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.     

Stability of mutual fund systematic risk statistics

Empirical data for 85 mutual funds are used to test the intertemporal stability of their systematic risk statistics. Reasons why the portfolios may be nonstationary are suggested. A random coefficient model developed by Theil [37] is employed to test for the stability of each fund's beta. The data suggest that some funds do exhibit a beta that is best described as being a random coefficient. However, the percentage of funds exhibiting this characteristic was not statistically different from the percentage of randomly created portfolios that exhibited a random beta coefficient. The findings of this study support the statistical models employed in two other recent studies [18,21] to test for the stability of beta. Yet, for mutual funds that do exhibit a random beta coefficient, the partitioning of the total risk of the portfolio return into systematic and unsystematic risk is no longer valid for explaining the total risk.     

如何防范住房公积金风险

本文在阐述我国住房公积金的主要风险类型及其成因的基础上,在建立有效监督系统、发展住宅储蓄信贷与融资机制、提高公积金运行质量、加强个人住房贷款信用风险管理等方面对防范住房公积金风险进行了思索.     

对我国住房公积金会计核算问题的探讨

我国的住房公积金制度已建立十余年了,其对我国住房建设和住房改革等环节发挥的作用是极为显著的.因此,从住房公积金会计核算工作的特点和原则出发,对会计核算中的问题进行探讨,以推动住房公积金会计核算的进一步完善.     

住房公积金管理分析

住房公积金是我国实行货币分房重要手段,随着经济环境以及住房公积金制度的发展,一些问题开始显现。从分析居民的住房承受能力出发,并分析住房公积金存在的问题,提出相应的建议。     

Export market re-entry: Time-out period and price/quality dynamisms

The relevance of nonlinear internationalisation regarding exporting activities and the performance post re-entry remains little understood. This study develops a two-stage model to explain the process of exporting firms’ exit and re-entry decisions regarding individual export markets. Specifically, it investigates the dynamic relationships between exit and re-entry stages by focusing on the time-out period. This study empirically tests the decision model by employing export data from the Chinese Customs for the period 2000-2009. The results indicate the importance of the exit stage in shaping re-entry decisions, price/quality ratio and export performance, where time-out period plays a significant role in varying these effects.     

住房公积金增值收益的管理使用探析

众所周知,住房公积金在发放个人住房贷款等业务活动的同时,也带来了增值收益。目前,住房公积金增值收益的使用,存在着不和谐、不合理因素。将住房公积金增值收益用于低收入家庭个人住房公积金贴息贷款和分红,是更加符合推行住房公积金制度的目的,也是现阶段住房公积金制度发展的迫切要求,也是构筑和谐社会的需要。     

关于住房公积金改革的若干思考

住房公积金制度从1991年开始在中国实施以来获得了广泛的运用,成为中国住房制度的重要组成部分。但随着社会经济环境的变化,住房公积金制度在实施过程中逐渐暴露出一些问题。本文从住房公积金的功能再定位、资金属性、归属权以及区域化管理体制等方面对住房公积金改革进行探讨。     

Creating mutual value: Lessons learned from ventures serving base of the pyramid producers

The base of the pyramid (BoP) literature is grounded in the proposition of mutual value creation, an important but not yet well-tested relationship between business development and poverty alleviation. This paper begins to address this gap by assessing how business ventures serving BoP producers address local constraints and create mutual value. Using a case study methodology, sixty-four ventures are analyzed to identify the constraints faced by BoP producers. These are classified into productivity and transactional constraints. While the former set of constraints inhibits local value creation, the latter severely diminish the value capture potential of BoP producers. An in-depth analysis of eleven agricultural ventures provides insight into the strategies that ventures use to address constraints and enhance value creation and capture by BoP producers. The findings also indicate that alleviating constraints creates value not only for local producers, but also for the ventures themselves.     

浅谈基金销售渠道多元化

本文分析了传统基金销售渠道的优劣后,介绍了近年来新兴的网络销售渠道、基金第三方销售渠道、基金超市三种销售渠道的特点及功能。     

Performance or learning goal orientation: Implications for business performance

An organization's long-term effectiveness and efficiency reflect its learning goal or performance goal orientation. Goal orientation concepts originate in psychology of achievement motivation theory. Goal orientations drive the development and deployment of organizational capabilities, such as market orientation and innovativeness to achieve organizational performance outcomes. Extant research pays little attention to whether or not industry type (services or manufacturing) operates as a significant moderating factor in the relationships among an organization's capabilities, goal orientation, and performance outcomes. This study addresses this gap. The study results indicate a significant moderating effect of industry type on relationship between goal orientation and performance but not between goal orientation and either market orientation or innovativeness. Goal orientation appears to be more important for service industries than for manufacturing.     

The overestimated role of strategic orientations for international performance in smaller firms

This article examines how market orientation (MO) and entrepreneurial orientation (EO) relate to international performance in small firms. Empirically, the article draws on survey data from 188 Swedish SMEs. Results show that strategic orientations have a very limited influence on international performance in these firms. Proactiveness and, to some extent, a market orientation proved positively associated with international performance, while innovativeness and risk taking show no such relationship. Our findings highlight the problems associated with using “traditional” MO and EO constructs in an SME setting and point to the need of developing more appropriate constructs tailored to this context. We also note that the MO construct was developed from a “causal view” of marketing, while successful small international firms rely more on effectuation logic. The article also contributes to the debate between the two dominant perspectives that address firms’ early internationalization processes: the process theory of internationalization and the international new venture perspective, where our results are in favor of the latter.

Cost of Capital Under Local Constraint on Debt Financing:

A unique constraint on financing of direct foreign investment by MNCs IS a total or partial prohibition on debt financ- ing in many Islamic countries. This paper analyzes the implications of such a conslraint for an MNC's financing and investment deci- sions. The comparative investment levels under alternative financing instruments based on profit and loss sharing (PLS) contracts are examined considering the effects of market imperfections and secu- rity related differences with reference to the existing literature on capital structure. The analysis shows that when debt financing is constrained the cost of capital to a firm will be higher and the invest- ment levels lower.     

VaR在我国开放式基金绩效评价中的应用研究

通过按照开放式基金的种类,选取一级市场上30只开放式基金为样本,采用基于VaR的RAROC方法,运用统计学软件Eviews中处理厚尾现象著称的GARCH模型进行统计分析,得出的结论是:成长型基金的绩效低于股票基金标准;平衡型基金和收入型基金的RAROC值相对较高,超过了股票基金标准;指数型基金的绩效超过股票标准(市场数据);在债券种类中,债券基金的绩效最高。     

Upstream internationalization process: Roles of social capital in creating exploratory capability and market performance

This paper investigates to what extent resource governance of international ventures affects dynamic capability and market performance in the high-tech firms’ internationalization process. We examine the non-equity-based international network collaborations of high-tech firms as forms of strategic resource seeking within the internationalization process. Within the context of upstream technology collaborations by international software and hardware firms, this paper proposes and empirically examines the impact of resource governance mechanisms (i.e. trust-building and behavioral monitoring) on the exploratory capabilities of firms. The findings indicate that building trust in the internationalization process of network ventures contributes to the firm-level exploratory capabilities and, in turn, market performance. Furthermore, this paper tests the moderating effects of structural capital on the capability–performance relationship. The relationship is stronger when network relationships existed before the inception of the international technology alliance. We also find a negative moderating effect from the existence of an actual alliance and from network duration on the relationship between exploratory capability and market performance. To this end, the longevity of the alliance may not always be something firms should aim for. The paper highlights the criticality of relational and structural capital in the internationalization process and the importance of exploratory capability for creating radical innovation in high-tech industries.     

Assessing performance in services: the travel agency industry

The aim of this article is to compare different approaches to the evaluation of economic performance in tourism. For the first time in tourism, this article simultaneously applies traditional productivity measures as well as parametric and non-parametric techniques to estimate efficiency and compares the results obtained. The empirical application is carried out on a sample of 567 travel agencies operating in Spain in 2004. The results reveal important differences depending on the methodology employed. Overall, none of the methodologies can be said to be better than the rest. These results highlight the importance of considering different approaches when evaluating performance in tourism.     

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.     

The effects of entrepreneurial orientation, market orientation, and marketing subunit influence on firm performance

The study investigates how an organization’s entrepreneurial orientation moderates the interplay between market orientation and marketing subunit influence on firm performance. The hypothesized model predicts that the positive interaction between market orientation and marketing subunit influence has a weaker effect on firm performance under conditions of high entrepreneurial orientation. The regression and supplementary analyses provide support for most predictions and, most importantly, for a negative three-way interaction effect: At higher levels of entrepreneurial orientation, the positive moderating effect of marketing subunit influence on the market orientation–business performance relationship is reduced. The authors discuss the managerial and theoretical implications of their findings and provide a number of directions for further research.

农村资金互助社绩效评价研究——基于安徽太湖的案例

农村资金互助社是解决三农融资难的重要载体,但不同类型的资金互助社发展状况各异。为引导农村资金互助社健康发展,根据农村资金互助社的制度特征,从经营绩效、社会绩效两个方面构建绩效评估指标体系,并选择安徽太湖的两类资金互助社进行案例研究,结果发现银监会批准的资金互助社和专业合作社内部的资金互助社都取得了较好的经营绩效和社会绩效,但后者的社会绩效要优于前者,而前者的经营绩效要优于后者。     

Linking corporate reputation and shareholder value using the publication of reputation rankings

Good corporate reputation is one of the most valuable assets and causes a multitude of favorable impacts within different stakeholder groups. As a consequence, a lot of studies analyze the relationship between corporate reputation and financial performance. However, most of them raise the question of causation due to their methodology. In order to isolate the causal impact of corporate reputation on financial performance, some authors conduct event studies, but without remarkable success. Therefore, this study provides initially a comprehensive theoretical background for why reputation should affect financial performance. According to the resulting hypotheses, an event study is conducted to analyze the impact of the publication of reputation rankings by the German Manager Magazin on share prices. As hypothesized, positive and negative announcement effects exist regarding upgraded or downgraded companies respectively. Consequently, investors gain new information from the published rankings (increases or decreases in reputation) to adjust share prices.