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The impact of portfolio strategy on the property 'style' performance of UK property companiesMohd Ali, Hishamuddin January 2001 (has links)
No description available.
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Corporate water risk - and returnMoney, Alex Luxman Narayanan January 2014 (has links)
Corporate water risk is a function of resource dependence, which exposes firms to uncertainty. Firms rationally seek to reduce this risk, and this shapes their disclosure strategies. However, the consequence is that corporate water risk disclosure is becoming increasingly unfit for purpose. As current approaches begin to acquire institutional legitimacy and the path-dependent label of best practice, a status quo is becoming embedded, reinforced through mimetic behaviour. The agency problem that this creates is unchecked; in part because of the legitimacy acquired by the disclosure strategies, but also because of temporal myopia exhibited by investors, which contributes to unpredictable decision-making. The status quo also results in sub-optimal resource allocation, a problem that is compounded by the large and growing global infrastructure deficit for water supply and services. This thesis sets out a framework by which the disclosure of corporate water risk can be meaningfully evaluated by investors and other stakeholders; and proposes how the water infrastructure investment gap could be narrowed by the development and application of the corporate water return concept. The research builds on empirical foundations to offer new approaches that address the problems of the status quo. First, it empirically explores perceptions of best practice in terms of water risk disclosure, from the perspective of both listed firms and leading institutional investors (Chapters 3 and 4). Second, it proposes a methodology through which firms can disclose water risks in a systematic format; and advances corporate water return as a complementary concept to water risk, in order to catalyse corporate investment in water infrastructure (Chapters 5 and 6). Resource dependence theory, institutional theory, and stakeholder theory are combined to create a trio of integrative, explicative conceptual narratives that form the overarching thesis structure. The research also draws on other themes from economic geography, including proximity; strategic cognition; transaction costs; and real options theory.
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Vad bestämmer fonders prestation och avgift? : En studie på svenska aktivt förvaltade aktiefonder under perioden 2005-2014Andersson, Fredrik, Hamilton, Philip January 2015 (has links)
This study analyzes 66 Swedish actively managed mutual funds investing in the Swedish stock market during the period 2005-2014. The purpose is through pooled data regressions analyze the relationship between both the mutual fund’s annual fee and risk-adjusted return to the fund’s characteristics. The characteristics of the study are the size of the fund's assets, age, if the fund is bank managed or not, Tracking Error, and standard deviation of return.By using the performance measures of CAPM, Fama and French 3-factor model, and Carhart’s 4-factor model monthly risk-adjusted returns are created for all funds over the period. Two pooled data regressions are performed with the Fixed Effect Model in which the annual fee and risk-adjusted return is set up as explanatory variables against the various characteristics.The results of the study show a clear correlation between annual fee and tracking error against the risk-adjusted return. A higher fee adds value to the investor through a higher risk-adjusted return, but will not fully compensate for the increased fee. The relationship between Tracking Error and risk-adjusted return is negative, which means that mutual funds that are distant from its benchmark perform worse than the mutual funds close to its benchmark. To explain annual fee this study finds low economic significance for the characteristics included. Although several variables show statistical significance, it is difficult to say anything about the characteristics that affect a mutual fund's annual fee due to the weak economic significance.
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Hyresbostadsfonder - ett placeringsalternativ för välbärgade?Lundquist, Niclas, Carlson, Fredrik January 2009 (has links)
<p>Hyresbostadsfonder är en ny placeringsform i Sverige som erbjuder privatpersoner, företag och institutioner att äga hyresfastigheter och erhålla avkastning från förvaltningsöverskott och värdeökning. I denna studie jämförs aktie- och obligationsfonder med en simulerad hyresbostadsfond ur ett risk kontra avkastningsperspektiv. Fonden baseras på data över den svenska fastighetsmarknaden från Svenskt Fastighetsindex och Investment Property Database, därför att placeringsformen är ny och det råder brist på historisk data från verkliga aktörer.</p><p>Målet med studien är att besvara om hyresbostadsfonder är ett konkurrenskraftigt alternativ till aktie- och obligationsfonder. Utöver finansiella jämförelser redogör författarna eventuella dolda risker och nackdelar med placeringsformen.</p><p>Resultatet från studien visar att hyresbostadsfonden har presterat bättre än både aktie- och obligationsfonderna under perioden 1988-2008. Bidragande faktorer till denna utveckling har identifierats och redovisats. Placeringsformen kräver stor mängd kapital som binds upp under sex år och alla kan av den anledningen inte investera.</p>
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The Swedish Hedge Fund Industry : An Evaluation of Strategies, Risks and ReturnsPersson, Martin, Carlsson, Henrik, Eliasson, Sofie January 2008 (has links)
The purpose of this study is to analyze Swedish hedge funds in terms of pursued investment strategies, risks and returns. The study deals with a large number of quantitative data and delimitations were used to obtain a sample that better fulfills the purpose of this paper. The time frame chosen for increas-ing validity and reliability was almost four years. Furthermore, the study uses secondary data due to difficulties and costs as-sociated with obtaining primary data though this is not consi-dered as lowering the quality of the study. The theory section starts by presenting the differences between hedge funds and mutual funds and then focusing on different hedge fund strategies, risks associated with hedge funds and fi-nally risk and return measurements. This section provides an overview for the empirical findings and analysis. In the empirical findings and analysis, statistical calculations of and Analysis the risk measurements standard deviation, Sharpe ratio, track-ing error and correlation are conducted for the sample. The re-sults are related to the hedge funds strategies. Later on the strategies are weighted against each other. Finally, all strategies are compared to OMXS to find the investors‟ most appropriate investment structure. After categorizing the different hedge funds with respect to pursued strategies, the result shows how there are clear dispari-ties in risk and returns for the different strategies. We found indications of a significant relationship between high return and high risk as well as between low return and low risk.
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Hyresbostadsfonder - ett placeringsalternativ för välbärgade?Lundquist, Niclas, Carlson, Fredrik January 2009 (has links)
Hyresbostadsfonder är en ny placeringsform i Sverige som erbjuder privatpersoner, företag och institutioner att äga hyresfastigheter och erhålla avkastning från förvaltningsöverskott och värdeökning. I denna studie jämförs aktie- och obligationsfonder med en simulerad hyresbostadsfond ur ett risk kontra avkastningsperspektiv. Fonden baseras på data över den svenska fastighetsmarknaden från Svenskt Fastighetsindex och Investment Property Database, därför att placeringsformen är ny och det råder brist på historisk data från verkliga aktörer. Målet med studien är att besvara om hyresbostadsfonder är ett konkurrenskraftigt alternativ till aktie- och obligationsfonder. Utöver finansiella jämförelser redogör författarna eventuella dolda risker och nackdelar med placeringsformen. Resultatet från studien visar att hyresbostadsfonden har presterat bättre än både aktie- och obligationsfonderna under perioden 1988-2008. Bidragande faktorer till denna utveckling har identifierats och redovisats. Placeringsformen kräver stor mängd kapital som binds upp under sex år och alla kan av den anledningen inte investera.
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The Swedish Hedge Fund Industry : An Evaluation of Strategies, Risks and ReturnsPersson, Martin, Carlsson, Henrik, Eliasson, Sofie January 2008 (has links)
<p>The purpose of this study is to analyze Swedish hedge funds in terms of pursued investment strategies, risks and returns.</p><p>The study deals with a large number of quantitative data and delimitations were used to obtain a sample that better fulfills the purpose of this paper. The time frame chosen for increas-ing validity and reliability was almost four years. Furthermore, the study uses secondary data due to difficulties and costs as-sociated with obtaining primary data though this is not consi-dered as lowering the quality of the study.</p><p>The theory section starts by presenting the differences between hedge funds and mutual funds and then focusing on different hedge fund strategies, risks associated with hedge funds and fi-nally risk and return measurements. This section provides an overview for the empirical findings and analysis.</p><p>In the empirical findings and analysis, statistical calculations of and Analysis the risk measurements standard deviation, Sharpe ratio, track-ing error and correlation are conducted for the sample. The re-sults are related to the hedge funds strategies. Later on the strategies are weighted against each other. Finally, all strategies are compared to OMXS to find the investors‟ most appropriate investment structure.</p><p>After categorizing the different hedge funds with respect to pursued strategies, the result shows how there are clear dispari-ties in risk and returns for the different strategies. We found indications of a significant relationship between high return and high risk as well as between low return and low risk.</p><p> </p>
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Finding Value Through Sustainable Performance : A cross-sectional study of the relationship between risk-adjusted return and Environmental, Social and Governance performance on the Indian stock marketJohansson, Christoffer, Lundström, Petter January 2015 (has links)
Problem background and discussion: Emerging countries economies are growing substantially; one of these is India which stock market has been one of the best performing in the world in recent years. Analysts are forecasting further development and some claims that India has the most business- and investment-stimulating political leaders in the world. However, stock markets in emerging countries are highly volatile and normally more risky than in developed economies. One approach to emphasise the more common risks in emerging countries are by including Environmental, Social and Governance (ESG) rating into the fundamental investment model. However, there is a conflict of what previous studies suggest regarding ESG investments. Some argues there is a positive relation and others a negative relation between ESG factors and risk- adjusted return. Research question: “Is there a relation between risk-adjusted return and ESG performance at the Indian stock market?” Objective: The objective is to determine if there is a relationship between ESG performance and risk-adjusted return in India. Another objective is to determine if there is a relationship between ESG performance and risk-adjusted return among companies with high Total ESG rating as well as for companies with low Total ESG rating. Theoretical framework: ESG is an established approach to describe sustainability issues, where screening is a process designed to select those companies that meet ESG criteria. A basic description of Capital Asset Pricing Model CAPM, which calculates an asset's expected return, has been used to calculate risk-adjusted return. Efficient Market Hypothesis EMH is the basic theory of market efficiency and is used to explain any non-linear relationship between ESG factors and risk-adjusted returns. Adaptive Market Hypothesis AMH has been taken into account as it deals with financial behaviour. Method: A quantitative study using a deductive approach has been selected to perform this study. The practical approach is a cross sectional study where the relationship in the Indian market has been analysed and significance-tested during 2014. ESG information for 126 companies listed on the Bombay Stock Exchange (BSE) has been purchased from Sustainalytics, a global leader in research for responsible investment. Empirical findings and analysis: The results of the study demonstrate no significant relationship between Total ESG rating and risk-adjusted return during 2014. In the examination of individual categories, Environmental and Social rating does not have a significant association with the risk-adjusted Return. Though, the results display a negative relationship between Governance rating and risk-adjusted return. This relationship is also obtained among companies in with low Total ESG rating but not companies with high ESG rating. Conclusion: Results implies that investors have not been able to use the information of Total ESG performance to obtain a better risk-adjusted return on the Indian stock market in 2014. However, this can be achieved by using Governance rating.
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Analysing higher-value wildlife as an investment alternative / Gysbert Johannes van WykVan Wyk, Gysbert Johannes January 2015 (has links)
Recent developments in the breeding of higher-value wildlife have seen the emergence of an alternative investment opportunity being offered to potential investors. Through this opportunity, investors can enter a lucrative market which has proven to date to be a highly profitable alternative, generating even higher than above average returns. The objective of this study can be summarized as three-fold: to determine whether higher-value wildlife can be considered as an investment alternative, to contextualize higher-value wildlife as an investment alternative and finally to establish guidelines for investment in this new asset class by means of a case study approach and the analysis of the methodology of two ranchers/investment providers offering higher-value wildlife as an investment opportunity.
As this investment initiative continues to develop and new investment opportunities arise, the need for contextualization and analysis of investments in higher-value wildlife, based on sound financial management principles, is becoming more apparent. In order to address this need for contextualization, a literature review is undertaken where the background of higher-value wildlife is discussed. However, contextualization of a new asset class cannot be completed in isolation. The nature of investments is analysed, followed by a discussion of the most commonly used investment options and techniques utilized in investment analysis. However, contextualization of a new asset class based purely on literature, would disregard the practical application that is utilized within the higher-value wildlife investment sector. Therefore an industry relevant context is presented by analysing the practices and methodology employed by two ranchers/investment providers who offer higher-value wildlife as an investment option.
In order to validate investment in higher-value wildlife and factually classify the economic activity as an investment alternative, a set of criteria and characteristics are established. Based on a literature review regarding the nature of investments, the conclusion is made that higher-value wildlife is a valid tangible alternative investment option, adhering to investment principles such as risk and return. Through the analyses of information gathered by means of
two case studies, the theory and criteria is applied and further conclusions are drawn in order to establish guidelines for investment in the higher-value wildlife industry.
This is done by an analysis of the business model and the modus operandi of the case studies. The advantages and inherent disadvantages regarding the manner in which the case studies approach higher-value wildlife investment is highlighted. By incorporating and analysing the information gathered (by means of semi-structured interviews and literature reviews) conclusions are drawn which could provide information and guidelines for potential future investors.
As stated, this research is based on a case study approach, whereby specific industry insights are gained from established high-value wildlife ranchers/investment providers. The investment principles discussed in the literature review are applied to each case study for a comprehensive analysis of investment in higher-value wildlife. This acts as an important aid in the contextualization of higher-value wildlife as a viable investment alternative within the broader investment landscape. Creating context and establishing the validity of a new asset class of investments is of utmost importance. This study aims to address the above and provide guidelines for future investment by analysing higher-value wildlife as an investment alternative. / MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2015
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Analysing higher-value wildlife as an investment alternative / Gysbert Johannes van WykVan Wyk, Gysbert Johannes January 2015 (has links)
Recent developments in the breeding of higher-value wildlife have seen the emergence of an alternative investment opportunity being offered to potential investors. Through this opportunity, investors can enter a lucrative market which has proven to date to be a highly profitable alternative, generating even higher than above average returns. The objective of this study can be summarized as three-fold: to determine whether higher-value wildlife can be considered as an investment alternative, to contextualize higher-value wildlife as an investment alternative and finally to establish guidelines for investment in this new asset class by means of a case study approach and the analysis of the methodology of two ranchers/investment providers offering higher-value wildlife as an investment opportunity.
As this investment initiative continues to develop and new investment opportunities arise, the need for contextualization and analysis of investments in higher-value wildlife, based on sound financial management principles, is becoming more apparent. In order to address this need for contextualization, a literature review is undertaken where the background of higher-value wildlife is discussed. However, contextualization of a new asset class cannot be completed in isolation. The nature of investments is analysed, followed by a discussion of the most commonly used investment options and techniques utilized in investment analysis. However, contextualization of a new asset class based purely on literature, would disregard the practical application that is utilized within the higher-value wildlife investment sector. Therefore an industry relevant context is presented by analysing the practices and methodology employed by two ranchers/investment providers who offer higher-value wildlife as an investment option.
In order to validate investment in higher-value wildlife and factually classify the economic activity as an investment alternative, a set of criteria and characteristics are established. Based on a literature review regarding the nature of investments, the conclusion is made that higher-value wildlife is a valid tangible alternative investment option, adhering to investment principles such as risk and return. Through the analyses of information gathered by means of
two case studies, the theory and criteria is applied and further conclusions are drawn in order to establish guidelines for investment in the higher-value wildlife industry.
This is done by an analysis of the business model and the modus operandi of the case studies. The advantages and inherent disadvantages regarding the manner in which the case studies approach higher-value wildlife investment is highlighted. By incorporating and analysing the information gathered (by means of semi-structured interviews and literature reviews) conclusions are drawn which could provide information and guidelines for potential future investors.
As stated, this research is based on a case study approach, whereby specific industry insights are gained from established high-value wildlife ranchers/investment providers. The investment principles discussed in the literature review are applied to each case study for a comprehensive analysis of investment in higher-value wildlife. This acts as an important aid in the contextualization of higher-value wildlife as a viable investment alternative within the broader investment landscape. Creating context and establishing the validity of a new asset class of investments is of utmost importance. This study aims to address the above and provide guidelines for future investment by analysing higher-value wildlife as an investment alternative. / MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2015
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