Выбор критериев эффективности вложений в паевые инвестиционные фонды
Each mutual fund is characterized by its investment strategies, investment structure and the level of liquidity of shares. As a result, it’s too difficult to compare yield of mutual funds of different management companies as well as various types of funds in order to select the most suitable for the investor fund. The article presents a comparative analysis of existing methods of ranking by leading rating agencies. Proposed and tested a method of ranking allows to reduce insufficiencies existing methods of ranking and simplifies the choice of efficient mutual funds for private investors.
The purpose of the study is to analyze the features of highly dividend strategies in the markets of developed and developing countries. For the analysis of dividend strategies, two developing countries and two developed were chosen to analyze the practical significance of dividend strategies in different markets. In addition to practical interest, this work is relevant in that there are a number of studies on individual countries, but there is no similar data for pooled data on developed or emerging markets. The paper considers the markets of such countries as Russia, India, Spain, Japan.
The study consists of two main blocks: testing the hypothesis on each market in the country separately and assessing the effectiveness of various modifications of dividend strategies on the combined data separately for developed and developing countries.
The results of this work can be used as a recommendation on investment in the considered markets, as well as for further studies of excess return on dividend strategies.
The author analyzes the functional logic behind the regime of “highly managed democracy” under Putin and the Putin-Medvedev tandem, with special emphasis on the role played by substitute pseudoinstitutions.
The notion that certain management practices at all levels create substantial competitive advantages for the company in the market received a lot of attention in the academic community over the years. A large body of work was accumulated as a result, though it appears that a comprehensive understanding of the relationship between management practices and firm performance is still lacking. This study is a part of a larger project aiming at closing this gap. The objective of this study was to create a typology of companies based on efficiency, using a number of objective criteria obtained from publicly available information.
Mutual fund is one of the most popular investment route by investor, who allocate part of their funds to capital market. This paper surveys the field of measuring mutual fund’s managers’s skills. We focus on market-timing and selecting skills.
The article deals with the investment skill of the Russian mutual funds’ managers. Studies of the American market performed in the second half of XX century produced mixed results, however those completed after 2000 uniformly confirm that investment skill exists only for periods of less than five years, if it exists in principle. The outperformance of the market happens more frequently in emerging markets. The authors find that most managers do not possess investment skill. 90% of the funds do not outperform the market consistently. Three of the four applied methodologies (Jensen’s Alfa, Sharpe ratio, Treynor ratio) revealed that in 2004–2009 there existed more successful funds during the booming market of 2004–2007, while during the downturn (2008–2009) the number of successful funds diminished significantly. The information ratio confirmed the opposite picture, i.e. more funds outperformed the benchmarking portfolio during the downturn. There are only about 5% of funds in the sample (3–4 out of 74) whose managers are able to outplay the market in the long run. The study revealed that the management company of a successful fund either is affiliated with a large state companie, a large banks, or has persons affiliated with stock exchanges among its shareholders. The affiliation with the stock exchanges is the key success factor in Russia. Meanwhile, the study showed that there is no correlation of a fund’s success with affiliation with Russian oligarchs. Participation of foreign professional management companies in a shareholder capital of Russian management companies does not guarantee success as well.
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.