At end-2012, net assets held by French investment funds stood at a slightly higher level than at end-2008: France remained in second place for investment funds in the euro area.

This paper examines the agency conflict between mutual fund investors and mutual fund companies. Investors would like the fund company to use its judgment to maximize risk-adjusted fund returns. A fund company, however, in its desire to maximize its value as a concern has an incentive to take...

We examine the risk-return characteristics of a rolling portfolio investment strategy where more than six thousand Nasdaq initial public offering (IPO) stocks are bought and held for up to five years. The average long-run portfolio return is low, but IPO stocks appear as ‘longshots’, as...

Public and private equity waves move together. Using quarterly cash-flow data for a large sample of venture capital and buyout funds from 1984-2010, we investigate the implications of this co-cyclicality for understanding private equity cash flows and performance. In the cross-section, varying...

Income trusts are one of the major investment vehicles for Canadians with an estimated 2004 market capitalization of $118.7 billion. This study aims to outline the nature of income trusts and the standing of trusts in the current financial environment. To that end, the study offers an overview...

Emerging countries’ and particularly China's savings in the U.S. money market financed the U.S. overconsumption in the 2000s, which eventually led to the global financial crisis. The real estate mortgage market was the starting point. Non-equilibrium processes have been launched in the U.S....

The paper presents a briefly description of the main relations that can be encountered in the functionality of the investment fund with its participants – fund & sponsors, fund & investors, fund & portfolio companies. These three perspectives allow identifying the key role of the investment...

Neben den klassischen Performancemaßen, wie der Sharpe-Ratio, der Treynor-Ratio und dem Jensen-Alpha wurden in den letzten Jahrzehnten weiterführende Ansätze für die Analyse und Bewertung von Kapitalanlagen entwickelt. Die moderneren Performancemaße verlangen keine Konstanz der Risikomaße...

Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conflicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of...

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...