Herding Behavior - Evidence from Portuguese Mutual Funds
... For the last two decades, the importance of mutual funds all over the world has increased enormously. In 1950, institutional investors in the US held 6% of the stock market. Today that share represents over 50% of the stock market capitalization (around US dollars 30 trillion) and mutual funds are t ...
... For the last two decades, the importance of mutual funds all over the world has increased enormously. In 1950, institutional investors in the US held 6% of the stock market. Today that share represents over 50% of the stock market capitalization (around US dollars 30 trillion) and mutual funds are t ...
View PDF - CiteSeerX
... former officers of the company and their family members), affiliated outside or gray directors (i.e., not an employee but with some professional or financial tie to the company), and independent or outside directors (i.e., those with no link to the company other than their directorship). Previous re ...
... former officers of the company and their family members), affiliated outside or gray directors (i.e., not an employee but with some professional or financial tie to the company), and independent or outside directors (i.e., those with no link to the company other than their directorship). Previous re ...
FORM 10-K - corporate
... terms of the investment sub-advisory agreement among us, CIM and AIM, AIM is not responsible or liable for any such investment decision, only provides the investment advisory services expressly set forth in the investment sub-advisory agreement and is not responsible or liable for the provision of a ...
... terms of the investment sub-advisory agreement among us, CIM and AIM, AIM is not responsible or liable for any such investment decision, only provides the investment advisory services expressly set forth in the investment sub-advisory agreement and is not responsible or liable for the provision of a ...
reinet investments sca
... December 2012, 5 million BAT shares were sold through the market in order to fund Reinet’s continuing investment and diversification programme. The shares were sold at an average price of £ 32.50; the sales proceeds totalling some € 201 million. At 31 March 2013, Reinet held some 79.3 million shares ...
... December 2012, 5 million BAT shares were sold through the market in order to fund Reinet’s continuing investment and diversification programme. The shares were sold at an average price of £ 32.50; the sales proceeds totalling some € 201 million. At 31 March 2013, Reinet held some 79.3 million shares ...
Mutual Funds and Bubbles: The Surprising Role of Contractual
... normative implications for both, the investors and the market as a whole. Second, from a more general perspective, our findings also contribute to the debate on executive compensation. There is a wide body of literature, starting with Murphy (1985) and Jensen and Murphy (1990), about the optimal inc ...
... normative implications for both, the investors and the market as a whole. Second, from a more general perspective, our findings also contribute to the debate on executive compensation. There is a wide body of literature, starting with Murphy (1985) and Jensen and Murphy (1990), about the optimal inc ...
Fidelity Retirement Master Trust
... Master Trust does not guarantee the repayment of capital. n Fidelity SaveEasy Funds are not savings deposits and involve investment risks and this product may not be suitable for everyone. Investors should also consider factors other than age and review their own investment objectives. n You shoul ...
... Master Trust does not guarantee the repayment of capital. n Fidelity SaveEasy Funds are not savings deposits and involve investment risks and this product may not be suitable for everyone. Investors should also consider factors other than age and review their own investment objectives. n You shoul ...
HERCULES TECHNOLOGY GROWTH CAPITAL INC
... development. We source our investments through our principal office located in Palo Alto, CA, as well as through our additional offices in Boston, MA, New York, NY, and McLean, VA. Our goal is to be the leading structured debt financing provider for venture capital-backed companies in technology-rel ...
... development. We source our investments through our principal office located in Palo Alto, CA, as well as through our additional offices in Boston, MA, New York, NY, and McLean, VA. Our goal is to be the leading structured debt financing provider for venture capital-backed companies in technology-rel ...
General Money Market Funds
... financial support to the fund at any time. The following are the principal risks that could reduce the fund's income level and/or share price: • Interest rate risk. This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest ra ...
... financial support to the fund at any time. The following are the principal risks that could reduce the fund's income level and/or share price: • Interest rate risk. This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest ra ...
Essays on information asymmetry and the firm
... firms. The intuition is as follows. Given asymmetric information can lead to misvaluation, and recognizing that undervalued (but not overvalued) firms will conduct OMRs renders the empirical prediction that the shareholder wealth effect to OMR announcements should increase in the degree of a firm’s ...
... firms. The intuition is as follows. Given asymmetric information can lead to misvaluation, and recognizing that undervalued (but not overvalued) firms will conduct OMRs renders the empirical prediction that the shareholder wealth effect to OMR announcements should increase in the degree of a firm’s ...
Portfolio Comparisons. - Artex Component System
... B. Diversified Portfolio. In addition, the following results now appear with this new investment strategy: The investor now has: More options than just buying stocks A better chance of profiting in more investment sectors A better long term success strategy because of… …much less of a chance of ...
... B. Diversified Portfolio. In addition, the following results now appear with this new investment strategy: The investor now has: More options than just buying stocks A better chance of profiting in more investment sectors A better long term success strategy because of… …much less of a chance of ...
Momentum Strategies in Futures Markets and Trend
... However, the positive double-digit CTA returns in 2008 have been followed by disappointing performance. Could this be due to the presence of capacity constraints, despite the fact that futures markets are typically considered to be relatively liquid? A recent Financial Times article observes the fol ...
... However, the positive double-digit CTA returns in 2008 have been followed by disappointing performance. Could this be due to the presence of capacity constraints, despite the fact that futures markets are typically considered to be relatively liquid? A recent Financial Times article observes the fol ...
Anno Stolper: The Appeal of Risky Assets
... have been individually optimal to invest in the risky assets if the expected return on these assets was lower than the expected return on other, less risky assets. A fund’s performance is usually compared to the performance of an index or other funds. If a fund trails the benchmark, the fund manager ...
... have been individually optimal to invest in the risky assets if the expected return on these assets was lower than the expected return on other, less risky assets. A fund’s performance is usually compared to the performance of an index or other funds. If a fund trails the benchmark, the fund manager ...
Skybridge Multi-Adviser Hedge Fund Portfolios LLC
... Placement Agents may be added or removed from time to time. As to each investor referred by a Placement Agent to date, such additional compensation may be up to 0.85% of the value of the Shares held by the investor per annum (but in the aggregate across all investors will not exceed 1% of the Compan ...
... Placement Agents may be added or removed from time to time. As to each investor referred by a Placement Agent to date, such additional compensation may be up to 0.85% of the value of the Shares held by the investor per annum (but in the aggregate across all investors will not exceed 1% of the Compan ...
The concept of investment efficiency and its application to
... assets. The process can be further refined to add more details. For example, it can be used to determine allocations to alternative asset classes such as real estate, private equity or hedge funds. The resulting asset mix forms the strategic asset allocation. For the avoidance of doubt, this stage i ...
... assets. The process can be further refined to add more details. For example, it can be used to determine allocations to alternative asset classes such as real estate, private equity or hedge funds. The resulting asset mix forms the strategic asset allocation. For the avoidance of doubt, this stage i ...
6. Law on the Investment Funds
... the investment fund management company where they are employed, as well as members of the closer family of the employees; 10. Persons related to the investment fund are an investment fund management company, depository bank, lawyer, auditor and tax advisor that have established relations for providi ...
... the investment fund management company where they are employed, as well as members of the closer family of the employees; 10. Persons related to the investment fund are an investment fund management company, depository bank, lawyer, auditor and tax advisor that have established relations for providi ...
Common KIM Old File January 2017.cdr
... moderately high risk FUND OF FUNDS SCHEMES This product is suitable for investors who are seeking*: returns in line with performance of Birla Sun Life Gold ETF (BSL GETF) over long term investments predominantly in units of Birla Sun Life Gold ETF BSL GETF invests in physical gold of 99.5% purity (f ...
... moderately high risk FUND OF FUNDS SCHEMES This product is suitable for investors who are seeking*: returns in line with performance of Birla Sun Life Gold ETF (BSL GETF) over long term investments predominantly in units of Birla Sun Life Gold ETF BSL GETF invests in physical gold of 99.5% purity (f ...
unitary boards and mutual fund governance
... Commission (SEC) launched a major campaign to strengthen mutual fund governance. On June 23, 2004, the SEC passed a rule requiring every mutual fund board have an independent chairman and at least 75% independent directors. This rule has spurred fierce debate regarding its validity. The imposed regu ...
... Commission (SEC) launched a major campaign to strengthen mutual fund governance. On June 23, 2004, the SEC passed a rule requiring every mutual fund board have an independent chairman and at least 75% independent directors. This rule has spurred fierce debate regarding its validity. The imposed regu ...
Paper 16 - Institute of Cost Accountants of India
... states that when recognition of revenue is postponed due to the effect of uncertainties, it is considered as revenue of the period in which it is properly recognised. In this case it may be assumed that collectability of claim was not certain in the earlier periods. This is supposed from the fact th ...
... states that when recognition of revenue is postponed due to the effect of uncertainties, it is considered as revenue of the period in which it is properly recognised. In this case it may be assumed that collectability of claim was not certain in the earlier periods. This is supposed from the fact th ...
Analyst Recommendations, Mutual Fund Herding, and
... Mutual funds pay for sell-side analyst research through costly soft-dollar arrangements (e.g., Conrad, Johnson, and Wahal (2001)), indicating that they use this information as a major input in their investment processes. 5 While some large fund families, such as Fidelity, maintain large pools of buy ...
... Mutual funds pay for sell-side analyst research through costly soft-dollar arrangements (e.g., Conrad, Johnson, and Wahal (2001)), indicating that they use this information as a major input in their investment processes. 5 While some large fund families, such as Fidelity, maintain large pools of buy ...
Competition, Reach for Yield, and Money Market Funds
... decreases with the cost of default, and the equilibrium default probability is strictly positive for (almost) all funds. Funds trade off expected costs of default for the expected gains of outperforming competitors by taking more risk. The fund with the highest default cost anticipates that in equil ...
... decreases with the cost of default, and the equilibrium default probability is strictly positive for (almost) all funds. Funds trade off expected costs of default for the expected gains of outperforming competitors by taking more risk. The fund with the highest default cost anticipates that in equil ...
Prudential Standard APS 330 Public Disclosure
... Interpretation ..................................................................................................................... 3 Key principles ................................................................................................................... 3 Definitions..................... ...
... Interpretation ..................................................................................................................... 3 Key principles ................................................................................................................... 3 Definitions..................... ...
Nordic High Yield Update
... around 30 oil and gas projects carrying total reserves of around 20bn barrels have been put on hold or cancelled. However, 2016 is not the turning point and we expect another negative year for offshore oil service fundamentals and bond prices, as we believe 2016 will be characterised by equity issue ...
... around 30 oil and gas projects carrying total reserves of around 20bn barrels have been put on hold or cancelled. However, 2016 is not the turning point and we expect another negative year for offshore oil service fundamentals and bond prices, as we believe 2016 will be characterised by equity issue ...
Firm Selection and Corporate Cash Holdings
... have higher funding needs and choose higher cash balances at entry to save up for future investment opportunities in order to avoid equity issuance costs. As these firms grow, they reduce their cash holdings given that they can rely more on internal funds, thus making the model consistent with the e ...
... have higher funding needs and choose higher cash balances at entry to save up for future investment opportunities in order to avoid equity issuance costs. As these firms grow, they reduce their cash holdings given that they can rely more on internal funds, thus making the model consistent with the e ...
Firm Selection and Corporate Cash Holdings
... have higher funding needs and choose higher cash balances at entry to save up for future investment opportunities in order to avoid equity issuance costs. As these firms grow, they reduce their cash holdings given that they can rely more on internal funds, thus making the model consistent with the e ...
... have higher funding needs and choose higher cash balances at entry to save up for future investment opportunities in order to avoid equity issuance costs. As these firms grow, they reduce their cash holdings given that they can rely more on internal funds, thus making the model consistent with the e ...
LLB Fund Overview - Quarterly Report 1 / 2017
... Performance and the volatility thereof are the logical consequence of the first four factors. Understanding how alternative managers think, how they implement their ideas, and how they manage risks is the focus of our analysis. The goal is to find process-oriented and creative fund managers that are ...
... Performance and the volatility thereof are the logical consequence of the first four factors. Understanding how alternative managers think, how they implement their ideas, and how they manage risks is the focus of our analysis. The goal is to find process-oriented and creative fund managers that are ...
Private equity
In finance, private equity is an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.A private equity investment will generally be made by a private equity firm, a venture capital firm or an angel investor. Each of these categories of investor has its own set of goals, preferences and investment strategies; however, all provide working capital to a target company to nurture expansion, new-product development, or restructuring of the company’s operations, management, or ownership.Bloomberg Businessweek has called private equity a rebranding of leveraged-buyout firms after the 1980s. Common investment strategies in private equity include: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. In a typical leveraged-buyout transaction, a private-equity firm buys majority control of an existing or mature firm. This is distinct from a venture-capital or growth-capital investment, in which the investors (typically venture-capital firms or angel investors) invest in young, growing or emerging companies, and rarely obtain majority control.Private equity is also often grouped into a broader category called private capital, generally used to describe capital supporting any long-term, illiquid investment strategy.