The Flow-Performance Relationship Around the World
The Flow-Performance Relationship Around the World

Author: Miguel A. Ferreira

Publisher:

Published: 2010

Total Pages: 58

ISBN-13:

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We use a new dataset to study how mutual fund flows depend on past performance across 28 countries. We find that flows are convex with past performance, creating an incentive for managers to take excessive risk. The flow-performance convexity is less pronounced in countries with higher levels of economic, financial, and mutual fund industry development. This is because mutual fund investors in developed countries are more sophisticated and face lower costs of participating in the mutual fund industry. Higher country-level convexity is positively associated with higher levels of risk taking by fund managers.

Dynamics of Cross-Border Flow-Performance Relationships
Dynamics of Cross-Border Flow-Performance Relationships

Author: Simon Weiler

Publisher: Springer

Published: 2014-11-19

Total Pages: 107

ISBN-13: 3658081546

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In order to measure the dynamics of flow-performance relationships for a multi-domicile sample, Simon Weiler applies existing flow-performance research methods to a broad set of European equity (UCITS) funds and proves that major findings (performance-chasing behaviour and a convex flow-performance relationship) also hold true in a cross-border market environment.

Hedge Fund Structure, Regulation, and Performance Around the World
Hedge Fund Structure, Regulation, and Performance Around the World

Author: Douglas Cumming

Publisher: Oxford University Press

Published: 2013-03-07

Total Pages: 313

ISBN-13: 0199862567

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This book uses data from a multitude of countries to explain how and why hedge fund markets differ around the world. The authors consider international differences in hedge fund regulation which include, but are not limited to, minimum capitalization requirements, restrictions on the location of key service providers, and different permissible distribution channels via private placements, banks, other regulated or non-regulated financial intermediaries, wrappers, investment managers and fund distribution companies.

The Fund Industry
The Fund Industry

Author: Robert Pozen

Publisher: John Wiley & Sons

Published: 2015-01-05

Total Pages: 549

ISBN-13: 1118929950

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A guide to how your money is managed, with foreword by Nobel laureate Robert Shiller The Fund Industry offers a comprehensive look at mutual funds and the investment management industry, for fund investors, those working in the fund industry, service providers to the industry and students of financial institutions or capital markets. Industry experts Robert Pozen and Theresa Hamacher take readers on a tour of the business of asset management. Readers will learn how to research a fund and assess whether it's right for them; then they'll go behind the scenes to see how funds are invested, sold and regulated. This updated edition expands coverage of the segments of the industry where growth is hottest, including hedge funds, liquid alternatives, ETFs and target date funds—and adds an introduction to derivatives. Mutual funds are a key component of financial planning for 96 million Americans. Nearly a quarter of U.S. household savings are invested in funds, which give individual investors affordable access to professional management. This book provides a detailed look at how firms in the industry: Invest those savings in stocks and bonds Evaluate the risks and returns of funds Distribute funds directly to consumers or through financial advisors or retirement plans Handle the complex operational and regulatory requirements of mutual funds Vote proxies at the annual meetings of public companies Expand their operations across borders Along the way, the authors describe the latest trends and discuss the biggest controversies—all in straightforward and engaging prose. The Fund Industry is the essential guide to navigating the mutual fund industry.

Global Financial Stability Report, October 2014
Global Financial Stability Report, October 2014

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2014-10-08

Total Pages: 192

ISBN-13: 1484358333

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The October 2014 issue finds that six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies. Monetary accommodation remains critical in supporting economies by encouraging economic risk taking in the form of increased real spending by households and greater willingness to invest and hire by businesses. However, prolonged monetary ease may also encourage excessive financial risk taking. Analytical chapters examine (1) the growth of shadow banking around the globe, assessing risks and discussing regulatory responses, and calling for a more encompassing (macroprudential) approach to regulation and for enhanced data provision; and (2) how conflicts of interest among bank managers, shareholders, and debt holders can lead to excessive bank risk taking from society’s point of view, finding no clear relation between bank risk and the level of executive compensation, but that a better alignment of bankers’ pay with long-term outcomes is associated with less risk.

Handbook of Research on Acceleration Programs for SMEs
Handbook of Research on Acceleration Programs for SMEs

Author: Lisboa, Inês

Publisher: IGI Global

Published: 2022-12-19

Total Pages: 602

ISBN-13: 1668456672

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The international financial crisis of 2007 and 2008 and the situation caused by the COVID-19 pandemic have had a great impact on many firms’ financial needs. Simultaneously, several emerging countries have bet on boosting private initiatives as a way to diversify their economies and create jobs and wealth for their populations. New forms of financing have appeared that have impacted the firm’s capital structure, cost of capital, and access to finance by underprivileged communities that are normally outside the formal economy. The Handbook of Research on Acceleration Programs for SMEs provides and shares knowledge on the financial mix, alternative forms of finance, capital structure, and more. It calls attention to relevant challenges, financial institutions, and governments to guarantee funds and economic and social development with new competencies, innovations, new ways of investing, entrepreneurship, and business models with new public policies. Covering topics such as earnings management, capital structure, and foreign exchange, this major reference work is an essential resource for government officials, business leaders and executives, economists, sociologists, students and faculty of higher education, librarians, researchers, and academicians.

Global Financial Stability Report, April 2015
Global Financial Stability Report, April 2015

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2015-04-15

Total Pages: 162

ISBN-13: 1475547587

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The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil
The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

Author: Mr.Frank Hespeler

Publisher: International Monetary Fund

Published: 2020-12-14

Total Pages: 12

ISBN-13: 1513563696

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This note analyzes the stress experienced (and caused) by open-end mutual funds during the March COVID-19 stress episode, with a focus on global fixed-income funds. In light of increased valuation uncertainty, funds experienced a short period of intense withdrawals while the market liquidity of their holdings deteriorated substantially. To cover redemptions, afflicted funds predominantly shed liquid assets first—for example, cash, cash equivalents, and US Treasury securities. But forced asset sales amplified price pressures in markets and contributed to liquidity falling across fixed-income markets. This drop in market liquidity, as well as the general stress in financial markets, may have led to fund investors becoming even more sensitive to challenging portfolio performance and encouraged further withdrawals. Only after central banks intervened, directly and indirectly supporting asset managers, did liquidity and redemption stress subside. Overall, the March episode validated the financial-stability concerns about liquidity vulnerabilities in the fund industry and calls for further action to address them.

New Principles of Equity Investment
New Principles of Equity Investment

Author: Les Coleman

Publisher: Emerald Group Publishing

Published: 2019-03-14

Total Pages: 275

ISBN-13: 1789730635

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The book aligns the best of established theory, empirical evidence and industry practice to operationalise equity investment and match it to practices in the real world. It does not merely repackage the contemporary investment paradigm, but develops a new perspective that follows a rigorous research philosophy and is based on field evidence.

Hedge Fund Structure, Regulation, and Performance around the World
Hedge Fund Structure, Regulation, and Performance around the World

Author: Douglas Cumming

Publisher: Oxford University Press

Published: 2013-01-25

Total Pages: 484

ISBN-13: 0199339848

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This book uses data from a multitude of countries to explain how and why hedge fund markets differ around the world. The authors consider international differences in hedge fund regulation which include, but are not limited to, minimum capitalization requirements, restrictions on the location of key service providers, and different permissible distribution channels via private placements, banks, other regulated or non-regulated financial intermediaries, wrappers, investment managers and fund distribution companies.