Management structure and the performance of funds of mutual funds

A rapidly growing mutual fund category is funds of funds (FOFs) which invest in other mutual funds instead of individual securities. This study reports on FOFs' characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family outperform both traditional equity funds and those FOFs investing out-of-family. Finally, replicating FOFs' holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.     

Mode of entry mode into a foreign market: the case of U.S. mutual funds in Canada

U.S. mutual fund companies offer funds in Canada through two channels: foreign direct investment or trade in advisement services. The total value of U.S.-controlled funds amounts to 18% of the Canadian equity fund market. This paper investigates how the fund-level and firm-level characteristics affect the channel used to enter the Canadian market. Empirical results indicate that the funds offered through FDI are not especially successful in the U.S. market but are associated with dominant companies, whereas the funds offered through trade in advisement services are highly successful in the U.S. market and are from companies with relatively few successful funds.     

Succeeding in the Big Middle through technology

Big Middle retailers serve the mass market composed of mainstream consumers and face competition from both other Big Middle retailers and specialized (niche) retailers that want a share of the Big Middle consumer market. How can Big Middle retailers leverage technology to strengthen their competitive position? The authors explore this question by offering a framework for characterizing the Big Middle and a consumer-based taxonomy for classifying technology strategies in the retailing arena. In particular, the authors emphasize the following key points: (1) most technological advancements in retailing in the twenty-first century will relate to information technology; (2) many technologies have the potential to both cut the cost of retailer operations and enhance service to customers; (3) the adoption of these technologies requires significant upfront investments; (4) successful retailers in the Big Middle are in the best position to adopt these technologies because of their deep pockets and because they can pass on part of the costs to their vendors; (5) Big Middle retailers must take a longer term view with respect to returns on their technology investments; and (6) Big Middle retailers should consider consumers’ reactions to these technologies and be cautious about “overengineering.” In this regard, this editorial points to several directions for further research in the realm of technology investments by retailers.     

美国财险公司投资示范法研究与借鉴

《保险公司投资示范法》NAIC在美国影响广泛,对财险公司的投资规范涉及基本原则、准备金投资的特殊要求、分散投资规则,以及对有评级信用工具、投资集合工具、股票、抵押贷款、房地产、用于出租的个人财产、融券、回购和逆回购、衍生工具及外国投资等具体投资品种的限制措施,行文严密、科学合理。根据我国的实际,可以借鉴以下几点:鼓励价值投资、根据信用等级等安全性指标区分比例限制、明确比例限制的计算基数、从4个角度加以综合限制、注意对不同种类资产比例限制的协调性以便为统一法规的形成奠定基础、有意识地探索对寿险和财险公司的差别化限制措施。     

Location choices of multinational firms in Europe: The role of EU cohesion policy

Using data on 5509 foreign subsidiaries established in 50 regions of 8 EU countries over the period 1991-1999, we estimate a mixed logit model of the location choice of multinational firms in Europe. In particular, we focus on the role of EU Cohesion Policy in attracting foreign investors from both within and outside Europe. We find that, after controlling for the role of agglomeration economies as well as a number of other regional and country characteristics and allowing for a very flexible correlation pattern among choices, Structural and Cohesion funds allocated by the EU to laggard regions have indeed contributed to attracting multinationals. These policies as well as other determinants play a different role in the case of European investors as opposed to non-European ones.     

保证财政社会保障预算执行进度的措施

近年来,财政部门积极筹措资金,加大投入,加强预算执行力度,支持了社会保障事业又好又快发展。但在预算执行管理工作中仍存在一些预算项目资金支出进度慢、政策落实不及时、应按月发放的资金不能及时发放等问题,严重影响了整体预算执行的进度,提出夯实预算执行管理基础、建立健全预算执行管理的长效机制,确保项目资金支出进度和资金运行安全高效的措施。     

简论推进财政支农资金整合的模式选择——对陕西五县(区)财政支农资金整合的调查与思考

陕西省财政支农资金整合的实践经验,是根据当前农业农村发展的状况,财政支农资金的分配格局,以及农业建设项目的管理现状总结出来的,提出现阶段财政支农资金整合可选择的三种模式:项目带动支农资金整合模式、产业带动支农资金整合模式和地域建设带动支农资金整合模式。     

助学贷款的另一种选择:热由社保基金来发放贷款

助学贷款难已经引起了社会的广泛关注,本文讨论了制约助学贷款发放的基本原因,指出深层次的矛盾在于国家助学贷款的政策性实质和作为商业贷款发放的制度性错位。以此为出发点,认为实现与社保基金的结合才是助学贷款的最好出路。社保基金的制度特点也决定了由其发放助学贷款具有得天独厚的优势,并有着切实的可操作性和可行性。     

Information content of prior period mutual fund performance rankings

This paper examines the relationship between prior and subsequent period performance rankings for all domestic equity mutual funds followed by Morningstar over the period 1976–1992. Evidence of statistically significant persistence in relative performance was detected in the full sample during the period 1980–1992. However, further examination revealed that persistence in mutual fund performance was no longer evident when the full sample was partitioned by investment objective. In this context, prior period mutual fund performance provides minimal insight into subsequent period performance and, therefore, is of little value in the mutual fund selection process.     

公路运输业资本运营策略分析

我国公路运输业的资本运营水平普遍较低,本文对适用于公路运输企业的一些资本运营策略进行了分析,包括筹资策略、并购策略、资本组合策略,并对建立交通运输业投资基金的可行性作了分析。     

论开放式基金受托人的实际缺位

作为开放式基金运行的法律保障,我国《信托法》和《证券投资基金法》基本勾勒了其法律框架,在肯定开放式基金信托性质的基础上把保护投资人利益提到了重要位置。然而由于基金管理公司身兼受托人和基金管理人双重身份,使得信托关系名存实亡,投资人利益因此极易受到侵害。本文在指出开放式基金受托人缺位这一事实的同时,对我国基金托管人应当具备的法律地位及其权利义务进行了探讨,并期望《证券投资基金法》的配套法规能解决好这一问题,以免出现与信托法理相悖的尴尬现象。     

浙江私营中小企业持续发展的对策

私营中小企业的持续发展对浙江经济起着重要作用。为此，应尽快在企业制度、技术创新、资金融通等方面采取相应的措施。     

泡沫吸附-电感耦合等离子体发射光谱法测定低品位金矿样中痕量金

建立了泡沫塑料吸附无臭灰化处理低品位金矿,电感耦合等离子体发射光谱法（ICP-OES）测定痕量金的方法,解决了由于复杂基体引入的物理效应及光谱干扰导致仪器测定结果精密度及准确度差的缺点。通过对仪器工作参数及测定介质等进行系统试验,并对国家一级标准物质进行分析验证,测定值与参考值相符。试验结果表明,在10%的王水介质中,该方法对低品位金矿样的检出限为0.52ng/g,方法的加标回收率为98.0%-102.7%。     

Mutual adaptation in buyer-supplier relationships

In buyer-supplier relationships, effective partnerships require mutual adaptation to execute strategies effectively. Using LISREL, we test a model of relational exchange factors that includes dependence, joint action and trust and their influence on the mutual adaptation of supplier and buyer firms in the U.S. automotive industry. The results of the study indicate that both economic and social dimensions of the relationship impact mutual adaptation, but that these two are not necessarily complementary. Specifically, supplier adaptation is negatively impacted by trust between supplier and buyer, but positively impacted by dependence and joint action. Buyer adaptation, on the other hand, is positively impacted by trust between the two, joint action and the adaptation undertaken by the supplier. The negative relationship between trust and supplier adaptation may be symptomatic of deeper issues in the U.S. automotive industry that should merit concern.     

医药行业基金的业绩分析

最近几年,A股市场行业差异明显,在结构性行情的背景下,凸显出行业基金的配置价值.股票型医药行业基金通过研究精选个股,使得业绩大幅领先于同类基金的平均水平.