital flowing into investment markets. Since the increased capital flowed into investment markets with significantly compressed property yields, institutional investors have considered a range of emerging property sector investments such as self-storage, retirement, healthcare, and leisure properties to enhance the performance and provide diversification benefits in their portfolios. Specifically, recent years have also seen infrastructure emerge as a separate asset class for institutional capital, with the infrastructure asset class having distinctive characteristics and attractive features; particularly in a climate of significantly reduced government spending on infrastructure in most countries, as governments seek alternative funding options for infrastructure development and maintenance. However, only limited studies regarding the performance of the emerging property sectors and infrastructure investments have been conducted. As such, this PhD thesis focuses on both quantitative and qualitative aspects of the investment issues for the emerging property sectors and infrastructure. To provide a fuller view of the emerging property sectors and infrastructure, the empirical analysis in this thesis provided the performance assessments of Australian emerging property sector LPTs, US non-traditional REITs, UK direct leisure property, Australian infrastructure, US infrastructure and European infrastructure, as well as the strategic investment issues regarding emerging property sector and infrastructure investment via surveys with Australian emerging property sector LPT and infrastructure fund managers. With the development of an emerging property sector LPT index, the results of the empirical analysis indicate Australian emerging properties are characterised as higher risk-higher return property investments. The diversification benefit has been confirmed as adding emerging properties to an investment portfolio. The emerging property sector LPT fund managers’ survey has found new product diversity, strong performance, enhanced yield, greater choice of property and significant capital inflow available for property as the essential motivating factors for emerging property sector investment; whilst the quality and availability of data, the competition of emerging property investments/acquisitions, the depth of market and identifying reliable/strategic business partners, and the policy and regulation issues have been identified as the most significant risks in emerging property sector investment. For US non-traditional REIT analysis, self-storage REITs presented strong performance over the study period. The efficient frontier of portfolios consisting of self-storage REITs also presented enhanced efficiency, while healthcare and specialty REIT portfolios showed less significant efficiency. Due to no equivalent public emerging property series being available for UK, a direct leisure property total return series is obtained from IPD as the proxy of leisure property investment performance. Leisure property outperformed the other property sectors, as well as the other asset classes over the 26-year period to 2006. Similarly, the findings of the property portfolio and mixed-asset portfolio analyses suggest that adding leisure property to the UK property portfolios or mixed-asset portfolios has resulted in significant diversification gains. The findings of the infrastructure analyses have shown the consistent results of enhanced returns, lower risk and significantly improved diversification benefits by infrastructure investments over the three major infrastructure markets including Australia, US and Europe. With the rapidly expanding market in recent years, the strong performance and volatility of infrastructure investment has been moderate when the infrastructure markets are maturing. The Australian infrastructure fund managers’ survey has found stable cash flows, long duration, greater understanding of infrastructure, monopoly characteristics, inflation hedging and diversification benefits as the essential motivating factors for infrastructure investment; whilst infrastructure policy and over-valued infrastructure have been identified as the most significant risks in infrastructure investment. As the emerging property sectors and infrastructure are maturing as effective and significant investment vehicles in Australia and internationally, the issues assessed in this thesis taking on increased significance in the future. It is clearly evident that the property and infrastructure research in this thesis has lead to the enhanced understanding of alternative property and property-related assets and a fuller understanding of the investment dynamics of the emerging property sectors and infrastructure. / Doctor of Philosophy (PhD)

Thesis (B.Sc)--University of Hong Kong, 2004. / Includes bibliographical references (p. 103-107)