Market penetration strategies and the fee–performance relationship: the case of Spanish money mutual funds

This article shows that market penetration strategies are common practice during the product introduction stage in the money mutual funds in Spain. During this stage there is no relation between fees and performance because this strategy is optimal. In order to analyse this relationship during the other stages of the product life cycle, funds under three years old were omitted from the analysis. Among the remaining funds, those with the highest fees are found to present a higher gross return than the low-fee funds, although the difference is not statistically significant. Nevertheless, in terms of net returns, low-fee funds are observed to stochastically dominate high-fee funds for any risk-averse investor. These findings hold for any managerial skill level or segmentation by the mutual fund family type.     

Corporate Performance in Jordan: A Macro Analysis

Abstract

The aim of this study is to de ter mine and an a lyze cor porate per for mance in Jor dan dur ing the pe riod 1989-1996. Four mod els have been spec i fied to test and an a lyze cor po rate per for mance at the macro level. The find ings have re vealed that earn ing per share (EPS) and stock prices are found to be the better mea sures of cor po rate per formance at the macro level. These mea sures were found to be af fected basi cally by or ga ni za tional vari ables, fol lowed by lead er ship vari ables. The pa per thus chal lenges the view that the poor cor po rate per for mance is at trib uted to en vi ron men tal and man a ge rial vari ables, as these variables were found to have no ma jor ef fect on cor po rate per for mance in Jor dan.     

Optimal Discretion

We investigate the desirability of adopting a rule in favor of discretionary monetary policy in a model exhibiting Kydland and Prescott's dynamic inconsistency problem but no fundamental incompatibility between the policymaker's price stability and full employment objectives. We show that if discretion provides a policy flexibility benefit, then a rule is optimal only when inflation exceeds an endogenously determined threshold. This gives rise to a discretionary policy zone for inflation with the central bank taking more drastic action towards stabilizing inflation when inflation veers outside the zone. Imperfect credibility narrows the scope for discretion and enhances the benefits of adopting a rule.
JEL classification : E 58; D 82; C 72     

我国上市公司经理管理防御程度的量化研究

经理管理防御程度的度量在我国仍是一个空白,国外学者使用的外部代替变量不能很好地反映经理人的管理防御动机。因此,从经理人个人特质出发选取六个最能反映经理管理防御行为的变量,采用内容分析法构建出经理管理防御指数。以2003—2006上市公司的数据为例进行实例验证,我们发现这种经理管理防御行为在我国上市公司中的确存在,而且防御程度呈上升趋势。