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Precious metal mutual fund performance appraisal using DEA modeling

Tsolas, Ioannis E. - In: Resources Policy 39 (2014) C, pp. 54-60

applying a two-stage procedure. In the first stage, data envelopment analysis (DEA) is used to measure the relative efficiency …. Moreover, the mean-variance efficiency hypothesis holds for the inefficient funds of the sample. In addition, DEA-based fund … mutual funds using for first time the DEA framework and to explain fund performance by employing a Tobit model. Correlation …

Persistent link: https://www.econbiz.de/10011066006

Appraisal of Mutual Equity Fund Performance Using Data Envelopment Analysis

Alexakis, Panayotis; Tsolas, Ioannis - In: Multinational Finance Journal 15 (2011) 3-4, pp. 273-296

demonstrate that the efficient funds form the smaller part of the examined sample of funds, the average efficiency rises over time …, and that the mean-variance efficiency hypothesis holds for the inefficient funds over the whole period. Moreover, the …

Persistent link: https://www.econbiz.de/10010934084

Generational Accounting, Solidarity and Pension Losses

Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004

The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational...

Persistent link: https://www.econbiz.de/10005498139

Les investisseurs institutionnels et l'epargne retraite

Boubel, Aurelie; Pansard, Fabrice - In: Economie Internationale (2003) 96, pp. 43-62

Cet article traite des investisseurs institutionnels dans les principaux pays europeens ainsi qu'aux Etats-Unis. La premiere partie evalue le phenomene d'"institutionnalisation" des patrimoines financiers. Si cette tendance est commune a l'ensemble des economies, on note des differences marquees...

Persistent link: https://www.econbiz.de/10005406487

LA ESTRATEGIA DE CITICORP EN CHILE. Capítulos 4 a 7

Rubio, Fernando - EconWPA - 2004

Estas son las partes cuatro, cinco, seis y siete de una serie que forman una investigación más amplia titulada “La Estrategia de Citicorp en Chile: Un Intento de Investigación”. Aquí se realiza un análisis estratégico del sector financiero en Chile y se muestra un intento de...

Persistent link: https://www.econbiz.de/10005413163

Mutual fund flows’ performance reaction: does convexity apply to small markets?

Alves, Carlos F.; Mendes, Victor - Faculdade de Economia, Universidade do Porto - 2006

In this paper we study the performance reaction of investors in a small market context. Instead of the asymmetrical investors’ reaction to winners and losers, as usually documented for the US, an absence of risk-adjusted performance reaction was observed. The absence of reaction can be...

Persistent link: https://www.econbiz.de/10004970055

Fund Family Tournament and Performance Consequences: Evidence from the UK fund industry

Zhang, Zhichao; Ding, Li; Zhou, Si; Fu, Yaoyao - In: Multinational Finance Journal 18 (2014) 1-2, pp. 43-84

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners...

Persistent link: https://www.econbiz.de/10011103235

The Underperformance of Young Closed-End Funds in Greece

Kousenidis, Dimitrios V; Negakis, Christos - In: Multinational Finance Journal 17 (2013) 1-2, pp. 107-148

In the present paper we study the performance of young closed-end funds (CEFs) in Greece. Using monthly CEF data from 1997 to 2007, we provide evidence showing that young funds underperform both old funds and the market. As in Kaplan and Schoar (2005), we note that new underperforming funds...

Persistent link: https://www.econbiz.de/10011103237

Tapping the Financial Wisdom of the Crowd - Crowdfunding as a Tool to Aggregate Vague Information

Schlegel, Friederike; Hakenes, Hendrik - Verein für Socialpolitik - VfS - 2014

Crowdfunding, a novel form of financing, has seen massive growth over the last few years. Under crowdfunding, a large number of small households offers small loans to a firm. But if some threshold is missed, the firm cannot draw the loans. We construct a model to argue that this mechanism can be...

Persistent link: https://www.econbiz.de/10011164093

A Solar-Home Rental Business Model: Capturing Synergies from Solar Energy and Single Family Rental Properties

Lutey, Robert - Volkswirtschaftliche Fakultät, … - 2013

Abstract. The credit market collapse and housing-led economic recession beginning in 2007-2008 have resulted in several million distressed homes in the U.S. that are in various stages of delinquency, default, and foreclosure. Over the past three to four years, a number of private equity...

Persistent link: https://www.econbiz.de/10011260145