宏观型对冲基金的经营策略分析

投资策略和融资策略共同决定宏观型对冲基金的自身业绩和它对金融市场的宏观影响。交易部署和杠杆比例相互联系并最终决定基金能够取得多少回报。由于市场环境的改变,大量宏观型对冲基金已经从以往的宏观策略和新兴市场策略为主转向更加保守的价值与市场中立策略。宏观型对冲基金的宏观经济效应源于其风险管理行为模式而非其主观意图。     

Prediction and control under uncertainty: Outcomes in angel investing

Venture investing plays an important role in entrepreneurship not only because financial resources are important to new ventures, but also because early investors help shape the ventures' managerial and strategic destiny. In this study of 121 angel investors who had made 1038 new venture investments, we empirically investigate angel investors' differential use of predictive versus non-predictive control strategies. We show how the use of these strategies affects the outcomes of angel investors. Results show that angels who emphasize prediction make significantly larger venture investments, while those who emphasize non-predictive control experience a reduction in investment failures without a reduction in their number of successes.     

高校教育培养成本核算探讨

高校教育培养成本的核算是政府拨款的依据。如何核算高校教育培养成本．已成为社会广泛关注的焦点。明确高校教育培养成本的内涵,规范高校教育培养成本的内容、核算方法、核算手段。是高校管理的当务之急,势在必行。     

制造企业服务化类型与灵活性匹配分析

制造企业灵活性对其服务化具有重要影响,不同灵活性对不同服务化类型的影响与贡献程度不同。鉴于此,在阐明制造企业灵活性类型、服务化类型基础上,提出理论假设,通过问卷设计与数据采集、处理分析等,得出结论：制造企业生产、关系与流程灵活性对基于产品的服务化具有显著正向影响;生产、关系与结构灵活性对基于功能的服务化具有显著正向影响;生产与流程灵活性对基于业务流程的服务化具有显著正向影响;结构、流程灵活性对基于概念的服务化具有显著正向影响。总之,不同服务化类型制造企业应当进行不同的灵活性调整,以有效推进服务化进程。     

我国中小保险公司直投股市存在的问题及对策研究

运用保险投资理论中股票投资的相关内容,论述了我国中小保险公司投资股市面临的问题,提出了解决这些问题的对策。     

提高我国基础设施项目投融资风险管理的对策

文章针对我国基础设施建设投融资在体制与机制和项目融资风险管理中存在的问题,提出了提高我国基础设施建设融资项目风险管理的具体措施.     

The price of ethics and stakeholder governance: The performance of socially responsible mutual funds

Do investors pay a price for investing in socially responsible investments (SRI) funds, or do they obtain superior returns? This paper investigates these under- and overperformance hypotheses for all SRI funds across the world. Consistent with investors paying a price for ethics, SRI funds in the US, the UK, and in many continental European and Asia-Pacific countries underperform their domestic benchmarks by − 2.2% to − 6.5%. However, with the exception of some countries such as France, Japan and Sweden, the risk-adjusted returns of SRI funds are not statistically different from the performance of conventional funds. We also find that the underperformance of SRI funds is not driven by loadings on an ethics style factor. There is mixed evidence of a smart money effect: SRI investors are unable to identify the funds that will outperform in the future, whereas they show some fund-selection ability in identifying funds that will perform poorly. Finally, corporate governance and social screens yield lower risk-adjusted returns.     

Does fundamental indexation lead to better risk‐adjusted returns? New evidence from Australian Securities Exchange

We investigate the claims of superiority of fundamental indexation strategy over capitalisation‐weighted indexation using data for Australian Securities Exchange listed stocks. While our results are in line with the outperformance observed in other geographical markets, we find that the excess returns from fundamental indexation in Australian market are much higher. On a rolling 5‐year basis, the fundamental index always outperforms the capitalisation‐weighted index. Our results suggest that superior performance of fundamental indexation could not be entirely attributed to value, size or momentum effects. The outperformance persists even after adjusting for slightly higher transaction costs related to turnover.     

Socially responsible investing (SRI): From mainstream to margin?

This article discusses the place of ethics within socially responsible investing (SRI) and tries to understand whether the debate about the spread of SRI strategies for all asset management practices (SRI mainstreaming) is necessary for SRI development. We conclude that the mainstreaming of SRI in global investment funds has transformed the original goal of “making good” into a quest for profitability. We also add that SRI must place ethics at the center of the debate in order to regain the primary virtuous logic it had when it was still part of a “margin” or niche market.     

Category management initiatives from the retailer perspective: a study in the Brazilian grocery retail industry

This paper aims to bridge a gap in the literature concerning implementation processes and outcomes of category management initiatives in a developing country context. It presents the results of a study into initiatives of adoption of this tool in the Brazilian grocery retail industry, based on three in-depth case studies with retailers covering both pre-implementation, implementation and post-implementation issues. There is indication of satisfaction on the part of retailers with the business outcomes and learning effects of the initiatives. However, there seems to be the need for a better definition of medium and long-term actions as well as planning of investments in resources and technology.