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Buettner, Haiko R. M. "The European Alternative Investment Fund Manager Directive (AIFMD) : impacts on existing alternative fund managers' traditional business models." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/5445/.
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This thesis investigates the impact of an EU-directive (directive 2011/61/EU) regarding the administration of alternative investments by fund managers (AIFMs) on the business models of AIFMs which became effective on June 22, 2013. This new fund regulation is expected to affect the business models of traditional AIFMs that were not previously subject to regulation but now have to comply with these rules. The potential effect of the Alternative Investment Fund Manager Directive (AIFMD) has been subject to contentious debate in the past. However, the outcomes of the AIFMD have not previously been considered post implementation and so will be investigated for the first time by this research thesis. This thesis explores the changes already driven by the AIFMD to understand its impact on traditional business models. These changes are currently initiated by fund managers in order to ensure a sustainable business. This thesis also investigates how the marketplace in which fund managers operate will change as a result of the AIFMD and how this change will impact traditional business models. Since the AIFMD only recently became effective, no quantitative data is available. Therefore, this research is based on exploratory research starting with an online survey sent to 200 fund managers managing different types of small, medium and large Alternative Investment Funds. The online survey asks general questions about the fund manager’s business, such as size, jurisdictions, investment types, etc. It also reveals the extent to which business models have been adapted to the requirements, in particular the operating conditions of the AIFMD and which requirements still need to be employed by the respective fund manager. Based on the results of the online survey, a small number of fund managers were chosen for personal interviews representing different types and size of managed funds as well as a variety of country locations. The samples were chosen in that way to allow generalization of the research findings for a broad range of different fund managers with different business models. The personal interviews enable confirmation of the findings achieved by the online survey as well as providing a deeper understanding of how fund managers perceive the impact of the AIFMD on their business model. The form of the interviews is flexible with open and spontaneous questions appropriate to the specific interview situation. This enables a more complex and sophisticated view of the change of traditional business models. Since the AIFMD was only recently realized and currently several AIFMD documents, such as specific guidance, is still outstanding, additional research is needed. Additional research could consider more quantitative data that is not yet available.
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Maharjan, S. (Sachendra). "Active role of Finnish allocation fund managers:is your manager eating your savings?" Master's thesis, University of Oulu, 2017. http://urn.fi/URN:NBN:fi:oulu-201706062568.
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Many literatures conducted on mutual fund define its popularity among investors and financial analyst. The literatures can be basically summarized in three groups; Test of fund manager’s skills and stock selection, Analysis of fund characteristic and its performance, and lastly on the persistence of fund performance. From the balanced mutual fund data domiciled in Finland, this thesis study the role of active allocation fund manager of Finland and find if they can add extra value to their investors. With the unique sample data and benchmark market employing regression and non-regression methodology; this thesis analyzes the emerging market of developed country.
This thesis examines 15 balanced mutual funds of Finland through various existing models such as single and multifactor models, market timing model, Sharpe ratio and information ratio to provide empirical findings on performance and active role of Finnish fund managers. The findings were in line with various prior literatures on mutual fund showing that balanced fund managers do not add extra value to the fund. Most of the risk adjusted abnormal returns are equal to zero or negative. Further, more than half of the sample fund managers possess insufficient skills in adding extra return for risk taken. The excellent Rsquare value we got in every applied models, suggest a good working of model and have impact in explanatory power in the analysis. Lastly, Finnish balanced mutual fund investors get better return by changing their strategy of investment to available options within the company.
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Chen, Xiang. "Performance evaluation of closed-end fund and fund manager in China." Thesis, University of Macau, 2003. http://umaclib3.umac.mo/record=b1636217.
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Ndebele, Nontokozo. "South African asset manager perceptions on the integration of climate change risks into equity investment decision-making processes." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/20120.
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The growing interest responsible investing strategies driven by bodies such as the United Nations Principles for Responsible Investing Initiative has resulted in issues such as climate change and its impact on investment portfolios becoming part of the asset management industry discourse. However, the degree to which these issues are perceived by asset managers to be significant has not been expanded upon extensively in literature. This study was undertaken to evaluate South African asset manager perceptions regarding the integration of climate change risks within equity investment decision-making processes. The study was further aimed at providing an understanding of preferred methods of climate change risk integration, where integration does take place, and the perceived barriers to integration within the South African Asset Management industry. To achieve the above-mentioned aims, an online survey of South African asset managers was conducted. The questions in the survey comprised a combination of open ended and closed ended questions with Likert and ranking scales being used. The data which was both quantitative and qualitative in nature was analysed using descriptive statistics and thematic analysis methods involving the identification of trends.
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Bohler, Jeffrey Allan Hall Dianne. "Education technology impact on Department of Defense financial manager continuing education programs." Auburn, Ala, 2009. http://hdl.handle.net/10415/1821.
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HoJun, Ji. "Financial Vulnerability of Small Business Owner-Manager Households." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1343612456.
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Johansson, Whilma, and Frida Sköld. "Behavioral Finance : Svenska fondbolags hantering av psykologiska fallgropar i praktiken." Thesis, Linköpings universitet, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-119655.
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Bakgrund: Det har i tidigare forskning visats att människor alltid påverkas av psykologiska fallgropar. Empiriska studier har tidigare genomförts med syfte att finna hanteringssätt att reducera psykologiska fallgropar. Vid litteraturstudien till denna uppsats påträffades dock ingen kvalitativ studie vilken berör hanteringen i praktiken varför det var av intresse att studera det genom intervjuer med svenska fondbolag. Då dessa empiriska studier till viss del utgått från praktiken vid skapandet av hypoteser gällande problematiken med psykologiska fallgropar var det även relevant att kartlägga på vilken kunskapsnivå svenska fondbolag befinner sig gällande behavioral finance som forskningsfält. Syfte: Denna uppsats syftar till att kartlägga och analysera svenska fondbolags kunskaper gällande behavioral finance som forskningsfält. Den ämnar även analysera om och i vilken mån hanteringssätt av psykologiska fallgropar, presenterade av tidigare forskning, i praktiken används av svenska fondbolag vid investeringsbeslut. Genomförande: För att uppnå uppsatsens syfte har ett kvalitativt tillvägagångssätt använts med utgångspunkt i åtta genomförda intervjuer med representanter från svenska fondbolag. Samtliga representanter har en övergripande insyn i hur fondförvaltningen går till på respektive fondbolag. Den insamlade empirin har dels analyserats utifrån en för denna uppsats framtagen analysmodell med syfte att kartlägga vart svenska fondbolag befinner sig kunskapsmässigt gällande behavioral finance, och dels utifrån tidigare empirisk forskning inom forskningsområdet. Slutsats: Uppsatsen lägger fram en ny hypotes vilken innebär att teoretiska förkunskaper om behavioral finance saknas i branschen samt att de hanteringssätt som används av svenska fondbolag till stor del inte reducerar psykologiska fallgropar. Det förklaras av att det till stor del inte finns stöd för svenska fondbolags hanteringssätt i tidigare forskningsresultat.Background: Previous research has shown that people always are influenced by biases. Empirical studies have previously been conducted in order to find ways to reduce the biases. In the literature review for this thesis was however no qualitative study found which concerned the handling in practice, why it was of interest to study. Since the empirical studies, to some extent, have been based on practice when creating their hypotheses regarding the problem of biases, it was also relevant for this paper to survey the knowledge that Swedish fund companies currently have regarding behavioral finance as a research field. Aim: This paper aims to survey and analyse Swedish fund companies’ knowledge regarding behavioral finance as a research field. The paper also intends to analyse if and to what extent ways of handling biases, by previous research presented, in practice are used by Swedish fund companies when making investment decisions. Completion: To achieve the purpose of this paper, a qualitative approach has been used based on eight interviews conducted with representatives from Swedish fund companies. All representatives have an overall insight into how the fund management is done in respective fund companies. The collected empirical data has been analyzed partly on the basis of one, for this paper developed, analytical model with the aim to survey were Swedish fund companies are in terms of knowledge regarding behavioral finance, and partly on previous empirical research in the field of this research area. Conclusion: This paper table a new hypothesis which means that the industry lacks theoretical knowledge in behavioral finance and that the methods used by Swedish fund companies generally do not reduce biases. It is explained by the fact that a majority of the methods used by Swedish fund companies are not supported in precious research.
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Diedericks, Petrus Philip. "An investigation into the challenges facing the financial manager in South African manufacturing organisations and the ways of surmounting these challenges." Thesis, Port Elizabeth Technikon, 2003. http://hdl.handle.net/10948/244.
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The research problem addressed in this study was to determine the challenges facing the financial manager in the manufacturing organisation and the possible ways of surmounting these challenges. To achieve this objective, relevant literature was reviewed and an empirical survey conducted. The main challenges identified are discussed under the following headings: · Regulatory requirements; · Information age; · Employees; · Economic environment; Each challenge was broken down into sub-challenges that were analysed using literature identified in the literature study. This information was used to develop a questionnaire to test the degree to which financial managers working for manufacturing organisations are challenged. The empirical results obtained indicate a strong concurrence with the literature study emphasising the importance of the identified challenges and the best possible ways of surmounting these challenges.
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MUGISHA, ERIC, and FREDRIKA OLSSON. "Exclusion and inclusion of women by corporate cultural processes : A case study in the IT and finance industries." Thesis, KTH, Organisation och ledning, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-189447.
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This Master thesis investigates how cultural processes exclude, or might include, women from the corporate culture as well as how the cultural processes could impact the women’s abilities to career advancement within an organization that operates in the financial and IT industries. Previous studies have provided knowledge about culture and gender relations within the financial (Rutherford, 2001; Renemark, 2007) and IT-sectors (Davies and Mathieu, 2005: 12-22) respectively, but there is a lack of studies of financial service organizations in Sweden that operates in both these industries. These industries are described in earlier studies as having an uneven female representation at managerial levels (Nordling and Samuelsson, 2014; Rutherford, 2001) and organizational cultures that marginalizes women (Renemark, 2007; Davies and Mathieu, 2005: 12-22; Rutherford, 2001). Thereof is the corporate culture’s effect on women and female managers in particular, important to understand in an organizational constellation that strives to increase the number of female managers such as the case company in this study. This study utilizes a theoretical framework defined by Rutherford (2001) comprising nine cultural constituents that are interpreted as including several cultural processes. These cultural constituents are organizational background, Physical artefacts, Management style, the Long hours culture, Work ideology, Informal ways of socializing, Language and communication, Sexuality, and Gender awareness. The nine cultural constituents and the respective processes could have excluding effects, or possible including effects, on female managers position in the corporate culture and impact their further career advancement. In this study is the framework used to investigate the situation for female managers as well as the situation for the female employees as perceived at the managerial level. A case study methodology is used and the including data collection methods are; semi-structured interviews, secondary data, and a field study. Nine semi-structured interviews with managers that directly report to the executive team members constitute the main data gathering method. The findings show the existence of cultural processes related to all nine constituents at the case organization and how these processes impact women. These cultural processes exclude or include women from the corporate culture and impact female career advancement negatively or positively. The identified excluding cultural processes could constitute managerial implications for gender equality work. In addition, the findings provide knowledge of how the generic framework defined by Rutherford (2001) could be applied in the present corporate environment of an actor that operates in the Swedish IT and financial industries. Further, two adjustments of the framework are proposed. The constant connectivity provided by today’s technology proposes a more interlinked relationship between the long hour culture and the work ideology than earlier defined. Further, an extension of the cultural constituent Informal ways of socializing is proposed to incorporate several hierarchical levels to be applicable for young and less hierarchical actors.
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Surty, Fatima. "The political / administrative interface: the relationship between the executive mayor and municipal manager." Thesis, University of the Western Cape, 2010. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_4188_1334910053.
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Local government is arguably the most significant sphere of government to lay citizens, as it is the point of contact of citizens with their government. Local government enables a direct link between the general public and the basic services that they are entitled to by means of their constitutional and legislatively entrenched rights. It is the only sphere of government that allows and encourages face-to-face engagement between citizens and their governors, providing the necessary platform for interaction, contact and communication. It is imperative therefore that this tier of government operate optimally and competently, as it represents a reflection of the operation of government wholly. Research unfortunately illustrates that public perceptions of local government are negative, with levels of trust in local government being substantially lower than those in provincial and national governments. The responsibility for failure to perform would lie squarely on the shoulders of those individuals leading any institution. The leading incumbents driving a municipality are the political and administrative heads, i.e. executive mayor and municipal manager.
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Månsson, Carl, and Arlinda Pllana. "Fondförvaltares finansiella prestationer : sett utifrån demografiska faktorer samt gruppaspekter." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-17573.
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Intresset för fondsparformen har ökat de senaste åren och med tanke på att åtta av tio svenskar sparar i fonder är det viktigt att undersöka vad det är som påverkar hur en fond presterar utifrån vem som förvaltar fonden. Syftet med studien är att bidra med ökad kunskap kring vad det är som påverkar en fondförvaltares prestationer. Studien avser först att undersöka den enskilda fondförvaltarens prestation i form av riskjusterad avkastning utifrån de demografiska aspekterna. Därefter undersöks om grupper presterar bättre eller sämre riskjusterad avkastning än enskild individer och slutligen undersökes om gruppers diversitet, utifrån de demografiska aspekterna, påverkar fondens prestation också mätt i riskjusterad avkastning. Studien utgår från ett positivistiskt synsätt och en forskningsstrategi med en deduktiv ansats. Metodvalet karaktäriseras av ett kvantitativt tillvägagångssätt där empirin grundar sig på icke-indexfonder i Morningstars kategorisering Sverigefonder. Studiens övergripande slutsatser är att de olika demografiska aspekterna har olika påverkan på den riskjusterade avkastningen. Grupper presterar generellt sämre än enskilda individer och ju mer diversifierad gruppen är desto sämre blir också resultatet.The interest of saving in funds has risen in recent years. Since eight of ten Swedes have got savings in funds it’s important to investigate what affects the funds’ performance, based on who manages the fund. The purpose of the study is to contribute with increased knowledge about what affects the performance of fund managers. The focus of the study is firstly on different demographic aspects and how they affect the risk-adjusted returns. Secondly the study examines whether group performances are superior to individuals. Lastly the study also examines whether more diverse groups perform better than less diverse groups. The study is based on a positivistic approach and a research strategy with a deductive approach. The method selection is characterized by a quantitative approach where data is based on non-index funds in the Morningstar categorization of Sverigefonder. The overall conclusions of the study is that different demographical aspects have different effects on the risk-adjusted returns. Groups generally perform worse than individuals and the study also concludes that the more diversified the group gets, the worse the results will be.
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Jaikampan, Kraiwuth. "The Interactive Effects of Tax and Expenditure Limitations Stringency with Revenue Diversity and the Council-manager Form of Government on Municipal Expenditures." Thesis, University of North Texas, 2014. https://digital.library.unt.edu/ark:/67531/metadc699979/.
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This dissertation examines the effects of tax and expenditure limitations (TELs) stringency and its interaction with revenue diversity and the council-manager form of government on municipal general fund expenditure. TELs are explicit rules that states impose to reduce local government spending. TELs stringency varies from state to state, leading to difficulties in assessing their impact across the nation. This dissertation proposes a new means for measuring the stringency of TELs imposed on local governments. Factor analysis is utilized, and then factor scores are calculated to identify degrees of TELs stringency. This study contends that higher levels of TELs stringency are associated with lower local government spending. However, the effectiveness of TELs is dependent on revenue diversity and the form of government. This study suggests that both revenue diversity and the council-manager form of government mitigate the impacts of TELs stringency on local government spending. Panel data from 2007 to 2011 from 1,508 municipalities are utilized. This study finds that higher levels of TELs stringency are associated with lower levels of municipal general fund expenditures per capita. However, TELs stringency is effective only when revenue diversity is low and when cities have a form of government other than council-manager. These results are generally consistent with the theory presented in this dissertation.
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Adolfssson, Alexander, and Marie Åström. "Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124744.
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Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process. This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.
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Berzins, Janis. "Essays on managed portfolios." [Bloomington, Ind.] : Indiana University, 2006. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3243789.
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Thesis (Ph.D.)--Indiana University, Kelley School of Business, 2006.Title from PDF t.p. (viewed Nov. 17, 2008). Source: Dissertation Abstracts International, Volume: 67-12, Section: A, page: 4637. Adviser: Charles A. Trzcinka.
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Scheinert, Tobias. "Managerial optimism and corporate financial policies." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2014. http://dx.doi.org/10.18452/17068.
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Diese Dissertation besteht aus drei Essays, welche empirisch den Einfluss von Manager-Optimismus auf verschiedene unternehmenspolitische Entscheidungen untersuchen. Der Ausdruck Manager-Optimismus wird hierbei verwendet um Agenten (Manager) zu beschreiben, die im Interesse der Prinzipale (Aktionäre) zu handeln glauben, aber tatsächlich ins Positive verzerrte Vorstellungen über ihre eigenen Fähigkeiten und somit über die zukünftige Performance ihrer Firmen haben. Das erste Papier untersucht den Einfluss von Manager-Optimismus auf Ausstattungsmerkmale von Fremdkapitalverträgen. Konsistent mit nach oben verzerrten Erwartungen über die zukünftigen Cash Flows ihrer Firmen zeigt sich, dass Firmen mit übermäßig optimistischen Managern häufiger Performance abhängige Verträge nutzen und zugleich eine schlechtere Performance nach Aufnahme des Fremdkapitals aufweisen als solche mit rationalen Managern. Der zweite Artikel untersucht unternehmerisches Risikomanagement. Es stellt sich heraus, dass Firmen mit optimistischen Managern signifikant weniger wahrscheinlich Finanzderivate zur Absicherung ihrer Fremdwährungsrisiken nutzen als solche mit rationalen Managern. Dieses Verhalten ist mit einer Unterschätzung von Insolvenzkosten bzw. Kosten einer finanziellen Notlage konsistent. Der dritte Teil der Arbeit untersucht empirisch das Verhältnis zwischen Manager-Optimismus und der Nutzung von großen Abschreibungen im Rahmen von CEO-Wechseln. Nach dem Abgang von CEOs kann man häufig beobachten, dass deren Nachfolger ein so genanntes big bath accounting durchführen. Hierbei werden durch Abschreibungen Verluste dem Vorgänger zugeschrieben und Verdienste für zukünftige Performanceverbesserungen für sich beansprucht. In Übereinstimmung mit den verzerrten Erwartungen über zukünftige Cash Flows ihrer Firmen zeigt sich, dass Unternehmen, welche einen optimistischen Manager einstellen, weniger wahrscheinlich ein solches earnings bath durchführen, als Firmen, die rationale Manager einstellen.This thesis consists of three essays that empirically investigate to what extent managerial optimism affects corporate financial policy decisions. The term managerial optimism is used to describe agents (managers), who believe to act in the principals’ (shareholders’) best interest but in fact have upwardly biased views about their own abilities and consequently about the performance of their firms. The first paper investigates the impact of managerial optimism on debt contract design. Consistent with their upwardly biased view on their firm’s future cash flow, we find that firms with overly optimistic managers are more likely to choose performance sensitive debt (PSD) contracts and show worse post issue performance than firms with rational managers. The second paper analyzes corporate risk management. We find that firms with overly optimistic managers are significantly less likely to use financial derivatives to hedge their currency exposures than those with rational managers. This behavior is consistent with an underestimation of bankruptcy or financial distress costs by overly optimistic managers. The third paper empirically tests the relationship between managerial optimism and the use of large write-offs following CEO turnover. Subsequent to CEO turnover, it is often observed that incoming CEOs engage in this so called big bath accounting. Losses incurred during the big bath are attributed to the predecessors and the incoming CEOs take credit for future performance improvements. Consistent with their upwardly biased expectations concerning future firm cash flow, we find that firms hiring optimistic managers are less likely to experience an earnings bath in the year of the turnover than those hiring their rational counterparts.
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Brinkman, Trevor Joseph. "Constructing volatility surfaces for managed funds." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/8530.
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Includes bibliographical referencesIn this dissertation, a methodology is developed for constructing a volatility surface for a managed fund by extending the work of Bakshi et al. (2003) and Taylor (2014). The power utility assumption (with constant relative risk aversion for a specific maturity) and historical returns series data are used for the identified factors in influencing the return of the fund and the fund itself. The coefficient of relative risk aversion for a specific maturity and market is estimated from quoted option prices on a market index. This is used in combination with the identified factors and fund return series to estimate the risk-neutral skewness of the fund. An optimisation procedure is then used to determine the volatility smile of the fund for a specific maturity. Thereafter, the volatility surface of the fund is constructed by repeating each step for different maturities. Although this methodology produces sensible results, the optimisation routine used is sensitive to initial values and constraints.
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Liu, Tony Xiao. "Heterogeneous managers, distribution picking and competition." Thesis, University of Warwick, 2015. http://wrap.warwick.ac.uk/88891/.
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The first chapter of this thesis develops a model where a number of new hedge funds with unknown and varying ability compete to enhance their reputations by registering high performance relative to their peers. The funds’ choice variable is their return distribution, which financial engineering gives them complete control over subject to a constraint on their means that proxies for ability. This approach has the advantage of not requiring knowledge of fund moneymaking strategies. In all equilibria, funds play tail risk in expectation, and increasing the number of competitors causes tail risk and fund failure rates to rise. This is because a higher number of competitors makes it more difficult to stand out with high relative performance. In the second chapter, a variant of the model where the fund with the greatest Bayesian probability of being a high ability type wins the reputational boost is analysed as a robustness check. Funds still play tail risk, but the results from chapter 1 are weakened by the existence a class of equilibria where tail risk does not increase with the number of funds. Some equilibria of this new model correspond to the setting of Foster and Young (2010), with low ability funds mimicking high ability funds. This is because the more rational version is less like a Blotto Game and closer to a pure signalling model. In the last chapter, an incentive bonus scheme (2 and 20) commonly used in the hedge fund industry is added to the model. When funds play probability mass above the bonus threshold, such a scheme raises failure risk compared to the basic model from part 1 under some mild conditions. When financial engineering that enables return manipulation is available and managers are constrained by innate ability, such a bonus scheme gives funds incentives to play probability mass at high return levels at the cost of tail risk. With the bonus scheme, funds play less probability mass at higher variance above the bonus threshold. The model also returns a restriction on the minimum amount of tail risk.
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Muljono, Paramita. "Negotiating gender and bureaucracy : female managers in Indonesia's Ministry of Finance." Thesis, University of East Anglia, 2013. https://ueaeprints.uea.ac.uk/44845/.
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There is global recognition of the need for more women in decision-making positions within bureaucracies to ensure gender-equitable policies and outcomes. Article 7 of the Convention of the Elimination of the Discrimination against Women commits states to ensure equality between women and men in political and public life, including participation in formulating government policy. In Indonesian government agencies, women now are employed in almost equal numbers to men. This thesis considers whether these changes represent genuine empowerment for these women, focussing on the gendered processes within the Ministry of Finance (MOF). There is a small but growing literature on female managers in developing country government agencies. However, no studies systematically combine an analysis of gendered processes within these organisations with an exploration of women’s work/family balance. This thesis develops such a combined approach. It draws on a range of data sources including interviews with 121 MOF employees, personal observation and documents. The analysis compares gendered practice within three different ministerial departments. Drawing on Goetz’s concept of the “gendered archaeology of organisation”, this thesis reveals a high degree of gender inequality in the daily practices. This includes overt discrimination in recruitment, as well as more indirect forms of discrimination in promotion and training. The thesis considers how employment in the MOF shapes the identities of female managers, and how these women balance their domestic lives with their careers. Among other things, this considers the effects of corruption, Islamic conservatism, Javanese culture, a bureaucratic reform programme and a gender mainstreaming initiative. The thesis observes how these women exercise agency within and outside the MOF, and the extent to which their education and professional status empower them in their working lives. The thesis also examines how gendered processes within the MOF affect its external policies.
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Svoboda, Petr. "Financování developerských projektů." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2013. http://www.nusl.cz/ntk/nusl-225944.
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This thesis disserts on real estate development projects. The main targets are analysis of current situation in the field of real estate development and suitable ways of financing such projects. As a result this text should bring a detailed insight into how real estate development projects are managed and evaluated.
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Fang, Rong. "Liquidity and performance of actively managed equity funds." Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/12133/.
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Most scholars have concluded that actively managed equity mutual funds as a whole underperform their passively managed counterparts, linked to some benchmarks. In other words, active equity fund managers on average do not have enough significant stock-picking abilities to add value for investors. However, earlier investigations may be flawed through failure to give adequate consideration to liquidity. Hence, this research pays much attention to liquidity effects on mutual fund performance and argues that it is a preference for holding highly liquid stocks which results in the perceived underperformance. First, we find no significant liquidity premium at fund level, no matter the holding period returns or risk-adjusted performance. This indicates that all or almost all active equity fund managers in effect pay considerable attention to liquidity. We also examine the effects of liquidity on fund performance among actively managed equity funds. In contrast with earlier research, we find that actively managed equity funds in the aggregate perform close to the passive strategy. That means, on average, active equity fund managers do at least have talent sufficient to generate returns to cover costs that their funds impose on investors. This we attribute to the liquidity requirement of mutual funds. Moreover, using bootstrap simulation, we discover that many more mutual funds can be classified as skilled funds rather than lucky funds, once a liquidity factor has been included. Thus, our research provides a new insight into mutual fund performance, and highlights liquidity as an important and non-negligible determinant in the evaluation of mutual fund performance.
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Corte-Real, M. "The risk management within European equity asset managers." Thesis, City, University of London, 2017. http://openaccess.city.ac.uk/17566/.
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The objective of this research is to understand what risk management processes are currently in place amongst active European equity asset managers, and to determine which practises are most effective. The focus of this research is on active equity portfolios within the European markets. The thesis is divided in five chapters: 1) Introduction, 2) Introduction and literature of risk management in financial institutions, 3) How risk management is currently used in European funds; a survey of 200 asset managers and hedge funds is undertaken to identify current approaches to risk management, and identify what might need to be improved, chapter, 4) using a unique survey, a comprehensive analysis of the level of risk that pension fund clients (Board Members, Chief Financial Officers, and upper management of organisations with pension funds under third-party management), family offices that invest in hedge funds and Intermediate Financial Advisors (IFAs in UK) are willing to accept, and 5) Conclusions. This will cover the financial crisis and the on-going subsequent recovery. The key findings from Chapter 2 are that there is limited literature in this subject, from Chapter 3 that there is significant issues within the risk management systems utilized by the various asset managers and that there is a need to improve considerably these systems and from Chapter 4 using a unique survey we gather a comprehensive analysis of the level of risk that pension fund clients (Board Members, Chief Financial Officers, and upper management of organisations with pension funds under third-party management), family offices that invest in hedge funds and Intermediate Financial Advisors (IFAs in UK) are willing to accept. To the best of our knowledge, this is the first comprehensive study of current risk management practices within active European equity asset managers.
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Piacentino, Giorgia. "Theories of the effects of delegated portfolio managers' incentives." Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/680/.
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Delegated portfolio managers, such as hedge funds, mutual funds and pension funds, play a crucial role in financial markets. While it is well-known that their incentives are misaligned with those of their clients, the consequences of this misalignment are understudied. This thesis studies the effects of delegated portfolio managers' incentives in the real economy, in corporate governance and in portfolio allocation. In the first paper, 'Do institutional investors improve capital allocation?', I show that delegated portfolio managers' misalignment of incentives - which I model as their career-concerns - has real and positive economic effects. I find that delegated portfolio managers allocate capital more efficiently than other investors who do not face similar incentives; this promotes investment, fosters �firms' growth, and enriches shareholders. In the second paper, 'The Wall Street walk when investors compete for flows"', Amil Dasgupta and I show a negative side of delegated portfolio managers' career concerns. When delegated portfolio managers hold blocks of shares in �firms, the more they care about their careers, the less effectively their exit threats discipline �firm managers. Our result generates testable implications across different classes of funds: only those funds who have relatively high-powered incentives will be effective in using exit as a governance mechanism. Finally, the third paper, 'Investment mandates and the downside of precise credit ratings', co-authored with Jason Roderick Donaldson, studies whether the misalignment of incentives between delegated portfolio managers and their investors are tempered with contracts based on precise credit ratings. Surprisingly, we find that while, at equilibrium, portfolio managers write contracts making reference to credit ratings, this is inefficient; in particular, as the rating's precision increases everyone is worse off.
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Giacché, Carlotta Lucia. "Female senior managers in the Brazilian finance industry: a journey towards success." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/15851.
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At the global level, the representation of female leaders in organisations is often still in single figures in percentage terms. Particularly in finance, these records are below industry average, and the strong competition and male-dominated regime make it difficult for women to make it to the top (Torres et al., 2013; OECD Better Life Index 2015). This can be due to a lack of work-life balance, differing leadership styles, women being intimidated, or conformance with conventionally embedded family structures. In Brazil, traditional codes of conduct are very palpable in the country’s society, even tthough it has also benefited from a strong presence of feminist movements across the second half of the last century (Tate and Yang, 2015; Bowles et al. 2007; Niederle and Vesterlund, 2007). In recent years, the Brazilian finance industry has been growing, providing greater employment opportunities and career developments within national and international corporations (Chiang et al., 2013; Bruschini, 2007). This dissertation focuses on the challenges that female finance leaders in Brazil face during their careers. This will be achieved by a social media analysis focusing on women’s years of work experience, current position, and whether they have children, as well as with 10 semi-structured interviews carried out with finance executives in Brazil. These steps will encompass gaps in the literature and consequent recommendations for future research
No nível global, a representação de líderes de sexo feminino nas empresas muitas vezes ainda se dá em números baixos em termos de percentagem. Particularmente em finanças, esses registros estão abaixo da média da indústria, e a forte concorrência e o ambiente de trabalho dominado pelos homens tornam difícil para as mulheres atingir o topo da pirâmide corporativa (Torres et al., 2013; OECD Better Life Index 2015). Isto pode ser devido a uma falta de equilíbrio trabalho-vida, diferentes estilos de liderança, as mulheres sendo intimidadas, ou a conformidade com estruturas familiares convencionalmente englobadas. No Brasil, os códigos de comportamento tradicionais são muito palpáveis na sociedade do país, embora esta também tenha se beneficiado de uma forte presença de movimentos feministas na segunda metade do século passado (Tate and Yang, 2015; Bowles et al. 2007; Niederle and Vesterlund, 2007). Nos últimos anos, o setor financeiro brasileiro tem crescido, oferecendo maiores oportunidades de emprego e desenvolvimento de carreira nas corporações nacionais e internacionais (Chiang et al., 2013; Bruschini, 2007). Esta dissertação aborda os desafios enfrentados por líderes de sexo feminino do mercado financeiro brasileiro e as suas trajetórias de carreira. Este objetivo será atingido por meio de uma análise de mídia social, focando nos anos de experiência de trabalho das mulheres analisadas, a posição atual delas e se elas têm filhos, bem como com 10 entrevistas semiestruturadas realizadas com executivas no setor financeiro no Brasil. Estas medidas irão abranger lacunas na literatura e consequentes recomendações para pesquisas futuras.
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Agenbag, André. "Using real option analysis to manage project risk." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53707.
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Thesis (MBA)--Stellenbosch University, 2003.ENGLISH ABSTRACT: This study project aims to use "Real Option Analysis" as a tool to translate financial hedging strategies into business strategies that can be used to hedge business projects against their associated risks. Financial investments are often hedged by means of further investment in financial option structures. These option structures give the investor the option (and sometimes the obligation) to change the constituents of his original investment, depending on changes in the external environment. A well engineered option structure will protect the investor against downside risk, while maximizing profits from upside risk. The objective of this study project is then to adapt some of the standard structures to such an extent that they can be used with similar success in the real business environment. This adaptation is done by means of Real Option Analysis - a relatively new theory whereby business uncertainty and managerial flexibility can be evaluated and quantified in a way similar to financial options. It will be seen that a careful application of Real Option Analysis allows one to take a certain business situation, identify the risks inherent to it, find a suitable option structure to hedge against those risks, and modify this option structure so that it can be implemented as a pure business strategy. This analysis is supported by a detailed derivation of a popular Real Option Analysis model, and an in depth discussion of the differences between Real- and financial options as well as difficulties associated with the implementation of Real Option-based strategies. Several examples of specific business situations are analyzed and it is concluded that Real Option Analysis can provide useful, practical and competitive strategies. Above all, the thought process leading to said strategies is deemed to provide powerful insight into the dynamics of the business/project under evaluation.
AFRIKAANSE OPSOMMING: Hierdie studie projek poog om "Real Option Analysis" te gebruik om finansiele immuniserings strategiee om te skakel in besigheids strategiee wat gebruik kan word om besigheids projekte te beskerm teen hul inherente risikos. Finansiele beleggings word dikwels geimmuniseer deur middel van verdere beleggings in finansiele opsie strukture. Hierdie strukture gee aan die belegger die opsie (en soms die verpligting) om die samestelling van sy oorspronklike belegging aan te pas na gelang van veranderinge in die omgewing. 'n Goed ontwerpte struktuur sal die belegger toelaat om sy winste te maksimeer terwyl verliese as gevolg van negatiewe risiko beperk word. Die doel van die studie projek is dan om sommige van hierdie standaard opsie strukture aan te pas sodat dit nie net in die beleggings wereld nie, maar ook in die besigheids wereld toegepas kan word. Hierdie aanpassing word gedoen met behulp van "Real Option Analysis" - 'n relatief nuwe teorie waarvolgens besigheids onsekerhede and bestuurs aanpasbaarhede geevalueer en gekwantifiseer kan word op 'n soortgelyke wyse as finansiele opsies. Dit sal gesien word dat 'n deeglike toepassing van "Real Option Analysis" die gebruiker toelaat om 'n besigheids situasie te evalueer, die risikos daaran verbonde te identifiseer, 'n toepaslike opsie struktuur te vind wat beskerming sal bied teen hierdie risikos, en dan hierdie struktuur aan te pas sodat dit as 'n besigheid strategie toegepas kan word. Hierdie analise word ondersteun deur die afleiding van 'n populere "Real Option Analysis" model, 'n bespreking van die verskille tussen Rieele- en finansiele opsies, sowel as komplikasies wat verwag kan word tydens die implimentasie van 'n strategie gebasseer op Rieele Opsies. Verskeie voorbeelde van spesifieke besigheids situasies word geanaliseer en dit gee aanleiding tot die gevolgtrekking dat "Real Option Analysis" wel sinvolle, bruikbare en kompeterende strategiee kan voorsien. Verder word daar aangedui dat die denk proses wat lei tot hierdie strategiee, 'n kragtige bron van insig in die besigheid/projek dinamika kan gee.
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Yucedogru, Recep. "Understanding tax morale and tax compliance of owner-managers of small companies." Thesis, University of Nottingham, 2016. http://eprints.nottingham.ac.uk/33993/.
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Owner managers of small companies (OMSCs) present an important group for tax research, as they constitute a majority of taxpayers, although little is known about their tax compliance behaviour. Hence, the key purpose of this study is to understand how OMSCs’ tax compliance and tax morale, intrinsic motivation to pay taxes, are shaped through their social roles: as an individual and as a manager. Moreover, the study explores the influential factors on OMSCs’ tax morale such as religiosity. This study is particularly important for providing a detailed picture of the factors that are key to successful tax compliance, which might help OMSCs and policy design. Additionally, it is one of the first studies to understand OMSCs’ tax morale, particularly the first one in the context of Turkey, with a predominant by Muslim population. This study is based on three phases. First, the OMSCs’ tax morale model is developed building on the Theory of Planned Behaviour. In this phase, the factors that are grouped under Personal Norms, Corporate Norms and Perceived Behavioural Control are identified with the critical review of literature and their influences on OMSCs’ tax morale and tax compliance are discussed. Next, in the qualitative exploratory phase of the research, the model’s relevance to the research context is confirmed and necessary modifications to the model are made according to the results of the thematic analysis of 20 face to face interviews with OMSCs. The third phase comprised the confirmatory phase of the research. Based on 447 responses from an on-line survey, the model was tested using Structural Equation Modelling via Partial Least Squares. The results of this study show a strong positive relationship between tax morale and tax compliance of OMSCs. Interestingly, the most influential factor in predicting and explaining tax morale are Personal Norms, which refer to OMSCs’ personal beliefs and values, including religiosity. In contrast, Corporate Norms, which refer to normative beliefs of an OMSC about his/her company, were found to be affecting negatively on tax morale but in terms of magnitude are far less influential than Personal Norms. Perceived Behavioural Control positively influences tax morale but again to a smaller extent compared to Personal Norms. These findings suggest that OMSCs’ personal beliefs and values are the main determinant of their tax compliance behaviour rather than their corporate concerns. Overall, the current study illustrates how tax morale and tax compliance of OMSCs are shaped by using the model that utilises the factors that are discussed in the literature alongside additional factors that have emerged from the qualitative phase of this study. The model benefits policy makers by portraying OMSCs’ tax morale that might help policymakers to identify problems and aid them in devising policies to improve tax compliance of OMSC.
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Lightbody, Margaret. "Financial managers in a church organisation : understanding their experience /." Title page, contents and abstract only, 2000. http://web4.library.adelaide.edu.au/theses/09PH/09phl7236.pdf.
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Jayasundera, T. (Thanushka). "Persistence and predictability of forward exchange arbitrage in managed rate currencies in comparison to free-floating currencies." Master's thesis, University of Oulu, 2014. http://urn.fi/URN:NBN:fi:oulu-201406101743.
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This paper attempts to analyse whether forward exchange arbitrage in currencies of managed rate regimes behave differently from currencies of free floating regimes in the forward exchange market. For this purpose, currencies of Great Britain, the European Union, and Japan are used as proxy currencies for free floating currencies. Proxy currencies for managed rate currencies are the Sri Lankan Rupee, the Indian Rupee, the Russian Rouble and the Brazilian Real. The US dollar is used as the anchor currency for both sets of currencies.
The core of the paper revolves around the pricing difference between the fundamental forward price and the market forward price. Fundamental forward price is calculated based on the interest rate differentials of the two currencies; this is in concurrence with the interest rate parity condition. Market price is based on the forward pips and the spot rate.
This analysis concentrates on the persistence of mispricing availability, the availability of forward pricing differences and the predictability of the mispricing in both sets of currencies. Finally, we also test whether the current forward price can predict the future spot price based on the interest rate parity theory.
We present evidence that almost all the currencies have forward rate mispricing. However, we also present evidence to prove that mispricing in free floating currencies is extremely small, while managed rate currencies offer significant mispricing that could be exploited for arbitrage purposes. We also present evidence to establish that persistence of mispricing is specific to the currency pair and cannot be clearly attributed to the exchange rate regime.
This paper also finds that it is not possible to statistically forecast the mispricing in both free floating and managed rate currencies. Further, failure of interest rate parity theory to accurately forecast the future spot rate is also documented.
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Boyson, Nicole M. "The impact of hedge fund managers' career concerns on their returns, risk-taking behavior, and performance persistence." Columbus, Ohio : Ohio State University, 2003. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1068824340.
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Thesis (Ph. D.)--Ohio State University, 2003.Title from first page of PDF file. Document formatted into pages; contains xi, 96 p.; also includes graphics (some col.). Includes abstract and vita. Advisor: René M. Stulz, Graduate Program in Business Administration. Includes bibliographical references (p. 64-69).
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Hart, Craig A. "The private sector's capacity to manage climate risks and finance carbon neutral energy infrastructure." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/38599.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Political Science, February 2007.Includes bibliographical references (v. 2, leaves 275-312).
This dissertation examines the financial aspects of climate change relating to the private sector's capacity to manage climate risks and finance carbon neutral energy infrastructure. The dissertation examines (a) potential risks posed by climate change to private sector investment in critical infrastructure, (b) the potential effectiveness of standard private contractual methods for mitigating risks posed by climate change, (c) the capacity of private capital markets to finance carbon neutral energy infrastructure, and (d) the potential for market failure in developing carbon neutral energy infrastructure. The dissertation first identifies climate risks to infrastructure by examining scientific evidence concerning climate change from studies and atmospheric models. Based on this data, it modifies a framework widely used by practitioners in the finance field for purposes of evaluating financial risks in infrastructure projects. Using the modified risk assessment framework, the dissertation identifies financial risks posed by climate change to financing and developing infrastructure. The dissertation then assesses whether these climate risks can be mitigated and managed by employing private contractual methods typically used in infrastructure finance, such as insurance, derivatives, and carbon offsets.
(cont.) Each contract is evaluated based on the following six criteria: (a) scope of risk covered, (b) geographic coverage, (c) contract duration, (d) availability, (e) price, and (f) market capacity. Based on these criteria, the potential for these private contractual methods to address long-term climate change risks is assessed. The evaluation of climate risk and methods to address these risks are similar to the identification, allocation, and mitigation of risks that is commonly preformed by banks and project sponsors in order to evaluate the risks of an infrastructure investment. The conclusion of the dissertation's analysis is that climate risks will pose fundamental problems for infrastructure finance, including that no party may be best positioned to accept and mitigate climate risks, and that private contractual methods typically used by the private sector will be inadequate to address climate risks in a comprehensive and cost-effective manner. If this is true, climate risks should reduce the private sector's willingness or ability to invest in or develop infrastructure. The risk assessment analysis will be supplemented by three case studies focusing on different financial aspects of climate change in sectors of the economy that are critical to developing carbon neutral energy infrastructure:
(cont.) (i) the capacity of capital markets to supply adequate investment capital to develop a portfolio of carbon neutral electricity infrastructure providing 10-15 TW of power within a 50-year period, (ii) the financial effects of increasingly intense storms on the electric utility industry in the Eastern United States from 1990 to 2005, and (iii) the financial effects of the increasing frequency and intensity of natural catastrophic events on the insurance industry from the 1970's to 2005, especially in connection with underwriting risks for energy infrastructure. The research is supported by a survey of the insurance, derivatives, banking, and energy industries with respect to their use of private contractual risk management methods and an examination of the models used to price these contractual instruments. This dissertation is intended to contribute to economic and policy literature concerning climate change by providing an analysis of how the financial aspects of climate change might influence the capacity and willingness of the private sector to invest in carbon neutral energy infrastructure.
by Craig A. Hart.
Ph.D.
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Bernoussi, Achraf. "Banque chef de File, syndicat bancaire et introduction en bourse : application aux marchés boursiers européens." Phd thesis, Université du Droit et de la Santé - Lille II, 2012. http://tel.archives-ouvertes.fr/tel-00944172.
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L'introduction en Bourse est une opération de financement majeure dans la vie d'une entreprise. Le choix des intermédiaires-conseils revêt une importance capitale, particulièrement celui du syndicat bancaire dont les responsabilités sont importantes, à l'image de la certification du prix d'émission et la réussite du placement des titres. Les multiples asymétries d'information et les anomalies des marchés boursiers impliquent pour l'émetteur de prendre les bonnes décisions. Nous nous intéressons particulièrement à la compréhension des critères de sélection utilisés par l'entrepriseémettrice dans le choix de la banque chef de file. Parmi ceux-ci, le critère de réputation dont les travaux empiriques, majoritairement outre-Atlantique, ont mis en évidence l'impact positif dans l'atténuation des déviations observées sur le marché boursier. La démarche suivie pour argumenter cette thèse nous a conduits, dans le premier chapitre à justifier notre positionnement théorique et à développer notre cadre de recherche. Dans le deuxième chapitre, nous présentons une étude de cas de l'introduction en Bourse d'Electricité de France, opération européenne majeure réalisée durant cette dernière décennie et entreprenons une démarche qualitative dans laquelle nous prenons en compte la réalité économique et financière. Enfin, la vérification empirique de cette problématique est développée dans le troisième chapitre. Nous réalisons une étude statistique sur un échantillon d'introductions en Bourse européennes afin d'apporter des éclaircissements sur la structure de la syndication bancaire et examinons le lien de cette structure avec la réputation de la banque chef defile.
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Wang, Jeffrey J. "Asset Managers and Financial Instability: Evidence of Run Behavior and Run Incentives in Corporate Bond Funds." Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17417581.
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Asset managers may be a source of systemic risk due to their risk-taking strategies and vulnerability to dramatic outflows. Investor withdrawals trigger asset sales and redemption costs that only impact remaining investors in the fund. Liquidation lag and mark-to-market lag translate these redemption costs into run incentives. This paper first tests for run-like behavior in corporate bond mutual funds and then tests for the underlying run incentive, measured by the NAV impact. I find that illiquid bond funds are significantly more sensitive to past performance than liquid funds and experience up to 43.6% more outflows given a 1% decrease in returns. Furthermore, net flows into bond funds held primarily by institutional investors are less sensitive to performance but more sensitive to illiquidity than flows into funds held by retail investors, suggesting that institutional bond funds may be more vulnerable to runs. Finally, using a novel dataset, I proxy for the illiquidity of a fund’s underlying bonds and quantify the run incentive. Given 10% net outflows, funds that have insufficient cash and hold bonds of illiquidity 3-5 deviations from the mean experience a significant decrease in NAV of about 34-49 basis points. This paper contributes to the mutual fund and runs literature by offering new empirical evidence of run behavior and run incentives in corporate bond funds.Applied Mathematics
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Borg, Andrew Edward. "Strategies Agency Managers Use to Retain Recruiting Staff." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2790.
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The high rate of employee turnover in the staffing industry is costly and impedes sustainability of employment agencies. The focus of this qualitative single case study explored strategies that 10 human resource managers (HRMs) and 5 HR directors used to retain recruiting staff at one regional recruiting agency in the southeastern region of the United States. The target population and research site were selected because of prior success in employee retention strategies. The conceptual framework grounding this study was sustainability theory. Methodological triangulation was achieved with semistructured interviews and focus group data. Data were thematically analyzed using Atlas.ti7, and all interpretations from the data were member checked to ensure the trustworthiness of findings. Emergent themes from the analysis revealed that these HRMs and HR directors increased employee job training, improved transparency in strategic planning and business practices, and enhanced communication of their employees' roles and responsibilites. The application of the findings may contribute to social change by providing HRMs and directors with insights that could improve employee retention and organizational sustainability. Stakeholders may benefit from an increased understanding of employee retention strategies and potentially reduce employee turnover for the local community.
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Hysmith, Ryan Thomas. "Impact of Student-managed Investment Fund Participation on Financial Knowledge, Financial Satisfaction and Financial Behavior." Thesis, Northcentral University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10287703.
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The purpose of this quantitative, nonexperimental study was to examine the effect of student-managed investment fund participation on financial knowledge, financial satisfaction, and the occurrence of best practice financial behaviors. Student-managed investment funds are experiential learning opportunities where student-led investing occurs in an academic setting. Households in the United States headed by millennials age 25-34 are exhibiting declines in retirement plan participation, financial knowledge, best practice financial behaviors and household net worth. The specific business problem addressed is the lack of financial knowledge necessary to make best practice financial behavior decisions at an early age. Participants for the study consisted of three groups of alumni who graduated between 2007 and 2016 from a selected Tennessee university: finance majors within the College of Business, College of Business students who participated in a student-managed investment fund, and all other College of Business students. An online survey was distributed to 301 College of Business graduates and 131 complete responses were received (N=131). The two methods used for statistical analysis for this study were one-away ANOVA and an analysis of two independent group means. The findings provided statistical support for the impact of student-managed investment fund participation on financial knowledge, but did not provide statistical support for the relationship between student-managed investment fund participation and financial behaviors or financial satisfaction. As such, educators and policymakers should utilize experiential learning opportunities in financial education initiatives to increase financial knowledge. Recommendations for future research include a longitudinal study of student-managed investment fund participant financial knowledge, satisfaction, and behaviors.
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Everett, John M. "Passive Investing's Implications for Actively Managed Funds." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2242.
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In theory, as a greater share of capital is invested passively rather than actively managed, stock prices will be freer to diverge from fair value, resulting in marginally less efficient equity markets. The effect should be an amplification of managerial skill, which manifests itself in the tails of α distributions. I find evidence that mutual fund α distributions differ increasingly as a function of the share of assets invested in passive vehicles. However, I find no evidence that the “tailedness” of the distributions increases as a function of the share of assets invested passively. This may be a result of the limited sample size, or it may be that higher levels of passive share are required for this effect to materialize.
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Garvert, Stacie. "Performance of female hedge fund managers." Thesis, Manhattan, Kan. : Kansas State University, 2008. http://hdl.handle.net/2097/548.
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Guo, Yongsheng. "The perception of value creation by relationship managers in corporate banking : insights into relationship banking." Thesis, University of Glasgow, 2006. http://theses.gla.ac.uk/8041/.
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This study explores the value creation in relationship banking from the relationship managers' perspective. A grounded theory approach (Strauss and Corbin, 1998) is adopted that theory is derived from data, systematically gathered and analyzed throughout the research process. This study derives concepts and categories from primary data and identifies relationships among these theoretical elements. This study provides a comprehensive picture of relationship banking as a social phenomenon, and supplies some theoretical and managerial implications. Moreover, this study links the literature relevant to relationship banking from different disciplines. This is a new way of looking at the relationship banking phenomenon and relevant literature in an integrated manner. This study conducted research to investigate why the case banks establish long-term relationships with corporate customers? The case banks considered macro conditions including the advances in technology, financial deregulation, and business globalisation when they adopted relationship banking. The interviewees perceived that relationship banking was efficient for managing risk, effective for saving cost and necessary for cross-selling. Some intervening conditions including customer information and knowledge, customer needs and customer confidence also influence the development of relationship banking. This study investigated how the case banks establish and maintain these relationships and how they organise and motivate relationship managers? The case banks built a relationship orientated corporate culture, organised employees around customer relationships and employed customervalue based performance measurement and incentive-based reward system. The employees cooperated inside the organisation and communicated with their customers regularly, exchanged information and provided relationship transactions. This study also investigated how the case banks and corporate customers get benefits from relationship banking? The interviewees perceived that the corporate customers gained benefits including fund availability, product availability, service quality, in-time heir, and business platform. The case banks gained benefits including reduction of credit risk, increase in income, sustainable profit, customer satisfaction, employee satisfaction. The findings were integrated and linked to some banking, finance, organisation and marketing literature related to relationship banking phenomenon. The case banks increased internal service quality through employee relationship management and improved employee satisfaction. The interviewees perceived that the corporate customers received benefits in the corporate banking market by customer relationship management. The increased customer satisfaction resulted in customer retention and profit to the case banks. The case banks perceived that added shareholder wealth improved shareholder satisfaction. This study concluded that the case banks, which had more relationship banking competitive advantages and better relationship banking, related processing systems were expected to outperform the competing banks.
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Cheang, Sok Kuan. "The changing roles of bank branches and their managers : the case of Macao." Thesis, University of Macau, 2004. http://umaclib3.umac.mo/record=b1636216.
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Davids, Nadia. "The importance of financial management knowledge and accounting skills among department managers in the hotel industry within the Cape Town metropolis." Thesis, Cape Peninsula University of Technology, 2017. http://hdl.handle.net/20.500.11838/2650.
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Thesis (MTech (Business Administration))--Cape Peninsula University of Technology, 2017.The hospitality industry has undergone far-reaching changes based on discussions held with industry representatives. Due to the rapid development of accounting systems there is an over reliance on systems to control costs. This influences the accounting skills of department managers, which are insufficient to manage their departments effectively. The research investigates the role and relevance of accounting skills amongst department managers of selected hotels in Cape Town. The research methodology employed a semi-structured questionnaire that was used to collect quantitative and qualitative data. The focus was on selected three-star (3) and five-star (5) hotels within Cape Town. The findings were drawn from a small sample of 45 hotels, among which 35 participants from the 45 hotels completed the questionnaire. A review of literature identified a strong need for department managers to have accounting skills, but there is limited evidence whether they actually hold these skills. Statistical analysis of the responses revealed that less than 50% of the participants were confident that they had sufficient accounting skills to manage their departments effectively. Two key issues were identified (1) the benefits of accounting skills (2) the need for formal accounting skills training. If the findings and concerns of the lack of accounting skills are not addressed it will affect cost control, costs will increase and profitability will be negatively affected. Recommendations include more interaction and forging links between academia and industry. A challenge for hospitality academics is review current financial management training provided and introduces mentorship programmes to develop the accounting skills of department managers.
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Kanee, Emmanuel Lah. "Strategies to Manage Transfer Pricing Risks." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7812.
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Transfer pricing compliance related issues continue to pose challenges to leaders of multinational entities (MNEs) and tax regulators. MNE leaders strive to mitigate the risks of non-compliance violations and double taxation, while tax regulators seek to minimize profit shifting and revenue losses. This multiple case study explored strategies for managing transfer pricing risks against the backdrop of various risks MNE leaders face for non-compliance violations. The cost contribution agreement theory served as the conceptual framework for this study. Data were collected from organizational documents and semistructured interviews conducted with 6 finance executives representing 2 multinational entities in the midwest and southwest regions of the United States who have implemented successful strategies to manage transfer pricing risks. Data were analyzed using Yin's multiple-step thematic analysis process. Following the thematic data analysis 5 themes emerged, including commitment to tax compliance, tax minimization, advance pricing agreement (APA), comparable uncontrolled price method (CUP), and cost plus method (CPM). MNE leaders favor commitment to tax compliance as an effective strategy as penalties for non-compliance increases risks to business functionality. The findings of this study may help business leaders to follow compliance procedures and adopt risk mitigation strategies, while also informing regulators to update tax regulations to reflect current economic realities. The findings of this study could result in positive social change through an enhanced governmental revenue that stimulates economic growth, improves productivity, and promotes technological innovations.
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Guimond, Jean-Francois. "Do Mutual Fund Managers Have Superior Skills? An Analysis of the Portfolio Deviations from a Benchmark." Digital Archive @ GSU, 2006. http://digitalarchive.gsu.edu/finance_diss/12.
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By construction, actively managed portfolios must differ from passively managed ones. Consequently, the manager’s problem can be viewed as selecting how to deviate from a passive portfolio composition. The purpose of this study is to see if we can infer the presence of superior skills through the analysis of the portfolio deviations from a benchmark. Based on the Black-Litterman approach, we hypothesize that positive signals should lead to an increase in weight, from which should follow that the largest deviations from a benchmark weight reveal the presence of superior skills. More precisely, this study looks at the subsequent performance of the securities corresponding to the largest deviations from different external benchmarks. We use a sample of 8385 US funds from the CRSP Survivorship bias free database from June 2003 to June 2004 to test our predictions. We use two external benchmarks to calculate the deviations: the CRSP value weighted index (consistent with the Black-Litterman model) and the investment objective of each fund. Our main result shows that a portfolio of the securities with the most important positive deviations with respect to a passive benchmark (either CRSP-VW or investment objective), would have earned a subsequent positive abnormal return (on a risk-adjusted basis) for one month after the portfolio date. The magnitude of this return is around 0.6% for all the funds, and can be as high as 2.77% for small caps value funds. This result is robust to all the performance measures used in this study.
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Enticott, Steven John. "A critical evaluation of exchange traded option 'Delta' as a risk management tool for self-managed superannuation funds." Australasian Digital Thesis Program, 2006. http://adt.lib.swin.edu.au/public/adt-VSWT20061117.125347.
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Thesis (DBA) - Swinburne University of Technology, 2006.Submitted to the partial fulfilment of the requirements for the degree of Doctor of Business Administration, Australasian Graduate School of Management, Swinburne University of Technology, 2006. Typescript. Includes bibliographical references (p. 89-92).
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Merz, Jacqueline Ann Kern. "Stages of concern of managers about the adoption of satellite systems for training the Defense Finance and Accounting Service." Diss., This resource online, 1996. http://scholar.lib.vt.edu/theses/available/etd-06062008-154525/.
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Sellgren, Jakob, and Rickard Karlström. "Portfolio Risk : In the eyes of institutional portfolio managers." Thesis, Jönköping University, JIBS, Accounting and Finance, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-418.
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Bakgrund Människor måste alltid fundera över risk och avkastning. Att omkring 80% av svenskarna äger någon form av fond skapar ett stort beroende av hur en extern aktör, portföljförvaltare, ser på begreppet och hur de hanterar portföljrisken mer precist. Det är därför intressant för alla investerare att förstå om och hur portföljrisk används och ses på utifrån förvaltarna som styr över vårt sparande. Är deras synsätt speglat i de befintliga teorierna och används den ofta kritiserade riskvariabeln beta i praktiken.
Syfte: Syftet med magisteruppsatsen är att förklara och analysera hur institutionella investerare använder risk i portföljförvaltning, illustrera hur de i praktiken använder riskvariabler och om risk är nära relaterat till avkastning.
Metod: Den här uppsatsen har sin utgångspunkt i den kvalitativa forskningsmetodiken för att kunna analysera hur portföljförvaltare ser på portföljrisk. Ett slumpmässigt urval av nio portföljförvaltare, oberoende av storlek och strategi, valde att ställa upp på intervjuer. De intervjuade fick fritt besvara frågorna för att skapa en så heltäckande bild som möjligt av de olika uppfattningarna inom portföljrisk.
Slutsats: Analysen av det empiriska materialet visar att det är svårt att frambringa en enhetlig syn på portföljrisk och definition av densamma. De intervjuade skiljer sig åt i de flesta frågor förutom i kritiken mot betas värde som riskvariabel. Ingen använder beta som främsta riskmått, istället används riskvariabler som Value at Risk, tracking error och/eller variansen av avkastning.
De statligt ägda fonderna använder sig av strategier där riskhantering kommer i främsta rummet och de ser även en stark koppling mellan risk och avkastning. Värdet av riskhantering skiljer sig åt bland de privata portföljförvaltarna eftersom några aktivt justerar och övervakar risknivån medan andra inte använder sig av risktänkande alls. Korrelationen mellan risk och avkastning är inte heller uppenbar då några anser att sambandet inte alltid är positivt eller linjärt.
Background: Humans have to constantly consider risk- and return tradeoffs. The fact that about 80% of the Swedish population owns some kind of mutual fund creates a great dependency on how an external part, a portfolio manager, views this tradeoff and especially how the concept of portfolio risk is looked upon. It becomes interesting for all investors to understand if and how portfolio risk is utilized and looked upon through the eyes of the mangers in charge over our savings. Do their view of risk and return translate to available theories and is the theoretically popular and much criticized beta measure used at all in practice.
Purpose: The purpose of this master thesis is to describe and analyze how institutional investors apply the concepts of risk in portfolio management, to illustrate how they work with risk variables in practice and if risk is closely linked to return.
Methodology: To be able to thoroughly analyze a few selected portfolio managers’ view on portfolio risk, this thesis has its foundation in the qualitative research approach. A random sample of nine mutual funds’ portfolio managers, independent of size and investment strategies, agreed to participate in face-to-face inter-views. The interviewees were allowed to answer freely in order to get the full picture of the different views of portfolio risk.
Conclusion: The analysis of the empirical findings makes it clear that it is hard to find a unified view nor a unified definition of portfolio risk. The respondents differ a lot in their opinions in most issues except that they doubt beta being a good risk measure. No one is using beta as its main risk variable, instead risk variables such as Value at Risk, tracking error and variance of returns are used.
The government operated funds have strategies putting risk management on the frontline and sees a strong connection between risk and return. The importance of risk management show a large divergence amongst the private portfolio managers since some respondents actively adjust and monitor the level of risk while other employ strategies that do not incorporate risk thinking at all. The correlation between risk and return is not apparent since some respondents do not believe the relation to be linear or positive at all times.
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Bellner, Bruce W. "Dynamic managerial capabilities and competitive advantage : an empirical analysis of managers from the finance and insurance and real estate sectors." Thesis, Heriot-Watt University, 2014. http://hdl.handle.net/10399/2750.
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This thesis empirically investigated dynamic managerial capabilities (DMCs), which are the capacities that managers use to create, extend, and modify resources. The research objectives involved identifying, classifying, and assessing DMCs in generating competitive advantage using resource-based theory (RBT). The overall research aim was to build theory in a critical yet underdeveloped area of the literature. A multi-case study using a phenomenological approach was conducted with managers from five small-to-medium sized enterprises from the finance and insurance and real estate sectors. The managers were interviewed, and described episodes when they reconfigured resources during periods of rapid change (such as the recent financial crisis and recession) in order to compete. A survey questionnaire was also used in which respondents ranked DMCs, and discussed the joint uses of them, including which capabilities were used in developing and operating others. The results of the research showed that managers used specific transformational DMCs in periods of rapid change in order to generate advantage. The DMCs are learning-based (LBDMC) and innovation-based capabilities (IBDMC) and involve participative leadership (PL). They are mutually interdependent and reinforcing, impact on ordinary capabilities, and are evolutionarily fit. They exhibited commonalities, yet are considered idiosyncratic in detail. The results are relevant to the field of strategic management in terms of theory development and practical applicability. The academic contribution exploits a gap in the extant literature, and the research shows how DMCs can be developed, used, and maintained in practice.
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Leger, John Michael, and Janne Dunham Taylor. "Financial Management for Nurse Managers: Merging the Heart with the Dollar." Digital Commons @ East Tennessee State University, 2017. https://www.amzn.com/1284127257.
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Financial Management for Nurse Managers: Merging the Heart with the Dollar, Fourth Edition is a unique text that addresses the financial management issues faced by nurse leaders in a variety of settings, including hospitals, ambulatory/outpatient clinics, long-term care facilities, and home care. With an evidence-based and practical approach, it covers a wide-range of financial information, including healthcare finance, economics, budgeting, reimbursements, accounting, and financial strategies. Completely updated and revised, the Fourth Edition features a new, streamlined structure that concentrates on core financial management topics while condensing supplemental material. As a result, the text is organized into three parts: * Healthcare, the Economy, and Value-Based Purchasing * Budget Principles * Financial Strategies and Accounting Issues The Fourth Edition also focuses on bringing financial concepts to life for students with real-life applications in nursing practice. For instructors, it offers invaluable resources, such as staffing and budgeting practice activities.Completely updated and revised, the Fourth Edition features a new, streamlined structure that concentrates on core financial management topics while condensing supplemental material. As a result, the text is organized into three parts: Healthcare, the Economy, and Value-Based Purchasing Budget Principles Financial Strategies and Accounting Issues
The Fourth Edition also focuses on bringing financial concepts to life for students with real-life applications in nursing practice. For instructors, it offers invaluable resources, such as staffing and budgeting practice activities. Applicable Courses
Nursing: Financial Management, Finance, Budgeting, and Financehttps://dc.etsu.edu/etsu_books/1139/thumbnail.jpg
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Köchling, Gerrit [Verfasser], Peter N. [Akademischer Betreuer] Posch, and Stefen [Gutachter] Strese. "Essays in finance: corporate hedging, mutual fund managers’ behavior, and cryptocurrency markets / Gerrit Köchling ; Gutachter: Stefen Strese ; Betreuer: Peter N. Posch." Dortmund : Universitätsbibliothek Dortmund, 2021. http://d-nb.info/1231543108/34.
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Berg, Hannah. "Liquidity Risk and Mutual Fund Manager’s Stock Choice." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2089.
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Liquidity risk is a large issue faced by mutual funds. Large funds typically trade in size, and these large sizes often have a significant impact on prices. My hypothesis is that large funds will not invest in illiquid assets as much as smaller funds due to the price sensitivity of illiquid assets. While this seems obvious, the results from this study are not in agreement with this hypothesis. My paper finds that as the illiquidity of a stock increases, so does the probability that a large fund invests in the stock.
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Barker, Richard Graham. "The role of accounting information in investment decisions on the London Stock Exchange : a study of finance directors, analysts and fund managers." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.388003.
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Tama-Sweet, Isho 1973. "Do managers alter the tone of their earnings announcements around stock option grants and exercises?" Thesis, University of Oregon, 2009. http://hdl.handle.net/1794/10242.
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ix, 69 p. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.In this dissertation I investigate whether managers alter the linguistic tone of their earnings announcements to increase the value of their stock options. Empirical research finds evidence that managers use optimistic tone to signal future firm performance. However, prior literature also finds a positive relation between optimistic tone in earnings announcements and short-window abnormal returns. The market reaction to optimistic tone suggests that managers can profit from using pessimistic tone to lower the firm's stock price prior to option grants and optimistic tone to increase the stock price prior to option exercises. I hypothesize that managers adjust the tone of their earnings announcements to increase the value of their stock options. In addition, I hypothesize that managers will alter the tone to increase option payouts when the costs of doing so (proxied by litigation risk) are low and when the financial reporting incentives to do so (proxied by earnings management) are high. I test these predictions using 17,211 firm-quarter observations from 1998-2006. In my tests I regress the tone of the earnings announcement on its known determinants and indicators for a stock option grant or exercise shortly following the announcement. I do not find evidence that managers, on average, alter the tone of earnings announcements prior to option grants or exercises. However, I find that managers decrease optimistic tone prior to option grants when they also record low discretionary accruals, which suggests that altering tone and managing earnings are complementary strategies to move stock price. I also find that managers increase optimistic tone prior to option exercises when litigation risk is low, but decrease optimistic tone prior to option exercises when litigation risk is high. Further analysis indicates the litigation risk results hold only after the Sarbanes-Oxley Act of 2002. Overall, my evidence suggests that managers increase optimistic tone prior to option exercises except when a high threat of litigation constrains such opportunism. When managers do alter tone, the average financial gain is small relative to their total compensation.
Committee in charge: Steven Matsunaga, Chairperson, Accounting; Angela Davis, Member, Accounting; David Guenther, Member, Accounting; Jeremy Piger, Outside Member, Economics
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Stetsyuk, Ivan. "Essays on Information Asymmetry, Active Management, and Performance." Diss., Temple University Libraries, 2016. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/403291.
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Business Administration/FinancePh.D.
Agency theory suggests that information asymmetry between mutual fund managers and mutual fund investors can be mitigated if managers are compensated for the private information that influences mutual fund risk and performance. This study investigates the role of active management in influencing returns and return volatility of mutual funds. Chapter 1 investigates whether real estate mutual funds (REMFs) outperform Carhart’s (1997) four-factor and index benchmarks using daily return data from the CRSP survivorship bias-free mutual fund database from September 1998 to December 2013. We employ generalized autoregressive conditionally heteroscedastic (GARCH) volatility models to estimate more precise alphas than those generated in the extant studies. We document that risk-adjusted alphas of actively managed REMFs are statistically and economically significant, reflecting the informational advantage and skills of active managers. We also show that actively managed REMFs outperform the real estate index benchmark (Ziman Real Estate Index) and generate a yearly buy-and-hold abnormal return of 3.64%. Active management, therefore, provides value beyond the diversification benefits that can be generated by investing into the real estate index. While active managers of REMFs generate abnormal returns (gross of expenses), they capture the entire amount themselves, sharing none with investors (net of expenses). Accordingly, the average abnormal return to investors is close to zero due to expenses associated with REMFs, such as management fees, 12b-1 fees, waivers, and reimbursements. Finally, we find that passively managed REMFs do not generate abnormal risk-adjusted alphas in Carhart’s (1997) four-factor model. Chapter 2 examines managed volatility mutual funds (MVMFs) that utilize a range of investment strategies focused on portfolio volatility. These funds have increased in popularity in the wake of the financial crisis (December 2007 to June 2009) which introduced considerable volatility into the markets. We test whether MVMFs provide better performance during periods of recessions and expansions as compared to conventional mutual funds (MFs). We obtain several interesting results. First, MVMFs underperform compared to conventional MFs by more than 2% during the entire sample period. Second, MVMFs outperform conventional MFs in recessions by over 4% annually. Third, MVMFs underperform conventional MFs by more than 2.5% during expansions. Our results suggest that MVMFs can benefit investors during periods of recessions at the cost of performing worse during expansions. Chapter 3 studies MF return volatility patterns by testing a host of hypotheses for MFs with various style objectives. To conduct the tests, we use daily returns data from the CRSP survivorship bias-free mutual fund database from September 1998 to December 2013. We examine volatility patterns across the following nine styles: Passively Managed, Actively Managed, Sector, Capitalization, Growth and Income, Income, Growth, Hedged, and Dedicated Short Bias. We employ the exponential generalized autoregressive conditionally heteroscedastic (EGARCH) volatility model. Several results are obtained. First, we show that the financial crisis of 2007-2009 had a positive or a negative impact on volatility, depending on the investment style. Second, MF volatility behavior exhibits significant cluster effects in all styles, indicating that larger return shocks lead to greater increases in return volatility. Third, shock-persistence patterns differ across various MF styles with shocks to Dedicated Short Bias MFs being the least persistent and Capitalization and Growth and Income being the most persistent. Lastly, there is considerable negative asymmetry in MF return volatility changes in response to good and bad news in the sense that negative shocks to MF returns increase volatility more than positive shocks of the same magnitude for many Actively Managed MF styles. Significant negative asymmetry of this type makes the industry vulnerable to market downturns and should be addressed by regulators, MF managers, and investors.
Temple University--Theses