Now And The Future

Knowledge. management has become part of the rhetoric, if not the reality, of the post-modern business world. There is a widely perceived link between the financial performance of enterprises and the way they cultivate, nurture and exploit the knowledge of individuals and that embodied in their business or professional processes. This paper reviews the emerging literature of knowledge management and points to research opportunities that could lead to a greater understanding of this next big idea.     

Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows

We examine a sample of 294 mutual funds that are advertised in Barron's or Money magazine. The preadvertisement performance of these funds is significantly higher than that of the benchmarks. We test whether the sponsors select funds to signal continued superior performance or they use the past superior performance to attract more money into the funds. Our analysis shows that there is no superior performance in the postadvertisement period. Thus, the results do not support the signaling hypothesis. On the other hand, we find that the advertised funds attract significantly more money in comparison with a group of control funds.     

Regulation And The Rise In Asset-Based Mutual Fund Management Fees

In this article I explain why asset‐based fees are common for mutual fund management companies and why the average fee has increased recently. I argue that Securities and Exchange Commission fee regulations make alternative fee types illegal or unattractive. Management companies can maintain higher fees because regulations and brand‐name capital partly insulate them from competition and because investors cannot easily distinguish between performance‐oriented and marketing‐oriented fund companies. Index funds and unit investment trusts may offer competition to mutual funds in the future because they are designed to minimize management fees.     

交通银行信息化建设成果与展望

科技是第一生产力,无论是国家的发展、经济的繁荣,都离不开科学技术的强大推动力。特别是“十一五”期间,随着经济全球化的发展和中国金融业加入WTO过渡期的结束,银行业的竞争更加激烈,客户对银行的服务也提出了更高的要求。我国银行业要全面深化经营管理体制改革,加速向现代商业银行转型,必须要依靠科技发展的强大推动力,这也注定“十一五”期间必定是我国金融信息化建设里程碑式的重要阶段。     

农村资金互助社的现状与发展选择

作为新型农村金融机构且最具草根形态的农村资金互助社,其生存和发展的状况一直倍受关注。如何选择农村资金互助社的发展方式,使其对农村经济发展作出更大的贡献,需要认真分析和研究。     

我国QDII基金经理的选股择时能力研究

本文选取2009年前成立的8只QDII基金为研究样本,以2009年和2010年的周度数据为基础,采用TM和CL模型对QDII基金经理的选股能力和择时能力进行实证分析。实证结果表明,我国QDII基金经理的选股择时能力不具有持续性。2009年有较强的选股能力和择时能力,2010年有一定的选股能力,但是缺乏择时能力。进一步分析,QDII基金经理的选股择时能力的显著性都不强。     

新加坡中央公积金投资运营分析及对中国的启示

新加坡中央公积金制度是养老金个人账户制度中集中管理、集中投资的典型,但同时也不断放宽投资政策,允许其成员进行多元化的积极投资。本文通过梳理、分析新加坡中央公积金集中投资、积极投资的发展及其问题,总结出对中国养老金制度改革和养老基金管理有益的启示。