maintain an increasing trend despite of the dramatically consequences that the current financial crisis had on our weakened capital market.. Mutual funds’ managers have resorted to fundamental adjustments of portfolios’ structures considering the investors’ decreased risk tolerance. The...

The paper presents the needs of a reliable pension fund system as a consequence of the ageing of the population. The sustainability of the privately administrated pension funds is given by the administrators’ investment decision. The pension fund participants would aim for a low contribution...

This paper uses Hansen and Jagannathan's (1991) volatility bounds to evaluate models with idiosyncratic consumption risk. I show that idiosyncratic risk does not change the volatility bounds at all when consumers have CRRA preferences and the distribution of the idiosyncratic shock is...

Do investors confuse the quality of a firm with its attractiveness as an investment? If so, shares of well-run companies will be bid up too high and subsequently earn negative abnormal returns. Our analysis of Fortune magazine's annual survey of quot;America's Most Admired Companiesquot; for...

The investment decision is part of a companies’ investment strategy. Defined as a logical set of technical and economic information, the investment strategy determines the main objectives of the firm regarding its investments, based on studies, analysis and simulations. It also establishes the...

The globalisation process has led to the stimulation of international economic and financial relations by extensive capital movements. The global financial crisis has severely affected all segments of the capital market, its effects being felt especially on the emerging markets. This paper aims...

The reliance of the investment funds market to the capital market development, to the liquidity of the traded shares, to the evolution of the funded companies and by the investors changing behavior against a changing environment has generated unforeseen fluctuations in the global economy and in...

In an attempt to identify the main determinants of attraction or inhibitive factors for investments, the current paper evaluates the Romanian mutual fund market development. Using a regression analysis on quarterly data during 2004Q3 – 2012Q2, the study explores the impact of current financial...

During the last few decades, mutual funds have passed through a period of significant development regarding the managed assets volume and number of funds, as well as regarding the investment strategies and financial instruments used. The present paper wants to analyze the main evolutions on the...

Savers with uncertain life spans cannot stick to long-term investment plans when they invest directly in liquid assets. Before horizons are known, all savers will plan to roll over their short-term assets if returns turn out high. Ex post, the short-term investors will consume their liquid...