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Performance Evaluation Of Polish Mutual Fund Managers
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Book Synopsis Performance Evaluation of Polish Mutual Fund Managers by : Pawel Rzezniczak
Download or read book Performance Evaluation of Polish Mutual Fund Managers written by Pawel Rzezniczak and published by . This book was released on 2008 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims at evaluating the performance of mutual fund managers in one of the fastest growing financial markets in emerging Europe. We use well-known performance evaluation measures to investigate whether private investors in Poland have benefited from investing in mutual funds. Our analysis focuses on returns over the period 2000-2007 for three categories of mutual funds: (1) equity, (2), bond, and (3) balanced mutual funds. Our results indicate that mutual funds in each of these three categories have positive, but insignificant selectivity skill, indicating that a private investor would not have been worse of by investing in mutual funds. We do not find any evidence of equity or bond market timing skill by Polish mutual funds. This conclusion does not depend on our choice of evaluation model taking into account the direction and/or the magnitude of the market return.
Book Synopsis Mutual Fund Performances of Polish Domestic Equity Fund Managers by : Gözde Ünal
Download or read book Mutual Fund Performances of Polish Domestic Equity Fund Managers written by Gözde Ünal and published by . This book was released on 2018 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE), thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyze that although the financial market in Poland made an incredible progress, whether fund managers show better or worse performance than the market.
Author :group of authors Publisher :Czech Institute of Academic Education z.s. ISBN 13 :8090579159 Total Pages :360 pages Book Rating :4.0/5 (95 download)
Book Synopsis Proceedings of IAC-MEM 2015 in Vienna by : group of authors
Download or read book Proceedings of IAC-MEM 2015 in Vienna written by group of authors and published by Czech Institute of Academic Education z.s.. This book was released on 2015-11-09 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proceedings - International Academic Conference on Management, Economics and Marketing in Vienna 2015
Book Synopsis Competition and Performance in the Polish Second Pillar by : Heinz P. Rudolph
Download or read book Competition and Performance in the Polish Second Pillar written by Heinz P. Rudolph and published by World Bank Publications. This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries: the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. Pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues. This study proposes mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. With the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines products and options that authorities may consider for the design of the payout phase.
Book Synopsis Republic of Poland by : International Monetary Fund
Download or read book Republic of Poland written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-03-09 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note for the Republic of Poland on competition and performance explains the Polish pension system and domestic capital market. Competition policies may need to be reviewed, in particular the combination of measures to maintain small pension funds operating while imposing strict caps on fees. If the government decides to continue pursuing policy of promoting competition in returns while reducing fees further, it may need to consider more structural changes in the second pillar, along the lines of the Swedish model.
Book Synopsis The Profile of a Polish Mutual Fund Manager by : Dariusz Filip
Download or read book The Profile of a Polish Mutual Fund Manager written by Dariusz Filip and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Aim/purpose - The purpose of this paper is to identify the characteristics that are typical of mutual fund managers.Design/methodology/approach - The study concentrates on a set of socio-demographic data, such as: age, gender, education, experience, and professional qualifications of 336 portfolio managers. The applied research strategy relies on an analysis concerning a set of statistical metrics describing the population under examination.Findings - The average Polish fund manager is a 37-year-old man, a holder of a stock-broker or investment adviser license. He obtained the authorization from the Polish Financial Supervision Authority (KNF) a few years after graduating from the Warsaw School of Economics (SGH). He has 11 years' experience in financial markets and 7 years' experience in the mutual fund industry.Research implications/limitations - The identification of managerial characteristics for the purpose of creating a profile of a Polish mutual fund manager will provide an important basis for further surveys and analyses aimed to evaluate the effectiveness of mutual funds.Originality/value/contribution - There are no investigations within the discussed area in Polish studies. Therefore, the identification of the characteristics that are typical of mutual fund managers will make a contribution to the finance literature.
Book Synopsis Data Analysis and Related Applications, Volume 1 by : Konstantinos N. Zafeiris
Download or read book Data Analysis and Related Applications, Volume 1 written by Konstantinos N. Zafeiris and published by John Wiley & Sons. This book was released on 2022-08-17 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scientific field of data analysis is constantly expanding due to the rapid growth of the computer industry and the wide applicability of computational and algorithmic techniques, in conjunction with new advances in statistical, stochastic and analytic tools. There is a constant need for new, high-quality publications to cover the recent advances in all fields of science and engineering. This book is a collective work by a number of leading scientists, computer experts, analysts, engineers, mathematicians, probabilists and statisticians who have been working at the forefront of data analysis and related applications. The chapters of this collaborative work represent a cross-section of current concerns, developments and research interests in the above scientific areas. The collected material has been divided into appropriate sections to provide the reader with both theoretical and applied information on data analysis methods, models and techniques, along with related applications.
Book Synopsis An Overview of Fund Performance and Attributes by : Dariusz Filip
Download or read book An Overview of Fund Performance and Attributes written by Dariusz Filip and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this study is to determine whether mutual fund attributes are related to investment performance. Organizational characteristics, such as size, age, family size and expense ratio, were collated with investment performance measured with the use of four different methods for a sample of 82 domestic equity funds operating in Poland in the period 2000-2015. The obtained results show that the asset size factor can translate into the generated return on investment. However, it must be indicated that this research is preliminary. It will enable the identification of the fund features which could be interpreted as determinants of performance in future studies employing more advanced research approaches.
Book Synopsis Relative Portfolio Performance Evaluation and Incentive Structure by : Yoon K. Choi
Download or read book Relative Portfolio Performance Evaluation and Incentive Structure written by Yoon K. Choi and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent literature on mutual fund performance evaluation has improved on methodologies, especially on benchmark problems pointed out by Roll (1990). However, mutual fund managers are the agents of investors, and their efforts to improve their fund performance are influenced by either explicit or implicit incentive structures within mutual fund organizations. An efficient fund evaluation should control for organizational elements that affect managerial incentives in evaluating their performance.This paper proposes an incentive-compatible portfolio performance evaluation measure. This new performance is derived from a principal-agent economics model, where managers are to maximize investors' gross returns net of managerial compensation. I consider the effect of organizational elements such as economies of scale on incentive and thus on performance. Finally, I compare this new measure with the Sharpe ratio.
Book Synopsis The Performance Evaluation of Fund Managers by : David Ashton
Download or read book The Performance Evaluation of Fund Managers written by David Ashton and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is Mutual Fund Performance Persistent? Evidence from the Polish Market? by : Adam Zaremba
Download or read book Is Mutual Fund Performance Persistent? Evidence from the Polish Market? written by Adam Zaremba and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper addresses an issue of the performance persistence in a mutual fund market. The study focuses especially on the evidence from Poland. The past performance of mutual funds is widely regarded as a key criterion in investment decision making in Poland nowadays, whereas existing empirical evidence does not confirm its predictive power. The paper consists of three main parts. The first is a review of existing academic evidence of the performance persistence. The second is the analysis of the performance persistence among Polish equity and money market funds in years 1998-2009. Three methods of analysis are employed: quartile analysis, raw-data correlation and rank correlation. The last section of the article consists of conclusions and recommendations. The study confirms existence of the persistence in raw returns and risk-adjusted returns among the Polish money market funds but not among the equity funds. There is also a strong evidence of the volatility persistence in the both group of mutual funds.
Book Synopsis Institutional Investors by : E. Philip Davis
Download or read book Institutional Investors written by E. Philip Davis and published by MIT Press. This book was released on 2004-01-30 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years. This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan.
Book Synopsis OECD Environmental Performance Reviews: Poland 2015 by : OECD
Download or read book OECD Environmental Performance Reviews: Poland 2015 written by OECD and published by OECD Publishing. This book was released on 2015-04-23 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is the third OECD review of Poland’s environmental performance. It evaluates progress towards sustainable development and green growth, with a focus on forestry and biodiversity, as well as waste and materials management.
Book Synopsis Republic of Poland by : International Monetary
Download or read book Republic of Poland written by International Monetary and published by International Monetary Fund. This book was released on 2022-10-03 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public investment is expected to play a significant role in the post-pandemic economic recovery in Poland. Like other countries in the region, Poland lags more advanced European economies in the quantity and quality of its infrastructure despite significant progress in the last decade. The Government’s recent economic plan—the New Polish Deal—foresee an extensive economic and investment plan of which many investments will benefit from the large support from the European Union funds to scale up green, digital, and resilient investments. In this context, the public investment management assessment (PIMA) was conducted to assess strengths and weaknesses of infrastructure governance in Poland and identify potential bottlenecks for making the most of these investments in terms of quality of infrastructure.
Author :Compiled by the British Library of Political and Economic Science Publisher :Psychology Press ISBN 13 :9780415284011 Total Pages :708 pages Book Rating :4.2/5 (84 download)
Book Synopsis Ibss: Economics: 2001 by : Compiled by the British Library of Political and Economic Science
Download or read book Ibss: Economics: 2001 written by Compiled by the British Library of Political and Economic Science and published by Psychology Press. This book was released on 2002-12 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehensive knowledge of the social sciences.
Book Synopsis Mutual Funds and Exchange-traded Funds by : Harold Kent Baker
Download or read book Mutual Funds and Exchange-traded Funds written by Harold Kent Baker and published by Oxford University Press, USA. This book was released on 2016 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth provides a fresh look at this intriguing but often complex subject. Its coverage spans the gamut from theoretical to practical coverage.
Book Synopsis Experimental and Quantitative Methods in Contemporary Economics by : Kesra Nermend
Download or read book Experimental and Quantitative Methods in Contemporary Economics written by Kesra Nermend and published by Springer Nature. This book was released on 2019-10-12 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary economists, when analyzing economic behavior of people, need to use the diversity of research methods and modern ways of discovering knowledge. The increasing popularity of using economic experiments requires the use of IT tools and quantitative methods that facilitate the analysis of the research material obtained as a result of the experiments and the formulation of correct conclusions. This proceedings volume presents problems in contemporary economics and provides innovative solutions using a range of quantitative and experimental tools. Featuring selected contributions presented at the 2018 Computational Methods in Experimental Economics Conference (CMEE 2018), this book provides a modern economic perspective on such important issues as: sustainable development, consumption, production, national wealth, the silver economy, behavioral finance, economic and non-economic factors determining the behavior of household members, consumer preferences, social campaigns, and neuromarketing. International case studies are also offered.
