Сравнение активно и пассивно управляемых инвестиционных фондов
The article analyzes the Russian market of collective investments aimed at determining what type of fund management - active or passive is the most attractive for investors. In addition, the findings have been obtained about the stability of the results of management of mutual funds over time and shown how appropriate is the use of past returns of a fund for making future investments. These and other achievements in the research disclose the specifics of the Russian market of collective investments and allow domestic investors to form a competent policy of investing in mutual funds.
The article describes proposed by the authors methodology of analysis of the Russian mutual funds. The aim of this methodology is to find out how attractive they are to investors and if they are able to provide the possibility of obtaining higher returns with less risk than the market in general. The study determines what type of fund management (active or passive) is more optimal. It also explains the effectiveness of focusing on past performance of the funds for making future investments. In addition, the ability of the management companies to repeat their past results is analyzed. Moreover, it is shown if it makes sense to focus on management companies that achieved the best results in the past while making decisions about future investments. These and other results achieved in this article reveal the features of the Russian market of collective investments and allow investors to form more competent policy of mutual funds’ investments. The methodology proposed by the authors is universal. Its application for the analysis of the other markets of collective investments will allow revealing their features.
The present article is devoted to consideration of investment strategy in stock market. The questions connected with designing of such strategy are systemically considered in it. The emphasis is thus placed on adaptation of the general (managerial) theory of engineering to engineering of investment strategy. Engineering of investment strategy is considered in indissoluble interrelation with the analysis of their typology. The most actual types and directions of engineering of investment strategy are characterized in the conclusion of article.
The work contains diagnosing оf the problems in the Russian domestic savings; detailed analysis of 27 foreign pension systems in the world and instruments of development policy in collective investments in the United States, the European Union and the BRICS countries; quantitative study of factors affecting the level of development of pension funds and collective investments in 50 countries.
The paper investigates the optimization methods used by an investor working on the Russian stork market. The efficient sets, corresponding for the two different states of the market (with «moderate» and «rapid» growth rates), are build. The paper denies the necessity of the «deep» diversification of the portfolio on the Russian stork market. Some recommendations concerning the investment portfolio management are formulated.
In the article are considered various approaches to the problem of the choice of investments' level of the company: a number of the factors which influence the investment activity of the company is revealed; influence of return on investments (ROI) on the investment policy is analysed. The review of economic researches on determinants of investment policy of the companies is studied, various approaches to calculation of ROI are considered. The basic steps and results of the empirical research based on the russian companies' data are presented.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.