scholarly journals Polish Absolute Return Funds And Stock Funds. Short And Long Term Performance Comparison

2014 ◽  
Vol 14 (2) ◽  
pp. 179-197
Author(s):  
Katarzyna Perez
Keyword(s):  
Hedge Funds ◽  
Abnormal Returns ◽  
Performance Comparison ◽  
Individual Investor ◽  
Investment Funds ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance ◽  
Funds Of Funds

Abstract In this paper I focus on analyzing whether Polish absolute return funds, which I call quasi-hedge funds, add value to a portfolio of an individual investor by reaching higher returns than Polish stock funds. I use a sample of 25 Polish absolute return investment funds to contrast their short and long term performance, measured by Sharpe, Sortino and Jensen ratios, to the short and long term performance of 20 biggest Polish stock funds and build rankings based on that performance. Later I build funds of funds (with a different number of stock funds and/or quasi-hedge funds) and check which of them is the most efficient. I find out that in both short and long term Polish quasi-hedge funds have better returns than stock funds and they add much value to the investors’ portfolios. It can be explained by the fact that they are much smaller and younger than traditional funds, so they have much higher potential to grow and reach abnormal returns.

scholarly journals The Short- And Long-Term Performance Of Privatization Initial Public Offerings In Europe

2013 ◽  
Vol 29 (4) ◽  
pp. 1189
Author(s):  
Haykel Hamdi ◽  
Duc Khuong Nguyen ◽  
Hassan Obeid
Keyword(s):  
Initial Public Offerings ◽  
Abnormal Returns ◽  
Public Offerings ◽  
Market Index ◽  
Long Run ◽  
Short And Long Term ◽  
Using Data ◽  
Long Term Performance ◽  
Term Performance

This article investigates the return behaviorof privatization initial public offerings (PIPOs) in Europe over both theshort- and long-run horizons. Using data from a sample of 162 PIPOs over theperiod 1986-2008, we show that European PIPOs outperform, in terms ofrisk-adjusted abnormal returns, a benchmark market index and a portfoliocomposed of 162 European private IPOs, regardless of the horizon of analysis.Our results are important for both investors and policymakers with respect totheir investment and privatization decisions, and also allow a betterunderstanding of the financial performance behavior of the privatizedstate-owned enterprises.

scholarly journals Short and long-term performance analysis of banks Ms&As in Europe

2014 ◽  
Vol 12 (1) ◽  
pp. 271-286
Author(s):  
George Kyriazopoulos ◽  
Evangelos Drymbetas
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Abnormal Returns ◽  
Event Window ◽  
Stock Price Reaction ◽  
European Banks ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance

Based on a sample of 152 European banks Ms&As deals during the period 1996-2010, we probe into the short-term reaction of stock prices around the Ms&As announcement day by calculating abnormal returns for acquirers and targets. We also analyze the long-term value creation of combined entities by calculating buy-and-hold returns over two years subsequent to Ms&As. We find stock price erosions in the post-event 10-day period for the overall sample of acquirers. This finding is particularly evident in the case of low profitability bidder firms. We also detect a significantly positive stock price reaction of target bank shares for the 3-day event window around the Ms&As announcement day. This major finding remains unquestionable, throughout domestic and cross-border deals and irrespective of prior profitability of target banks

Hedge Funds and Performance Persistence

2017 ◽  
Author(s):  
Nan Qin ◽  
Ying Wang
Keyword(s):  
Hedge Funds ◽  
Hedge Fund ◽  
Empirical Literature ◽  
Performance Persistence ◽  
Attrition Rates ◽  
Short And Long Term ◽  
And Performance ◽  
Long Term Performance ◽  
Term Performance

Despite the exponential growth of global hedge fund assets since the 1990s, the high attrition rates in the industry have raised an important issue about hedge fund return persistence. This chapter discusses the various statistical methodologies in measuring performance persistence and provides a comprehensive review of the empirical literature on short- and long-term performance persistence. In particular, the literature suggests that fund strategies and characteristics are related to performance persistence. The chapter also discusses three important issues: return smoothing, the use of option-like strategies, and data biases. The chapter provides additional empirical evidence on performance persistence, using a portfolio approach and a hedge fund sample from the Trading Advisor Selection System (TASS) database between 1994 and 2015.

scholarly journals Short- And Long-Term Wealth Gains From UK Takeovers: The Case Of The Financial Industry

2014 ◽  
Vol 30 (4) ◽  
pp. 1253 ◽  
Author(s):  
Sabri Boubaker ◽  
Taher Hamza
Keyword(s):  
Abnormal Returns ◽  
Wealth Effects ◽  
Financial Industry ◽  
Short Term ◽  
Long Run ◽  
Acquiring Firms ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance

The present study analyzes the short- and long-term performance of UK financial acquiring firms by examining a sample of 40 takeovers over the period 19962007. In particular, it investigates i) the short- and long-term stock return performance of these acquiring firms and ii) the relation between their short-term abnormal return around the announcement date of takeovers and their long-term performance. The event study methodology shows that bidders experience significant short-term wealth destruction. In contrast, both the buy-and-hold abnormal returns and bidders portfolio return approaches indicate positive and significant wealth effects over the long run. Business cycle analysis shows that acquirers obtain significantly higher returns during downward financial market cycles. Furthermore, the results show that the market reaction to the bid announcement better predicts bidders long-term performance in the case of positive short-term abnormal returns.

scholarly journals Introduction

2018 ◽  
pp. xiv-24
Author(s):  
Douglas Cumming ◽  
Sofia Johan
Keyword(s):  
Initial Public Offerings ◽  
Service Providers ◽  
Investment Banks ◽  
Public Offerings ◽  
Reverse Mergers ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance ◽  
Special Purpose Acquisition Companies

The worldwide landscape for raising firm capital from Initial Public Offerings (IPOs) has significantly evolved over the last few decades. This introductory chapter reviews more recent research on initial public offerings. The Oxford Handbook of IPOs comprises twenty-nine chapters from authors around the world. The chapters describe the economics of going public, short- and long-term performance of IPOs, regulation of IPOs, IPOs versus acquisitions, reverse mergers, special purpose acquisition companies, service providers including investment banks and auditors, venture capital funds, international differences in IPOs, and crowdfunding. The Introduction summarizes the chapters that appear in the Handbook and highlight research trends on topic.

Help us to help you

2019 ◽  
Vol 35 (10) ◽  
pp. 29-30
Keyword(s):  
Asia Pacific ◽  
Asia Pacific Region ◽  
Content Type ◽  
Pertinent Information ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Performance Gains ◽  
Term Performance ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Hotels in the Asia-Pacific region have yet to fully utilize social media to promote their CSR initiatives. This means there is huge potential for improved stakeholder engagement, leading to short- and long-term performance gains. Originality The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

scholarly journals Design and Construction of Ultra-Thin Continuously Reinforced Concrete (UTCRC) on N1 near Hugenote Tunnell

2018 ◽  
Vol 199 ◽  
pp. 08002
Author(s):  
Steph Bredenhann ◽  
Johan van Heerden ◽  
Pieter Strauss ◽  
Phillip Joubert
Keyword(s):  
Reinforced Concrete ◽  
Material Design ◽  
Performance Comparison ◽  
Base Layer ◽  
Western Cape ◽  
Traffic Loading ◽  
North East ◽  
Long Term Performance ◽  
Term Performance

In 2009, the National Route 1 Section 1 between km 56.1 and km 61.5, located North East of Paarl in the Western Cape Province of South Africa, was rehabilitated and widened. As part of the rehabilitation and widening contract the downhill truck crawler lane was constructed as an experimental pavement section. This experimental pavement section was constructed with a 50 mm thick Ultra-Thin Continuously Reinforced Concrete Pavement (UTCRCP). Early in 2010 sections of the experimental UTCRCP started to fail and consequently necessitated repair. In October 2014 a service provider was appointed for the special maintenance of the truck crawler lane on the National Route 1 Section 1. The project called for the reinstatement of the failed experimental UTCRCP with a re-engineered UTCRCP and a Enrobé à Module Élevé (EME) asphalt base layer with an Ultra-Thin Friction Course (UTFC), at various locations along the southbound (downhill) truck crawler lane. The project objective was specifically formulated to enable a long term performance comparison of both the re-engineered UTCRCP and the EME with UTFC under repeated traffic loading. The focus of this paper is the documentation and assessment of the initial pavement (structural analysis) and material design process, the construction of the UTCRCP, with cognizance of the challenges experienced during construction as well as the initial performance comparison. EME will not be discussed in this paper.

Trade-off between value creation and value appropriation?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Cleo Schmitt Silveira ◽  
Marta Olivia Rovedder de Oliveira ◽  
Rodrigo Heldt ◽  
Fernando Bins Luce
Keyword(s):  
Value Creation ◽  
Generalized Method Of Moments ◽  
Impulse Response Functions ◽  
Value Appropriation ◽  
Trade Off ◽  
Content Type ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance

PurposeManagers face the challenge of balancing resources needed to support value creation and value appropriation. In this study the authors analyze the impacts of innovation investments (i.e. value creation: VC) on advertising expenditures (i.e. value appropriation: VA), and vice versa, and verify the effects of these options on short- and long-term performance.Design/methodology/approachThe effects of these two activities on short- and long-term performance were analyzed observing a panel of 4,090 companies of Standard and Poor's Compustat database from a 40-year period. The authors adopted the panel vector autoregressive (VAR) approach, using the generalized method of moments (GMM).FindingsAlthough there is a trade-off between the strategic emphases on creating and appropriating value, there is also a synergy between them. The results from the impulse response functions support the argument for a virtuous business circle: companies that choose to intensify their investments in R&D tend to increase advertising expenditures, and vice versa.Practical implicationsManagers, rather than having to deal with a trade-off between allocating resources either on VC or VA activities, can capitalize on synergetic benefits resulting from the interaction among them.Originality/valueThe relationship between the VC and VA activities transcends the trade-off imposed by resource restrictions, since the interaction between them creates additional benefits afforded by the synergy of these activities.

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