Mutual fund flows and investors’ expectations in BRICS economies: Implications for international diversification

This paper empirically examines the relationship between different classes of mutual funds, measures of investors’ expectations and business cycle movements in the BRICS markets over the 1996Q1-2017Q3 period. Applying the Panel Vector Autoregressive (PVAR) model in a Generalized Method of Moments (GMM) setting, the results suggest a strong causal relationship between mutual fund flows and measures of investors’ future expectations. In particular, fund flows are forward-looking and assist in forecasting real economic conditions. Moreover, investors choose to invest in riskier funds when economic conditions are good, while they prefer safer options in poor economic situations. These findings have important implications for international diversification.     

Does mutual fund disclosure at banks matter? Evidence from a survey of investors

This paper examines the responses from a survey of investors who purchased mutual funds from banks and elsewhere. We find that bank-channel investors are less financially literate than those investors purchasing funds through other distribution channels. Using a treatment-effects econometric model, however, we also find that purchasing only through banks actually raised the knowledge level of these investors. This result suggests that the increased focus on disclosure at banks has had a positive effect on investor financial literacy, and that disclosure requirements in the Gramm-Leach-Bliley Act of 1999 are likely to be beneficial. However, investor financial literacy still needs improvement.     

Does diversification promote systemic risk?

We measure systemic risk when faced with simulated shocks through the systemic model of banking originated losses. The formation mechanism of systemic risk is explored from the perspective of investment diversification and asset similarity. The results indicate that contagion risks formed by the over similarity of investment assets are the main cause of systemic risk. The similarity generally promotes contagion risks, however, it shows a double-faced effect for state-owned commercial banks that disperse shocks from counterparties through their too-big-to-fail advantages. The similarity is determined by diversification, which initially promotes similarity and disperses it after a threshold. The diversification acts on the contagion process of systemic risk by the mediation of the similarity. Therefore, diversification generally has a nonlinear impact on systemic risk. The results provide regulatory implications for the systemic stability of the banking system.     

Mutual fund managers: Does longevity imply expertise?

We analyze the performance of 1,042 mutual funds from 1986 to 1995 to measure the relationship between manager tenure and performance. Funds whose managers' have at least ten years tenure do not generate significantly higher excess returns than funds with less experienced managers. The excess returns of the best managers are not greater than those of their less experienced colleagues. Regardless of tenure, managers producing positive risk adjusted returns for three years are not likely to repeat their performance in subsequent periods. Our results provide further evidence that tenure should not be a factor in selecting mutual funds.     

VC拐点

"年底可以庆祝一下了" 2003年的一天,IDG技术创业投资基金副总裁、合伙人章苏阳去上海考察一家公司,结果走错电梯而到了另一家公司,而这家公司里异常忙碌的场景引起他的兴趣,于是递了张名片给前台秘书:"你们公司需要钱吗？需要钱的话     

绿色VC

有人问起曹华的职业,她不加思索地回答:“VC(风险投资)”。令她哭笑不得的是,对方居然理所当然地以为她是卖维生素C药片的     

VC浙商

刘晓人要在充满洋味的VC行当里跟那些西装绅士们一较高下。他身后,躁动着8000亿的浙江民间游资     

VC风标

一年一度的中国风险投资论坛多少能预测出国内VC的走向     

VC2.0

来自海外的热钱正溢出互联网去激活更广泛的本土商业,而国内资本却还在冬眠这个冬天的热度甚至超过了2000     

VC爱中餐

有了风险资本的助力,中国餐饮业似乎看到了诞生本土“肯德基”、“麦当劳”的希望在内蒙古包头市小肥羊大厦的总裁办公室内,40岁的卢文兵看起来神清气爽,接受采访的间隙,他不时用余光扫视电脑屏幕上不断跳跃的股价。中国股市一路飘红,让这位出身投行     

跟VC下乡

本刊记者跟随一家本土VC一同下乡看项目,写了以下日记。 我们想知道,这一轮VC下乡,是否投资的机会更多了？现代的资本和乡土的企业家结合会怎样推动这一轮的中小城市的商业发展？VC们跟这些乡土企业家是如何打交道的？企业家们关心的又是什么？这一切跟在大城市看项目有什么不同吗？     

VC的最怕

当所有人都完全看清楚了一个企业的价值，再投资一定是晚了。风险投资一定是这样的时机——找到自己觉得对，而别人都认为不对的点。     

再看VC

创业者应学会保护自己 近日,有报道说某创业投资基金资金面临枯竭,乃至于不会对其投资的某公司追加投资,一时间网上网下议论纷纷,再加上媒体的诸多报道,大有Web 2．0公司即将崩盘,以及该基金即将“玩完”之势,诸如此类,传言颇多。本人对此案详情一无所知,所以以下言论,仅为对此类现象和状况的评论而已。[第一段]     

VC御寒术

乔希·勒纳（Josh Lerner）多少有点吃惊，他没想到万里之外的中国人会对爆发于华尔街的金融风暴产生如此大的讨论热情。这是北京初冬的一天，来自哈佛大学商学院的勒纳教授正在给清华大学EMBA的学生们上课，学生们所有的问题都可以归结为一点：中国应该如何应对这场金融危机。学生们知道站在他们面前的这位略显消瘦的美国人的回答不可能面面俱到——     

Web based fund raising: is anyone making any real money?

A larger number of non-profits are looking to establish a Web presence for the first time. The opportunity to reach a large number of potential consumers and/or donors with the organization's message has proved too tempting for many to ignore.