我为院士一家做理财

随着我国资本市场的快速发展,市场对银行理财服务的需求与日俱增,在此背景下,工商银行的理财业务正日益成为联结金融产品,服务的多样化与客户需求多元化的纽带,为配合此项业务蓬勃的发展趋势,同时为读者提供相关知识。     

做基金的伯乐

风险的另一个名称叫做不确定性.投资的不确定性随着时间的推移有可能转化为确定投资收益,也有可能转化为确定的投资亏损.其中,系统性风险是每一个市场参与者必然面对的,是市场发生的整体震荡,是不能用分散投资来规避的.     

百姓基金组合认知情况调查

2020年,公募基金行业收获了历史性的超级大年,规模和业绩双丰收.数据显示,2020年公募基金规模超18万亿元,而主动权益基金全年整体收益率达到47.6％,强势演绎了炒股不如买基金.     

不再懵懂做基金

初次接触基金并购买是在2004年3月,当初购买基金时很懵懂,只是觉得基金是个新鲜玩意,就是想买来玩玩而已,并没有去想赚多少钱.但经过几番波折,还是得到了丰厚的回报.     

基金理财:做个聪明的“懒人”

聪明的投资者应该在市场下跌时补仓,拉低平均成本,等待市场上涨时就可以轻松获取绝对收益。但是,追跌杀涨说起来容易,做起来难。     

基金定赎:赎回也需做安排

随着投资理财知识的不断普及,很多人对基金定投业务都有所了解,也有一部分人从中尝到了甜头,体会到了聚沙成塔的理财乐趣.但说到基金定赎,知道的人可能就不多了.选择何种投资渠道固然重要,其实如何赎回投资成果也需要策略.     

船舶基金要做大做实

在第四届中国企业国际融资洽谈会上举办的第二届船舶基金论坛上,与会嘉宾围绕“船舶产业基金助推产业资源整合”的主题,就船舶产业投资基金设立以来取得的成就、存在的问题、未来的发展等问题发表见解,展开讨论,发表了许多富有指导意义的新观点、新看法     

百姓存于心,做事为百姓——记广州市社会保险基金管理中心法务与咨询科科长黄凯东

2013年12月的一天,接近下班的时候,广州市信访局接访大厅的工作人员急匆匆跑到人社局的接访处,说外面有位拄着双拐的年青人情绪非常激动,请人社局派人出去接待.广州市社保中心法务与咨询科科长黄凯东恰好在此驻点,他马上前去了解情况.原来,那位青年名叫莫光能,是云南省广南县普弄村人,受伤之前在广州齐安特清洁服务公司从事高空保...     

裴克为:做大市若烹小鲜

环球资源(nasdaqListed)是一家在美国纳斯达克上市的B2B(商对商)媒介机构,毕业于耶鲁大学的裴克为担任执行总裁,此前他是中国区总经理。     

Higher risk,lower returns: What hedge fund investors really earn

The returns of hedge fund investors depend not only on the returns of the funds they hold but also on the timing and magnitude of their capital flows in and out of these funds. We use dollar-weighted returns (a form of Internal Rate of Return (IRR)) to assess the properties of actual investor returns on hedge funds and compare them to buy-and-hold fund returns. Our main finding is that annualized dollar-weighted returns are on the magnitude of 3% to 7% lower than corresponding buy-and-hold fund returns. Using factor models of risk and the estimated dollar-weighted performance gap, we find that the real alpha of hedge fund investors is close to zero. In absolute terms, dollar-weighted returns are reliably lower than the return on the Standard & Poor's (S&P) 500 index, and are only marginally higher than the risk-free rate as of the end of 2008. The combined impression from these results is that the return experience of hedge fund investors is much worse than previously thought.     

Dumb money: Mutual fund flows and the cross-section of stock returns

We use mutual fund flows as a measure of individual investor sentiment for different stocks, and find that high sentiment predicts low future returns. Fund flows are dumb money–by reallocating across different mutual funds, retail investors reduce their wealth in the long run. This dumb money effect is related to the value effect: high sentiment stocks tend to be growth stocks. High sentiment also is associated with high corporate issuance, interpretable as companies increasing the supply of shares in response to investor demand.     

让百姓躺着挣点儿钱,货币基金不为过

货币基金持有人是普通公众,让百姓挣点儿钱,不为过 货币基金,全称"货币市场基金",是公募基金的一种,它将众多小额投资者的资金集合起来、由专门的基金公司进行投资运作,获取收益后按持有份额进行分配.购买了货币基金的大众,是基金的持有人和受益人.譬如余额宝,9月某日每万分收益1.0901元,七日年化收益率4.048%,都是归广大基金持有人的."货币基金用高收益吸收公众资金",让百姓挣点儿钱,不是什么坏事.     

Timing is money: The factor timing ability of hedge fund managers

This paper studies the level, determinants, and implications of the factor timing ability of hedge fund managers. We find that approximately 34% of hedge funds display factor timing ability on at least one factor over the full sample, concentrated especially at the market, size, and bond factors. Better factor timing skills are on average related to funds that are more experienced and more flexible, but the cross-factor heterogeneity is considerable. Factor timing is associated with outperformance; the top factor timing funds outperform the bottom factor timing funds with a significant 4.32% per annum. Timing skills, though, do not directly lead to higher net flow.     

How smart is money? An investigation into investor behaviour in the Australian managed fund industry

Gruber [Gruber, M., 1996. Another puzzle: the growth in actively managed mutual funds. Journal of Finance 51, 783–810] and Zheng [Zheng, L., 1999. Is money smart? A study of mutual fund investors’ fund selection ability. Journal of Finance 54, 901–933] document that managed fund investors demonstrate fund selection ability as they invest in funds whose subsequent performance is greater than that of funds from which they divest. This phenomenon has been since been termed the ‘smart money effect’. In contrast, Sapp and Tiwari [Sapp, T., Tiwari, A., 2004. Does stock return momentum explain the ‘smart money’ effect? Journal of Finance 59, 2605–2622] find that after controlling for stock return momentum, there is no evidence of a smart money effect. In this paper, we investigate whether a smart money effect exists in the Australian managed funds industry. The key findings of our paper are that there is a smart money effect in Australia and that stock return momentum does not explain this effect. We also find that the effect is not conditional on fund size. Our cross-sectional analysis indicates that investors are chasing funds that have performed well in the past and that cash flows to funds are persistent. However, we do not find any evidence that investors are pursuing funds that employ momentum trading strategies.     

Monetary anticipations and the demand for money: Reply to MacKinnon and Milbourne

MacKinnon and Milbourne (1984), in an extended comment on Carr and Darby (1981), claim that money supply shocks do not enter the money demand function for the United States. This reply discusses the economic and econometric errors which led to this conclusion and presents further empirical evidence in support of our approach.     

When active fund managers deviate from their peers: Implications for fund performance

This paper proposes that the extent to which mutual fund managers’ beliefs deviate from the ex ante unobservable representative beliefs of their peers contains information about their skill. A new measure based on portfolio allocations, peer deviation, is used to capture a fund manager’s divergence from the contemporaneously unobservable beliefs of her peers. The portfolio based on representative beliefs of a group of managers investing in similar assets outperforms passive benchmarks, indicating that they reflect informed beliefs. Fund managers who simultaneously arrive at portfolio selections which, in hindsight, are close to those implied by representative beliefs possess ex ante more skill and exhibit future outperformance. Copycat strategies replicating lagged portfolio holdings implied by representative beliefs outperform the actual portfolio holdings of funds that deviate most, but the outperformance dissipates after two quarters.     

神雾集团如何做大赚钱的学问

在坐落于北京中关村科技园区昌平园的神雾集团大楼内,《国际融资》记者独家专访了北京神雾环境能源科技集团股份有限公司(简称:神雾集团)董事长兼总经理吴道洪博士。吴博士独特的创业经历与睿智的战略手笔,让我们看到了一家中国民营企业18年来是怎样从一家小微公司,发展成集"节能技术的研发-制造-设备配套-咨询与设计-工程总承包"全产业链布局,拥有石油化工甲级设计、咨询和工程总承包资质,冶金甲级设计、咨询和工程总承包资质,北京市唯一炉窑工程专业承包一级资质等工程资质,节能核心设备制造基地,全球最大的节能与低碳技术联合实验室等七家全资或控股子公司的股份制集团公司;又是怎样从最初销售工业炉喷嘴节能技术产品,创新研发出适用中国劣质黑色金属矿、劣质有色金属矿和冶金固废处理的高效清洁冶炼新技术和新工艺,并使多项核心技术走在了世界前列