Previous research has analyzed the relationship of several fund characteristics to fund return, whether a higher fund fee results in a higher fund and if fund characteristics such as active management style, fund risk and fund size are contributing factors to a higher fund return. As previous empirical research has reported mixed results and has mainly studied the American fund market. Therefore, this study aimed to investigate whether there was a statical and significant relationship between the fund's return, annual fee, risk, size and management style for equity funds in Sweden, Norway, Finland, and Denmark over a five and ten-year period. The study is based on a quantitative method with a deductive approach which involves the collection of numeric and secondary data from Morningstar's database. The data has then been processed in a correlation- and regression analysis to analyze the relationship between fund return and the fund characteristics. Based on the results the study found a statistically significant relationship between the fund's return and funds risk for five years, the fund's size,the annual fee for five and ten years. The fund's risk for five years was insignificant as was the management style for five and ten years.

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This diploma thesis deals with the State Environmental Fund of the Czech Republic which main objective is to support ecological measures taken in accordance to the State Environmental Policy and principles of the environmental protection of the Czech republic. Apart from that it represents basic economical instrument of fulfilment of duties imposed by international treaties on environmental protection and by the membership of the European Union. The main goal of this thesis is to describe this intitution and to try to outline possible development de lege ferenda. For the accurate delimitation of the Fund in the structure of public finances, the thesis contains a large general part dealing with public funds. The diploma thesis is divided into seven chapters. The first chapter deals with the theoretical foundation which is necessary for understanding of the other factors. The reader familiarises himself with the area of public finance and financial management. The second chapter follows up with the general foundation and presents financial management and also describes the structure of each off-budgetary fund. The next chapter concerns with funds on the state level, especially with the category of state funds which are six in the Czech Republic for the present. The fourth part focuses on the...

This thesis aims to complicate conventional understandings of the way in which the "conditionally" of the International Monetary Fund operates in relation to North/South relations. Part One is comprised of three sections. The first section is a brief introduction to the context of the project, namely the need to re-examine the contemporary roles of international economic institutions in what is perceived to be a globalizing economic environment. The second section provides an outline of the methodologies being used in the paper. In this regard, the author will explain the need to compile a historical genealogy of the legal development of Fund conditionality vis a vis the South, and describe the interdisciplinary approaches to discourse analysis taken in the paper. The third section briefly sets out the origins of the International Monetary Fund and provides a background to the Fund's conditionality. Part Two is a detailed account, or historical genealogy, of the way in which the IMF became involved in the business of lending to the South. This account is directed at tracing the transformation of the Fund through what the author considers to be three major developments in the evolution of Fund conditionality. The transformation which the author argues took place was a transformation of the role of the Fund from an institution concerned primarily with managing monetary institutions between industrialised nations to a surveillance organisation directed at providing information about the Third World to the First World. Part Three takes the idea of the contemporary role of the Fund as a surveillance organisation revealed in the preceding section and explores what discursive functions the Fund might be performing in the context of the relationship between North and South. In this regard the author identifies two major themes underlying IMF discourse about the Third World both of which suggest that an underlying sense of danger of the Third World is felt by the First World, and that this sense of danger replicates older fears. The author then examines the discursive practices employed to address these fears and the extent to which they too resonate with older discursive strategies. The author then considers why the reoccurrence of these older discursive technologies might be problematic. Part Four provides some closing comments about the insights gained from the preceding analysis. In doing so, it offers a tentative suggestion for how we might productively disrupt the colonial continuum of which the discursive practices described above seem to form part.

This thesis aims to complicate conventional understandings of the way in which the "conditionally" of the International Monetary Fund operates in relation to North/South relations. Part One is comprised of three sections. The first section is a brief introduction to the context of the project, namely the need to re-examine the contemporary roles of international economic institutions in what is perceived to be a globalizing economic environment. The second section provides an outline of the methodologies being used in the paper. In this regard, the author will explain the need to compile a historical genealogy of the legal development of Fund conditionality vis a vis the South, and describe the interdisciplinary approaches to discourse analysis taken in the paper. The third section briefly sets out the origins of the International Monetary Fund and provides a background to the Fund's conditionality. Part Two is a detailed account, or historical genealogy, of the way in which the IMF became involved in the business of lending to the South. This account is directed at tracing the transformation of the Fund through what the author considers to be three major developments in the evolution of Fund conditionality. The transformation which the author argues took place was a transformation of the role of the Fund from an institution concerned primarily with managing monetary institutions between industrialised nations to a surveillance organisation directed at providing information about the Third World to the First World. Part Three takes the idea of the contemporary role of the Fund as a surveillance organisation revealed in the preceding section and explores what discursive functions the Fund might be performing in the context of the relationship between North and South. In this regard the author identifies two major themes underlying IMF discourse about the Third World both of which suggest that an underlying sense of danger of the Third World is felt by the First World, and that this sense of danger replicates older fears. The author then examines the discursive practices employed to address these fears and the extent to which they too resonate with older discursive strategies. The author then considers why the reoccurrence of these older discursive technologies might be problematic. Part Four provides some closing comments about the insights gained from the preceding analysis. In doing so, it offers a tentative suggestion for how we might productively disrupt the colonial continuum of which the discursive practices described above seem to form part. / Law, Peter A. Allard School of / Graduate

台股基金淨資產規模在2007年10月底創下5,251億元台幣高水位後，隨即因全球次貸危機而一路挫低至2009年1月的2,283億元台幣，衰退幅度高達56.5%。之後雖逐漸自風暴中走出，但至今仍未再現5,000億元規模時之風華。因此，台股基金市場成長受限之論點四處流竄。為客觀實證台股基金市場未來成長性之可能走向，本研究擬運用複迴歸分析模型探討市場論點--「台股基金市場成長性受限」之可信度。 本研究係以台股基金單位數月變動量為被解釋變數，並擇取外銷訂單月變動量、台銀一年期定存利率月變動量、台灣加權指數月底收盤變動量、外資月買/賣超金額、整體台股基金平均月報酬率相對大盤月報酬率、整體台股基金Sharpe ratio相對大盤Sharpe ratio、台股基金月變動檔數、ETF單位數月變動量、境外基金業務、全權委託業務、1997亞洲金融風暴及2007全球次貸危機等12項數列為解釋變數，進行必要之調整後，以複迴歸模型分析而得具顯著解釋力之模型。 而分析模型中的12個解釋變數，有8個變數p-value在5%顯著水準之下，具顯著解釋力。僅外銷訂單月變動量、ETF單位數月變動量、境外基金業務及2007全球次貸危機對台股基金單位數變動量之解釋力不顯著。 此外，複迴歸分析模型所呈現之樣本外預測值僅於窄幅中波動，顯示2010/11-2011/12台股基金單位數預測值變動幅度不大。而Holt Winters所呈現之預測值更顯露出疲態，呈現一等差下降趨勢。此分析結果正與市場論點--「台股基金市場成長性受限」一說相呼應。 / October 2007, net assets of Taiwan domestic equity funds reached the historical high, NT$ 525.1billion. After that, net assets setback to NT$ 228.3 billion in January 2009 due to global subprime mortgage crisis, declining by as much as 56.5%. Although the market has gradually ridden out the crisis, the fund scale has not yet retrieved the plateau of NT$ 500 billion. Therefore, an argument is ubiquitous in the market which implies that the growth potential of Taiwan domestic equity fund has been capped. For verifying the credibility of this argument, the empirical study would apply for multiple regression to research it. This study defines monthly changes in Taiwan domestic equity fund units as a dependent variable. 8 out of 12 explanatory variables which p-values are below the 5% significance level tend to reject the null hypotheses. That represents these variables are significantly explanatory. Monthly changes in the amount of export orders, monthly changes ETF units, offshore fund business and the 2007 subprime mortgage crisis are only 4 variables which are not significantly explanatory for dependent variable. In addition, multiple regression analysis model shows that fund unit forecasts from Nov. 2010 to Dec. 2011 fluctuate in a very narrow range. That reveals the forecasted fund units among Nov. 2010 – Dec. 2011 just have modest changes. At the same time, the forecasted fund units from Holt Winters expose the weakness, showing a downward trend in arithmetic. Both of results from multiple regression and Holt Winters seem to identically echo the market argument –‘the growth potential of Taiwan domestic equity fund market has been capped.’

Submitted by Vítor Uchôa Nunes (vitor.nunes@btgpactual.com) on 2011-07-12T19:23:36Z No. of bitstreams: 1 Tese (homolog - final) - Estudo da Sensibilidade do Fluxo de Investimento em Fundos Multimercado.pdf: 274894 bytes, checksum: 644c7fc5c8fd9522e335233e9cdab021 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2011-07-12T19:25:22Z (GMT) No. of bitstreams: 1 Tese (homolog - final) - Estudo da Sensibilidade do Fluxo de Investimento em Fundos Multimercado.pdf: 274894 bytes, checksum: 644c7fc5c8fd9522e335233e9cdab021 (MD5) / Made available in DSpace on 2011-08-03T18:32:48Z (GMT). No. of bitstreams: 1 Tese (homolog - final) - Estudo da Sensibilidade do Fluxo de Investimento em Fundos Multimercado.pdf: 274894 bytes, checksum: 644c7fc5c8fd9522e335233e9cdab021 (MD5) Previous issue date: 2011-04-18 / Este trabalho estuda o impacto causado no fluxo de investimento em fundos multimercado por variáveis como o retorno dos fundos, o retorno do benchmark, a volatilidade de mercado, o fluxo de investimento de estrangeiros na Bolsa de Valores do Estado de São Paulo e o desempenho dos fundos ajustados pelo risco. / This paper studies the impact caused on the investment flow of mutual funds by variables such as the return of funds, the benchmark return, the market volatility, the foreigner investment flow on the São Paulo Stock Exchange and the risk-adjusted performance of the funds.

The Global Fund to Fight AIDS, Tuberculosis and Malaria was created as a new type of international organisation. Its founders uniquely enfranchised non-state actors on its Board, hoping that decision would attract new resources to combat these diseases. Funding decisions would be evidence-based rather than politically-driven. And, the institution would be deliberately ‘lean’ to promote ‘country-ownership’ of grant proposals and implementation. The Fund’s Board (‘principals’) made deliberate choices to constrain the autonomy of its Secretariat (‘agent’). Delegation was strictly limited. In theory, this was to ensure the Fund remained a catalyst for donor funding, evidence-based decision-making and country-ownership. However, the research adduced for this thesis suggests inadequate delegation opened opportunities for direct donor influence in recipient countries. This thesis assesses three specific dimensions of the Fund’s performance in its first decade. The first concerns whether the Fund successfully mobilised more resources, from more funders and did so more reliably. The second is whether the Fund made initial and continued funding decisions in an identifiable evidence-based way. The third centres on ‘country-ownership:’ whether recipient and donor countries on the Fund’s Board had equal influence and whether grant writing and oversight can be assessed as being recipient country ‘owned.’ Data is aggregated from several sources, including: the Fund’s grant portfolio, individual grant agreements and Board documentation; the U.S. PEPFAR programme; and, the Organisation for Economic Cooperation and Development. The research reveals the Fund likely gave a ‘kick-start’ to resources flowing to its diseases but PEPFAR’s arrival a year later contributed relatively more. Broad-based support did not emerge though the Fund proved relatively more successful in converting pledges to contributions. The Fund made evidence-based decisions for initial and continued funding, but the latter is a less robust conclusion given missing grant performance data. Equal donor and recipient Board representation was insufficient to ensure recipients had influence equal to donors. The Secretariat never developed an in-country presence but donors embedded themselves in-country, through grant oversight mechanisms and providing technical assistance to implementers. Principal-agent theory generally assumes agents have more information than principals, a key source of their authority. In the Fund, that asymmetry was in the principals’ favour. The scant delegation of authority to the Secretariat left donors in a position to exert control at all levels. The Fund was an experiment in global governance but has not yet proven to be a success in establishing a new model for cooperation.

published_or_final_version / Politics and Public Administration / Master / Master of Public Administration

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