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Have April 2000 Changes in Japanese Tax Law Been Effective?

Lajbcygier, Paul - 2008

The Japanese mutual fund industry has provided systematic negative risk adjusted returns over the past three decades. It has been suggested that this underperformance may be attributed to antiquated tax regulation. The Japanese government enacted new tax laws in April 2000. This, along with...

Persistent link: https://www.econbiz.de/10012723546

Pension Reform, Ownership Structure, and Corporate Governance : Evidence from a Natural Experiment

Giannetti, Mariassunta - 2008

Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate governance and performance of listed companies. First, the Swedish pension reform increased the participation of pension funds in the domestic stock market...

Persistent link: https://www.econbiz.de/10012772539

Asian Equity Markets : Growth, Opportunities, and Challenges

Purfield, Catriona - 2007

Asian equity markets have grown significantly in size since the early 1990s, driven by strong international investor inflows, growing regional financial integration, capital account liberalization, and structural improvements to markets. The development of equity markets provides a more...

Persistent link: https://www.econbiz.de/10012777958

Costly Information, Diversification and International Mutual Fund Performance

Engstrom, Stefan - 2004

Active portfolio management is associated with a costly search for information. This paper provides evidence on how this costly search affects the performance of European-based mutual funds that are actively managed and invest in Asia and Europe. The paper examines both the search for superior...

Persistent link: https://www.econbiz.de/10012785777

Differences in Performance of Independent and Finance-Affiliated Venture Capital Firms

Wang, Kangmao - 2001

We examine the differences in the investment behaviors of independent and finance-affiliated venture capital firms (VCFs). We find differences in internal management mechanisms and staff backgrounds lead to external performance differences. Using VC-backed companies listed in Singapore as our...

Persistent link: https://www.econbiz.de/10012787985

The Worldwide Equity Premium : A Smaller Puzzle

Dimson, Elroy - 2016

premium for 17 countries and a world index over a 106-year interval. Taking U.S. Treasury bills (government bonds) as the risk …-free asset, the annualised equity premium for the world index was 4.7% (4.0%). We report the historical equity premium for each … yield, and changes in the real exchange rate. We infer that investors expect a premium on the world index of around 3-3 1 …

Persistent link: https://www.econbiz.de/10012707182

Irrational Optimism

Dimson, Elroy - 2016

Persistent link: https://www.econbiz.de/10012707240

Asian Hedge Funds : Return Persistence, Style, and Fund Characteristics

Teo, Melvyn - 2013

This study explores the return persistence properties, styles, and fund characteristics of hedge funds that mainly invest in Asia. We examine, for the first time, a high resolution hedge fund dataset which includes monthly return information as well as detailed fund characteristics data. We find...

Persistent link: https://www.econbiz.de/10012712117

Valuation of Investment Companies in Chile

Maquieira, Carlos P. - 2002

Though no clear definition of investment companies exists in Chile, it has been generally understood to refer to companies that have investments in other companies (with or without corporate control) but that do not own productive assets. A question that naturally arises is whether the market...

Persistent link: https://www.econbiz.de/10012741563

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets

Ito, Takatoshi; Yamada, Kenta; Takayasu, Misako; … - National Bureau of Economic Research (NBER) - 2012

Using the "firm" quotes obtained from the tick-by-tick EBS (electronic broking system that is a major trading platform for foreign exchanges) data, it is found that risk-free arbitrage opportunities--free lunch--do occur in the foreign exchange markets, but it typically last only a few seconds....

Persistent link: https://www.econbiz.de/10010951011

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