Relevant bibliographies by topics / Alternative investment

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Alternative investment'

Author: Grafiati
Published: 4 June 2021
Last updated: 30 May 2022

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Journal articles on the topic "Alternative investment"

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Chung, Sam Y. "Alternative Investment Strategies." Journal of Alternative Investments 2, no. 2 (September 30, 1999): 92–93. http://dx.doi.org/10.3905/jai.1999.318943.

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Siniavskii, Nikolai Nikolaevich. "Cryptocurrency as an alternative investment tool." Interactive science, no. 5 (39) (May 27, 2019): 56–58. http://dx.doi.org/10.21661/r-496802.

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This article is devoted to the analyses of cryptocurrency investments return. The main purpose of the report is to compare profitability of a cryptocurrency portfolio and an investment portfolio. The report gives the detailed description to the investing. It outlines the essence of cryptocurrency. The report includes the possible definitions of the digital economy. By analyzing the return rates of equity investment and cryptocurrency investment, we define the investing benefits of it.
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Rostova, Olga, Svetlana Shirokova, Natalya Sokolitsyna, and Anastasiia Shmeleva. "Management of investment process in alternative energy projects." E3S Web of Conferences 110 (2019): 02032. http://dx.doi.org/10.1051/e3sconf/201911002032.

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The article is devoted to the problem of creating favorable conditions and incentives for attracting investments in alternative energy projects in the regions. An analysis of Russian practice in the field of “green” financing showed that individual projects are being effectively implemented, but there is no established mechanism for attracting investments for “green” energy projects in the regions. The implementation of high-tech projects requires large amounts of investment, but in most cases, “green” business models are of high-risk and require a set of additional measures and incentives. The study suggests approach to the management of investment processes in regional alternative energy projects in accordance with the concept of green economy, formulates management algorithm, and gives full description of each stage. This work recommendations and results can be used in needed regions investment attractiveness raise measures elaboration for alternative energy projects realization.
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Boido, Claudio, and Antonio Fasano. "Traditional and Alternative Risk: Application to Hedge Fund Returns." Financial Assets and Investing 7, no. 1 (March 31, 2016): 5–33. http://dx.doi.org/10.5817/fai2016-1-1.

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This study compares the risk-adjusted performance of traditional and alternative investments. Instrumental to this design, we introduce a specific metric for assessing hedge fund performance, comprising both the relative advantage and the extra-risk of an alternative investment over a traditional one. We are concerned with the impact of the crisis. Common wisdom tells us that during phases of market euphoria, investors’ wishful thinking can make them overconfident of the high returns promised by the leveraged structures and the aggressive investment policies typical of this asset class; conversely, when the downturns hit, the “big bets”, taken by hedge fund managers, in risky and illiquid investments, can trigger severe losses in their investors’ portfolios. We found evidence that regime switches in stock returns emphasise the performance gap among the different fund investment policies; furthermore, some styles can effectively capitalise on managerial skill, outperforming traditional equity investment in terms of adjusted performance.
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Jurevičienė, Daiva, and Agnė Jakavonytė. "Alternative Investments: Valuation of Wine as a Means for Portfolio Diversification." Verslas: Teorija ir Praktika 16, no. 1 (March 30, 2015): 84–93. http://dx.doi.org/10.3846/btp.2015.606.

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This article analyses wine as an alternative investment tool and its relevance for investment portfolio diversification. Advantages and disadvantages of alternatives, benefits and weakness and peculiarities of investing in wine are systemised. In addition, the article looks at statistical data analysis of fine wine market and compares wine with other investment tools. The examination is based on three investment instruments: US equities (using SandP 500 index), bonds (using US 20-Year treasury constant maturity rate/DGS20) and wine (based on Fine Wine Investable index) using 1993–2012 (end of year) data. The investment portfolios made with two and three above-mentioned investment tools basing on H. Markowitz’s investment portfolio theory and effective curves are presented. It was found that return on investments only from equities and bonds or wine and one of these traditional instruments are signally less than from the investment mix of all three tools. Furthermore, portfolios made only from equities and bonds provide the lowest return compared to others. Choosing from two investments portfolios, results of bond/wine portfolios propose higher return with the same risk level compared to equities/wine portfolio. Consequently, despite some slowdown of wine index during financial crises, wine relevance for portfolio diversification in post crises period was proved.
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Kinyua, Muthinga Linus, Mr James Muturi, and Dr Eddie Simiyu. "Investment Strategy and Financial Performance of Defined Contribution Pension Funds in Kenya." Journal of Finance and Accounting 6, no. 1 (April 4, 2022): 71–89. http://dx.doi.org/10.53819/81018102t5050.

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Pension funds are meant to enable pensioners to live quality life upon retirement by paying them retirement benefits. Financial performance of defined contribution pension funds in Kenya has continued to portray unimpressive trend despite positive targets set by the pension funds. Hence, the study examined the effect of investment strategy on financial performance of defined contribution pension funds in Kenya. Systems theory view of pension funds, agency theory, portfolio theory and fisher’s theory of investment guided this study. Secondary data was used in the study. Correlational research design and positivism research philosophy were adopted by this study. The target population comprised of 1172 registered defined contribution pension funds in Kenya as of December 2018. A sample size of 289 defined contribution pension funds were involved in the study and were selected by applying stratified random sampling method. The study established that a positive association exists between investment strategy and financial performance of defined contribution pension funds in Kenya. It concluded that investment strategy explained up to 57.76% of the variations in the return on investment. The regression analysis conducted found a significantly positive association between long term investments and return on investment. Medium term investments was also found to be positively and significantly connected to return on investment. There was also a significantly positive relationship between short term investments and return on investment. Alternative investments was found to be positively and significantly connected to return on investment. The coefficient of determination increased from 57.76% to 65.47% when density of contributions interacted with long term investments, medium term investments, short term investments and alternative investments. The study recommended long term investments as the most ideal investment option for defined contribution pension funds because of its ability to generate the highest return on investment. Medium term investments was recommended as the second best investment option to be embraced by defined contribution pension funds because of its ability to yield good returns as well, second to long term investments. The next investment priority should be given to the alternative investments since it had the third highest regression of coefficients. The least investment option to be undertaken by defined contribution pension funds should be short term investments. Keywords: Long term investments, medium term investments, short term investments, alternative investments, density of contribution, performance, defined contribution pension funds, Kenya.
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Lowies, Braam, Robert Brenton Whait, Christa Viljoen, and Stanley McGreal. "Fractional ownership – an alternative residential property investment vehicle." Journal of Property Investment & Finance 36, no. 6 (September 3, 2018): 513–22. http://dx.doi.org/10.1108/jpif-02-2018-0013.

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Purpose The purpose of this paper is to determine the profile of the typical online fractional residential property investor in Australia. This study also seeks to understand the motives for engaging with and investing in alternative residential property investments. Design/methodology/approach This study employs a survey-based design via an online questionnaire to gather information on investor age, gender, type, education levels, time horizons and investment history and risk and return expectations. It also gathers information regarding investors’ financial literacy including tax implications of fractional property investment. Findings The findings of this study suggest amongst others, that fractional property investors tend to be younger, although the platform also attracts older investors including older females. The study also found that investors do not select alternative investment platforms in anticipation of super-normal investment returns. Return expectations are realistic and are based on a balance between capital growth and income. Practical implications This study indicates that alternative investment platforms lowers the barriers of entry into residential property for first time investors. It therefore creates opportunities to allow many first time individual investors to invest in property, often as an alternative to bank savings or investing in the stock market. Originality/value This study enhances our understanding of the influence of alternative investment platforms on investment decision-making. More specifically, it contrasts fractional property investment with more traditional investment opportunities to understand the motives of investors for diversifying into online investment vehicles.
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Khomutenko, Lyudmila, and Anna Usenko. "ALTERNATIVE INVESTMENTS AS A METHOD OF INVESTMENT PORTFOLIO DIVERSIFICATION: INVESTMENTS IN THE WINE COLLECTIONS." Economic Analysis, no. 27(4) (2017): 180–87. http://dx.doi.org/10.35774/econa2017.04.180.

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Introduction. Each investor is interested in obtaining maximum income at all stages of the investment process. There is a need to hedge investment risks to increase the overall level of expected profitability. Nowadays, solving the problem of choosing ways to diversify an investment portfolio requires expanded interpretation. Purpose. The article aims to carry out the analysis of current state of the market of alternative investments; to investigate the efficiency of investing in non-traditional tangible assets; to identify the potential benefits and risks for an investor from investing in a wine collection. Results. The article investigates functioning of modern market of alternative investments, in particular investments in wine collections. Qualitative and quantitative analyses of the current level of alternative investments development around the world have been conducted. The paper has also considered the main aspects of non-traditional investment activities along with their key advantages and disadvantages. The risks which are associated with attracting investment in wine collections have been analysed.
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Sobolev, A. I. "ALTERNATIVE ASSESMENT OF INVESTMENT VALUE IN INNOVATIVE PROJECTS." Business Strategies, no. 9 (October 14, 2019): 20–21. http://dx.doi.org/10.17747/2311-7184-2019-9-20-21.

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Standard assessment of innovative projects involves procedures for discounting of the expected cash flows. In the short term, their real value can vary significantly, and that will cause significant differences between the current market values of the contracts and their estimated values at the time of investment risks taking. Use of the investments assessment based on the market interest rates allows performing more accurate evaluations of the results of the planned investments and optimizing their structure.
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Agarwal, Dr Varsha. "Cryptocurrency: A New Investment Alternative." International Journal for Research in Applied Science and Engineering Technology 8, no. 11 (November 30, 2020): 680–85. http://dx.doi.org/10.22214/ijraset.2020.32275.

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Dissertations / Theses on the topic "Alternative investment"

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Waldenström, John. "Crowdfunding as an investment alternative - Why Crowdfunding?" Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-152595.

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Today it is extremely hard to get funding for different projects trough the ordinary channels such as banks, VC or Business angels etc. In recent years this has opened up for other alternatives, one of them is Crowdfunding. A few of the questions this paper attempt to answer is, which companies is Crowdfunding suited for? How do you succeed with your Crowdfunding campaign? What is the money used for? What’s the outlook on the future for Crowdfunding? The purpose of this study is to increase the knowledge of Crowdfunding and how it is used today, plus shine some light on how the future for Crowdfunding looks. Hopefully this will help the reader gain knowledge about why Crowdfunding is chosen as a mean to get investments. The purpose of the interviews is to get an inside look on Crowdfunding from those who work with it and those who have used it. What has the money been used for, what makes a successful campaign etc. The method that has been used to gather information is via internet and interviews, where the main content is rendered. The different kinds of Crowdfunding There are four types of Crowdfunding, Donation, Reward, Equity and Loan-based. Donation means that you give away your money and get nothing in return. In Reward based you get something (the product, a t-shirt etc…) in return for the investment. In Equity you get equity in the company. Loan gives you your money back with interest. Analysis and conclusion The main finding in the study is that most companies think that they will use Crowdfunding to gain capital to produce a product, which actually could be of less importance than the free marketing they get. Therefore the campaign, already from the start, should have the market in mind, together with the actual fund rising. Another conclusion is that Crowdfunding usually benefits the smaller companies, and the success of the campaign is strongly dependent on the many qualities of a skillfull entrepreneur.
Då det i dagens samhälle är mycket svårt att finna finansiering till olika projekt genom de klassiska investeringsalternativen, banker, affärsänglar m.fl. har detta gjort att det på senare tid kommit nya alternativa vägar att få finansiering, ett utav dessa alternativ är Crowdfunding. Några frågor som kommer att försöka besvaras i denna uppsats är: Vilka företag passar Crowdfunding för? Hur lyckas man med sin Crowdfunding kampanj? Vad använder företagen pengarna till? Hur ser framtiden ut? Syftet med denna studie är att öka kunskapen om Crowdfunding och hur det används idag samt hur framtiden för denna förhållandevis nya form av finansiering ser ut. Förhoppningsvis hjälper detta läsaren att skapa en förståelse varför Crowdfunding väljs före de klassiska alternativen. Syftet med intervjuer är att skaffa sig en inblick i Crowdfunding från insidan, dvs. hur har pengarna använts, finns det några gemensamma nämnare som gör att vissa kampanjer lyckas medan andra inte gör det. Metod som använts är informationssök via internet och intervjuer, intervjuerna bandades och transkriberades för att sedan kunna återge huvudinnehållet. De olika typerna av Crowdfunding Det finns fyra olika typer av Crowdfunding, dessa är Donation, Reward, Equity och Loan Based Crowdfunding. Donation innebära att ger en gåva och inte får något i utbyte. Reward funkar genom att man får en gåva eller något symboliskt för att man stöttat kampanjen. I Equity får man en andel i företagen och i Loan så lånar man ut pengar mot ränta. Analys och slutsats De flesta företag går in med inställningen att de ska samla in pengar för att kunna genomföra sitt projekt men det kan faktiskt vara mindre viktigt än den gratis marknadsföring de får. Därför bör kampanjen redan från början ha marknaden i åtanke tillsammans med insamlingen av kapital. En annan slutsats är att det är oftast mindre företag som gynnas av Crowdfunding och för att få en lyckad kampanj krävs många av de egenskaper som man letar efter hos en klassisk entreprenör.
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Thomas, Vincent. "Is Fine art a viable alternative investment?" Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-134942.

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This paper will study the Art market as an investment opportunity. We will forget about the artistic characteristics of the market (history of art, aesthetic, technic...) and focus only on the business and economic aspects of the market treating art works as tradable goods. Our goal will be to determine whether or not the art market would be a suitable investment vehicle, offering some interesting outlook to investment diversification. This paper will pay a closer look at the recent financial crisis period, trying to understand the mechanism which bonds the financial industry and the Art industry. This will be the key to introduce an investment portfolio including Art as an asset class for investment. Focusing on the performance of such portfolio we will give some further recommendation on how to reach a better than expected performance.
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Brito, Hugo Miguel de Jesus. "Econometric study of alternative operators' investment decisions." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10796.

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Mestrado em Econometria Aplicada e Previsão
A relação entre a intervenção regulatória, as decisões de investimento dos operadores alternativos e o grau de concorrência nos mercados de comunicações eletrónicas tem sido intensamente discutida. O debate centra-se na possibilidade de obter um compromisso entre concorrência baseada em serviços e concorrência baseada em infraestruturas. A teoria da escada do investimento defende a conciliação destes dois objetivos pela intervenção adequada do regulador. Usando uma base de dados bastante completa e atendendo às fragilidades apontadas a outros estudos conclui-se que a informação sobre o mercado português comprova alguns pressupostos teóricos associados à teoria da escada do investimento: (i) a criação de condições para que os operadores alternativos entrem no mercado é um passo importante para que invistam em infraestrutura, e (ii) o regulador possui instrumentos para neutralizar o custo de oportunidade criado ao investimento em infraestruturas pelos lucros da concorrência baseada em serviços. O investimento em redes de fibra ótica pelos operadores alternativos é também considerado, avaliando os determinantes deste investimento e o respetivo efeito no nível de cobertura de uma área geográfica. É dada particular atenção à obtenção de uma especificação adequada para o modelo. Conclui-se que é preferível utilizar um modelo a duas partes em detrimento de um modelo a uma parte, pois os conjuntos de determinantes da decisão de investir numa área geográfica e da decisão relativa ao nível de cobertura a atingir nessa área não são idênticos. As características demográficas, económicas e sociais intrínsecas às áreas geográficas influenciam significativamente as decisões de investimento dos operadores alternativos.
The relation between regulation, the alternative operators' investment decisions and the degree of competition in the markets, has been an important policy issue over time. The discussions on this matter are mostly related with the possibility to achieve service-based competition in the short run, without compromising infrastructure-based competition in the long run. The investment ladder theory argues that both goals are achievable by appropriate regulatory intervention. By using a rich dataset and taking into account flaws pointed out in other studies, the present study finds reasonable evidence that the Portuguese market's data supports theoretical assumptions of the investment ladder theory: (i) creating conditions for alternative operators entering the market is an step in creating conditions for investment in infrastructure; (ii) the regulator has the tools to neutralise the opportunity cost for infrastructure investment created by service-based competition profits. The investment in fibre networks by alternative operators is also taken into consideration, with an evaluation of the investment determinants and their effect on coverage level of alternative operator's fibre networks. Particular attention is given to achieve an appropriate model specification. It is concluded that it is preferable to use a two-part model over a one part-model, which provides evidence that the determinants of the decision to invest in a geographical area are not entirely similar to the determinants of the decision on the coverage level in that area. The present study found that the intrinsic demographic, economic and social characteristics of a given geographical area influence investment decisions of alternative operators.
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Small, Rachel. "Alternative investments in social projects why grant-makers participate in program-related investment /." CONNECT TO ELECTRONIC THESIS, 2008. http://hdl.handle.net/1961/6985.

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Usenko, A. V. "Alternative investment as a Tool of Risk Diversification in international Business: SWAG investments." Master's thesis, Sumy State University, 2019. http://essuir.sumdu.edu.ua/handle/123456789/75551.

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У роботі досліджено функціонування сучасного ринку альтернативних інвестицій, зокрема інвестицій SWAG. Проведений аналіз основних показників альтернативних активів SWAG. Основною метою цього дослідження є розробка рекомендацій щодо вдосконалення інвестиційного портфеля інвестора у частині нетрадиційних реальних активів, зокрема активів SWAG.
The master’s thesis focuses on the functioning of the modern alternative investment market, in particular SWAG investments. The analysis of the main indicators of alternative SWAG assets was conducted. The main aim of this research is to develop practical recommendations for improving the investor’s investment portfolio in terms of unconventional real assets, in particular SWAG assets.
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Costa, Jorge Filipe Baptista da. "Portfolio Insurance : a comparison of alternative investment strategies." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/10260.

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Mestrado em Finanças
Este estudo realiza uma comparação entre as estratégias mais populares de Portfolio Insurance, através da Simulação de Monte Carlo. Este trabalho tem como objectivo definir a melhor estratégia através de diversas comparações e dar um contributo para resolver algumas divergências na literatura. A maioria das comparações realizadas anteriormente não têm em consideração todas as estratégias presentes neste estudo e esta análise pretende acrescentar algumas conclusões relevantes. As estratégias OBPI, CPPI e SLPI são avaliadas através dos momentos da distribuição, rácios de desempenho (Sharpe ratio, Sortino ratio, Omega ratio e Upside Potential ratio) e dominâncias estocásticas nas diversas condições de mercado representadas pelo activo subjacente que segue um movimento Browniano geométrico. De forma a ter uma compreensão da realidade dos mercados financeiros, as estratégias também são aplicadas a três dos maiores índices de acções. Concluímos que as estratégias CPPI 1 e SLPI devem ser preferidas em todos os cenários devido aos elevados rácios de desempenho, elevadas rendibilidades esperadas e a outras medidas. A escolha entre as duas estratégias é feita com base nas preferências do investidor ou gestor, mas também concluímos que a estratégia CPPI 1 domina estocásticamente, a segunda e terceira ordem, todas as restantes estratégias em cenários de mercado bear. De acordo com os resultados obtidos podemos afirmar que um floor de 100% deve ser escolhido devido aos resultados dos rácios de desempenho, rendibilidades esperadas e outras medidas. Esta comparação permite melhorar a eficiência da tomada de decisão de um investidor ou gestor num investimento de Portfolio Insurance.
This study makes a comparison between the most popular strategies of Portfolio Insurance based on Monte Carlo simulation. This work aims to define the best strategy at comparing different strategies and provide a contribution to solving some divergences in literature. Most of the previous comparisons do not take into consideration all the strategies discussed in this study and this analysis intends to add some relevant findings. The OBPI, CPPI and SLPI strategies are evaluated in terms of moments of the distribution, performance ratios (Sharpe ratio, Sortino ratio, Omega ratio and Upside Potential ratio) and stochastic dominance in different market conditions represented by an underlying asset that follows a geometric Brownian motion. In order to have a perception of a real situation in financial markets, the strategies are later also applied to three major stock indices. We find that CPPI 1 and SLPI strategies should be preferred in all scenarios according to the higher performance ratios, the higher expected returns and other measures. The choice between them is based on the preferences of the investor or manager, but we also find that the CPPI 1 strategy stochastically dominates, on second and third order, the others strategies in bear market scenarios. From our results we can state that a value of 100% for the floor should be preferred in terms of performance ratios, expected returns and other measures. This comparison allows improving the efficiency of decision making of an investor or manager in a Portfolio Insurance investment.
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Herbert, Wilson Eziefule. "New forms of international investment : a study of alternative strategies to foreign investment." Thesis, University of Glasgow, 1992. http://theses.gla.ac.uk/6611/.

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This study is concerned with recent developments in international investment and the theory of the firm. The proposition that markets and hierarchies are alternative governance structures for completing related sets of transactions is less contentious. However, the view that foreign direct investment is the most efficient governance structure, in transaction-cost economizing terms, remains controversial. This research identifies with this contention. The premise of the study is that the governance structure of foreign transactions cannot be confined to or decided within the framework of hierarchy alone. The study presents a number of market mechanisms firms use to accomplish foreign transactions. Termed "New Forms of International Investment", these strategies involve non-equity (i.e. contractual/cooperative) and minority-equity arrangements. Hypotheses concerning the transaction cost nature and the impact of managerial perceptions of several explanatory factors were developed and tested using data gathered from a questionnaire survey of, and interviews with, executives from 66 MNCs and 31 MNBs. The results of the research provide evidence that while firm-specific characteristics offer firms opportunities to evaluate their strengths and weaknesses in relation to given overseas markets, host country-specific characteristics offer a complementary platform for assessing the optimum mode of entry. Also, managerial perceptions of the nature and importance of these factors and their impact on the diversification strategy of the firm were found to be significant in entry mode choices. The greater the perception of distortion propensities in a host country, the more likely resources, insofar as they would be transferred at all, would be transacted via new forms. There was no evidence to support the literature contention that the use of the new forms is a particular phenomenon of developing countries. These findings were reinforced by the interview results.
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Harper, Jeffrey D. (Jeffrey David). "Alternative investment opportunities in real estate for individual investors." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68187.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (p. 79-80).
This thesis will evaluate whether an unsatisfied need to access private commercial market real estate investment opportunities exists on the behalf of individual investors via their Individual Retirement Accounts (IRAs) and 401(k)s and, if so, what the optimal investment structure is to accommodate that need given certain investment parameters. Institutional Investors, with few exceptions, maintain some percentage of their investment portfolios in commercial real estate assets. That allocation to real estate assets can be achieved in any combination of the following investment vehicles: direct ownership (separate accounts), public real estate investment trusts (REITs), closed and open-ended commingled private equity funds, and joint ventures with local partners or developers. According to the Pension Real Estate Association (PREA), the average institutional investor currently allocates approximately 9% of its investment portfolio to real estate, with public REITs only serving as 5% of that allocation. The remaining 95% is composed of direct investment, closed and open-ended commingled funds, and joint ventures. Institutional investors have a long time horizon and a myriad of resources at their disposal to optimize their asset allocations. But can individual investors with similar long-term liabilities replicate institutional real estate strategies within their own retirement portfolios? Individual investors are increasingly becoming their own fiduciaries through defined contribution programs; defined benefit plans' percentage of total retirement assets in the US has been in significant decline for decades, with no sign of reversal. Real estate is an important asset class for pension plans in terms of providing current yield, inflation protection and diversification; it should be equally important in individual investors' portfolios. This thesis argues that one way for individual investors to efficiently gain private market commercial real estate investment exposure is through a multi-manager core fund held within a collective investment trust.
by Jeffrey D. Harper.
S.M.in Real Estate Development
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Gouveia, André Gonçalves Pinto de. "An alternative stock index for benchmarking portuguese investment funds." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/10136.

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Mestrado em Finanças
O índice PSI 20 é o padrão de referência por excelência da Euronext Lisboa. No entanto, os gestores de fundos portugueses que investem em ações nacionais podem não ter a possibilidade de replicar a carteira do PSI 20, devido às restrições ao investimento impostas pela regulação europeia para os mercados financeiros, nomeadamente as Diretivas UCITS. Este trabalho vai analisar até que ponto estas limitações podem ser impeditivas da performance dos fundos de investimento. É feita uma caracterização da legislação aplicável, bem como do segmento de fundos de investimento em ações nacionais que atuam no mercado nacional. Criou-se um índice alternativo ao PSI 20 para o período 2004-2011, respeitando os limites legais ao investimento, que servirá como benchmark da performance da amostra de fundos de investimento, que inclui todos os fundos em atividade durante o período completo em análise. Verificou-se que a nova série de rendimentos do mercado obtida, conquanto não sendo estatisticamente diferente do PSI 20, apresentou um retorno superior e volatilidade ligeiramente inferior. Procedeu-se à avaliação da performance utilizando indicadores clássicos. Os resultados obtidos sugerem que a maior diversificação imposta pela legislação não tem necessariamente um impacto negativo sobre os retornos obtidos, e que a comparação com um índice sujeito às mesmas regras dos fundos não leva a conclusões mais favoráveis à gestão ativa. Não se encontrou qualquer prova que os gestores de fundos, enquanto grupo, consigam obter de forma consistente uma performance acima do retorno do mercado, ajustado pelo risco.
While the PSI 20 blue-chip index has been widely used as a benchmark for the Portuguese stock exchange, it may not be replicable by fund managers due to investment limits imposed in UCIT European regulation. This dissertation compares the relative performance of a set of Portuguese mutual funds against both the standard PSI 20 benchmark and a modified version which fully respects said limits. Results show that the greater diversification imposed by the legal rules does not necessarily imply a sacrifice in terms of returns, and that no evidence was found of consistent, abnormal returns by active management, when evaluated by the modified benchmark.
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Rezec, Michael. "Alternative approaches in ESG investing : four essays on investment performance & risk." Thesis, University of St Andrews, 2016. http://hdl.handle.net/10023/8127.

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ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.
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Books on the topic "Alternative investment"

1

Scharfman, Jason. Alternative Investment Operations. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9.

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Alternative investments. New York: Chelsea House Publishers, 1988.

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Alternative investment fund regulation. Alphen aan den Rijn, The Netherlands: Kluwer Law Interntional, 2012.

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Wullschläger, Jackie. Alternative investments. London: Financial Times Business Information, 1989.

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The alternative investment fund managers directive: European regulation of alternative investment funds. Alphen aan den Rijn: Kluwer Law International, 2012.

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Hatchick, Keith. The alternative investment market handbook. Bristol: Jordan Publishing, 1997.

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Keith, Smith, and Watts Paul, eds. The alternative investment market handbook. 2nd ed. Bristol: Jordans, 2002.

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Anson, Mark Jonathan Paul. The handbook of traditional and alternative investment vehicles: Investment characteristics and strategies. Hoboken, N.J: Wiley, 2011.

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Finch, Brian. Guide to the alternative investment market. London: Butterworths, 1995.

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The alternative investment fund managers directive. Alphen aan den Rijn: Kluwer Law International, 2015.

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Book chapters on the topic "Alternative investment"

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Case, Brad. "Real Estate Investment Trusts." In Alternative Investments, 119–41. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2013. http://dx.doi.org/10.1002/9781118656501.ch7.

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Scharfman, Jason. "Documenting and Analyzing Fund Operations." In Alternative Investment Operations, 145–55. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_10.

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Scharfman, Jason. "Introduction to Alternative Investment Operations." In Alternative Investment Operations, 1–13. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_1.

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Scharfman, Jason. "Ongoing Operations Management, Training, Surveillance and Testing." In Alternative Investment Operations, 157–75. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_11.

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Scharfman, Jason. "Analysis of Fund Operations and Future Trends." In Alternative Investment Operations, 177–92. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_12.

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Scharfman, Jason. "Trade Operations: Execution, Settlement and Reconciliation." In Alternative Investment Operations, 15–38. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_2.

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Scharfman, Jason. "Cash Management, Oversight and Movement." In Alternative Investment Operations, 39–59. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_3.

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Scharfman, Jason. "Compliance Operations and Governance Considerations." In Alternative Investment Operations, 61–73. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_4.

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Scharfman, Jason. "The Role of Service Providers in Alternative Investment Operations." In Alternative Investment Operations, 75–87. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_5.

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Scharfman, Jason. "Information Technology Operations." In Alternative Investment Operations, 89–100. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46629-9_6.

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Conference papers on the topic "Alternative investment"

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Feng, Yizhen. "Optimal Investment in Alternative Energy." In 2007 3rd International Conference on Wireless Communications, Networking, and Mobile Computing - WiCOM '07. IEEE, 2007. http://dx.doi.org/10.1109/wicom.2007.997.

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Konyukhov, V. Y. "Investment In Alternative Energy Sources." In RPTSS 2018 - International Conference on Research Paradigms Transformation in Social Sciences. Cognitive-Crcs, 2018. http://dx.doi.org/10.15405/epsbs.2018.12.137.

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Papaoikonomou, A., E. Koutoulakis, and A. Kungolos. "Alternative management of waste of electrical and electronic equipment in Greece." In ENVIRONMENTAL ECONOMICS AND INVESTMENT ASSESSMENT 2006. Southampton, UK: WIT Press, 2006. http://dx.doi.org/10.2495/eeia060011.

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Vanden Brink, John A., and Jozef K. Cywinski. "Investment alternative: the status quo or PACS?" In Medical Imaging '90, Newport Beach, 4-9 Feb 90, edited by Samuel J. Dwyer III and R. Gilbert Jost. SPIE, 1990. http://dx.doi.org/10.1117/12.19018.

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Herc, Edita Culinovic. "ARE CROWDINVESTING PLATFORMS MANAGERS OF ALTERNATIVE INVESTMENT FUNDS?" In 2nd International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM2015. Stef92 Technology, 2015. http://dx.doi.org/10.5593/sgemsocial2015/b21/s5.065.

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Clapp, Robert V. "An Alternative Concept of Investment for Improved Profitability Measures." In SPE Hydrocarbon Economics and Evaluation Symposium. Society of Petroleum Engineers, 1995. http://dx.doi.org/10.2118/30051-ms.

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Wang, George Y. "Examining the Uncertainty-Investment Relationship under Alternative Stochastic Processes." In 2010 3rd International Conference on Business Intelligence and Financial Engineering (BIFE). IEEE, 2010. http://dx.doi.org/10.1109/bife.2010.92.

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Fijałkowska, Dominika, Michał Muszyński, and Marek Pauka. "DISCLOSURE QUALITY ON THE POLISH ALTERNATIVE INVESTMENT MARKET NEWCONNECT." In FINIZ 2014. Belgrade, Serbia: Singidunum University, 2014. http://dx.doi.org/10.15308/finiz-2014-8-12.

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Oren, Shmuel S., and Enzo Sauma. "Alternative valuation objectives for transmission investment in deregulated electricity markets." In 2005 IEEE Russia Power Tech. IEEE, 2005. http://dx.doi.org/10.1109/ptc.2005.4524802.

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Cole, S., D. Van Hertem, and R. Belmans. "VSC HVDC as an alternative grid investment in meshed grids." In 2008 First International Conference on Infrastructure Systems and Services: Building Networks for a Brighter Future (INFRA). IEEE, 2008. http://dx.doi.org/10.1109/infra.2008.5439590.

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Reports on the topic "Alternative investment"

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Bernanke, Ben, Henning Bohn, and Peter Reiss. Alternative Nonnested Specification Tests of Time Series Investment Models. Cambridge, MA: National Bureau of Economic Research, June 1985. http://dx.doi.org/10.3386/t0049.

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Aldy, Joseph, Todd Gerarden, and Richard Sweeney. Investment versus Output Subsidies: Implications of Alternative Incentives for Wind Energy. Cambridge, MA: National Bureau of Economic Research, March 2018. http://dx.doi.org/10.3386/w24378.

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Metcalf, Gilbert, and Kevin Hassett. Investment Under Alternative Return Assumptions: Comparing Random Walks and Mean Reversion. Cambridge, MA: National Bureau of Economic Research, March 1995. http://dx.doi.org/10.3386/t0175.

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Lyon, Andrew. Understanding Investment Incentives Under Parallel Tax Systems: An Application to the Alternative Minimum Tax. Cambridge, MA: National Bureau of Economic Research, March 1989. http://dx.doi.org/10.3386/w2912.

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Mendoza, Waldo, Marco Vega, Carlos Rojas, and Yuliño Anastacio. Fiscal Rules and Public Investment: The Case of Peru, 2000-2019. Inter-American Development Bank, January 2021. http://dx.doi.org/10.18235/0003018.

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This article has three goals. First, it describes the genesis of fiscal rules in Peru and its degree of compliance. Second, it estimates the effect of fiscal rules adoption on public investment. Last, it analyzes the impact of alternative fiscal rules on public investment and public debt sustainability. Our main results are as follows. First, the implementation of fiscal rules in the year 2000 caused a 60 to 80 percent fall in public investment relative to several counterfactuals. Second, our DSGE model suggests a Structural Fiscal Rule would have increased the consumers welfare in the period 2000-2019 more than other fiscal designs. This rule reduces the procyclicality of public investment under commodity price shocks and macroeconomic volatility under world interest rate shocks. Third, a Structural Fiscal Rule has the lowest probability of exceeding the current public debt limit (30 percent of GDP), although there is a trade-off between investment-friendly rules and fiscal sustainability issues. Nevertheless, our quantitative results are limited to short spans of analysis. With a long-run perspective, we may say that fiscal rulesdespite constant modifications and recurring non-compliancehave fulfilled their original and most important goal of achieving the consolidation of public finances.
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Ardanaz, Martín, Eduardo A. Cavallo, Alejandro Izquierdo, and Jorge Puig. Output Effects of Fiscal Consolidations: Does Spending Composition Matter? Inter-American Development Bank, December 2021. http://dx.doi.org/10.18235/0003881.

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This paper studies whether changes in the composition of public spending affect the macroeconomic consequences of fiscal consolidations. Based on a sample of 44 developing countries and 26 advanced economies during 1980-2019, results show that while fiscal consolidations tend to be on average, contractionary, the size of the output fall depends on the behavior of public investment vis-a-vis public consumption during the fiscal adjustment, with heterogeneous responses growing over time. When public investment is penalized relative to public consumption and thus, its share in public expenditures decreases, a 1 percent of GDP consolidation reduces output by 0.7 percent within three years of the fiscal shock. In contrast, safeguarding public investment from budget cuts vis-a-vis public consumption can neutralize the contractionary effects of fiscal adjustments on impact, and can even spur output growth over the medium term. The component of GDP that mostly drives the heterogeneity between both types of adjustments is private investment. The results hold up to a number of robust-ness tests, including alternative identification strategies of fiscal shocks. The findings have policy implications for the design of fiscal adjustment strategies to protect economic growth as countries recover from the coronavirus pandemic.consolidation reduces output by 0.7 percent within three years of the fiscal shock. In contrast, safeguarding public investment from budget cuts vis-a-vis public consumption can neutralize the contractionary effects of fiscal adjustments on impact, and can even spur output growth over the medium term. The component of GDP that mostly drives the heterogeneity between both types of adjustments is private investment. The results hold up to a number of robustness tests, including alternative identification strategies of fiscal shocks. The findings have policy implications for the design of fiscal adjustment strategies to protect economic growth as countries recover from the coronavirus pandemic.
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Chahal, Husanjot, Ngor Luong, Sara Abdulla, and Margarita Konaev. Quad AI: Assessing AI-related Collaboration between the United States, Australia, India, and Japan. Center for Security and Emerging Technology, May 2022. http://dx.doi.org/10.51593/20210049.

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Through the Quad forum, the United States, Australia, Japan and India have committed to pursuing an open, accessible and secure technology ecosystem and offering a democratic alternative to China’s techno-authoritarian model. This report assesses artificial intelligence collaboration across the Quad and finds that while Australia, Japan and India each have close AI-related research and investment ties to both the United States and China, they collaborate far less with one another.
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Jurek, Jakub, and Erik Stafford. The Cost of Capital for Alternative Investments. Cambridge, MA: National Bureau of Economic Research, November 2013. http://dx.doi.org/10.3386/w19643.

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Calef, Andrea. Integrating guest speakers into a module on Alternative Investments. Bristol, UK: The Economics Network, May 2021. http://dx.doi.org/10.53593/n3394a.

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Davidson, Kristiane, Nabilla Gunawan, Julia Ambrosano, and Leisa Souza. Green Infrastructure Investment Opportunities: Brazil 2019. Inter-American Development Bank, August 2020. http://dx.doi.org/10.18235/0002638.

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Green investment opportunities can help to close the country's infrastructure funding gap and also meet its climate commitments. The Green Infrastructure Investment Opportunities - Brazil 2019 was developed to facilitate the engagement between project owners and developers, and investors. The report analyses the development of the sustainable finance market in Brazil, and the investment opportunities in green infrastructure across four key sectors: low carbon transport, renewable energy, sustainable water management, and sustainable waste management for energy generation. Moreover, it also lists alternatives for unlocking the country's potential in sustainable infrastructure investment as well as identifying a range of actual projects that are in the pipeline for development and which could potentially access green finance.
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