by Wong Hok-Ying. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 67-72). / ABSTRACTS --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENTS --- p.vii / Chapter I --- INTRODUCTION --- p.1 / Research Objectives --- p.5 / Organization of This Paper --- p.7 / Chapter II --- THE ASIAN PRIVATE EQUITY INDUSTRY: AN OVERVIEW --- p.8 / Chapter III --- LITERATURE REVIEW --- p.13 / Research on the Private Equity Industry in General --- p.13 / Research on the Asian Private Equity Industry --- p.15 / Chapter IV. --- Hypothesis Setting --- p.16 / Private Equity Firm Structure --- p.16 / Specialization vs. Diversification --- p.17 / Compensation Issues --- p.23 / Board seat --- p.25 / General Partners Holdings --- p.26 / Percent Ownership in Portfolio Firms --- p.27 / Human Capital --- p.29 / Investment Flexibility --- p.30 / Chapter V --- RESEARCH METHODOLOGY --- p.31 / Data Collection --- p.32 / Measures --- p.34 / Chapter VI --- RESULTS AND DISCUSSIONS --- p.38 / Test of Hypothesis 1 --- p.40 / Test of Hypothesis 2 --- p.42 / Test of Hypothesis 3 --- p.43 / Test of Hypothesis 4 --- p.44 / Test of Hypothesis 5 --- p.45 / Test of Hypothesis 6a & 6b --- p.46 / Test of Hypothesis 7 --- p.47 / Test of Hypothesis 8 --- p.49 / Test of Hypothesis 9 --- p.49 / Test of Hypothesis 10a & 10b --- p.51 / Test of Hypothesis 11 --- p.52 / The Multiple Regression Model --- p.53 / Chapter VII --- CONCLUSIONS --- p.56 / APPENDIX I --- p.60 / APPENDIX II: (Questionnaire) --- p.65 / BIBLIOGRAPHY --- p.67

by Lee Kwong-Wang, Lo Pui Kwong. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 70-71). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Statement of the Problem --- p.1 / Report Structure --- p.3 / Methodology --- p.4 / Chapter II. --- DEMOGRAPHICS --- p.6 / Findings --- p.6 / Retail Participation in Investment --- p.6 / Characteristics of Investors --- p.6 / Monthly Household Expenditure --- p.8 / Growth Trend of Income and Expenditure --- p.8 / Summary --- p.10 / Chapter III. --- MUTUAL FUND MARKET IN HONG KONG --- p.12 / Market Statistics --- p.12 / Comparison of Fund Assets and Stock Market Capitalization --- p.17 / Comparison of Selling Activities . --- p.19 / Chapter IV. --- INVESTOR BEHAVIOR AND ATTITUDES --- p.22 / Findings --- p.22 / Preference of Investment Instruments --- p.22 / Risk Level of Different Investment Tools . --- p.23 / Expected Return of Investors --- p.23 / Transaction Costs and Convenience Level . --- p.24 / Summary --- p.25 / Chapter V. --- MARKETING PERSPECTIVES --- p.27 / Products --- p.27 / Capital Appreciation --- p.27 / Investment Protection --- p.28 / Saving --- p.31 / Price --- p.32 / Promotion --- p.35 / Code of Mutual Funds --- p.35 / Promotion Means --- p.35 / Place --- p.37 / Chapter VI. --- DO MUTUAL FUNDS BEAT THE MARKET? CAN THEY WEATHER THE STORM? . --- p.40 / Chapter VII. --- THE IMPACT OF MANDATORY PROVIDENT FUND --- p.47 / Background --- p.47 / Scheme Details --- p.48 / Potential Impacts --- p.49 / Investment Portfolio --- p.50 / Investment Strategy --- p.51 / Increase of Capital Expenditure and Service Personnel --- p.52 / Conclusion --- p.53 / Chapter VII. --- CONCLUSION --- p.55 / Recommendations --- p.57 / APPENDIX --- p.59 / BIBLIOGRAPHY --- p.70

Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 . Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007. Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities. Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.

Thesis (Ph. D.)--University of Sydney, 2002. / Title from title screen (viewed 16 April 2008). Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Finance, School of Business, Faculty of Economics and Business. Includes bibliographical references. Also available in print form.

<p>Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 .</p><p>Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007.</p><p>Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities.</p><p>Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.</p>

published_or_final_version / Business Administration / Master / Master of Business Administration

<p>Interest for Mutual funds has been enormous in Sweden and since 1970 has savings increased from 300 million SEK to about 900 billion SEK. An important reason for this increasing is the strong development of the stock markets has got and, the impairment of the public pension and the increasing of necessity of the private saving.</p>

Information asymmetry literature has developed models that explain the relation between uninformed traders and informed traders. In general, these models have shown that first, information asymmetry is a driving force for investor buying and selling behavior. Second, the trades of informed investors reveal some of the information they possess suggesting that the trades of informed investors are informative to market makers. Third, when information about a stock enters the market, the characteristics of the firm can change, e.g., a better information environment reduces the cost of capital (Admati, 1985; Easley and O‟Hara, 2004; Wang, 1993). In this study, I apply information asymmetry theory to explore the trading behavior of active equity mutual fund managers and their role as facilitators of information. In the first essay, I study the information environment of firms mutual funds choose to add to their holdings and how it changes after the inclusion. I identify all new additions to the mutual fund holdings universe from 2002 to 2015 and compare them to the available universe of firms not yet owned by mutual funds. I find that active equity mutual fund managers behave as informed investors and prefer to buy stocks with more opaque information environments i.e., firms with larger spreads, lower trading volume, smaller firms with more growth opportunities, and firms that tend to use more accruals. Fund managers also show a preference for firms that have less analyst following, those in which analysts are less likely to agree on their EPS estimates, and firms in which analysts are more likely to err in their predictions. In other words, mutual fund managers prefer firms that are more likely to be mispriced. Once the funds include the firms, I document a strong improvement in their information environment. Firms attract more analyst coverage, reduce its use of accruals, produce more guidance, increase their market cap, and show increased turnover. The second essay focuses on the herding behavior of mutual funds. The study is the first to document the herding of mutual fund managers after creation of toehold positions by portfolio managers. I use a hand-collected dataset consisting of all toehold acquisitions reported to the SEC from 1995 to 2015 to document a strong herding reaction of active equity mutual funds after toehold announcements. This herding reaction is several times stronger than other mutual fund herding events reported by previous literature. I also document that the strength of the herding reaction varies depending on the identity of the filer or the characteristics of the firm acquired. The herding reaction is stronger for toehold announcements of firms with a smaller market capitalization, better growth opportunities, and those that are more illiquid. I also find that the herding reaction is weaker after the filings of hedge fund managers. My results support the informational herding cascade hypothesis. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection

This research evaluates whether the persistence of mutual fund performance is related to the momentum effect of stock returns. Empirical results reveal that, regardless of which time horizon we analyze, the positive performance of mutual funds tends to persist. The persistence of mutual fund performance, however, is not related to the momentum effect, which is measured by the momentum variable, either PR0.5YR or PR1YR. We conclude that the momentum effect of stock returns does not account for the persistence of mutual fund performance.

Interest for Mutual funds has been enormous in Sweden and since 1970 has savings increased from 300 million SEK to about 900 billion SEK. An important reason for this increasing is the strong development of the stock markets has got and, the impairment of the public pension and the increasing of necessity of the private saving.