scholarly journals The persistence of risk levels of general equity funds in an emerging market economy

2013 ◽  
Vol 2 (4) ◽  
pp. 22-28
Author(s):  
Rousseau Lötter
Keyword(s):  
Emerging Market ◽  
Risk And Return ◽  
Adjusted Risk ◽  
Risk Levels ◽  
Fund Managers ◽  
Related Risk ◽  
Equity Funds ◽  
Future Risk ◽  
Investment Styles ◽  
Over Time

The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

scholarly journals The persistence of risk levels of general equity funds in an emerging market economy

2013 ◽  
Vol 3 (3) ◽  
pp. 85-91
Author(s):  
Rousseau Lötter
Keyword(s):  
Emerging Market ◽  
Risk And Return ◽  
Adjusted Risk ◽  
Risk Levels ◽  
Fund Managers ◽  
Related Risk ◽  
Equity Funds ◽  
Future Risk ◽  
Investment Styles ◽  
Over Time

The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

scholarly journals Do Managers Of Global Equity Funds Outperform Their Respective Style Benchmarks? Evidence From South Africa

2012 ◽  
Vol 11 (3) ◽  
pp. 269
Author(s):  
Heng-Hsing Hsieh ◽  
Kathleen Hodnett ◽  
Paul Van Rensburg
Keyword(s):  
South African ◽  
Economic Benefits ◽  
Exchange Traded Funds ◽  
The South ◽  
Fund Managers ◽  
Study Results ◽  
Significant Difference ◽  
Equity Funds ◽  
Investment Styles ◽  
Stock Picking

The results of our prior research on internationally-domiciled global equity funds suggest that active managers do not provide economic benefits, in addition to their underlying investment style benchmarks. This finding implies that the performances of global equity funds are derived mainly from the broad investment styles followed by the active managers rather than the stock-picking activities of the managers. We replicate our earlier research to investigate the performances of the six well-established global equity funds in the South African unit trust industry. Our results indicate that four out of the six South African fund managers under examination substantially underperform their passively-replicated style benchmarks. Our prior study results indicate that there is no significant difference between the performances of the internationally-domiciled global equity funds and their respective style benchmarks. By contrast, the stock-picking decisions of the South African fund managers are found to destroy value created by their respective style benchmarks in this study. Our findings suggest that investors who wish to follow particular investment styles would be better off by investing in exchange traded funds (ETF) that passively track the performances of their mandated investment styles in the global equity market with minimal costs.

scholarly journals An Analysis of Mutual Fund Managers’ Timing Abilities - Evidence From Chinese Equity Funds

2020 ◽  
Vol 11 (4) ◽  
pp. 214
Author(s):  
Jun-Hao Li ◽  
Chun-Fan You
Keyword(s):  
Mutual Fund ◽  
Stock Selection ◽  
Mutual Fund Managers ◽  
Fund Managers ◽  
Timing Ability ◽  
Daily Frequency ◽  
Equity Funds ◽  
Volatility Timing ◽  
Investment Styles ◽  
Timing Models

This paper examines Chinese mutual fund managers’ market, volatility, and liquidity abilities. Using a daily frequency sample of Chinese open-end equity funds from 2015 to 2019, we find evidence that mutual fund managers can time the market. Among the funds with different investment styles, the active funds have better market and liquidity timing ability, whereas the steady funds have better volatility timing ability. In different investment periods, there are more funds with timing ability in the fall period than in the rise period. We find the same results in the market (T-M), volatility, and liquidity timing models. It is especially for the active funds, nearly half of which have liquidity timing ability in the fall period. Among the funds with stock selection ability, the funds with market timing ability can outperform than the funds with other timing ability.

Emerging market mutual fund performance: evidence for China

2017 ◽  
Vol 11 (2) ◽  
pp. 167-187 ◽  
Author(s):  
Zia-ur-Rehman Rao ◽  
Muhammad Zubair Tauni ◽  
Amjad Iqbal ◽  
Muhammad Umar
Keyword(s):  
Asset Management ◽  
Mutual Fund ◽  
Factor Model ◽  
Emerging Market ◽  
Market Timing ◽  
Content Type ◽  
Fund Managers ◽  
Developed Markets ◽  
Timing Ability ◽  
Equity Funds

Purpose The purpose of this paper is to find whether Chinese equity funds outperform the market and do Chinese fund managers possess positive market timing ability. This study also aims to investigate whether well-performing (worst) funds of last year continue to perform well (worst) in the following year. Design/methodology/approach Capital Asset Pricing Model and Carhart four-factor model are used for performance analysis, whereas for analyzing market timing ability, the Treynor and Mazuy (1966) and Henriksson and Merton (1981) models are applied. To investigate persistence in the performance of Chinese equity funds, all equity funds are divided, on the basis of performance in the past 12 months, into three equally weighted groups (high, middle and low) and then observed for next 12 months. After that, groups are again rebalanced according to their performance. This study uses a panel regression model for analysis. Findings Chinese equity funds are successful in providing higher than market returns, and fund managers possess positive market timing ability. The authors find that Chinese equity funds do not show persistence in performance as witnessed in developed markets. Well-performing funds (worst funds) of last year do not continue to provide higher (lower) return in the following year. Moreover, the authors detect positive relationship of fund size, age and expense ratio with the fund’s performance. Overall results suggest that emerging market equity funds show better performance than that of developed markets. Practical implications Investors are better off if they invest in equity funds instead of index funds, as results illustrate that equity funds outperformed the market. Further, the strategy of buying well-performing funds of last year and selling poorly performing funds of last year does not look very attractive in China. This study helps investors to understand the Chinese managed funds industry, and such an understanding is also helpful for fund managers and asset management companies who use performance information in marketing strategies. Originality/value This is the first study to investigate the performance persistence in Chinese equity funds and also contributes to the literature about the performance and market timing ability of equity funds. The study takes the sample of 520 equity funds for the period from 2004 to 2014, which includes a period of financial crisis of 2008.

scholarly journals Comparison of Mean Platelet Counts in Preterm Infants with and without Retinopathy of Prematurity

2021 ◽  
Vol 18 (7) ◽  
pp. 3783
Author(s):  
Zi Di Lim ◽  
Edwin Pheng ◽  
Evelyn Tai Li Min ◽  
Hans Van Rostenberghe ◽  
Ismail Shatriah
Keyword(s):  
Risk Factors ◽  
Retinopathy Of Prematurity ◽  
Primary Source ◽  
Analysis Of Covariance ◽  
Repeated Measure ◽  
Platelet Counts ◽  
Related Risk ◽  
Measure Analysis ◽  
Repeated Measure Analysis ◽  
Over Time

Platelets are a primary source of pro- and anti-angiogenic cytokines. However, the evidence of their role in retinopathy of prematurity (ROP) is controversial. This retrospective study aimed to compare mean weekly platelet counts between infants with and without ROP over the first 6 weeks of life. A total of 93 infants matched by gestational age and birth weight were recruited (31 with ROP, 62 without ROP). Weekly mean platelet counts and other related risk factors were documented. The repeated measure analysis of variance (ANOVA) and the repeated measure analysis of covariance (ANCOVA) were used to compare mean platelet counts over time between the two groups, with and without adjusting for confounders. We found significant differences in the weekly mean platelet counts of infants with and without ROP over the first 6 weeks of life (p = 0.002). These differences disappeared after adjusting for covariates (p = 0.489). Lower mean platelet counts in ROP infants are not directly related to ROP, but rather to the presence of other risk factors for ROP, such as culture-proven sepsis, blood transfusion and bronchopulmonary dysplasia.

PENERAPAN TIPOLOGI PASAR, ARSITEKTUR DAN PERILAKU GENERASI Z PADA PERANCANGAN PASAR MASA DEPAN DI GONDANGDIA

2021 ◽  
Vol 3 (1) ◽  
pp. 995
Author(s):  
Irwin Irwin ◽  
Doddy Yuono
Keyword(s):  
Public Space ◽  
Emerging Market ◽  
Design Strategy ◽  
Public Spaces ◽  
Future Market ◽  
Generation Z ◽  
Equal Space ◽  
And Behavior ◽  
Changes Over Time ◽  
Over Time

The pandemic caused by the corona virus has changed the lifestyle of humans, both directly and indirectly, especially generation Z in Jakarta. The way humans meet their primary needs also changes over time. Many of generation Z decide to shop online to meet their individual needs. Generation Z defines balance as one of the things that is seen in living life, including meeting their needs and interacting with others. The Future Market in Gondangdia exists as a forum that provides space for buying and selling transactions to be more interactive, creative, flexible, and in accordance with health protocols. Through dis-programming, combining creative buying and selling programs and public space as one unit in a design is one of the methods used in designing architectural programs. The combination of the two programs creates an equal space with alternate uses depending on time. The emerging market typology method and its relation to Z generation architecture and behavior become a design strategy in designing. This provides an innovative and interactive buying and selling space according to the needs of generation Z. Keywords: Buy and sell spaces; Public spaces; Future markets; Generation Z; Buy and sell; Dis-programming AbstrakPandemi yang disebabkan oleh virus korona telah mengubah gaya hidup manusia, baik secara langsung maupun tidak langsung, khususnya generasi Z di Jakarta. Cara manusia dalam memenuhi kebutuhan primernya pun berubah seiring berjalannya waktu. Banyak dari generasi Z memutuskan untuk berbelanja online untuk memenuhi kebutuhannya masing-masing. Generasi Z mendefinisikan keseimbangan sebagai salah satu hal yang dilihat dalam menjalani kehiduoan termasuk dalam memenuhi kebutuhannya dan berinteraksi dengan sesamanya. Melalui dis-programming memadukan program jual beli kreatif dan ruang publik sebagai satu kesatuan di dalam sebuah desain merupakan salah satu metodw yang digunakan dalam perancangan program arsitektur. Perpaduan kedua program tersebut menciptakan sebuah ruang yang sama dengan penggunaanya bergantian tergantung oleh waktu. Metode tipologi pasar yang berkembang dan kaitannya dengan arsitektur dan perilaku generasi Z menjadi strategi desain dalam merancang. Hal ini memberikan ruang jual beli yang inovatif dan interaktif sesuai dengan kebutuhan generasi Z.

Changes in Acquired Immunodeficiency Syndrome-Related Risk Behavior After Adolescence: Relationships to Knowledge and Experience Concerning Human Immunodeficiency Virus Infection

PEDIATRICS ◽  
1992 ◽  
Vol 89 (5) ◽  
pp. 950-956
Author(s):  
Arlene Rubin Stiffman ◽  
Felton Earls ◽  
Peter Dore' ◽  
Renee Cunningham
Keyword(s):  
Risk Behaviors ◽  
Young Adulthood ◽  
Risk Level ◽  
Moderate Risk ◽  
Sexually Transmitted ◽  
Risk Levels ◽  
Related Risk ◽  
Immunodeficiency Virus ◽  
Acquired Immunodeficiency ◽  
Immunodeficiency Syndrome

This paper explores the extent of change in acquired immunodeficiency syndrome (AIDS) risk level and in the numbers of AIDS-related risk behaviors in 602 inner-city adolescents as they enter young adulthood. Youths' risk level for human immunodeficiency virus (HIV) infection during adolescence was categorized as high (engaging in prostitution, male homosexual or bisexual activity, or injectable drug use or having ulcerative sexually transmitted diseases), moderate (having six or more sex partners in a 1-year period or nonulcerative sexually transmitted diseases), or low (none of the above). Although a proportion at high or moderate risk during adolescence did move to lower risk levels by young adulthood, the overall risk level stayed fairly stable: 45% were at high or moderate risk levels during adolescence, and 35% were at those levels by young adulthood. Then change in the total number of risk behaviors engaged in by the youths was examined. Knowledge about AIDS or HIV infection and its prevention was not associated with any change in risk behavior, nor were the number of sources of information about the epidemic, acquaintance with those who are infected, estimates of personal risk, or exposure to HIV-test counseling. In fact, youths whose risk behaviors increased the most were more likely to know someone who had died of AIDS and to estimate their own risk as high. Most youths reported that they did not use condoms regularly, disliked them, and had little confidence in their protective ability. Changes in preventive strategies and further research on the causes of behavior change are needed.

Active Share and Emerging Market Equity Funds

2016 ◽  
Author(s):  
Aron A. Gottesman ◽  
Matthew R. Morey
Keyword(s):  
Emerging Market ◽  
Equity Funds

The Information Content of Investors' Expectations for Risk and Return

2013 ◽  
Vol 03 (03n04) ◽  
pp. 1350017
Author(s):  
Thomas Berry ◽  
Keith Jacks Gamble
Keyword(s):  
Information Content ◽  
Personal Experience ◽  
Individual Investors ◽  
Cross Sectional ◽  
Risk And Return ◽  
Stock Performance ◽  
Limited Experience ◽  
Future Risk ◽  
The Cross

This study reveals the information content of individual investors' risk-adjusted return expectations. Although individual investors overestimate the performance of their stock purchases on an average, the cross-sectional variation in their risk-adjusted return expectations is predictive of future risk-adjusted stock performance. Stock purchases that investors expect to outperform the most do outperform the stock purchases that investors expect to outperform the least by an annualized alpha of 16%. The best performing stocks are those that investors with excellent experience expect to outperform the most while the worst performing stocks are those that investors with limited experience expect to outperform the least. The most experienced investors appear to be successfully using information gathered from personal experience with the company's products or services, contact with someone who works for or with the company on a regular basis, and proximity to the company's operations.

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