开放式分级基金成为趋势——创新基金之一

2009年下半年以来,新基金产品发行节奏逐步加快,基金产品的创新也不断往前推进,各类创新思路层出不穷,创新基金逐渐成为行业关注的热点之一,但很多投资者却如雾里看花一般。所谓创新只不过是相对而言——和已经存在的老基金产品有一些明显的差别,但这种差别又可能对基金的投资价值产生影响,这就叫做创新,虽然部叫做创新基金,实则并非同一类基金,创新基金往往是瞄准各个不同的细分投资需求来进行创新,所以创新基金之间的差别更大,不同创新基金的投资特性完全不同。把近期基金产品的创新做个归类,主要有三类创新值得关注:一类是产品结构方面的创新,如兴业合润分级基金:一类是投资方式创新,如南方策略优选;还有一类是投资标的方面的创新,这一类主要集中于指数基金方面,这三类创新方向不同,适合的投资者也不同。本刊邀请专家团队,将从本期开始,连续三期对这三类创新基金做逐一点评,希望能给投资者以投资指导     

投资标的创新不容小觑——创新基金之三

第三类创新方向，是针对投资范围和投资标的的创新。这类创新产品的特点，或者是拓展了基金的投资范围，或者是缩减了基金投资范围。前者主要是越来越多投资于海外市场的QDII基金，使得基金所投资的目标市场更加多样化；而后者则是在A股市场范围内，     

从基金创新看我国基金行业解困之路

从07年6月上旬至7月上旬短短一个月时间内,就相继有大成优选股票基金、工银瑞信红利股票型基金、国投瑞银瑞福分级基金、华夏复兴股票基金等4只创新型基金获中国证监会核准发行;建信基金公司的创新方案正在等待证监会的批复,此外还有10余家基金公司也在积极筹备相关创新方案,包括上投摩根、南方基金、交银施罗德等。面对“呼啸”而来的基金创新,人们不能不感叹管理层开闸创新型基金的信心与效率。无论是对封闭式基金,还是对开放式基金,基金业内都将掀起新一轮产品创新热潮。一、我国基金产品创新路线图基金业的发展历史,就是一个不断创新的历史,品种的创新尤为重要,每一次产品创新都加速了市场的细分,给了投资者全新的选择。回顾一下我国基金产品创新路线图:2001年开放式基金推出以来,基金业界就在不断地推出新型基金产品。随着基金产品不断丰富,到了2004年开放式基金已经形成了股票型基金、混合型基金、指数型基金、货币型基金、债券型基金和保本型基金的六大类基金体系。2004年年底,沪深交易所主导的ETF和LOF两类基金揭开了新一轮产品创新的序幕,完全摆脱了创新局限于产品类型的状况,从交易模式角度进行了基金产品创新。2005年和2006年,中短债基金...     

基金产品创新和风险防范

基金产品的创新之路随着金融危机的爆发变得困难重重,这对于尚在起步阶段的中国基金产品创新更是有着无法估量的影响。目前国内基金产品创新还面临的问题有基金投资者对基金产品理解和认识存在偏差和不足,这也让我国的基金产品创新风险和压力大大增加。本文分析了基金产品的含义以及基金产品创新的必要性,而后就基金产品创新的风险以及存在风险的原因做详细论述,并针对这些风险寻找应对之策,力图为基金业产品创新提供参考建议。     

QDII背景下基金管理公司产品设计趋势分析

本文针对QDII基金产品现状及未来设计趋势进行了分析。QDII基金产品与投资于国内证券市场的基金相比,明显有效地分散了投资风险,投资地域主要集中于香港市场;同时,投资标的多样化格局尚未形成,这在一定程度上影响7QDII基金天然优势的发挥。以上述研究为基础,对比台湾地区境外基金产品的结构与需求现状,文章提出了我国QDII产品在挖掘产品线深度与扩张产品线广度方面的策略与思路,即：对包括产品类型和投资区域在内的现有产品线加以细化;对产品投资理念和投资策略进行多元化创新,发展绝对收益型产品,拓展另类资产投资。     

如何选择分级基金

2009年下半年以来,新基金产品发行节奏加快,基金产品创新也不断向前推进,各类创新思路层出不穷。 对于投资者而言,创新产品究竟新在何处，创新基金就一定比普通基金好吗？创新基金适合谁来投资？要回答这个问题，关键还是要认识创新基金的本质，选择适合自己需求的产品。     

关于私募股权基金与保险产品创新的若干思考

保险企业竞争的核心领域是保险产品的竞争。唯有创新,保险业才能顺应经济社会发展的要求,更好地发挥"社会稳定器"和"经济助推器"的功能。本文的创新模式是将私募股权基金的筹资运营模式引入保险产品的开发中来,其目的是解决保险产品前期的开发资金投入大以及开发出来易被其他保险公司免费分享等问题。在前期开发资金的募集时,由各个保险公司投资形成一个保险创新基金,专用于保险产品的开发。每个公司通过申请创新基金进行产品开发,产品成功上市后盈利部分进行分红或由一家公司将其买断,从而实现创新基金的退出以及资金的循环投资。     

关于私募股权基金与保险产品创新的若干思考

保险企业竞争的核心领域是保险产品的竞争。唯有创新,保险业才能顺应经济社会发展的要求,更好地发挥"社会稳定器"和"经济助推器"的功能。本文的创新模式是将私募股权基金的筹资运营模式引入保险产品的开发中来,其目的是解决保险产品前期的开发资金投入大以及开发出来易被其他保险公司免费分享等问题。在前期开发资金的募集时,由各个保险公司投资形成一个保险创新基金,专用于保险产品的开发。每个公司通过申请创新基金进行产品开发,产品成功上市后盈利部分进行分红或由一家公司将其买断,从而实现创新基金的退出以及资金的循环投资。     

基于产品对价的券商资管商业模式创新

鉴于证券公司资产管理业务发展速度远远慢于公募基金的现状,本文从投资标的、产品业绩、营销渠道、同业竞争四个角度进行分析,提出基于产品对价的证券公司资产管理业务模式创新,以供业内参考.     

融资融券与中国股票型投资基金创新

融资融券业务的推出将给中国证券市场引入了双边交易机制,直接影响到中国股票型基金的发展.融资融券业务将给基金产品创新带来契机,基金产品投资范围扩大以及双边交易机制能够使基金经理有更大的操作空间,但同时也要注意风险控制.     

Hedge Funds and Corporate Innovation

Using National Bureau of Economics Research patent data and hedge fund holdings in US firms from 1998 to 2006, we examine the effect of hedge fund ownership on corporate innovation. We find that hedge fund ownership increases both patent quantity and quality, even after controlling for endogeneity. Hedge funds appear to increase innovation and firm value by increasing research and development (R&D) productivity and innovation efficiency rather than R&D input. Our study suggests another channel through which hedge funds may enhance firm value, contributing to the literature on hedge fund ownership.     

Mutual Fund Advisory Contracts: An Empirical Investigation

We investigate marginal compensation rates in mutual fund advisory contracts and find the following. Equity and foreign fund advisors receive higher marginal compensation than debt and domestic fund advisors. Advisors of funds with greater turnover receive higher marginal compensation. Also, closed-end fund advisors receive higher marginal compensation than open-end fund advisors. Finally, we find that marginal compensation is lower for advisors of large funds and members of large fund families. We argue that these differences in marginal compensation reflect differences in advisor marginal product, differences in the difficulty of monitoring performance, differences in control environments, and scale economies.     

全球行业基金发展状况报告

近年来，国内基金已基本形成了类似国外较齐全的基金产品线。在现有法律框架下，国内基金可以创新的方向将进一步从原来的概念准绳，大统化向品种细分化、市场细分化的方向发展。行业基金在国外已经比较成熟，并且得到比较大的认同度，无疑是我国基金品种研发和发展的重要方向之一，本文基于全球视野，对行业基金的发展历史、特征、分布、策略等领域进行调查研究，以期对国内行业基金的发展提供比较有价值的参考。     

The unintended consequences of the zero lower bound policy

We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds: change their product offerings by investing in riskier asset classes; are more likely to exit the market; and reduce the fees they charge their investors. The consequence of fund closures resulting from interest rate policy is the relocation of resources in affected fund families and in the asset management industry in general, as well as decline in capital of issuers borrowing from money funds.     

Agency costs,governance, and organizational forms: Evidence from the mutual fund industry

Using a comprehensive sample of mutual funds and fund families for the period 1992–2004, this study examines the impact of fund management companies’ organizational forms on the level of agency costs within mutual funds. We find that, all else being equal: (1) funds managed by public fund families charge higher fees than those managed by private fund families; (2) public fund families acquire more funds than private fund families; and (3) funds of public fund families significantly underperform funds of private fund families. Collectively, these findings suggest that agency costs are higher in mutual funds managed by public fund families. Our results are consistent with the idea that the agency conflict between the fund management company and fund shareholders is more acute for public management companies because of their shorter-term focus.     

Design of MySuper default funds: influences and outcomes

We interview Australian fund executives about how their organisations responded to MySuper, a regulatory framework for default retirement savings funds that providers were required to have in place by the beginning of 2014. We provide an account of the influences on MySuper product design. Our analysis generates insight into how fund providers balanced their perceptions of the needs of default fund members against business considerations. Differences in member bases and organisational circumstances across funds are found to lead to considerable variation in default fund design.     

基金网络能够提高投资绩效吗？

基金网络在金融市场的信息流动中发挥着重要作用。本文利用基金共同持股关系构建了一个有效的基金网络数据集,以中国资本市场股票型基金2005-2018年季度数据为研究样本,考察基金网络是否以及如何影响投资绩效。结果表明,基金在基金网络中越处于网络中心地位,基金的投资绩效越高。使用基金家族网络作为工具变量缓解内生性偏误后,基金网络仍然对投资绩效具有显著的正向影响。进一步地,本文考察了基金网络影响投资绩效的渠道,结果表明,基金网络主要通过提高基金的选股技能、资产配置技能和管理技能影响投资绩效。最后,本文考察了基金网络对基金市场份额的影响,研究发现基金网络会显著提高基金的市场份额,对基金在市场上的占有率有积极的正向影响。     

Management sub-advising in the mutual fund industry

This is a study of how contractual mechanisms can mitigate agency conflicts in sub-advised mutual funds. Sub-advising contracts allow fund families to expand their product offerings to include new investment styles and thereby gain market share. We show that costly contractual arrangements, such as co-branding, multi-advising, and performance-based compensation, can mitigate agency conflicts in outsourcing and protect investors from potential underperformance. Fund families will find it cost-effective to implement such incentive mechanisms only when investors are sophisticated in assessing manager skill. The findings help to explain why a large percentage of fund families outsource their funds to advisory firms.     

DETERMINANTS OF PERSISTENCE IN RELATIVE PERFORMANCE OF MUTUAL FUNDS

Similar to previous studies, we investigate the relation between past and future fund performance. However, we deviate from previous studies by investigating the relation between persistent fund performance and four systematic factors: size, goal, load, and management fee. Results indicate no consistent relation between fund size and persistent fund performance. The existence of a sales charge does not affect persistent fund performance. The goal of a fund does affect persistent fund performance, with high-risk maximum capital gain funds' demonstrating a strong positive persistence in abnormal returns. In addition, funds with low management fees demonstrate significantly positive persistent fund performance, while funds with high management fees demonstrate significantly negative persistent fund performance. Further research into the relation between persistent fund performance and maximum capital gain funds indicates persistent fund performance in both inferior- and superior-performing funds. However, persistence in funds with low management fees occurs only in funds with superior past performance.     

Pay-performance sensitivity and firm size: Insights from the mutual fund industry

I examine the ex ante decision to make an agent's pay-performance sensitivity an inverse function of organization size. I focus on mutual funds and their decision to use compensation contracts that reduce the advisor's marginal compensation as the fund grows (a declining-rate contract) over the dominant contract type, where marginal compensation is unrelated to fund size (a single-rate contract). I find evidence consistent with the view that declining-rate contracts are a mechanism to keep marginal compensation in line with the advisor's declining marginal product. Specifically, I find that funds with greater exposure to diseconomies of scale are more likely to use a declining-rate contract and to specify a greater amount of compensation decline in their contracts. Consistent with optimal contracting, I find no evidence of a performance difference between funds with declining-rate contracts and funds with single-rate contracts.