Влияние доходности паевых инвестиционных фондов на повышение качества жизни населения
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 authors analyzed the population life quality of some regions in Russian Federation with using of multivariate statistical analysis. The authors found that increasing population life quality, in particular, increasing life expectancy can be achieved by adjusting the demographic indicators, cash income, development of health, social and environmental security in the Volga Federal District. While in the municipalities of the Republic of Mari El the growth of employment, wages, migration and natural population growth, the number of doctors and the number of inputs houses, reducing proportion of dilapidated housing and reduced mortality improved the quality o f life and increase fertility.