Academic literature on the topic 'Investment Advisor'
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Journal articles on the topic "Investment Advisor"
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Heller, Jason E., Benjamin F. Cummings, and Jason Martin. "Distribution channel effects on advisor managed investment performance." Financial Services Review 30, no. 2 (2022): 145–64. http://dx.doi.org/10.61190/fsr.v30i2.3479.
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This study focuses on the effects that business models have on advisor managed portfolio per- formance by attempting to determine if advisors at Registered Investment Advisory (RIA) firms pro- duce higher net investment results compared with advisors employed at dually registered Independent Broker/Dealer (IBD) firms. Using data from one of the largest investment advisory plat- forms in the United States, we found qualified supporting evidence that advisors at RIAs outper- formed advisors at IBDs in higher-risk portfolios through the use of Turnkey Asset Management Programs and Unified Managed Accounts.
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Faradynawati, Ida Ayu Agung, and Inga-Lill Söderberg. "Sustainable Investment Preferences among Robo-Advisor Clients." Sustainability 14, no. 19 (2022): 12636. http://dx.doi.org/10.3390/su141912636.
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The increasing role of individual investors in supporting the achievement of sustainable development goals through sustainable investment has gained growing interest from financial authorities and the research community. Digitalization in the financial sector, e.g., robo-advisors, enables lay-investors to make sustainable investments in a simple and convenient way. This study investigates whether investment-related attitudes and demographic profiles are related to robo-advisor clients’ sustainable investment choices. This paper describes an empirical study that uses a logistic regression model to investigate sustainable investment preferences at the individual investor level. Cross-sectional data consisting of 27,771 individual investors in Sweden, Norway, and Finland, who purchased investment products through a robo-advisor application, are used in this study. The results suggest that, concerning investment-related attitudes, robo-advisor clients with low-risk tolerance and a short investment horizon are more likely to choose to become sustainable investors. Furthermore, sustainable investments are preferred by robo-advisor clients who are less wealthy, female, and older.
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Slezáková, Andrea. "Performing the Activities of the Commercial Investment Advisor in Austria and of the Financial Advisor in Slovakia." Studia Commercialia Bratislavensia 13, no. 43 (2020): 63–72. http://dx.doi.org/10.2478/stcb-2020-0003.
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Abstract Financial advisory means providing advice concerning various financial products such as loans, insurance and investments. The commercial investment advisor and the financial advisor develop individual analyses and concepts for their clients, in the sense of a comprehensive financial planning, about the type, construction, protection, maintenance, retention and possible uses of assets and financing. They respond to the special needs of their customers. Despite these common elements, there exist important distinctions in the regulation of the commercial investment advisor in Austria and of the financial advisor in Slovakia.
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H. Walsh, John. "SEC’s examination program issues a risk alert on investment adviser due diligence processes." Journal of Investment Compliance 15, no. 2 (2014): 26–28. http://dx.doi.org/10.1108/joic-05-2014-0019.
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Purpose – To summarize and interpret a Risk Alert titled “Investment Adviser Due Diligence Processes for Selecting Alternative Investments and their Respective Managers,” issued by the USA Securities and Exchange Commission Office of Compliance Inspections and Examinations on January 28, 2014. Design/methodology/approach – Focuses on investment advisers selecting underlying alternative investment managers. Discusses the scope of the Staff’s observations. Describes several due diligence practices observed by the staff, including seeking greater transparency; utilizing third-party information aggregators, administrators, custodians, and auditors; using more quantitative analysis; and extending due diligence process to include operational and liquidity reviews. Lists several observed warning indicators that could lead an advisor to conduct additional due diligence, request the underlying manager to make appropriate changes, or reject or veto an investment. Identifies both positive and negative compliance practices. Findings – The Risk Alert noted several observed risk indicators that could lead an adviser to conduct additional due diligence, request the underlying manager to make appropriate changes, or reject or veto the investment. Advisers can assume that SEC Staff will ask about these risks in future adviser examinations. Originality/value – Practical guidance from an experienced financial services and securities lawyer.
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Pradhan, Gayatri K., Sarath Gollapalli, M. Janakimeena, and Syedibrahim Sp. "SURVEY ON ADVISOR INTELLIGENCE THROUGH PURCHASE PATTERNS AND SALES ANALYTICS." Asian Journal of Pharmaceutical and Clinical Research 10, no. 13 (2017): 302. http://dx.doi.org/10.22159/ajpcr.2017.v10s1.19743.
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In mutual fund, an individual or a firm that is in the business of giving advice about securities to clients is an investment advisor. Investment advisers are individuals or firms that receive compensation for giving advice on investing in stocks, bonds, mutual funds, or exchange-traded funds. Investment advisors manage portfolios of securities. Advisors can use new cognitive and analytics capabilities to better understand their clients and needs and have a stronger ability to deepen relationships with a better portfolio. In this paper, we analyze data points foreach advisor, and distinguish the best prospects, obtain insight into their experience and credentials, and learn about their portfolio, in other words, to recognize the pattern of portfolio of the advisors. Such analysis helps the sales people to sell the fund company products to the suitable advisors based on the nature of the product they want to sell. This is done by investigating what kind of products advisors have been buying, and what kind of products they might be looking for. This helps to increase the sales of the products as sales people will be reaching the appropriate advisors.
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Gohil, Mr Mihir, Mr Akhil Shetty, and Mr Sandesh Akre. "Robo-Advisory in India: The Upcoming Game Changer in Indian Financial Markets." MET MANAGEMENT REVIEW 08, no. 01 (2020): 50–57. http://dx.doi.org/10.34047/mmr.2020.8108.
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A Robo-Advisor is a digital platform that provides financial planning services which is automated and algorithm-driven and it has little or no supervision of a human. Globally the robo-advisory fintech service is expected to grow at a CAGR of 53.54% from 2020 to 2025. The primary advantage of robo-advisors is that the costs are very low (0.2%-0.5%) compared to traditional advisors (around 1%-2%). Another advantage is their 24x7 accessibility since it is on a digital platform. The clients can execute the trades by pressing a few buttons rather than calling the advisor, explaining the needs and the returns. The third advantage is there is no minimum client investment needed in robo-advisors since traditional advisors require minimum ticket size of atleast Rupees 2.5 Lakhs. With increased penetration of the internet in the country, faster growing population with expected share of more than 33% of the millennials and the youth in total population, shifting perspective of Indian investors from fixed deposits to mutual funds and equities, and growing acceptance of FinTech services, Robo-advisors are the perfect game changers in the Indian investment scenario in the next 20 years.
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Yi, Tan Zi, Noor Ashikin Mohd Rom, Nurbani Md Hassan, Mohamad Shaharudin Samsurijan, and Andrew Ebekozien. "The Adoption of Robo-Advisory among Millennials in the 21st Century: Trust, Usability and Knowledge Perception." Sustainability 15, no. 7 (2023): 6016. http://dx.doi.org/10.3390/su15076016.
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Robo-advisor has become the new personal wealth management and investment method. Nonetheless, certain predicaments are faced by robo-advisor companies as a tech-savvy young group of individuals seems to be less willing to adopt robo-advisory. This study investigates millennials’ adoption of robo-advisory in terms of financial knowledge, trust and usability perception in the 21st century to enhance sustainability. This quantitative study focuses on individuals belonging to the millennial generation who were born between 1981 and 1996. The findings indicate that the millennials who possess financial knowledge, as well as perceived usability and trust have a significant positive effect on the willingness to embrace robo-advisory as a tool for wealth management. The higher the financial knowledge of an individual, the more likely they are willing to adopt a robo-advisor. Government may provide appropriate avenues to enhance financial knowledge, and credible and user-friendly platforms with resources to boost the millennials’ usage of robo-advisors for their wealth management. With robust artificial intelligence, robo-advisory continues to support users, especially millennials, through three dimensions of sustainable development: environment, society, and economy.
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Lisauskiene, Nomeda, and Valdone Darskuviene. "Linking the Robo-advisors Phenomenon and Behavioural Biases in Investment Management: An Interdisciplinary Literature Review and Research Agenda." Organizations and Markets in Emerging Economies 12, no. 2 (2021): 459–77. http://dx.doi.org/10.15388/omee.2021.12.65.
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 Technological advancements bring continuous changes into the investment industry. The paper aims to provide insights on future research agenda based on a review of the current stance of research on the links between the Robo-advisors phenomenon and behavioural biases of individual investors. A qualitative investigation method has been applied for literature review on Robo-advisors and their impact on behavioural biases.
 The key findings indicate that Robo-advisors can help users to make better informed and less biased decisions. However, Robo-advisors activate the investors’ automatic system processes. The resulting passive investment approach could lead to alienation of the investors from the stock market, decreasing their understanding of the investment process that could widen a gap between different clusters of investors.
 The paper makes several contributions to the literature. First, it provides arguments on why a dual process theoretical framework in the relationship between financial advisory and investment behavioural biases is applicable. Second, it studies the Robo-advisor phenomenon and proposes a comprehensive definition of Robo-advisors. Third, the literature review suggests drivers of the Robo-advisors effect on the changes of behavioural biases as a future research direction.
 
 
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Schütz, Tobias, Cindy Schröder, and Carsten Rennhak. "Acceptance of Automated Investment Advisory: An Experimental Study of the Relevance of Trust Attributes of a Robo-Advisor." Die Unternehmung 77, no. 2 (2023): 185–201. http://dx.doi.org/10.5771/0042-059x-2023-2-185.
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The influence of trust on the adherence to investment recommendations in the context of robo-advisors is under-researched. This relationship needs to be better understood because robo-advice lacks a critical element of trust: human interaction. Theory suggests that ability, integrity, and benevolence are key factors in building trust in human advisors. Using an experimental study design, our research examines the relationship between a robo-advisor's trust attributes and the acceptance of its investment advice. The results show that trust in a robo-advisor increases the propensity to follow its recommendations. While ability and integrity are significant, benevolence is not. The study contributes to the research on technology acceptance, trust, and the adoption of technology-based recommendations by improving the understanding of the relationship between trust and the acceptance of automated investment recommendations.
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Gonzalez-Carrasco, Israel, Ricardo Colomo-Palacios, Jose Luis Lopez-Cuadrado, Ángel Garcı´a-Crespo, and Belén Ruiz-Mezcua. "PB-ADVISOR: A private banking multi-investment portfolio advisor." Information Sciences 206 (November 2012): 63–82. http://dx.doi.org/10.1016/j.ins.2012.04.008.
Full textDissertations / Theses on the topic "Investment Advisor"
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Thomas, Nordia D. "Time frame and its impact on commodity trading advisor performance." Link to electronic thesis, 2004. http://www.wpi.edu/Pubs/ETD/Available/etd-0503104-183909/.
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Warren, Cranla. "Financial Investment Advisor Professional Arrogance and Performance." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/6701.
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Arrogance in the workplace is a growing area of interest within industrial-organizational psychology. Arrogant employees tend to lack positive interpersonal work relationships, act superior yet have a lower level of cognitive abilities, and have poorer job performance than their less arrogant counterparts, leading to challenging work relationships and overall impact on an organization's ability to meet its objectives. The present study examined professional arrogance measured by the Workplace Arrogance Scale (WARS), a 26 question survey, in relation to the objective outcome measure of a Financial Investment Advisor's (FIA) ranking on the firm's leader board based on total assets under management plus revenue. A total of 37 participants who have been in the profession for more than 2 years completed the survey. This study employed a quantitative, correlational research design. The research questions were assessed using linear regression and moderation analyses. Analysis of the data showed no significant predictive relationship between results of the WARS and performance. Gender and professional experience did not moderate the relationship between an FIA's arrogance and their performance. While these findings did not support the hypothesis of a connection between a FIA's assessed arrogance and measured performance, arrogance remains an important construct requiring further study. As workplace arrogance is better understood, it can be screened for by human resources within hiring processes and can be addressed directly by leadership through training and development. Decreased arrogance is likely to lead to more respectful client relationships, leading to customer loyalty and increased revenues for the client, FIA and the financial firm that he/she serves.
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Brožová, Martina. "Pozice finančního poradenství v ČR s výhledem do budoucna." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75411.
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The aim of this master's thesis is to describe the current situation in financial advisory services in the Czech Republic. It contains an analysis of financial advisory companies on the Czech market. Another goal is to monitor the financial literacy of the Czech population. In the theoretical part it is referred to the difference of working with personal finance among the Western nations and the Czech population. The following describes the reasons why the families of the Western economies get richer faster than the Czech. There are carefully analyzed the financial counseling process and discussed the reasons why the service is beneficial. The practical part is made inquiries about the use of financial advisory services in the Czech Republic and related topics satisfaction. The survey is also aimed at providing current information on the work of people of different ages and social groups with personal finances. The conclusion summarizes all the results and the survey questionnaire.
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Rodrigues, Alessandra Alves. "A mean-variance look at robo-advising." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19635.
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Mestrado em Finanças<br>Nos últimos anos, a indústria de gestão de riquezas enfrentou desafios significativos e tendências impactantes, tais como a diminuição da confiança dos clientes nos serviços financeiros tradicionais, novos encargos regulatórios e aumento da concorrência. Neste contexto, a ascensão de gestores de investimento automatizados, conhecidos como "roboadvisors" e a nova combinação de ciência e capital humano tem desafiado a indústria de gestão de capital a encontrar novas formas de criar valor para beneficiar o cliente. Sobre esse assunto, esse projeto contribui para uma análise de risco-retorno e analise das fronteiras eficientes do portfólio recomendado de cinco plataformas online nos Estados Unidos em março de 2017: Charles Schwab, SigFig, Wealthfront, ToleRisk e RiskAlyze. Nessa análise, são realizados "backtesting" para avaliar o desempenho, a volatilidade, o valor em risco e os índices de Sharpe. Esse projeto é baseado na Teoria da Variação Média e é baseado em preços históricos de fechamento semanal de fundos de investimento abertos negociados em bolsa. Os resultados indicam que a prática atual de utilizar questionários para determinar o perfil de risco do investidor é de confiabilidade limitada. Os resultados também mostram que o modelo "robo-advisory" aparentemente beneficia investidores conservadores. Assim, esta dissertação contribui para uma visão sobre os benefícios e limitações das plataformas de investimento online, fornecendo um parâmetro para uma melhor compreensão do seu potencial futuro.<br>In the last few years the wealth management industry has experienced significant challenges and impactful trends, such as a decrease in customers' trust of traditional financial services, new regulatory burdens and increase of competition. In this context, the rise of automated investment managers, well known as "robo-advisors" and the new combination of science and human capital has been challenging the wealth management industry to find new ways to create value benefiting the client. On this matter, this project contributes to a analysis of risk-return look and efficient frontiers of the recommended portfolio of five online platforms in United States in March 2017: Charles Schwab, SigFig, Wealthfront, ToleRisk and RiskAlyze. In this analysis, back-testing is conducted to assess performance, volatility, value at risk and sharpe ratios. This project is based on the Mean-Variance Theory and uses historical weekly closing prices of exchanged traded-funds. Results indicates that the current practice of using questionnaires to determine investor risk profiles is of limited reliability. It also benefits investing that the robo-advisor model is seemingly benefits investingting conservative investors the most. Thus, this dissertation contribute to a view on Robo-advisors benefits and limitations, providing a parameter for better understanding its future potential.<br>info:eu-repo/semantics/publishedVersion
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Fischer, Carsten. "Die Investmentaktiengesellschaft aus aufsichtsrechtlicher und gesellschaftsrechtlicher Perspektive /." Frankfurt, M. ; Berlin ; Bern ; Bruxelles ; New York, NY ; Oxford ; Wien : Lang, 2008. http://d-nb.info/989361942/04.
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Lotter, Rousseau. "The impact of equity analyst recommendations on market attention, price-consensus and the behaviour of other analysts." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97986.
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Thesis (PhD)--Stellenbosch University, 2015.<br>ENGLISH ABSTRACT: Analysts are valuation specialists who advise both institutional clients and non-professional investors on the choice and timing of security purchases and sales. The analysts’ advice may have hugely beneficial or unfavourable outcomes for those who rely on them. This study investigated the possible influence of 901 local and international analysts’ recommendations that were issued from 1993 to 2011 on shares listed on the Johannesburg Stock Exchange (JSE).
The short-term impact of recommendations on prices and possible behavioural tendencies among analysts, including a reported inclination to issue overly-positive recommendations, were respectively investigated in the first two empirical chapters. Thirdly, the success rate of analysts to issue recommendations with an advised directional impact and possible herding behaviour among analysts were researched. The empirical chapters conclude with an investigation into changes in investor attention (as proxied by traded volumes) and price volatility around analysts’ recommendations. The efficient market hypothesis and the ‘differences of opinion’ theories were used as fundamental points of departure and interpretation. More than 37 000 recommendations, ranging from strong buy to strong sell, were used in an event-study methodology to analyse the market’s reaction to these recommendations. Advanced modelling techniques were implemented in Excel and VBA to analyse daily consensus opinions, positive- versus negative sentiment, analyst activity and reactions, the frequency of abnormal price reactions, abnormal price movements, abnormal traded volumes, and changes in price volatility surrounding recommendation revisions.
The study found that analyst recommendations were followed by an abnormal reaction in prices and that the magnitude of a recommendation’s change (e.g. a three-step change from strong sell to buy versus a one-step change hold to buy) had a greater impact than a recommendation’s absolute level. A portfolio strategy revealed the possible benefit of recommendations for investors. Analysts issued their opinions using different patterns within the five possible recommendation categories, and issued the same proportion of negative recommendations during periods of low business confidence and economic contraction than during growth- and economic upswing phases. Analysts who issued more recommendations in total were not more influential than less active analysts, and not all analysts were able to issue recommendations with a large advised directional abnormal impact. As expected, recommendations that had a large abnormal price impact generated some herding activity among the other analysts who covered the same share. Investor attention increased around the issuance of recommendation revisions, and price volatility increased after large recommendation upgrades. In support of market efficiency, investors seemed able to trade at new price levels and execute their trades with sufficient liquidity following recommendations. Results that infer differences of opinion were present both among analysts and investors: competing analysts did not issue the same recommendations for the same shares and favoured different recommendations categories; and investors only acted on some of the recommendations. Furthermore, analysts did not have the same propensity to cause abnormal price reactions. Traded volumes increased around recommendation revisions, showing that investors paid attention to recommendations.<br>AFRIKAANSE OPSOMMING: Analiste spesialiseer in die waardasie van maatskappye en adviseer beide institusionele- en nie-professionele beleggers rakende die keuse en tydsberekening van hul kope en verkope. Díé advies kan baie voordelige of nadelige gevolge hê vir diegene wat daarop staatmaak. Hierdie studie het die moontlike invloed ondersoek van 901 Suid-Afrikaanse en internasionale analiste se aanbevelings rakende JSE-genoteerde aandele tussen 1993 en 2011.
Die eerste twee empiriese hoofstukke ondersoek (i) die korttermyn impak van analiste se aanbevelings op pryse en (ii) moontlike gedragspatrone onder analiste, insluitend ‘n gerapporteerde neiging om oor-positiewe aanbevelings uit te reik. Derdens is analiste se sukseskoers om aanbevelings met ‘n verwagte impak uit te reik en moontlike ‘trop’-gedrag onder analiste nagevors. Die empiriese hoofstukke sluit af met ‘n ontleding van veranderinge in beleggers se aandag (soos aangedui deur verhandelde volumes) en prysvolatiliteit rondom analiste se aanbevelings. Die effektiewe markhipotese en die ‘verskil in opinie’ teorie was gebruik as fundamentele grondslag en om resultate te interpreteer. ‘n Gebeurtenis-studie metodologie is gebruik om die mark se reaksie op meer as 37 000 aanbevelings, wat van sterk koop tot sterk verkoop strek, te analiseer. Gevorderde modelleringstegnieke is in Excel en VBA geïmplementeer om konsensus opinies, positiewe- vs. negatiewe sentimentsperiodes, analiste se aktiwiteitsvlakke en reaksies, abnormale prysreaksies en die voorkoms daarvan, abnormale verhandelde volumes, en veranderinge in prysvolatiliteit rondom aanbevelings hersienings te bereken en te analiseer. Die studie het bevind dat analiste se aanbevelings wel gevolg is deur abnormale prysbewegings, en dat die grootte van aanbevelings se hersienings (bv. ‘n drie-stap hersiening van sterk verkoop na koop versus ‘n een-stap hersiening van hou na koop) ‘n groter impak as die aanbeveling se absolute vlak gehad het. ‘n Portefeulje strategie het ook die moontlike voordeel van aanbevelings vir beleggers uitgelig. Analiste het verskillende patrone binne die vyf-punt aanbevelingskategorieë gebruik om hul opinies te kommunikeer, en het dieselfde proporsie negatiewe aanbevelings tydens periodes van swak besigheidsvertroue en ekonomiese afswaai uitgereik as tydens periodes van groei en ekonomiese opswaai. Analiste wat meer aanbevelings in totaal uitgereik het, was nie meer invloedryk as ander analiste nie, en nie alle analiste het aanbevelings wat ‘n groot abnormale prysreaksie veroorsaak het, uitgereik nie. Soos verwag het aanbevelings, wat groot abnormale prysbewegings veroorsaak het (invloedryke aanbevelings), ‘trop’-gedrag veroorsaak onder kompeterende analiste. Beleggers se aandag het toegeneem met die uitreik van hersienings, en prysvolatitliteit het toegeneem ná groot aanbeveling-opgraderings. Beleggers kon teen nuwe prysvlakke verhandel en hul besluite uitvoer met genoeg likiditeit nadat aanbevelings uitgereik is, wat indikatief van mark-effektiwiteit is. Resultate dui ook op verskillende opinies tussen beleggers en analiste: analiste het verskillende aanbevelings vir dieselfde aandele uitgereik en het verskillende aanbevelings-kategorieë verkies, en beleggers het nie op alle analiste se aanbevelings gereageer nie soos aangedui deur pryse en volumes. Analiste het verder nie dieselfde geneigdheid gehad om abnormale prysveranderinge te veroorsaak nie. Verhandelde volumes het toegeneem rondom aanbevelingshersienings, wat aandui dat beleggers wel aandag aan die analiste se aanbevelings gegee het.
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Sychra, Pavel. "Budoucnost automatizovaného investičního poradenství v ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264148.
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The diploma thesis is focused on digitalization of investment advisory. Thesis deals with implementation of automated advisory in Czech conditions. The first part consists of definition of investment advisory from the point of investment theory. There are also introduced current conditions of investment activity, investment knowledge and advisory in the terms of Czech market. The second part is dedicated to analysis of robo-advisory abroad. The last part of this thesis contains identification of main risks, options and possible benefits of implementation of automated investment advisory in the Czech Republic.
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Gallagher, David R. "Investment Manager Characteristics, Strategy and Fund Performance." Thesis, The University of Sydney, 2002. http://hdl.handle.net/2123/858.
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This dissertation presents five research essays evaluating the performance of managed funds in light of the investment strategy and manager characteristics exhibited by institutional investment companies. An analysis of investment performance with respect to a fund managers strategy provides important information in determining whether performance objectives have been achieved. There are a number of different types of investment strategies managed funds may adopt. However, the primary dichotomy is on the basis of whether the portfolio manager implements either an active or index approach. Active managers attempt to outperform the market through the use of price-sensitive information, whereas a passive manager's objective is to replicate the returns and risk of a target benchmark index. The evaluation of investment manager characteristics is also evaluated. This is motivated on the basis that asset management entities place significant emphasis on both the articulation and differentiation of their investment style relative to competitors, and selling the strengths of their portfolio management skills (in terms of past performance) as well identifying the key individuals comprising their investment team and their unique attributes. For active equity managers, the methods used in constructing portfolios and implementing the investment strategy include security selection, in terms of 'top-down' or 'bottom-up' strategies, value-biased, growth-biased or style-neutral strategies, and portfolios exhibiting market capitalisation biases (i.e. preferences to large or small-cap securities). In terms of active bond portfolio management, the most common strategies include duration management and yield curve positioning. Active managers' strategies are likely to extend beyond stock selection, in particular, where the fund manager adjusts the portfolio's composition in anticipation of favourably capitalising on future movements in the market. For index managers, replication of both the returns and risk of the underlying index may be achieved through either full-replication of constituent stocks comprising the index, or through non-replication techniques (stratified sampling and/or optimisation). Each essay provides a unique contribution to the literature with respect to the performance of active and index funds, as well as an analysis of funds that invest specifically in domestic equities, domestic fixed interest, and diversified funds that invest across the broad spectrum of asset classes. The origins of the performance evaluation literature are ascribed to Cowles' (1933) pioneering work, and the literature has given increasing attention to the topic. However the most fundamental issue considered in almost all previous studies of managed fund performance is the extent to which actively managed portfolios have earned superior risk-adjusted excess returns for investors. The literature has overwhelmingly documented (with a small number of exceptions) that active funds have been unable to earn superior returns, either before or after expenses (e.g. Jensen (1968), Elton et al. (1993), Malkiel (1995), Gruber (1996)). While the international evidence is supported by the few Australian managed fund studies available, Australian research remains surprisingly scarce. This is perplexing considering the sheer size of the investment industry in Australia (around $A717 billion as at 30 June 2001) and the importance placed on the sector with respect to successive Federal Governments' retirement income policies. The objectives of this dissertation therefore involve an analysis of managed fund performance with respect to differences in investment strategies (i.e. active and index), as well as providing an analysis of funds invested in equities, bonds and diversified asset classes (or multi-sector portfolios). The first essay evaluates the market timing and security selection capabilities of Australian pooled superannuation funds. These funds provide institutional investors with exposure to securities across many different asset classes, including domestic and international equities, domestic and international fixed interest, property and cash. Surprisingly, the specific analysis of multi-sector funds is scarce in the literature and limited to Brinson et al. (1986, 1991), Sinclair (1990), and Blake et al. (1999). This essay also evaluates performance for the three largest asset classes within diversified superannuation funds and their contribution to overall portfolio return. The importance of an accurately specified market portfolio proxy in the measurement of investment performance is demonstrated, where the essay employs performance benchmarks that account for the multi-sector investment decisions of active investment managers in a manner that is consistent with their unique investment strategy. This approach rectifies Sinclair's (1990) analysis resulting from benchmark misspecification. Consistent with the literature, the empirical results indicate that Australian pooled superannuation funds do not exhibit significantly positive security selection or market timing skill. Given the evidence in the literature surrounding the inability of active funds to deliver superior returns to investors, lower cost index funds have become increasingly popular as an alternative investment strategy. Despite the significant growth in index funds since 1976, when the first index mutual fund was launched in the U.S., research on their performance is sparse in the U.S. and non-existent in Australia. The second essay provides an original analysis of the Australian index fund market, with specific analysis applicable to institutional Australian equity index funds offered by fund managers. While indexing is theoretically straightforward, in practice there exist potential difficulties in exactly matching the return of the underlying index. Therefore the magnitude of tracking error is likely to be of concern to investors. This essay documents the existence of significant tracking error for Australian index funds, where the magnitude of the difference between index fund returns and index returns averages between 7.4 and 22.3 basis points per month for funds operating at least five years. However, there is little evidence of bias in tracking error, implying that these funds neither systematically outperform or underperform their benchmark on a before cost basis. Further analysis documents that the magnitude of tracking error is related to fund cash flows, market volatility, transaction costs and index replication strategies used by passive investment managers. The third essay presents evidence of the performance of U.S. mutual funds, where attention is given to both active and index mutual funds for which the applicable benchmark index is the S&P 500. This essay examines both the magnitude and variation of tracking error over time for S&P 500 index mutual funds. The essay documents seasonality in S&P 500 index mutual fund tracking error, where tracking error is significantly higher in the months of January and May, together with a seasonal trough in the quarters ending March-June-September-December. Statistical evidence indicates tracking error is both positively and significantly correlated with the dividend payments arising from constituent S&P 500 securities. In terms of a performance comparison between actively managed and index funds, active funds on average are found to significantly underperform passive benchmarks. On the other hand, S&P 500 index mutual funds earned higher risk-adjusted excess returns after expenses than large capitalisation-oriented active mutual funds in the period examined. These results suggest the S&P 500 is consistent with capital market efficiency, implying an absence of economic benefit accruing to the average investor utilising actively managed U.S. equity mutual funds. The fourth essay presented in the dissertation examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds (or diversified asset class funds), Australian share funds and Australian bond funds. Performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. This essay also evaluates the performance of senior sector heads to determine the skills of individuals driving the investment process, even though these individuals may migrate to competitor organisations. The essay finds evidence that a significant number of active Australian equity managers earned superior risk-adjusted returns in the period, however active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk-adjusted excess returns, systematic risk and investment expenses. Of particular note, performance of balanced funds is negatively related to the institution's age and the loyalty of non-senior investment staff. Performance is also found to be significantly higher for managers that predominantly operate their portfolios using a bottom-up, stock selection approach. Interestingly, the human capital of managers, measured as the years of tertiary education undertaken, does not explain risk-adjusted excess returns. Systematic risk is positively related to an institutions age and negatively related to both senior manager loyalty and the implementation of bottom-up portfolio management strategies. In terms of management expenses, fees are directly related to the Australian equities benchmark allocation, the years of tertiary education, the number of years service (loyalty) for non-senior investment professionals and the total years experience of senior money managers. This concluding essay also documents that changes in top management have significant performance effects. In the 12-month period after a change in fixed income director or chief investment officer, performance is significantly lower and significantly higher, respectively. There is no significant difference in performance where changes in top management occur for Australian equities. The years of service (loyalty) provided to asset management firms by equities directors is inversely related to risk-adjusted return. The fifth and final essay examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. This essay represents a significant and original analysis in terms of its contribution to the literature, given the absence of Australian bond fund performance analytics and also the limited attention provided in the U.S. Both security selection and market timing performance is evaluated using both unconditional models and conditional performance evaluation techniques, which account for public information and the time-variation in risk. Overall, the results of this essay are consistent with the U.S. and international mutual fund evidence, where performance is found to be consistent with an efficient market. While actively managed institutional funds perform broadly in line with the index before expenses, the paper documents significant underperformance for actively managed retail bond funds after fees. The study also documents that retail fund flows negatively impact on market timing coefficients when flow is not accounted for in unconditional models.
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Gallagher, David R. "Investment Manager Characteristics, Strategy and Fund Performance." University of Sydney. Business, 2002. http://hdl.handle.net/2123/858.
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This dissertation presents five research essays evaluating the performance of managed funds in light of the investment strategy and manager characteristics exhibited by institutional investment companies. An analysis of investment performance with respect to a fund managers strategy provides important information in determining whether performance objectives have been achieved. There are a number of different types of investment strategies managed funds may adopt. However, the primary dichotomy is on the basis of whether the portfolio manager implements either an active or index approach. Active managers attempt to outperform the market through the use of price-sensitive information, whereas a passive manager's objective is to replicate the returns and risk of a target benchmark index. The evaluation of investment manager characteristics is also evaluated. This is motivated on the basis that asset management entities place significant emphasis on both the articulation and differentiation of their investment style relative to competitors, and selling the strengths of their portfolio management skills (in terms of past performance) as well identifying the key individuals comprising their investment team and their unique attributes. For active equity managers, the methods used in constructing portfolios and implementing the investment strategy include security selection, in terms of 'top-down' or 'bottom-up' strategies, value-biased, growth-biased or style-neutral strategies, and portfolios exhibiting market capitalisation biases (i.e. preferences to large or small-cap securities). In terms of active bond portfolio management, the most common strategies include duration management and yield curve positioning. Active managers' strategies are likely to extend beyond stock selection, in particular, where the fund manager adjusts the portfolio's composition in anticipation of favourably capitalising on future movements in the market. For index managers, replication of both the returns and risk of the underlying index may be achieved through either full-replication of constituent stocks comprising the index, or through non-replication techniques (stratified sampling and/or optimisation). Each essay provides a unique contribution to the literature with respect to the performance of active and index funds, as well as an analysis of funds that invest specifically in domestic equities, domestic fixed interest, and diversified funds that invest across the broad spectrum of asset classes. The origins of the performance evaluation literature are ascribed to Cowles' (1933) pioneering work, and the literature has given increasing attention to the topic. However the most fundamental issue considered in almost all previous studies of managed fund performance is the extent to which actively managed portfolios have earned superior risk-adjusted excess returns for investors. The literature has overwhelmingly documented (with a small number of exceptions) that active funds have been unable to earn superior returns, either before or after expenses (e.g. Jensen (1968), Elton et al. (1993), Malkiel (1995), Gruber (1996)). While the international evidence is supported by the few Australian managed fund studies available, Australian research remains surprisingly scarce. This is perplexing considering the sheer size of the investment industry in Australia (around $A717 billion as at 30 June 2001) and the importance placed on the sector with respect to successive Federal Governments' retirement income policies. The objectives of this dissertation therefore involve an analysis of managed fund performance with respect to differences in investment strategies (i.e. active and index), as well as providing an analysis of funds invested in equities, bonds and diversified asset classes (or multi-sector portfolios). The first essay evaluates the market timing and security selection capabilities of Australian pooled superannuation funds. These funds provide institutional investors with exposure to securities across many different asset classes, including domestic and international equities, domestic and international fixed interest, property and cash. Surprisingly, the specific analysis of multi-sector funds is scarce in the literature and limited to Brinson et al. (1986, 1991), Sinclair (1990), and Blake et al. (1999). This essay also evaluates performance for the three largest asset classes within diversified superannuation funds and their contribution to overall portfolio return. The importance of an accurately specified market portfolio proxy in the measurement of investment performance is demonstrated, where the essay employs performance benchmarks that account for the multi-sector investment decisions of active investment managers in a manner that is consistent with their unique investment strategy. This approach rectifies Sinclair's (1990) analysis resulting from benchmark misspecification. Consistent with the literature, the empirical results indicate that Australian pooled superannuation funds do not exhibit significantly positive security selection or market timing skill. Given the evidence in the literature surrounding the inability of active funds to deliver superior returns to investors, lower cost index funds have become increasingly popular as an alternative investment strategy. Despite the significant growth in index funds since 1976, when the first index mutual fund was launched in the U.S., research on their performance is sparse in the U.S. and non-existent in Australia. The second essay provides an original analysis of the Australian index fund market, with specific analysis applicable to institutional Australian equity index funds offered by fund managers. While indexing is theoretically straightforward, in practice there exist potential difficulties in exactly matching the return of the underlying index. Therefore the magnitude of tracking error is likely to be of concern to investors. This essay documents the existence of significant tracking error for Australian index funds, where the magnitude of the difference between index fund returns and index returns averages between 7.4 and 22.3 basis points per month for funds operating at least five years. However, there is little evidence of bias in tracking error, implying that these funds neither systematically outperform or underperform their benchmark on a before cost basis. Further analysis documents that the magnitude of tracking error is related to fund cash flows, market volatility, transaction costs and index replication strategies used by passive investment managers. The third essay presents evidence of the performance of U.S. mutual funds, where attention is given to both active and index mutual funds for which the applicable benchmark index is the S&P 500. This essay examines both the magnitude and variation of tracking error over time for S&P 500 index mutual funds. The essay documents seasonality in S&P 500 index mutual fund tracking error, where tracking error is significantly higher in the months of January and May, together with a seasonal trough in the quarters ending March-June-September-December. Statistical evidence indicates tracking error is both positively and significantly correlated with the dividend payments arising from constituent S&P 500 securities. In terms of a performance comparison between actively managed and index funds, active funds on average are found to significantly underperform passive benchmarks. On the other hand, S&P 500 index mutual funds earned higher risk-adjusted excess returns after expenses than large capitalisation-oriented active mutual funds in the period examined. These results suggest the S&P 500 is consistent with capital market efficiency, implying an absence of economic benefit accruing to the average investor utilising actively managed U.S. equity mutual funds. The fourth essay presented in the dissertation examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds (or diversified asset class funds), Australian share funds and Australian bond funds. Performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. This essay also evaluates the performance of senior sector heads to determine the skills of individuals driving the investment process, even though these individuals may migrate to competitor organisations. The essay finds evidence that a significant number of active Australian equity managers earned superior risk-adjusted returns in the period, however active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk-adjusted excess returns, systematic risk and investment expenses. Of particular note, performance of balanced funds is negatively related to the institution's age and the loyalty of non-senior investment staff. Performance is also found to be significantly higher for managers that predominantly operate their portfolios using a bottom-up, stock selection approach. Interestingly, the human capital of managers, measured as the years of tertiary education undertaken, does not explain risk-adjusted excess returns. Systematic risk is positively related to an institutions age and negatively related to both senior manager loyalty and the implementation of bottom-up portfolio management strategies. In terms of management expenses, fees are directly related to the Australian equities benchmark allocation, the years of tertiary education, the number of years service (loyalty) for non-senior investment professionals and the total years experience of senior money managers. This concluding essay also documents that changes in top management have significant performance effects. In the 12-month period after a change in fixed income director or chief investment officer, performance is significantly lower and significantly higher, respectively. There is no significant difference in performance where changes in top management occur for Australian equities. The years of service (loyalty) provided to asset management firms by equities directors is inversely related to risk-adjusted return. The fifth and final essay examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. This essay represents a significant and original analysis in terms of its contribution to the literature, given the absence of Australian bond fund performance analytics and also the limited attention provided in the U.S. Both security selection and market timing performance is evaluated using both unconditional models and conditional performance evaluation techniques, which account for public information and the time-variation in risk. Overall, the results of this essay are consistent with the U.S. and international mutual fund evidence, where performance is found to be consistent with an efficient market. While actively managed institutional funds perform broadly in line with the index before expenses, the paper documents significant underperformance for actively managed retail bond funds after fees. The study also documents that retail fund flows negatively impact on market timing coefficients when flow is not accounted for in unconditional models.
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White, Derek Ronald. "Compensation design, incentives, and the portfolio manager /." Digital version accessible at:, 1998. http://wwwlib.umi.com/cr/utexas/main.
Full textBooks on the topic "Investment Advisor"
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author, Parisse Alan, ed. Client primacy: Inspiring intentional outcomes. [Eaton Vance Advisor Institute], 2015.
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G, Busse James, Aiken Bennett F, Fiduciary360, and Reish Luftman Reicher & Cohen., eds. Prudent practices for investment advisors: Defining a global fiduciary standard of excellence for investment advisors. Fiduciary360, 2006.
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Shoup, Gary. Uniform investment advisor law manual (series 65). Center for Futures Education, 1993.
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Gresham, Stephen D. The new advisor for life: Become the indispensable financial advisor to affluent families. Wiley, 2012.
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Bott, Daniel R. The wrap account investment advisor: How to profit from Wall Street's most innovative investment. Probus Pub. Co., 1993.
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Bachrach, Nathan. Simply money: Finding an advisor you can trust. John Wiley & Sons, Inc., 2013.
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Jaffe, Charles A. Getting started in finding a financial advisor. John Wiley, 2010.
Find full textBook chapters on the topic "Investment Advisor"
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Kobets, Vitaliy, Oleksandr Petrov, and Svitlana Koval. "Sustainable Robo-Advisor Bot and Investment Advice-Taking Behavior." In Lecture Notes in Business Information Processing. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-23012-7_2.
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Striewe, Nicolai C. "Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure." In Corporate Governance of Real Estate Investment Trusts. Springer Fachmedien Wiesbaden, 2015. http://dx.doi.org/10.1007/978-3-658-11619-4_3.
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Dhoundiyal, Meenakshi, and Nishtha Pareek. "Analysis of Savings and Investments in First Ten Years of Employment in Dubai." In BUiD Doctoral Research Conference 2023. Springer Nature Switzerland, 2024. http://dx.doi.org/10.1007/978-3-031-56121-4_46.
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AbstractIt is crucial in the modern world to not only start thinking about savings and investing but also to act on it. For long term financial stability and growth, one needs to start saving and then carefully investing the savings in different investment avenues. Savings and investments are used interchangeably. But the fact is that both have different meanings with one common motive of safeguarding the future in terms of finance. This paper attempts to study the savings and investments outlined in the first ten years of employment in Dubai. Dubai has all possible investment avenues available, just like any other economy may have. The primary data were collected from 118 respondents, with 65 men and 53 women. It is found that most of the employees are aware of the savings and investments. Males are more aware and hence making more savings and investments as compared to females. It is also found that the majority of the employees save 10–20% of their earnings monthly. The purpose of saving is future security followed by safety and tax savings. Further research found a significant relationship between investment awareness and Gender and the relationship between educational qualification and selection of the investment avenues.Purpose: This study focuses on the savings and investment opportunities for the employees; further it will explore various factors that motivate employees to save and invest and factors that affect the investment behaviors of the employees.Methodology: Primary and secondary data sources were used for data collection. Primary data was collected from the targeted population who are in the first ten years of their employment in the UAE by using Google Forms. A probability sampling method was selected for this study. The research instrument was administered to 120 respondents out of which 118 were returned. 2 respondents could not return the form and hence the final sample size was 118, with 65 men and 53 women participating in the survey.Findings: A significant relationship between gender and investment awareness. Men are relatively more aware of the investment and savings avenues as compared to the women. Women are more driven to invest in gold as compared to their male counterparts. There is a positive relationship between level of education and awareness regarding saving and investment.Recommendations: Creating monthly and yearly budget is crucial for the financially safe future. Investments in liquid funds to have more flexibility can be considered in this age group. Consulting a financial advisor to make wise investment choices is recommended. Further research can be conducted on the gender-wise investment choices, investment choices at different age level from the early years of earning till retirement.
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Liu, Cgeng-yong. "Legal Risks and the Countermeasures of Developing Intelligent Investment Advisor in China." In Intelligent Human Systems Integration. Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-73888-8_13.
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Savchenko, Serhii, and Vitaliy Kobets. "Development of Robo-Advisor System for Personalized Investment and Insurance Portfolio Generation." In Communications in Computer and Information Science. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-14841-5_14.
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Kobets, Vitaliy, Valeria Yatsenko, and Ihor Popovych. "Automated Forming of Insurance Premium for Different Risk Attitude Investment Portfolio Using Robo-Advisor." In Communications in Computer and Information Science. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-14841-5_1.
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Snihovyi, Oleksandr, Vitaliy Kobets, and Oleksii Ivanov. "Implementation of Robo-Advisor Services for Different Risk Attitude Investment Decisions Using Machine Learning Techniques." In Information and Communication Technologies in Education, Research, and Industrial Applications. Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-13929-2_15.
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Girasa, Roy. "Investment Adviser Regulation." In Laws and Regulations in Global Financial Markets. Palgrave Macmillan US, 2013. http://dx.doi.org/10.1057/9781137345462_1.
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Savchenko, Serhii, and Vitaliy Kobets. "Development of Software Architecture and Machine Learning Modules of Robo-Advisor System for Personalized Investment Portfolio Generation." In Information and Communication Technologies in Education, Research, and Industrial Applications. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-20834-8_8.
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Chorafas, Dimitris N., and Heinrich Steinmann. "Expert Systems for Investment Advisors." In Expert Systems in Banking. Palgrave Macmillan UK, 1991. http://dx.doi.org/10.1007/978-1-349-11368-2_8.
Full textConference papers on the topic "Investment Advisor"
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Kawai, Daisuke, Alejandro Cuevas, Bryan Routledge, Kyle Soska, Ariel Zetlin-Jones, and Nicolas Christin. "Is your digital neighbor a reliable investment advisor?" In WWW '23: The ACM Web Conference 2023. ACM, 2023. http://dx.doi.org/10.1145/3543507.3583502.
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Wang, Wenyu, and Wenyu Ma. "Perceived Risk and Intelligent Investment Advisor Technology Adoption: A UTAUT Perspective." In 2023 7th International Symposium on Multidisciplinary Studies and Innovative Technologies (ISMSIT). IEEE, 2023. http://dx.doi.org/10.1109/ismsit58785.2023.10304953.
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Shull, Will, Nicole Bartlett, and John Shutak. "Return on Investment - Does the Owner's Advisor Add Value to your Project?" In Utility Management Conference 2024. Water Environment Federation, 2024. http://dx.doi.org/10.2175/193864718825159269.
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Zhang, Simin, and Longhui Hu. "Research on the Asset Allocation Scheme of Intelligent Investment Advisor based on the Third Pillar of Pension." In Proceedings of the 2nd International Conference on Public Management, Digital Economy and Internet Technology, ICPDI 2023, September 1–3, 2023, Chongqing, China. EAI, 2023. http://dx.doi.org/10.4108/eai.1-9-2023.2338755.
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Adji, Yovie Bramantyo, I. Gusti Made Karmawan, and Lusianah. "Analysis of the Robo-Advisor Investment Applications on Investor Satisfaction using Modified Unified Theory of Acceptance and Use of Technology (UTAUT)." In 2024 23rd International Symposium INFOTEH-JAHORINA (INFOTEH). IEEE, 2024. http://dx.doi.org/10.1109/infoteh60418.2024.10495963.
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Heyman, Susanna. "Online Investment Advisors and Novice Users." In ECCE '15: European Conference on Cognitive Ergonomics 2015. ACM, 2015. http://dx.doi.org/10.1145/2788412.2788437.
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"LEGAL STATUS OF THE INVESTMENT ADVISER." In Russian science: actual researches and developments. Samara State University of Economics, 2020. http://dx.doi.org/10.46554/russian.science-2020.03-2-556/560.
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Shahani, M. N. A., Usman Maharoof, V. M. Senananda, R. T. S. Rajapaksha, Dasuni Nawinna, and Buddhima Attanayaka. "INVESTOPAL - Smart Financial Investment Advisory System." In 2023 7th International Conference On Computing, Communication, Control And Automation (ICCUBEA). IEEE, 2023. http://dx.doi.org/10.1109/iccubea58933.2023.10392154.
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Ghosh, Amitava, and Ambuj Mahanti. "An information system for investment advisory process." In the International Conference. ACM Press, 2014. http://dx.doi.org/10.1145/2618168.2618191.
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Noneva-Zlatkova, Yordanka. "PROTECTION OF CREDITORS’ RIGHTS IN THE CONTEXT OF AN EVOLVING INVESTMENT ENVIRONMENT UNDER EU LAW." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.2020.179.
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In the post-global economic and financial crisis, Europe is suffering from significantly low levels of investment. This applies both to national level in the individual Member States and to those with a supranational scope. For this reason, the EC tried to stimulate the development of any investment initiative through the Juncker Plan, which is based on three pillars: the European Fund for Strategic Investments, the European Investment Advisory Center and the European Investment Projects Portal, and third, improving the business environment by removing regulatory barriers to investment at national and European level. Policies in this direction will continue and build on over the period 2021-2027 through the InvestEU program, which aims to continue to support increased investment, innovation and job creation in Europe. The process of implementation of each such initiative directly affects the individual legal and natural persons as investors who enter different bond relations, which have both national and international dimension. The development of new investment products and instruments would be unthinkable without the Bank’s involvement as a major creditor in the implementation of investment projects. This fact shows that it is necessary to examine the legal guarantees for the protection of creditors in these relationships in case of possible threat the debtor to damage the creditor in case of unfavourable development of the respective investment initiative. This paper will justify the significance and the peculiarities of Paul’s claim as a means of protecting creditors in the context of a developing EU investment environment and its legal framework. This method of preventing the decline of the asset and / or the increase of the liability of the debtor’s property is characterized by extreme persistence over time as a legal institution that originated in the Roman era and has survived to the present without losing its significance.
Reports on the topic "Investment Advisor"
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Hagen, R. E. Energy Investment Advisory Series No. 2. Investment opportunities in Indochina`s energy sector. Office of Scientific and Technical Information (OSTI), 1994. http://dx.doi.org/10.2172/42815.
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Hadgen, R. E. Energy investment advisory series No. 3: Investment opportunities in the Persian Gulf energy sector. Office of Scientific and Technical Information (OSTI), 1994. http://dx.doi.org/10.2172/29290.
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Chapple, Alice, and Alvaro Valverde. Mobilizing climate finance towards agricultural adaptation and nature-based solutions. Commercial Agriculture for Smallholders and Agribusiness (CASA), 2022. http://dx.doi.org/10.1079/20240191174.
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The Commercial Agriculture for Smallholders and Agribusiness (CASA) Programme aims to drive global investment towards inclusive climate-resilient agri-food systems that increase smallholder incomes. CASA's research component has recently identified the challenges faced in mobilizing climate finance in agriculture, and particularly in climate adaptation, as well as the existence of a funding gap for small and medium-sized agriculture enterprises (agri-SMEs) of around $106 billion (ISF Advisors, 2022). Of particular concern is the minimal funding that would be needed to help smallholder farmers adapt to the challenge of climate change and increase their resilience. Adaptation for smallholder farmers might include investment in drought-resistant seeds, technologies and practices that enable climate-smart agriculture, investment in improved water management, and investment in improved management of food waste, including facilities for storage of crops. Smallholder farmers may also benefit from interventions that protect the natural environment on which they depend (e.g. interventions relating to water supplies, soil quality or soil stabilization), or from activities that augment their incomes through payments for the protection of natural capital. Investment in these nature-based solutions (NbS) can potentially contribute to capital flows to smallholder farmers, even though they are often primarily designed to deliver carbon sequestration benefits to companies or investors seeking a 'net zero' position. This report seeks to answer the following questions, which were explored through interviews with key sectoral stakeholders (principally in Asia): What types of investments in agricultural adaptation and NbS are being made by different categories of investors? What are the barriers to investment in climate adaptation in agriculture and in NbS? What opportunities are emerging for these types of investment? What partnerships are required to help drive capital towards these areas of investment? What evidence is needed to drive capital towards these areas of investment?
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Steinmann, Peter. Do changes in the pre-licensure education of health workers impact on the supply of health workers? SUPPORT, 2017. http://dx.doi.org/10.30846/170209.
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In many countries there is a shortage of health workers. The high financial and resource investments needed to train health workers make it important to find ways to increase the number of students entering initial health professional training (sometimes referred to as pre-licensure training) and reduce the number of pre-graduation drop-outs. Ways to achieve this include interventions to increase the capacity of health professional training institutions; reduce the loss of students (and increase the likelihood that students will graduate); or increase the recruitment of students from other countries into health professional training institutions. Minority academic advisory programmes that include academic, personal, financial and vocational advising, skills building, mentorships, supplementary training, and annual evaluations are an approach to achieving this amongst students from minority groups.
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Chimombo, Masautso, Mirriam Matita, Loveness Mgalamadzi, et al. Interrogating the Effectiveness of Farmer Producer Organisations in Enhancing Smallholder Commercialisation – Frontline Experiences From Central Malawi. Institute of Development Studies (IDS), 2022. http://dx.doi.org/10.19088/apra.2022.004.
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Many years of significant investment into the production and adoption of productivity-enhancing technologies and practices in agriculture have not yielded the desired results. Most smallholder farmers in Africa remain trapped in poverty. Having realised that addressing production challenges alone is not enough to impact the lives of poor smallholder farmers, resources and attention have now shifted to the marketing side of agriculture. Organising farmers into farmer producer organisations (FPOs), like clubs, associations and cooperatives, has been one of the strategies aimed at commercialising smallholder agriculture. In Malawi, smallholder farmers have been organised into FPOs of various types and sizes. This qualitative study interrogated the effectiveness of FPOs in Malawi in meeting their objectives, including the objective of enhancing commercialisation of smallholder farmers through increased access to farm inputs, markets, and agricultural extension and advisory services.
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Casey, J. Climate finance mobilization initiatives - promoting climate adaptation in agriculture. Commercial Agriculture for Smallholders and Agribusiness (CASA), 2022. http://dx.doi.org/10.1079/20240191148.
Full textAbstract:
The Commercial Agriculture for Smallholders and Agribusiness (CASA) programme aims to drive global investment towards climate-resilient agri-food systems that increase smallholder farmers' incomes. CASA's research component has recently identified the challenges faced in mobilizing climate finance for agriculture, and particularly for climate adaptation, as well as the existence of a funding gap for small and medium-sized agriculture enterprises (agri-SMEs) of around $106 billion (ISF Advisors, 2022). CASA is particularly interested in analysing the evolving landscape of initiatives that aim to mobilize public and private finance for climate adaptation and resilience in agriculture. The aim of this report is to gain a better understanding of the landscape of climate finance initiatives, the means by which they aim to create change, the types of members who are engaged in them, and areas which may be under-served by such initiatives. The report identifies and analyses initiatives which support climate finance mobilization for climate adaptation in agriculture in low- and middle-income countries. The report analyses and categorizes (by sector, climate action focus, geographic scope, and membership typology) a total of 51 initiatives from across the world that aim to mobilize climate finance. The report also introduces a typology for categorizing these initiatives, based on the primary means they use to mobilize action and investment. The report covers the strategies used to encourage and facilitate engagement among members of different initiatives. It also provides an overview of the coverage of these initiatives, including their geographic and thematic focus, as well as the degree to which they address climate adaptation in agriculture. It offers recommendations to initiatives and their members on ways to enhance their impact and address key knowledge and action gaps.
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Ruprah, Inder J., Jose Ignacio Sembler, Camilo Pecha, and Patricia Sadeghi. An Evaluation of the Bank's Non-Sovereign Operations with Sub-National Entities: 2007-2010. Inter-American Development Bank, 2011. http://dx.doi.org/10.18235/0010443.
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This evaluation examines the IDB's non-sovereign operations with sub-national entities during the 2007-2010 period. The delivery of loans to sub-national borrowers in this period was modest, not even near breaching the one-third ceiling. Attention to the sub-national sector is important in Latin America, because effective public service delivery is critical for poverty reduction, low gross capital formation is hindering development in the region, and decentralization has increasingly placed investment decisions for infrastructure services at the sub-national level. This presents an opportunity for the IDB, as, compared to peer multilaterals, it has a limited share in this sector. Therefore, OVE advises to: (i) further understand the potential market for sub-national lending, analyzing and mapping eligible and currently excluded sub-national entities in client countries, using alternative policy scenarios for both sovereign guaranteed and non-sovereign guaranteed operations; (ii) review the guidelines and practices of peer multilaterals to determine the desirability and feasibility of emulating them; and (iii) propose changes to existing policy and guidelines such that the IDB can better serve currently excluded sub-national enterprises through non-sovereign guaranteed lending.
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Megersa, Kelbesa. Effectiveness and Value for Money of Technical Assistance Approaches: In-house vs Contracting. Institute of Development Studies, 2022. http://dx.doi.org/10.19088/k4d.2022.135.
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In the development field, technical assistance (TA) broadly refers to support for a specific project or country programme in the form of technical advice, research and data sharing, and skills training, among other activities. As a result, TA may be more valuable as a development tool than the amount of funding received. The primary areas of focus for TA include developing a project pipeline, de-risking investments, and assisting TA beneficiaries in their efforts to improve business standards, as well as supporting policy reforms by developing country. Because TA recipients may face a variety of issues, effective TA programmes can take many forms. TA programmes must be established to address beneficiaries’ primary concerns. The goal for both TA recipients and donors should be to determine the main objective of the TA and to select from a variety of technical adviser, taking into account the limitations and enabling conditions for each approach (Nastase et al., 2020). Some useful principles (or good practices) when designing and implementing TA (through in-house or external contracting) include: • Importance of local ownership: • Partnerships and inclusivity: • Effectiveness: • Value-for-money (VFM): TA can be delivered in-house or by contracting out TA to other firms or suppliers. However, each approach has certain merits (VFM and other factors) and shortcomings. There is a very limited evidence base regarding an explicit discussion of the merits of in-house vs commissioned TA programming. Much of the available evidence simply describes TA programme elements – rather than the VFM behind business cases for in-house or contracted TA design and delivery.
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Hague, Mathias, Michael Obanubi, Michael Shaw, and Geoff Tyler. The development impact of concessional finance to agri-business: a rapid evidence review. Commercial Agriculture for Smallholders and Agribusiness (CASA), 2020. http://dx.doi.org/10.1079/20240191179.
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The provision of concessional finance has become an increasingly important tool to support enterprise development, especially where financial markets are underdeveloped. For the purposes of this research, concessional finance is defined as that which is extended on terms and/or conditions that are more favourable than those available from the market. This can be achieved, for example, via lower risk adjusted return expectations; terms and conditions that would not be accepted/extended by a commercial financial institution; and/or by providing financing to a borrower/recipient not otherwise served by commercial financing. Risk mitigation tools, guarantees and first-loss products are also included when they are provided on concessional terms. The Foreign, Commonwealth & Development Office (FCDO) of the United Kingdom (UK) has committed funding to a range of concessional finance investors in the agriculture sector, including significant sums for the CDC Group (the UK's development finance institution), AgDevCo (a specialist agribusiness impact investor), the Global Agriculture and Food Security Program (GAFSP) Private Sector Window, and the Africa Enterprise Challenge Fund (AECF). FCDO also makes smaller contributions to more specialized institutions as well as collaborative interventions with other donors in the agriculture sector. These organizations cover the spectrum of investment themes, from close-to-market interest rates for more established businesses to long-term, low- or no-interest debt with packages of advisory support for early stage or highly innovative business models. They deploy a wide range of instruments, some funded, which includes all types of concessional debt and equity; and others unfunded, which covers risk mitigation tools, guarantees and first-loss products when they are provided on concessional terms. Implementing partners use different methods for monitoring and reporting the performance of the concessional funding provided by donors, using both customized measurement mechanisms or those based on more broadly accepted standards such as the Donor Committee for Enterprise Development (DCED). Research ranges from light touch human interest case studies to more formal longitudinal analysis using rigorous statistical survey methods. Academic institutions are increasingly contributing quality research, particularly to the assessment and understanding of development impact, often in partnership with impact investors. Donors themselves both directly engage in research but also provide the majority of the funding for evidence-based learning in both investors and academia. After more than a decade of concerted investment and innovation in the concessional finance space, particularly in sub Saharan Africa and South Asia, there is increasing interest in understanding whether these interventions are providing the development impacts expected and which financing tools and institutions are most effective for different types of farmer and or food market systems. These lessons will allow good practices to be replicated in future and implementation modalities to be improved to maximize development impact and financial performance.
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Oakden, Libby, Rebecca Gillespie, and Abbie Collins. Citizen Science for Food Standards Challenges: Programme Review. Food Standards Agency, 2023. http://dx.doi.org/10.46756/sci.fsa.vhh726.
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Citizen science is an umbrella term that describes a variety of ways in which members of the public can participate in science. The main characteristics of the approach are that: citizens are actively involved in research, in partnership or collaboration with scientists or professionals; and there is a genuine outcome, such as new scientific knowledge, conservation action or policy change. Citizen science involves communities participating in data collection or analysis, or other kinds of collaboration, like co-creating research questions and interpreting data. The approach, endorsed by the European Commission for Research, Science and Innovation, allows the communities we serve to be involved in building the evidence-base on which policy decisions are made, and offers wider benefits to participants (such as expanding scientific knowledge). Citizen science can open up engagement with communities who are underrepresented in research. The FSA’s programme of citizen science work builds on collaboration between UK Research and Innovation (UKRI), the FSA and Food Standards Scotland, to develop a joined-up approach to tackle the challenges of maintaining safe food in the UK. Key recommendations of this collaboration were to invest in public engagement and citizen science (aligning with UKRI’s commitment to citizen science and participatory research, as outlined in its vision (2010 – 2022)), and to build and strengthen partnerships across the food safety research and innovation community. To inform these aims, the 2021 FSA review ‘Citizen Science and Food’ explored how citizen science methods have previously been applied to FSA research priorities. The review identified a growing body of research and recommended further investment in this area to build capacity and capability, and spread the use of these methods among the food science community. Subsequently, in 2022 the FSA and UKRI(footnote 1) launched the Citizen Science for Food Standards Challenges (Opens in a new window) funding call, for projects that would use citizen science methods to address the FSA’s areas of research interest (ARIs). The aims of the call were to: assess the utility of the citizen science approach in exploring food standards challenges. facilitate the use of citizen science methods, and build capability, in the food policy research community. expand the range of people from outside of academia involved in food policy research. provide learning opportunities to the members of the public involved as citizen scientists. Six projects were awarded funding, each addressing an ARI, exploring topics such as antimicrobial resistance, food hypersensitivity, consumer practices and food safety, and novel plant breeding methods. All projects used citizen science methods to help researchers gather rich information in certain settings or communities. Across the programme, the six projects facilitated collaboration between: 600 citizen scientists, nine universities, 12 partner organisations, four community or specialist advisors and two business representative bodies. These collaborations brought multiple benefits to researchers’, citizen scientists and to the partner organisations, advisors and stakeholders. This report details these, along with key findings from each project, and operational learnings from the programme to inform future work using citizen science methodology. This report outlines preliminary findings from each of the projects and considers the success of the programme overall. Detailed findings from each project will be published in the form of project reports on the FSA website, in sequence with publications in scientific journals.