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Whether or not Americans feel they have sufficient information or knowledge to make mutual fund investing decisions, more and more investors are forced to make these choices if they wish to invest for future goals like retirement. The problem for policymakers is deciding how to provide information on mutual funds that is both useful and used by potential investors. The purpose of this study was to test the relationship between an investor's personality and the effort exhibited by a potential investor in seeking information about a mutual fund investment, as well as the type of information the potential investor considers important. For this research, "personality" was the independent variable that was hypothesized to influence the dependent variable, investor "information-seeking effort" before an investment decision is made. Personality is composed of the four dichotomous Myers-Briggs' functions, including 1) Extraversion versus Introversion, 2) Sensing versus Intuition, 3) Thinking versus Feeling, and 4) Judging versus Perceiving. A survey was created to identify the mutual fund information considered important by potential investors, and their stated likelihood of seeking out said information before making a purchase decision. The Myers-Briggs' preference indicator and the information-seeking effort survey were administered to 101 college and university students. Eighty-one students met the selected criteria. Upon analysis, results indicated statistically significant differences in the basic-level information-seeking effort of participants based on the potential investor's attitude toward dealing with the outside world (judging vs. perceiving preference) with judgers labeling basic-level information as more important than did perceivers. In addition, results indicated that judger's initial satisfaction with their mutual fund choice was significantly higher, statistically. Lastly, based on a comparison of qualitative information items vs. quantitative information items provided, quantitative information was labeled as significantly more important (statistically) than qualitative information. Based on the findings, recommendations for educators, regulators, and policy-makers are provided, and include simplification of the terminology used in point-of-sale mutual fund information and increased financial literacy education for consumers. / Ph. D.

Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: The two investment strategies, active and passive (index) investing, were evaluated by comparing the average performance of actively managed funds in the general equity category of the South African unit trust sector with its benchmark, the ALSI index. Various comparative methodologies were followed in the analysis and covered the period 1988-2003. When the upfront costs applicable to the active funds were excluded it was found that active funds on average outperformed the index benchmark. However, when including these costs the index outperformed the average of active fund returns. Similarly, on a risk-adjusted basis the index benchmark fared better than the average of actively managed funds. Index investing, despite its superior performance on average, would not have been a low risk strategy and investors would have experienced volatile returns. Over time index investing and active management repeatedly replaced one another as the dominant investment strategy. A fundamentalist approach about any one of the strategies is not prudent and it is argued that an integration approach of both strategies would have yielded the highest reward per unit risk, based on past experience. When following a strategy of combining both strategies in various combinations over different investment periods, it was found that the highest reward to risk ratio was attained by increasing index investing relative to active investing with an increase in the investment horizon. Simply put, the longer one’s investment term, the more index investing should be followed. Hereby it can be argued that over the long run it is difficult for active management to consistently beat the market. Therefore, investment strategies should be aligned with one’s faith in the efficiencies of markets over time and not be overly influenced by short-term performance records of active managers. / AFRIKAANSE OPSOMMING: Die twee verskillende beleggingsbenaderings, naamlik aktiewe en passiewe (indeks) beleggingsbestuur, is beoordeel deur die gemiddelde opbrengste van die aktief-bestuurde fondse in die algemene aandeelkategorie van die Suid-Afrikaanse effektetrustbedryf met hul beleggingsmaatstaf, die ALSI indeks, te vergelyk. Verskillende vergelykende metodes is in die ontleding gebruik wat die oorsigtydperk 1988-2003 gedek het. Indien aanvangskoste by die aktief-bestuurde fondse buite rekening gelaat word, het hul gemiddelde opbrengs oor die algemeen die opbrengste van die indeks oorskry. Wanneer dié koste wel in ag geneem word, het die indeks egter die gemiddeld van die aktief-bestuurde fondse geklop. Soortgelyk, het die indeks beter as die gemiddelde van die risiko-aangepaste opbrengste van die aktief-bestuurde fondse vertoon. ‘n Indeksbenadering sou ten spyte van sy beter opbrengste oor die algemeen nie ‘n lae risiko strategie verteenwoordig nie en beleggers sou wisselvallige opbrengste ondervind het. ‘n Indeksbenadering en aktiewe bestuur het mekaar oor die verloop van tyd herhaaldelik afgewissel as die dominante beleggingstrategie. ‘n Eensydige benadering ten opsigte van enige van die strategieё sal nie deug nie en dit word eerder voorgehou dat ‘n integrasie van beide strategieё in die verlede die hoogste opbrengs per risiko-eenheid sou opgelewer het. Deur verskillende kombinasie-moontlikhede oor verskillende beleggingsperiodes te toets, is bevind dat die hoogste opbrengs per risikovlak verkry word deur die indeksbenadering te verhoog met ‘n toename in die beleggingshorison. Eenvoudig gestel, hoe langer die beleggingstermyn, hoe meer passiewe bestuur moet in die beleggingsportefeulje gevolg word. Hierdeur kan aangevoer word dat aktiewe bestuur oor die langer termyn moeilik die mark gaan uitpresteer. Indien ‘n belegger in die langtermyn doeltreffendheid van die mark glo, behoort die beleggingstrategie dienooreenkomstig daarby aangepas te word en nie volgens die korttermyn prestasies van aktiewe bestuurders nie.

In two unrelated papers, we examine different aspects of mutual fund performance and other issues. In the first chapter, we look at exchange-traded funds (ETFs) and how they differ from index funds in performance and tracking error. Using daily data and a more comprehensive sample than past research, we find abnormal returns associated with the ETFs are higher than the alphas of the index funds in most cases. The results are much more prevalent in funds that follow the S&P 500 than funds that do not. When examining the tracking errors, we find index funds are able to track their indexes much better than ETFs and domestic ETFs are better than ETFs that track international indexes. In our most significant finding, we find that tracking error affects fund flow in the following period. While fund flows are generally increasing for both ETFs and index funds, funds that track their respective index better increase their net assets by a larger percentage than funds that track their index less well. In the second chapter, we look at the differences in performance and characteristics of mutual funds as they relate to the manager's gender. Using a larger sample and different techniques than have been used in the past, we find some differences in our matched comparison which suggest female managers have a lower risk tolerance than males. Females also tend to hold a higher number of assets (stocks) and fewer assets in their top 10 holdings than do male managers. In, pooled regressions, we find weak, but significant evidence that current female fund managers, when analyzed as a group, show slightly lower performance than male managers. We then analyze performance within funds over time. Our most consistent result is that when changing the composition of fund management, regardless of gender, the new management has significantly greater performance than prior management. We also find some evidence, although not conclusive, that the percentage of female managers managing a fund is negatively related to the fund's performance over time. Finally, we find the determinants of abnormal returns cannot be attributed to the fund manager's gender.

Chow Mee-Yee, May, Lau Chun Fung, Richard. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1987. / Bibliography: leaves 87-89.

by Siu Ngar-Yin Diana, Wong Fung-Yu Eve. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 60-61). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iv / ACKNOWLEDGEMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objective --- p.1 / Methodology --- p.2 / Chapter II. --- HISTORICAL OVERVIEW OF FINANCIAL REFORMS (1979-1992) --- p.3 / Banking Reforms from 1979 to 1992 --- p.3 / Reforms since 1994 --- p.5 / Effects of Reforms --- p.7 / Central Bank Autonomy --- p.7 / New Instruments of Monetary Management --- p.8 / Reforms of the Interbank Market --- p.8 / Regulation and Competition --- p.9 / Chapter III. --- TRUST AND INVESTMENT COMPANIES IN CHINA --- p.11 / Emergence of TICs in China --- p.11 / Development of TICs in China --- p.12 / The Early Trust Industry --- p.12 / TICs in the 80s --- p.13 / The Latest Development of TICs --- p.16 / Business Activities of TICs --- p.17 / ITICs --- p.18 / Funding --- p.18 / Regulations and Legal Position of TICs --- p.19 / Minimize Legal Capital --- p.21 / Location and Ownership --- p.22 / Supervision --- p.22 / Prudential Ratios --- p.23 / Participation in the Interbank Market --- p.23 / The Role of TICs in the Economic Reform --- p.24 / Some Important TICs and ITICs --- p.26 / National Level TICs --- p.27 / Provincial Level TICs --- p.29 / Chapter IV. --- THE GITIC INCIDENT --- p.32 / Chapter V. --- IMPACT AND IMPLICATION OF THE GITIC INCIDENT --- p.36 / Possible Problems Lead to the Failure --- p.36 / The Dilemma --- p.40 / Collapse of Confidence --- p.41 / Burden on State Banks --- p.41 / Implications of GITIC Case --- p.42 / Chapter VI. --- RECOMMENDATIONS AND CONCLUSION --- p.46 / Limitations --- p.46 / Recommendations --- p.47 / Conclusion --- p.49 / APPENDIX --- p.50 / Table 1.1 - The Structure of Chinese Financial System (by 1995) --- p.50 / Table 1.2 - Chronology of Economic Reform --- p.52 / Table 1.3 - Chronology of Financial Sector Reform --- p.53 / Table 1.4 - Permitted Business Activities and Managerial Requirements for TICs --- p.54 / Table 1.5 - Prudential Ratios for TICs in China (1994) --- p.56 / Table 1.6 - A Summary of GITIC's Business by 1997 --- p.57 / Figure 1.1 - Composition of Deposits by TICs (1986-1996) --- p.58 / Figure 1.2 - The Supervision of TICs by PBOC --- p.59 / BIBLIOGRAPHY --- p.60

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-12-19T23:43:16Z No. of bitstreams: 2 Estev??o Garcia de Oliveira Alexandre.pdf: 334978 bytes, checksum: 69b02b620b3b65622dfb7a5492fa4e21 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-12-19T23:43:16Z (GMT). No. of bitstreams: 2 Estev??o Garcia de Oliveira Alexandre.pdf: 334978 bytes, checksum: 69b02b620b3b65622dfb7a5492fa4e21 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-02-20 / This study analyzes the Brazilian Multimarket Investment Funds and aims to establish a relationship between characteristics of these funds and their respective financial returns. The variables discussed here are: the number of shareholders, the funds equity, time of existence (age), their administration and the performance fees. Through a sample of 216, we identified multimarket investment funds and the returns presented in the last 10 years. Thus, we performed regression tests (MQO and robust) based on two distinct models, one comprising the five variables studied and a second with analysis of these variables from four different groups. Statistical evidence was found to establish a relationship between fund equity and profitability, age and profitability in the model 1. In the model 2, only the construct fund assets presented some explanation for the four working groups, while the fund age variable had some explanatory power in two of the four working groups. The results are convergent with those obtained by Malaquias and Eid (2014) and Laes and Silva (2014), and the study of these characteristics helps to better understand the market of Multi-Market Investment Funds in Brazil. / Esta pesquisa analisa os Fundos de Investimento Multimercados brasileiros e tem o objetivo de estabelecer rela????es entre caracter??sticas desses fundos e seus respectivos retornos. As vari??veis aqui discutidas s??o: a quantidade de cotistas, o patrim??nio l??quido dos fundos, tempo de exist??ncia (idade), sua taxa de administra????o e a taxa de performance. Utilizando uma amostra de 216 fundos de investimento multimercados, identificaram-se os retornos apresentados nos ??ltimos 10 anos. Para tal, foram realizados testes de regress??o (MQO e robusta), com base em dois modelos distintos, o primeiro compreendendo as cinco vari??veis estudadas e o segundo com as mesmas, mas que foram analisadas em quatro diferentes grupos. Pelo modelo 1, foram encontradas evid??ncias estat??sticas para estabelecer rela????o entre patrim??nio do fundo e rentabilidade, idade e rentabilidade. Pelo modelo 2, apenas o patrim??nio dos fundos apresentou algum poder de explica????o para os quatro grupos de trabalho, enquanto a vari??vel idade do fundo apresentou algum poder de explica????o em dois dos quatro grupos de trabalho. Estes resultados est??o convergentes com aqueles obtidos por Malaquias e Eid (2014) e Laes e Silva (2014). O estudo destas caracter??sticas ajuda a compreender melhor o mercado de Fundos de Investimentos Multimercados no Brasil.

Syfte: Syftet med uppsatsen är att utreda huruvida avkastningar mellan etiska aktiefonder och traditionella aktiefonder är likvärdiga. Vidare avser uppsatsen att klargöra hur etiska fonder definieras ur ett teoretiskt perspektiv med utgångspunkt i rådande forskning.  Metod: Studien är av kvantitativ karaktär och utfördes med hjälp av fonddata inhämtad från respektive storbank och Morningstar. Det kvantitativa innehållet består av fondernas årliga avkastningar. Undersökningsperioden sträcker sig från december 2008 till december 2012.  Teori: Beta, Sharpekvot och Modern Portföljteori.  Slutsats: Studiens slutsats påvisar inga större skillnader mellan de etiska och de traditionella fonderna sett till avkastning. Den traditionella fondgruppen var den som hade marginellt bättre avkastning.

Background: There has been an increase in savings and investment in recent years along with an increased interest in responsible investments. Ethical mutual funds has developed and gained increasingly popularity. Aim: The aim of the study is to examine if ethical mutual funds are an equivalent alternative to traditional mutual funds in terms of return, risk and risk-adjusted return on the Swedish stock market. Theory: Beta, Jensen's Alpha, Sharpe ratio, Treynor ratio, and Modern Portfolio Theory. Method: Quantitative survey method, a statistical study. Conclusion:The study concludes that there is no significant difference between ethical and conventional mutual funds in terms of return, risk and risk-adjusted return. The small differences that exist between the two fund groups are in favor of the ethical fund group, indicating that funds is a comparable investment option compared to traditional mutual funds.

Aim: Based on portfolio theory, which highlights diversification, and CSR, which describes the value of social and ethical responsibility of corporations, this study examines whether there is a difference in risk-adjusted performance between ethical and traditional mutual funds. Ethical funds are limited in their opportunities of diversification and should therefore be limited in their potential perfomance. On the other hand, a focus on social and ethical responsibility can be profitable. Method: The study uses a quantitative approach where we used 25 mutual fund in each category, ethical and conventional mutual funds. The mutual funds and their data has been obtained from www.morningstar.se and www.pensionmyndigheten.se. Historical performance between 2009-2013 were processed to obtain the Sharpe ratio and M2. For comparison a independent t-test is used. Result & Conclusions: Although ethical and traditional mutual funds have different diversification opportunities, the results indicate no significant difference in risk-adjusted performance between ethical and conventional funds.