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近年来,主权财富基金发展迅速,在国际市场上进行投资与并购,引起了各国的高度关注。中国主权财富基金自成立以来,进行了多项投资,其中对黑石公司的投资因股价的不断下跌遭遇了巨额账面亏损。本文针对中国主权财富基金的投资策略进行分析,探究中投公司在进行海外投资过程中遇到的困难,分析其原因,并对未来投资策略提出建议。 相似文献
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资本市场的波动特征是常态,不仅具有二阶方差风险,而且具有高阶矩风险和风险时变特征。作为资本市场上主要机构投资者之一的保险基金,需要在基本面研究、投资策略创新、动态投资组合选择等方面进行投资优化,以规避我国资本市场上主要存在的制度性系统风险。 相似文献
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当资本市场处于分割状态时,交叉上市的同一家上市公司的股票通常存在着同股不同价现象。针对此价差的问题,本研究将探讨若以此价差作为投资策略基础,在不考虑交易成本及市场上无放空限制的情境下,是否可以产生套利机会。实证结果显示利用两股价的价差问题作投资策略,确实可以得到套利利润。 相似文献
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在资本市场中,投资者经常采用的投资策略有长期持有策略、价值投资策略、相反投资策略和趋势投资策略.每一种投资策略都有其特有的优势,投资者只有采用符合自身情况的投资策略,才能在资本市场中获取丰厚的投资回报. 相似文献
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针对我国证券市场个人投资者众多、市场投机气氛浓厚等缺陷,大力发展机构投资者,一直是监管层近年来稳定市场的重要策略。由于公募基金作为中国资本市场的重要参与者之一,其对资本市场的意义非同一般,因此公募基金投资必然引起越来越多的关注。然而,被寄予重望的公募基金在近几年却出现了"散户化"的迹象。本文就公募基金投资在哪些方面出现"散户化"的现象进行分析,并针对其暴露的问题提出了相应的对策。 相似文献
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我国资本市场正逐步对外开放,其中 QFII 制度的引进引人注目。分析评价 QFII 的投资策略,比较其与国内机构投资者风格的异同,恰逢其时。在银行大举发展理财产品、保险业涉足证券基金市场之时,QFII 以及国内其他机构投资策略评价更加成为众人关注的焦点。 相似文献
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对冲基金的投资策略类型及其风险收益特征 总被引:1,自引:0,他引:1
一、对冲基金的投资策略类型 1.宏观型策略.又称为全球型策略.该策略关注于由于政治或全球资源供求等因素引发的国际经济环境的变化.采用"从上而下"的全球策略,并可能使用任何种类的工具投资于任何市场中以便参与到这种预期的市场变化并从中获利.索罗斯领导的量子基金便是利用该策略的最典型代表. 相似文献
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作为磐石基金的全球合伙人,黄永忠掌管着20亿美元的亚洲基金,是众多基金追捧的"出资人"。黄永忠凭借其敏锐的洞察力和独特的判断力,加上对于亚洲市场的了解,令这支20年前远渡重洋的FOF基金在中国的业务如鱼得水。 相似文献
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This paper examines whether investors chase hedge fund investment styles. We find that better-performing and more popular styles are rewarded with higher inflows in subsequent periods. This indicates that investors compare hedge fund styles in terms of recent performance and popularity, and they subsequently reallocate funds from less successful to more successful styles. Furthermore, we find evidence of competition between individual hedge funds of the same style. Funds outperforming the other funds in their styles and funds whose inflows exceed the average flows in their styles experience higher inflows in subsequent periods. One of the reasons for competition among same-style funds is investors’ search for the best managers. The high minimum investment required to invest in a hedge fund limits investors’ diversification opportunities and makes this search particularly important. Finally, we show that hedge fund investors’ implementation of style chasing in combination with intra-style fund selection represents a smart strategy. 相似文献
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对于KPCB的合伙人周炜来说,选择做VC的生活,注定不轻松。不过,虽然过程经常与风险与困难相伴,但收获同样颇多。 相似文献
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开放式基金制度设计的初衷是赋予投资者自由申购赎回的权利,只有在特定情况下才能暂停申购以维护持有人权益。本文深入研究了我国开放式基金暂停申购的各种情况、背后的原因以及对投资者权益的影响,认为基金管理人在暂停申购决策过程中具有较大的自主空间,可能利用暂停申购,实现自身利益最大化而损害持有人利益。为规范基金暂停申购,维护投资者权益,本文建议应加强对基金管理人的监管和约束,细化基金暂停申购的具体规则,完善暂停申购信息披露制度,改进对长期暂停申购基金的评价方法等。 相似文献
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Yang-pin Shen Chiuling Lu Zong-Han Lin 《The Journal of Real Estate Finance and Economics》2012,44(3):394-413
We investigate the net effect between diversification benefit and information cost of international real estate mutual funds
from three dimensions: whether investors can benefit from investing in international real estate mutual funds, whether managers
of international real estate mutual funds possess superior market knowledge and timing abilities, and whether investors are
motivated by returns or diversification. Our findings are threefold. First, the results show that international real estate
mutual funds perform better and are less risky than domestic real estate mutual funds before Jun 2007. That is, diversification
benefits outweigh the information costs, and investors therefore gain from investing in international real estate mutual funds.
However, the benefit is reduced because of the economic shock of sub-prime financial crisis. Second, on average, neither international
mutual fund managers nor domestic mutual fund managers possess market timing abilities. Finally, we find that fund flows are
driven by investors’ return-chasing behaviors and fund size, but not by diversification purpose. 相似文献
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基于2005年1月至2019年6月间公开发售的2246支来自全球的基建基金数据,本文研究基建基金投资者偏好和委托代理问题。研究结果表明:投资者偏好客户忠诚度较高、投资于国际市场、团队管理型的基建基金;在基建基金公司层面,投资者存在跟风投资行为,且随着信息不透明度和收益不确定性加剧;投资者与基金管理人存在委托代理问题,体现为基金费率与预期业绩不匹配。该现象源于基金管理人利用投资者较高的预期收益设置费率,可以由基金特征因素和年份效应解释,尤其是投资于国际市场、收益分配或非团队管理等特征。本文结论对创新基础设施融资模式、稳定资金来源和微观审慎监管具有重要借鉴意义。 相似文献
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Antti Pellinen Kari Törmäkangas Outi Uusitalo Juha Munnukka 《Journal of Financial Services Marketing》2015,20(1):62-73
In this article, we aim to examine mutual fund investors’ behaviour in decision-making situations and to analyse future investment decisions via a path model approach. Investors were divided into different groups based on the risk and distribution channel used, and the differences in their investment intentions were examined. The study used empirical survey data collected from the clients of a mutual fund company owned by a Finnish banking group. Loyalty to the common banking group dominated the explanation in the whole model. The safety of the investment was important for branch office investors, whereas obtaining a good return was important for internet investors. Ultimately, explanatory power was highest for the branch office investors and lowest for the internet investors with equity funds. Most investors intended to invest more, and thus there was little variance to be explained. The results indicate that branch office investors with money market funds require more information about the investment business, although it is difficult to see who would be responsible for providing that information. This study has implications for both the theory and management of financial services. 相似文献
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作为一个企业家,创办的公司五年后在美国纳斯达克成功上市;作为一个投资人,所投资公司近一年实现成功退出。这样的成绩不论怎么说,都相当不错。从创立实业到投资实业,云月基金的创始合伙人苏丹瑞在不断尝试着最佳业务路线,这些尝试也似乎越来越顺手。 相似文献
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We ask whether loads affect investment flows in the US mutual fund industry. We argue that sales fees make the investment decision partially irreversible. Under these circumstances investors await for a stronger signal of managerial ability before committing to a new fund. This stronger signal can take the form of a particularly strong performance or a particularly long series of positive performance realizations. Looking at pairs of fund shares with the same portfolio but different sales fee arrangements we show that investment flows in share classes with front loads react disproportionally to good performances (higher convexity in the flow-performance relationship) and react to performance realizations further back in time (longer memory). A counterfactual example of fund shares with back-end loads allows us to rule out the hypothesis that this behavior is due to the incentive structure of brokers. Finally we show that these behavioral modifications induced by front loads have a negative and significant effect on investors’ timing ability. 相似文献