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Journal articles on the topic 'Money market fund'
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1
Kacperczyk, Marcin, and Philipp Schnabl. "How Safe Are Money Market Funds?*." Quarterly Journal of Economics 128, no. 3 (July 4, 2013): 1073–122. http://dx.doi.org/10.1093/qje/qjt010.
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Abstract We examine the risk-taking behavior of money market funds during the financial crisis of 2007–2010. We find that (1) money market funds experienced an unprecedented expansion in their risk-taking opportunities; (2) funds had strong incentives to take on risk because fund inflows were highly responsive to fund yields; (3) funds sponsored by financial intermediaries with more money fund business took on more risk; and (4) funds suffered runs as a result of their risk taking. This evidence suggests that money market funds lack safety because they have strong incentives to take on risk when the opportunity arises and are vulnerable to runs.
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Chiu, Hsin-Hui, and Lu Zhu. "Can mutual fund flows serve as market risk sentiment?" Journal of Risk Finance 18, no. 2 (March 20, 2017): 159–85. http://dx.doi.org/10.1108/jrf-08-2016-0103.
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Purpose This paper aims to examine the information content of mutual fund flows and its indication on investors’ preference/tolerance toward risk. Design/methodology/approach Mutual funds are grouped into different categories based on assets with different levels of risk perceptions (e.g. equity fund, money market fund), and this information is publicly accessible. This paper examines the correlation patterns between fund flows and changes in credit default swaps (CDS) spreads. In addition, it also examines such a relation by dividing the samples into different fund types (e.g. retail vs institutional fund flows). Findings This paper suggests that equity fund flows are negatively related to CDS spreads, whereas money market fund flows are positively related to CDS spreads. Furthermore, it indicates that retail fund flows provide insightful information and serve as the primary driver behind the relation between fund flows and CDS spreads. Originality/value The findings of this paper indicate that flows into equity and money market funds could serve as a risk sentiment in credit markets. And this is the first study, to the best of the author’s knowledge, to establish such a linkage between fund flows and CDS spreads to help investors gauge credit market sentiment.
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Locke, Larry G., and Virginia R. Locke. "The SECs Attempted Use Of Money Market Mutual Fund Shadow Prices To Control Risk Taking By Money Market Mutual Funds." Journal of Business & Economics Research (JBER) 10, no. 6 (May 31, 2012): 345. http://dx.doi.org/10.19030/jber.v10i6.7025.
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One of the major advantages of money market mutual funds as a short term cash investment vehicle is that they are always purchased and sold for $1 per share. That constant $1 share price is maintained, despite the obvious fact that the funds holdings are frequently changing value, through a permissive SEC regulation that entitles money funds to value their portfolio securities at amortized cost rather than market value. At the same time, funds have always monitored their true market value in what is referred to as the funds shadow price, disclosed on a semi-annual basis. Starting in December, 2010, the SEC ordered money funds to publish their shadow prices monthly in hopes that investors would take notice and provide market discipline to money funds that failed to keep the funds market value sufficiently close to $1 per share. The expressed intention of the SEC was that investors would restrain money market fund managers from taking undue risks. This study analyzes whether the SECs strategy is working. By assessing the relationship between money market funds shadow prices and subsequent changes in net assets, the authors can look for evidence of whether the market is performing the function the SEC intends. The authors have examined monthly disclosures of shadow prices and asset changes for over 100 money market funds since the funds commenced reporting. Through a series of linear regression analyses, the authors have found no relevant correlation between money funds shadow prices and investor activity. The ramifications of this lack of correlation are potentially significant, particularly now as financial regulators are concerned that money fund holdings of European banks might transmit the current credit deterioration in Greece to U.S. markets. The SEC and other financial regulators are counting on disclosure of shadow prices as a tool to avoid the kind of risk taking that ultimately contributed to the credit market freeze experienced in 2008. If that tool is, in fact, not working, the SEC may be obliged to attempt alternative strategies. The authors discuss the policy implications of their findings.
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Murphy, Jack, Brenden Carroll, Stephen Cohen, Joshua Katz, and Justin Goldberg. "SEC staff issues money market fund reform frequently asked questions." Journal of Investment Compliance 16, no. 4 (November 2, 2015): 47–54. http://dx.doi.org/10.1108/joic-08-2015-0059.
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Purpose – To explain the background and details of the responses from the Staff of the Division of Investment Management of the US Securities and Exchange Commission (SEC) to certain frequently asked questions (FAQs) regarding the July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (1940 Act). Design/methodology/approach – In July 2014, the SEC adopted sweeping amendments to Rule 2a-7 and other rules that govern money market funds under the 1940 Act (Amendments). The Amendments (i) require “institutional” money funds to operate with a floating net asset value (NAV), rounded to the fourth decimal place (e.g. $1.0000) and (ii) permit (and, under certain circumstances, require) all money funds to impose a “liquidity fee” (up to 2 per cent) and/or “redemption gate,” once weekly liquidity levels fall below the required regulatory threshold. The article briefly discusses the background and the events leading up to the FAQs and describes key responses from the Staff on a variety of issues. Findings – The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately. The FAQs provide clarity on a number of issues that are relevant to the money fund industry. Practical implications – Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance. Originality/value – Practical guidance from experienced financial services lawyers.
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Schacht, Kurt N. "Money Market Fund Reforms Long Overdue." CFA Institute Magazine 25, no. 1 (January 2014): 48. http://dx.doi.org/10.2469/cfm.v25.n1.15.
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Murphy, Jack, Stephen Cohen, Brenden Carroll, Aline A. Smith, Matthew Virag, and Justin Goldberg. "US SEC approves sweeping amendments to rules governing money market funds." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 25–39. http://dx.doi.org/10.1108/joic-01-2015-0016.
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Purpose – To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940. Design/methodology/approach – Explains the background, including problems during the financial crisis, the USA Treasury’s temporary guarantee program in 2008, earlier SEC proposals, and the USA Financial Stability Oversight Council’s recommendations. Details the amendments to Rule 2a-7, including the authorization to impose liquidity fees and redemption gates, the floating net asset value (NAV) requirement, the impact of the amendments on unregistered money funds operating under Rule 12d1-1, guidance on fund valuation methods, disclosure requirements, requirements for money fund portfolios to be diversified as to issuers of securities and guarantors, stress testing requirements, and compliance dates. Findings – The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately. Practical implications – Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance. Originality/value – Practical guidance from experienced financial services lawyers.
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Ferruz, Luis, Cristina Ortiz, and Luis Vicente. "Money market fund investors’ response to fund company mergers." Applied Financial Economics Letters 4, no. 2 (March 2008): 109–13. http://dx.doi.org/10.1080/17446540701335466.
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Huang, Lingling, Qianling Zeng, Fan Lin, Wenyan Deng, and Wenchao Pan. "Performance Evaluation of China Internet Monetary Fund Based on Super-efficient DEA." Sumerianz Journal of Economics and Finance, no. 43 (July 23, 2021): 96–101. http://dx.doi.org/10.47752/sjef.43.96.101.
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Since 2013, China’s Internet money fund market has entered a new era. On June 17, 2013, Yu’e Bao, jointly launched by Alipay and Tianhong Fund Company, was the first to go public. In just a few short years, the Internet money fund market has developed in full swing, and Tencent, Baidu, and JD have also participated in the development of related change wealth management businesses. This article uses super-efficiency DEA to evaluate fund performance. Through the validity test of 16 sample fund products in 2019, 7 sample funds are valid according to the DEA; and 16 sample fund products in 2020 are tested for validity, 9 sample funds are valid according to the DEA. The research found that most of the Internet financial products have not yet reached their effectiveness, which is mainly reflected in the fund’s custody and management fees. There is still a lot of room for development in China’s Internet fund market.
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Bansal, Matulya. "Default risk of money-market fund portfolios." Journal of Credit Risk 11, no. 4 (December 2015): 43–71. http://dx.doi.org/10.21314/jcr.2015.198.
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Schmidt, Lawrence, Allan Timmermann, and Russ Wermers. "Runs on Money Market Mutual Funds." American Economic Review 106, no. 9 (September 1, 2016): 2625–57. http://dx.doi.org/10.1257/aer.20140678.
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We study daily money market mutual fund flows at the individual share class level during September 2008. This fine granularity of data allows new insights into investor and portfolio holding characteristics conducive to run risk in cash-like asset pools. We find that cross-sectional flow data observed during the week of the Lehman failure are consistent with key implications of a simple model of coordination with incomplete information and strategic complementarities. Similar conclusions follow from daily models fitted to capture dynamic interactions between investors with differing levels of sophistication within the same money fund, holding constant the underlying portfolio. (JEL D14, G11, G23)
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Tan, Ömer Faruk. "Mutual Fund Performance: Evidence From South Africa." EMAJ: Emerging Markets Journal 5, no. 2 (November 12, 2015): 49–57. http://dx.doi.org/10.5195/emaj.2015.83.
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This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE) yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966), Treynor ratio (1965), Jensen's alpha (1968) methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966) and Henriksson & Merton (1981) regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966) regression analysis method is applied for market timing ability of fund managers.
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Domian, Dale L. "Money Market Mutual Fund Maturity and Interest Rates." Journal of Money, Credit and Banking 24, no. 4 (November 1992): 519. http://dx.doi.org/10.2307/1992809.
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Domian, D. "Performance and persistence in money market fund returns." Financial Services Review 6, no. 3 (1997): 169–83. http://dx.doi.org/10.1016/s1057-0810(97)90011-1.
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Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "An Evaluation of Money Market Fund Reform Proposals." IMF Economic Review 63, no. 4 (September 22, 2015): 984–1023. http://dx.doi.org/10.1057/imfer.2015.14.
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Witmer, Jonathan. "Strategic complementarities and money market fund liquidity management." Journal of Financial Intermediation 38 (April 2019): 58–68. http://dx.doi.org/10.1016/j.jfi.2018.07.002.
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Nabi, Agha Ammad, and Umair Zuhair. "Performance and Evaluation of Portfolio of Mutual Funds." Journal of Economic Info 2, no. 2 (April 30, 2015): 1–5. http://dx.doi.org/10.31580/jei.v2i2.85.
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The basic approach of any kind of investor is to handle and minimize the risk and increase their profits. It is common fact that to manage the risk is not to have all eggs in a basket in monetary markets and this saying is familiar as diversification. The diversifications need decision regarding which basket to have which eggs and how much eggs should have in the basket. The lack of financial expertise in the context of mutual funds for making investment in markets has introduced mutual funds with the state of mind of financial experts. The experts of financial markets have only advantage since the fact that it is always win-win situation for them who don’t know about investment and decreasing the risk via managing funds in effective way by bigger portfolios and sufficient amount of money. As the mutual fund industry of Pakistan expanded with some pace in first decade of this century and due to this reason the performance evaluation of this industry become critical and hot topic.
The study aims to measure the performance of Pakistani mutual fund industry from 2014 to 2017. There are total 233 mutual funds operating in the mutual industry of Pakistan, out of 233 mutual funds, total 45 mutual funds were selected for the study; 23 mutual funds were from equity while only 22 mutual funds were selected form money market. Sharpe ratio was used to measure the risk-adjusted performance of mutual funds and the Sharpe ratio in both equity funds and money market funds are positive, thus indicating that funds managers have the ability to diversify investment to decrease the risk.
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DeGennaro, Ramon P., and Dale L. Domian. "Market Efficiency and Money Market Fund Portfolio Managers: Beliefs Versus Reality." Financial Review 31, no. 2 (May 1996): 453–74. http://dx.doi.org/10.1111/j.1540-6288.1996.tb00881.x.
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Rout, Bishwajit, and Sangeeta Mohanty. "FACTORS INFLUENCING THE INVESTORS TO INVEST IN MUTUAL FUNDS: AN EMPIRICAL ANALYSIS." International Journal of Engineering Technologies and Management Research 6, no. 9 (March 31, 2020): 45–52. http://dx.doi.org/10.29121/ijetmr.v6.i9.2019.450.
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Indian mutual fund industry started with traditional products like equity fund, debt fund and balanced fund and later significantly increased it’s product base. Today, the industry has introduced a wide range of products such as money market funds, sector specific funds, index funds, gilt funds, insurance linked funds, exchange traded funds, and marching towards reality funds. The different types of schemes offered by the Indian mutual fund industry provide several options of investment to common man. What is noteworthy is that bulk of the mobilization has been by the private sector mutual funds rather than bank sponsored mutual funds. Through this paper the author has attempted to focus on the the factors that motivate the investors to invest in mutual funds.
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Feng, Jinyu, and Wenzhao Wang. "Fund performance-flow relationship and the role of institutional reform." Investment Management and Financial Innovations 15, no. 1 (March 23, 2018): 311–27. http://dx.doi.org/10.21511/imfi.15(1).2018.26.
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Extant literature shows the positive impact of institutional development on investor rationality and market efficiency. The authors extend this evidence by investigating the performance-flow relationship in the Chinese mutual fund market before and after the enforcement of the revised Law of the People’s Republic of China on Securities Investment Fund. Empirical evidence reveals that Chinese investors irrationally chase past star performers before institutional reform, but gradually become rational and less obsessed with star-chasing behaviors after reform. Moving one percentile upward in the relative performance among the star funds is associated with money inflows by 0.532% after reform, much lower than 1.433% before reform. The findings confirm the positive influence of institutional development on investor rationality and market efficiency. The successful experience can be borrowed by other emerging markets with less developed institutions.
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Ochnio, Emil. "Changes in the profitability of investment funds in Poland in the period 2005-2016." Annals of Marketing Management and Economics 3, no. 1 (June 30, 2017): 59–68. http://dx.doi.org/10.22630/amme.2017.3.1.6.
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The paper examines the rates of return of three main types of investment funds in the period of from 2005 to June 2016. The analysis covers 120 equity, 55 bond and 60 mixed funds and is based on data taken from www.bossa.pl, www.analizy.pl and www.izfa.pl. The results of analysis indicate that macroeconomic conditions significantly shape fund returns, though the impact is diversified by fund type. Better stock market conditions benefit equity and mixed funds, and the periods of economic slowdown are favorable for safer funds, including bond and money market funds. For the entire period, equity funds achieved the highest returns, but with the highest risk. The opposite situation concerned bond funds. The average returns of every type of fund were higher than deposit rates – more than 50% of the funds outgained them.
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PATEL, JYOTI. "A STUDY ON PERFORMANCE EVALUATION OF SELECTED MUTUAL FUNDS IN INDIA." GAP GYAN - A GLOBAL JOURNAL OF SOCIAL SCIENCES 3, no. 4 (November 30, 2020): 80–85. http://dx.doi.org/10.47968/gapgyan.340012.
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In the Indian Capital market various platforms for the investor to take a position their money for getting more return. Among equity share, bond, Treasury bill, bond, open-end fund then many, but within the Indian capital market, an open-end fund is one among the foremost favorable platforms for an investor to increase their wealth. That is why here we are conducting a study on selected mutual funds in India, the sample of the study is 7 mutual funds The Financial ratio analysis is employed for performance evaluation of fund, therein taking NAV (Net assets value) and return of the three years from 17th July 2017 to 2019. Finding Sharpe ratio, Variance, BETA, and Jenson's alpha on the bases of three-year data. In this study found market sentiment affect more in aggressive hybrid open-end fund compare to conservative.
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Bier, Stephen H., Thomas C. Bogle, Jack W. Murphy, Kevin K. Babikian, and Sean R. Murphy. "PWG issues report on money market fund reform options." Journal of Investment Compliance 12, no. 1 (April 12, 2011): 53–58. http://dx.doi.org/10.1108/15285811111122074.
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Makadok, Richard, and Gordon Walker. "Search and selection in the money market fund industry." Strategic Management Journal 17, S1 (July 5, 2007): 39–54. http://dx.doi.org/10.1002/smj.4250171005.
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Kiymaz, Halil. "A performance evaluation of Chinese mutual funds." International Journal of Emerging Markets 10, no. 4 (September 21, 2015): 820–36. http://dx.doi.org/10.1108/ijoem-09-2014-0136.
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Purpose – The purpose of this paper is to examine the performance of Chinese mutual funds during the period of January 2000 to July 2013. Emerging market funds provide investors with alternative risk exposure for their portfolios. The Chinese market has developed rapidly and differs from developed markets regarding wide range of market and economic characteristics, including size, liquidity, and regulation. The performance of these funds is investigated by using various risk adjusted measures. The study also compares performances of mutual fund subgroups and explains the factors influencing their performances. Design/methodology/approach – This is an empirical paper using various risk performance measures. These measures include the Sharpe ratio, Information ratio, Treynor ratio, M-squared and Jensen’s α. The data comprises 1,037 funds. These funds are further divided into ten subgroup of funds based on their classification: equity (484); aggressive allocation (95 funds); conservative allocation (18 funds); moderate allocation (85 funds); aggressive bond (92 funds); normal bond (52 funds); guaranteed (29 funds); money market (53 funds); and QDII funds (119 funds). A cross-sectional analysis of fund performance is performed using Sharpe and Jensen’s measures as dependent variables and fund-specific variables (Age, Turnover, Tenure, Frontload, Redemption fees, and Management fees), market-specific variables (P/E ratio, P/B ratio, Market capitalization), and fund types as independent variables. Findings – The findings show that Chinese funds generate positive αs for their investors. The highest return is provided with aggressive allocation funds followed by moderately aggressive allocation funds. The average Jensen’s α is the highest in aggressive allocation funds. QDII funds do not provide significant positive αs; in several instances αs are negative. Further analysis of sub-periods show that Chinese funds do not consistently provide excess returns and show great variations. The study also finds that older funds, funds with higher fees, high price to book ratio, and smaller funds continue to perform better than other funds. Originality/value – This study adds value by focussing on Chinese funds and risk/return characteristics of these funds. The research will further explore factors explaining these returns.
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Hendratri, Bhaswarendra Guntur. "Pasar Uang Antarbank Dengan Prinsip Syariah." JES (Jurnal Ekonomi Syariah) 1, no. 2 (March 2, 2017): 266–74. http://dx.doi.org/10.30736/jes.v1i2.20.
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Islamic banking development that is increasingly requires the development of Islamic banking products, which are used to meet the needs and demands of its customers. Islamic banking can overcome or manage their liquidity in an Islamic way, both the sukuk and other types of investments, which certainly does not violate the Islamic sharia. The keys are used by banks in their liquidity management is the availability of primary and secondary reserves. In fulfillment of secondary reserve, bank can invest idle fund in Money Market. Islamic interbank money market is able to support smooth for Islamic banking to use Islamic interbank money market as a means to organize and manage liquidity. Interbank money market with Sharia principle is one of the facilities provided by Bank Indonesia as control of Indonesia banking in terms of utilization of idle funds held by Islamic banking. Interbank money market with Sharia, which has the right to publish is only a BUS or UUS because, in the future, BUS or UUS will be the manager of the funds, both in terms of SIMA (Mudharabah Interbank Investment Certificate) or SIKA (Commodity Interbank Certificate). Commodity Certificates based on Sharia (SIKA) is different with SIMA. SIKA uses murabahah contract. The trade is conducted in the commodity exchange. The interbank money market with Sharia principles is not much different from the risks that exist in the money market in general. However, the risk in interbank money market seems more minimal because is conceptualized and organized by Bank Indonesia.
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Baig, Ahmed S., and Drew B. Winters. "Month-End Regularities in the Overnight Bank Funding Markets." Journal of Risk and Financial Management 14, no. 5 (May 3, 2021): 204. http://dx.doi.org/10.3390/jrfm14050204.
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The money market rates in the United States exhibit various calendar patterns that are grounded in institutional and regulatory factors. In this paper, we document a new regularity in the overnight fed funds market. Specifically, we identify patterns of decreased volatility along with consistent and significant month-end rate drops in the fed fund rates. Our findings suggest that short-term liquidity requirements of the Basel III reforms are, in part, responsible for the regularity in fed funds.
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Bajracharya, Rajan Bilas, and Rushil Bhakta Mathema. "A Study of Investors’ Preference towards Mutual Funds in Kathmandu Metropolitan City, Nepal." Journal of Advanced Academic Research 4, no. 2 (April 1, 2018): 130–38. http://dx.doi.org/10.3126/jaar.v4i2.19543.
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A Mutual Fund is an investment vehicle that pools funds from various investors and invests the funds in stocks, bonds, short-term money-market instruments, other securities or assets or some combination of these investments. The primary goal behind investment in mutual fund is to earn goods return with comparatively low risk. The main objective of this research is to identify investors’ preference towards mutual fund in Kathmandu metropolitan city. By using in structured questionnaire, Description statistical tools like chi-square test have been used for analyzing the data. The findings from this research are that the most of the investors are doubtful to invest the new age investment like mutual funds.
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Bahmani-Oskooee, Mohsen. "Money market mutual fund maturity and interest rates: A note." International Review of Economics & Finance 5, no. 1 (January 1996): 101–8. http://dx.doi.org/10.1016/s1059-0560(96)90009-x.
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Hunt, John. "SEC provides details on amendments to money market fund rules." Journal of Investment Compliance 11, no. 2 (June 16, 2010): 31–35. http://dx.doi.org/10.1108/15285811011056367.
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Kandel, Laxman Raj. "Investors’ Preference Towards Mutual Fund: An Analytical Evidence From Kathmandu Valley." Pravaha 25, no. 1 (October 11, 2020): 103–11. http://dx.doi.org/10.3126/pravaha.v25i1.31939.
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This paper analysis investors’ preference towards mutual fund. The study was conducted inside the Kathmandu valley. In terms of familiarity with the various financial securities currently available in the Nepalese capital market, investors have high familiarity with fixed deposits, medium familiarity with shares and low familiarity with bonds and debentures and money market instruments. Incase of the preference for the structure of the mutual fund, more than two-third of the total respondent were in favor of Close Ended Mutual Funds. Potential investors of mutual funds prefer family members followed by self-analysis as a medium for getting understanding to create the awareness of mutual funds; TV Advertisement and Print Newspaper are effective, as these sources are preferred by the potential investors. This study concludes that mutual funds could be an admirable institution for bridging the gap between the individual savers and the established business in Nepal. Investors are showing more interest in mutual fund these days.
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OKUMUŞ, Sinan. "A PROPOSAL FOR CONSTRUCTING AN ISLAMIC MONEY MARKET FUND FOR THE TURKISH MARKET." Finansal Araştırmalar ve Çalışmalar Dergisi 8, no. 14 (January 15, 2016): 161. http://dx.doi.org/10.14784/jfrs.80933.
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KOH, BENEDICT S. K., OLIVIA S. MITCHELL, TOTO TANUWIDJAJA, and JOELLE FONG. "Investment patterns in Singapore's Central Provident Fund System." Journal of Pension Economics and Finance 7, no. 1 (November 16, 2007): 37–65. http://dx.doi.org/10.1017/s1474747207003253.
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AbstractRising elderly life expectancies imply the need to accumulate sufficient savings for retirement. This paper investigates the role of recent changes in the investment menu of the Singaporean Central Provident Fund (CPF) system. Our research explores the investment patterns of CPF participants and articulates their implications for policymakers. We find that most investors use their money for housing purchase and default the remainder to the CPF investment pool. The bulk of non-housing saving sits in bank accounts paying a low return. A fraction of workers does elect outside investment products, with high-income earners and males taking more risk than low-income earners and females. Since workers who default their money to the CPF fund receive a guaranteed 2.5% return on the Ordinary Account and 4% on the Special Account, hurdle rates for money market and equity funds are substantial. These high hurdle rates help explain why few CPF account holders invest outside the default government investment pool, though inertia probably explains why many employees let their funds sit in bank accounts earning low interest rates. More attention could be devoted to lowering fund expenses and commissions, including the myriad of fees, expenses, loads, and wrap charges; it might also be beneficial to streamline and rationalize the investment menu offered to participants.
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Urban, Dariusz. "The Color of Government Money. Do Investors Differently Value the Investment of Sovereign Wealth Funds?" e-Finanse 13, no. 1 (November 1, 2017): 25–34. http://dx.doi.org/10.1515/fiqf-2016-0016.
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AbstractThe article aims at pointing out the differences in market reactions regarding the announcement of an investment of selected Sovereign Wealth Funds in companies listed on the London Stock Exchange. The research sample consists of 796 market transactions made by four selected Sovereign Wealth Funds. The author employed event study methodology to calculate the average abnormal returns and cumulative abnormal returns for each fund in subsamples. The empirical findings suggest that investors react differently to the information about a fund’s investment. To the best of the author’s knowledge, the literature does not provide any answer as to how the market reacts to information disclosure of individual funds. Therefore, this paper bridges the gap in the literature within this field.
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Kumar, S. S. S. "Sensex and Nifty Indices: Are They the Right Benchmarks for Mutual Funds in India?" Jindal Journal of Business Research 7, no. 1 (March 20, 2018): 1–12. http://dx.doi.org/10.1177/2278682118761686.
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Recently two significant developments took place in the Indian capital markets: (a) SEBI’s decision making it mandatory for all mutual funds to disclose the scheme returns against a common benchmark index such as Nifty or Sensex and (b) Employee’ Provident Fund Organisation (EPFO) is permitted to invest a part of their funds into stock market through the exchange-traded fund (ETF) route, particularly SBI Sensex and SBI Nifty ETFs. Both the developments are tied by a common concept that stock market indices such as Nifty and Sensex are passive without any statistically significant alpha. In the fund management industry, alpha is a measure of the risk-adjusted excess returns from a portfolio that can be attributed to the stock-picking skills of a fund manager. In this article, an attempt is made to examine for the presence of significant alphas in the returns of both the indices. The results of the study indicate that both the indices have statistically significant excess returns, raising questions on their suitability to act as reference and/or benchmarks for evaluating performance of mutual funds in India. Further, the study examined the returns of Sensex and Nifty index ETFs and observed a statistically significant alpha. The results of the study have important implications not only for the index construction companies but also to the policymakers who are advocating investment of considerable amounts of provident fund money into stock market through ETFs linked to Sensex and Nifty. Index maintenance companies have to re-design the indices so that they remain passive and the EPFO Administration may rethink their decision to invest in the existing ETFs linked to the Sensex and Nifty indices, and should consider constructing a well-diversified stock portfolio that is truly passive so that their mandate to get exposure only to market risk is fulfilled.
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McCabe, Patrick E. "The Cross Section of Money Market Fund Risks and Financial Crises." Finance and Economics Discussion Series 2010, no. 51 (2010): 1–61. http://dx.doi.org/10.17016/feds.2010.51.
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Roncella, Andrea, and Ignacio Ferrero. "A MacIntyrean Perspective on the Collapse of a Money Market Fund." Journal of Business Ethics 165, no. 1 (December 1, 2018): 29–43. http://dx.doi.org/10.1007/s10551-018-4078-9.
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Кosov, Mikhail, Aleksandr Sigarev, Vitaly Sharov, Olga Makashina, and Vladimir Smirnov. "Sovereign Wealth Funds: Russian and International Experience." Space and Culture, India 7, no. 4 (March 29, 2020): 246–54. http://dx.doi.org/10.20896/saci.v7i4.789.
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Taking the Russian and the International experience, the principal aim of this study is to analyse sovereign wealth funds critically.
It remains well known that the Russian National Wealth Fund is vital in the macroeconomic policy of the Russian state. After the abolition of the Reserve Fund in 2018, the Russian National Wealth Fund has to solve a wide range of tasks. In this context, one can argue that the sovereign welfare fund is a specialised monetary fund used to stabilise the state budget when government revenues decline. The welfare fund is also used to finance government needs in the long-term period. The role of sovereign wealth funds is growing in the world. They accumulate large amounts of financial resources. Sovereign wealth funds are founded in such countries where the budget strongly depends on market factors. In most cases, these factors are global commodity prices. The funds’ money is used to cover the deficit of the relevant budget in case of unfavourable market shifts. In the period of high commodity prices, the fund accumulates an excess of export earnings. Against this backdrop, the key purpose of the study is to evaluate the efficiency of managing the National Wealth Fund in the Russian Federation. The study was carried out using the methods of synthesis, analysis, economic analysis, as well as graphic methods, and the methods of comparisons and analogies, which in turn helps in evaluating the extent of efficiency of managing the Russian National Wealth Fund.. The research findings can be used when developing an investment strategy (investment portfolio) of the Russian National Wealth Fund, through which it can aim at balancing the insurance pension system, financing of the federal budget deficit, and co-financing of voluntary pension savings. In this regard, it is imperative for the fund to perform in productive investment activities.
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Othman, Jaizah, Mehmet Asutay, and Norhidayah Jamilan. "Comparing the determinants of fund flows in domestically managed Malaysian Islamic and conventional equity funds." Journal of Islamic Accounting and Business Research 9, no. 3 (May 8, 2018): 401–14. http://dx.doi.org/10.1108/jiabr-07-2016-0084.
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PurposeThis paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) investors in comparison with conventional equity funds (CEF) investors. Design/methodology/approachBy using panel data, the sample of Malaysian domestic managed equity funds is considered which comprises 20 individual funds from IEF and CEF from 2011 to 2013. FindingsThe results provide evidence that IEF investors have different factors when choosing funds in comparison with CEF investors. The study finds that the key factor influencing the fund flows of IEF is the management expense ratio, compared to the CEF which is fund size. This study also shows that all the fund characteristics of IEF and CEF are positively or negatively related to the fund flows. Research limitations/implicationsThe present study may be extended by considering other fund categories such as the money market fund, the balanced fund, the bond fund and the fixed income fund. Practical implicationsThe empirical findings of this paper clearly call for fund managers and investors to review their investment policy. The results could also provide better information and guidance for investors as well policy makers on the factors that affect the fund flow for Malaysian Islamic funds and CEF. Originality/valueThis paper is among the earliest empirical evidence studies on the fund flows-past return performance relationship by focusing in a comparative manner on IEF investors and CEF investors in Malaysia.
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Strahan, Philip E., and Başak Tanyeri. "Once Burned, Twice Shy: Money Market Fund Responses to a Systemic Liquidity Shock." Journal of Financial and Quantitative Analysis 50, no. 1-2 (April 2015): 119–44. http://dx.doi.org/10.1017/s0022109015000101.
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AbstractAfter Lehman’s collapse in 2008, investors ran from risky money market funds. In 27 funds, outflows overwhelmed cash inflows, thus forcing asset sales. These funds sold their safest and most liquid holdings. Funds were thus left with riskier and longer maturity assets. Over the subsequent quarter, however, the hard-hit funds reduced risk more than other funds. In contrast, money funds hit by idiosyncratic liquidity shocks before Lehman did not alter portfolio risk. The result suggests that moral hazard concerns with the Treasury Guarantee of investor claims did not increase risk taking. Funds that benefited most from the government bailout reduced risk.
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Iswadi, Iswadi. "PENGARUH BI RATE, INFLASI, KURS, DAN PDB RIIL TERHADAP DANA PIHAK KETIGA (DPK) SERTA DAMPAKNYA TERHADAP PEMBIAYAAN BERDASARKAN PRINSIP BAGI HASIL PADA PERBANKAN SYARIAH DI INDONESIA PERIODE 2009-2014." Studia Economica : Jurnal Ekonomi Islam 1, no. 2 (July 2, 2015): 37. http://dx.doi.org/10.30821/se.v1i2.240.
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<p>Financial institutions, especially banking institutions have a strategic role for driving the economy of country. To give financing, the bank must obtain the fund in order to give the financing. There are two factors that affect the bank's ability to obtain funds from the public, namely internal and external factors. Internal factors that affecting in obtaining third-party funds are; bank products, interest rate policy, quality of service, the atmosphere of the office, location of offices, and the reputation of the office. While external factors, such as economic conditions, the activity and the condition of the government, the condition of money market, capital markets, government policies and regulations of Bank Indonesia.</p>
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NIMKOVYCH, Andrii. "STRATEGIC INSTRUMENTS OF THE DEVELOPMENT OF STOCK MARKET INFRASTRUCTURE INSTITUTES." Ukrainian Journal of Applied Economics 4, no. 3 (August 30, 2019): 67–76. http://dx.doi.org/10.36887/2415-8453-2019-3-8.
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The article investigates the problem of ensuring the functioning of the securities market infrastructure of Ukraine. The analysis had been conducted through the prism of securities market participants' protection. The author has proposed to introduce the institute for protection of small investors in the stock market by the way of reorganization of the Deposit Guarantee Fund like in the Estonian and Lithuanian models. The Fund is tasked with the following in order to support the infrastructure of protection: to accumulate funds, to invest in managed funds and to pay insurance payments promptly in the case of an insurance event. On the basis of analytical data, the results from the implementation of the Fund are determined: accumulation of budgets to guarantee protection, increase in the value of securities in circulation, protection due to compensation of the guaranteed sums to small investors and the actual income from the functioning of the Fund. Another aspect of using strategic tools in stock market infrastructure is «FinTech» and blockchain technologies. Using of these technologies and the leading positions of Ukraine in the world are emphasized. Advantages of the blockchain technology implementation into the stock market infrastructure of Ukraine and economic feasibility are shown. The obligatory availability of electronic infrastructure for both the state and individual participants of the stock market is substantiated for the effective functioning of modern financial instruments. The author demonstrates the advantages of implementing blockchain technology in the stock market infrastructure of Ukraine and economic feasibility. Positive aspects of cooperation of powerful financial companies and blockchain institutions are shown, as well as problems of non-regulation of this issue in the Ukrainian legislation. A special place in the economics of stock market infrastructure is given to innovative money transfer systems. It has been found that the use of the Ripple system can form the basis of the infrastructure for quick and much cheaper internal payments in the stock market. Key words: stock market, infrastructure, institutions of infrastructure, guarantee fund, investments, blockchain technologies, «FinTech».
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Locke, Larry G., Ethan Mitra, and Virginia Locke. "Harnessing Whales: The Role Of Shadow Price Disclosure In Money Market Mutual Fund Reform." Journal of Business & Economics Research (JBER) 11, no. 4 (March 28, 2013): 187. http://dx.doi.org/10.19030/jber.v11i4.7747.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; line-height: normal; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;">The money market mutual fund industry is experiencing a sea change.<span style="mso-spacerun: yes;"> </span>Thanks, in large part, to their role in the 2008 market break, U.S. securities regulators have targeted money market funds for a structural overhaul.<span style="mso-spacerun: yes;"> </span>Runs on money market funds by institutional investors in the wake of the Lehman Brothers bankruptcy weakened the short-term credit market to the point of collapse.<span style="mso-spacerun: yes;"> </span>The resulting intervention of the Federal Reserve and the Treasury may have saved the economy from further damage but came at such a perceived cost that legislation now forbids it.<span style="mso-spacerun: yes;"> </span>Both the Securities and Exchange Commission (SEC) and the Financial Stability Oversight Council (FSOC) believe restructuring is necessary.<span style="mso-spacerun: yes;"> </span>Their only question appears to be exactly what form the product will take.</span></p><span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; line-height: normal; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;"> </span></p><span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; line-height: normal; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;">One of the elements being considered in the reform effort will be increased disclosure of money market fund shadow prices.<span style="mso-spacerun: yes;"> </span>The regulators have posited that more frequent and more available disclosure of fund shadow prices will lead to more discipline being exerted on the fund industry, especially by the institutional market.<span style="mso-spacerun: yes;"> </span>A revamped disclosure regime, however, has been in effect since monthly shadow price disclosures were imposed by the SEC in December 2010.</span></p><span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; line-height: normal; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;"> </span></p><span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; line-height: normal; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;">This study looks at the impact of those 2010 disclosure regulations on different sectors of the market.<span style="mso-spacerun: yes;"> </span>It seeks to identify a correlation between shadow prices and changes in assets for both retail and institutional funds.<span style="mso-spacerun: yes;"> </span>The authors assess the findings of the study and discuss the implications of those findings for the impending regulatory restructuring.<span style="mso-spacerun: yes;"> </span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Dawe, Mohamed Shano. "How Did Money Market Fund Perform In Its Earlier Years Of Inception In Developing Economies: A Case Of Kenya Fund Market." Journal of Business Management and Economic Research 2, no. 2 (March 5, 2018): 35–43. http://dx.doi.org/10.29226/tr1001.2018.19.
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Dewi Tamara, Ir, and Shintia Revina. "Indonesian Mutual Funds Classification Using Clustering Method." Advanced Science Letters 21, no. 4 (April 1, 2015): 826–29. http://dx.doi.org/10.1166/asl.2015.5892.
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Mutual funds have existed since 1990 as an alternative investment in Indonesia. The objective of this research is to examine the existing classification of mutual funds database. The data of mutual funds is taken from Bloomberg through Portal Reksadana 2013 which covered 690 mutual funds. The existing classification consists of mutual funds fixed income (reksadana pendapatan tetap), equity (reksadana saham), money market (reksadana pasar uang) and structured (reksadana campuran). The existing financial attributes consists of the net asset value, percentage annualized return the last 6 months, 1 year, 3 years, 5 years and year-to-date. This paper uses K-means clustering to propose new classification of Indonesian mutual funds. The result reveals that mutual funds in equity and fixed income belong to its group. However, mutual funds money market is belong to mutual fund fixed income and mutual funds structures are identified to mutual funds equity. Furthermore, we find that in average 43% of Indonesian mutual funds are misclassified in accordance with their attributes. Finally, it is suggested to re-group the mutual funds into smaller classification, which has lower rates of misclassified mutual funds and possibility to achieve better performances in terms of its percentage annualized return.
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Agarwal, Vikas, and Haibei Zhao. "Interfund Lending in Mutual Fund Families: Role in Liquidity Management." Review of Financial Studies 32, no. 10 (January 18, 2019): 4079–115. http://dx.doi.org/10.1093/rfs/hhz002.
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Abstract The Investment Company Act of 1940 restricts interfund lending and borrowing within a mutual fund family, but families can apply for regulatory exemptions to participate in such transactions. We find that the monitoring mechanisms and investment restrictions influence the family’s decision to apply for the interfund lending programs. We document several benefits of such programs for equity funds. First, participating funds reduce cash holdings and increase investments in illiquid assets. Second, fund investors exhibit less run-like behavior. Third, it helps mitigate asset fire sales after extreme investor redemptions. Offsetting these benefits, money market funds in participating families experience investor outflows. Received May 26, 2018; editorial decision November 27, 2018 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Hufnagel, Saskia, and Colin King. "Anti-money laundering regulation and the art market." Legal Studies 40, no. 1 (November 4, 2019): 131–50. http://dx.doi.org/10.1017/lst.2019.28.
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AbstractFollowing concerns that the art market is being used to launder criminal money and fund terrorist activities, measures have recently been introduced to subject the market to the anti-money laundering (AML) regime – such as the EU 5th Money Laundering Directive (2018) and the US Illicit Art and Antiquities Trafficking Prevention Bill (2018). The expansion of the AML regime to include art dealers has been attributed to the failure of regulation and the vulnerabilities inherent in the market to laundering. This paper considers vulnerabilities to money laundering and examines the types of regulation that apply in the art market. The paper then goes on to analyse the application of AML criminal law and preventive measures in the UK context, demonstrating that art dealers can be criminally prosecuted for engaging in normal commercial activities. Even if dealers do comply with AML reporting rules, such compliance can significantly impact upon their business. These are important considerations given the government's emphasis on striking a balance between the burdens on business and deterring money laundering activities. Drawing upon the AGILE analytical framework, we remain sceptical about the continued expansion of the AML regime.
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S, Vanitha, and Saravanakumar K. "The usage of gold and the investment analysis based on gold rate in India." International Journal of Electrical and Computer Engineering (IJECE) 9, no. 5 (October 1, 2019): 4296. http://dx.doi.org/10.11591/ijece.v9i5.pp4296-4301.
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Gold is one of the main commodities where the customers invest their money comparatively with bank for better interest. In the Indian context people purchase gold for their children’s marriages for later period. The investment in gold is better suits for easy conversion into money with quickest possible time from the bank and gold merchants. The appreciation or depreciation of gold based on other investment options like fixed deposit, provident fund, international crude oil price, stock market, mutual fund etc. The comparative analysis of gold with other investment options give an edge to the customer to clearly understand the investment pattern for their hard-earned money expected to give good returns in the future.
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Hosen, Muhammad Nadratuzzaman, and Syafaat Muhari. "Liquidity and Capital of Islamic Banks in Indonesia." Signifikan: Jurnal Ilmu Ekonomi 6, no. 1 (February 15, 2017): 49–68. http://dx.doi.org/10.15408/sjie.v6i1.4405.
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This study is aimed to analyzed the factors that affect the liquidity and capital of Islamic banks in Indonesia. The method is used multiple linear regression. This result shows that the main problem of Islamic banks in Indonesia is how to increase equity in line with increasing third party fund. Another problem is that Islamic bank face difficulties to find debt for solving liquidity problem due to lack of instruments for liquidity derivative. Therefore Islamic banks rely on third party funds, which are high cost of funds due to time deposit fund, rather than using current deposit and saving deposit fund. Another result, negative coefficient of Gross Domestic Product (GDP) to Quick Ratio (QR) indicate that if macroeconomics of Indonesia is stable and good environment, Islamic banks will expansive the market, meanwhile Islamic banks have now low level of liquidity buffer. This means Islamic banks face high level of risk, if core depositors withdraw money rushly it became defaultDOI: 10.15408/sjie.v6i1.4405
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R, Saravanaselvi, and Thiruppathy K. "Functions of the indian mutual fund industry." Journal of Management and Science 1, no. 1 (June 30, 2013): 32–38. http://dx.doi.org/10.26524/jms.2013.5.
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Investment is a commitment of funds in real assets or financial assets. Investment involves risk and gain. In the present dynamic global environment, e x p l o r i n g investment a v e n u e s a r e of g r e a t r e l e v a n c e .Investment skills developed over a period of time are considerably influenced by experience and spadework carried out to arrive at conclusions. The success of an investment acti vit y depends on the knowledge and ability of investors to invest, the right amount, in the right type of investment, at the right time. Real assets, being tangible material things, are less liquid than financial asset Compared to financial assets, returns on real assets are more difficult to measure accurately due to the absence of broad, ready, and active market. Financial assets available to individual investors are manifold, having different concomitant benefits to choose from. All financial investments are risky but the degree of risk and return differ from each other. An investor has to use his discretion, which is an art acquired by l earning a n d pra ct i cal experience. The knowledge of financial investment and the art of its management are the basic requirements for a successful investor Financial system comprises of financial institutions, services, markets and instruments,which are closely related and work in conjunction with each other. The litany of new financial institutions and instruments developed in recent years, with the ostensible objective of modernizing the financial sector, is impressively long; Mutual Funds, Discount and Finance House of India, Money Market Mutual Funds, Certificate of Deposit, Commercial Paper, Factoring and Treasury Bills. Financial services through the network of elements serve the needsofindividuals, institutionsand companies. It is through these elements, the functioning of the financial system is facilitated. Over the years, the financial services in India have undergone revolutionary changes and had become more sophisticated, in response to the varied needs of the economy. The process of financial sector reforms, economic liberalization and globalization of Indian Ca pi tal Market had generated and augmented the interest of the investors in equity. But, due to Inadequate knowledge of the capital market and lack of professional expertise, the common investors are still hesitant to invest their hard earned money in the corporate securities. The advent of mutual funds has helped in garnering the investible funds of this category of investors in a significant way.
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Stein, Roberto, Pedro Miranda, and Rodolfo Risco. "Herding in Chile: the case of equity trading in the Chilean pension fund market." Estudios de Administración 18, no. 1 (February 3, 2020): 23. http://dx.doi.org/10.5354/0719-0816.2011.56372.
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The phenomena of ‘herding’ or herd behavior can have important effects when it manifests in equity markets as co-movement in trades of institutional money managers. On one hand, the assetsunder management are so large in comparison with the size of themarket that the trades of these managers affect asset prices, evenmore so if many managers trade in the same direction. On the otherhand, commissions and fees paid by investors are supposedly leviedin exchange for an expert management of the investors’ capital.Thus, a manager that simply imitates the behavior of others does notadd value with her work. The present study is the first to report theresults of two measures of herding used to study this phenomenon inthe equity portions of Chilean AFP (pension) funds. One measure isthe widely used Lakonishok, Vishny y Shleifer (1992) metric, theother is a relatively newer measure presented in Sias (2004). Using adataset of monthly fund trades during the period 2003-2011, bothmeasures find herding in the Chilean market which, while moderatein intensity, is still higher than that reported in the stock markets ofdeveloped countries. More interesting is the asymmetry of results:herding is stronger during times of market crisis, and almostdisappears during periods when the economy expands. These resultshave important implications for performance evaluation and valueadded of the pension funds managed by the AFPs, as well as theimpact of their trades in the stability of the stock market.