Sophistication of Chinese Mutual Funds and the Mispricing of Accruals

2018 ◽  
Vol 18 (1) ◽  
pp. 97-120 ◽  
Author(s):  
Jiajia Fu
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Stock Price ◽  
Discretionary Accruals ◽  
Institutional Holdings ◽  
One Year ◽  
The One ◽  
High Level ◽  
Price Responsiveness

ABSTRACT This study examines the role of mutual funds in the pricing of accruals in China's stock market to evaluate the sophistication of Chinese mutual funds. Using a sample of A-share stocks in China from 2003 to 2011, I find that the mispricing of accruals is concentrated in firms with large mutual fund holdings. This result differs from a number of U.S. studies documenting a positive relation between institutional holdings and stock price efficiency. In an effort to explain this result, I provide evidence that mutual funds in China fixate on earnings and fail to understand the one-year-ahead earnings implication of accruals. Specifically, I find that the persistence of accruals is overpriced in stocks with a high level of mutual fund ownership. The mispricing of accruals in these stocks is largely driven by discretionary accruals and is related to their high stock price responsiveness to earnings. JEL Classifications: M41; G12.

Mutual-Fund-Affiliated Analysts and Stock Price Synchronicity: Evidence From China

2016 ◽  
Vol 33 (3) ◽  
pp. 435-460 ◽  
Author(s):  
Xuanyu Jiang ◽  
Nianhang Xu ◽  
Qingbo Yuan ◽  
Kam C. Chan
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Stock Price ◽  
Information Dissemination ◽  
Conflicts Of Interest ◽  
Specific Information ◽  
Investment Bank ◽  
Stock Price Synchronicity ◽  
Brokerage Firms

We contend that mutual-fund-affiliated analysts have conflicts of interest in their role of information production. Similar to the investment-bank-affiliated analysts (Malmendier & Shanthikumar, 2014), mutual-fund-affiliated analysts are very likely to speak in two tongues, issuing optimism-biased recommendations to please their mutual fund clients due to the clients’ holdings of the stocks but less optimistic forecasts for their covered firms to provide firm-specific information for mutual funds. The net effect of these mutual-fund-affiliated analysts’ conflicting actions is not clear. We use a unique Chinese dataset that discloses the business affiliations between mutual funds and brokerage firms through commission allocations to examine whether mutual-fund-affiliated analysts produce more (or less) firm-specific information in their research compared with non-affiliated analysts. Our results indicate that mutual-fund-affiliated analysts produce more firm-specific information, manifested by lower stock price synchronicity for the firms they cover. We further find that the mutual-fund-affiliated analyst effects are more pronounced for stocks that represent significant exposure to an affiliated mutual fund’s investment, where mutual funds presumably need more firm-specific information to make investment decisions. Finally, we document that mutual-fund-affiliated analysts conduct more site visits on the stocks held by their mutual fund clients, which explains the greater information dissemination by mutual-fund-affiliated analysts.

scholarly journals Another Look at Portfolio Turnover and Mutual Fund Performance

2017 ◽  
Vol 9 (10) ◽  
pp. 95
Author(s):  
Confidence W. Amadi ◽  
Felicia Y. Amadi
Keyword(s):  
Regression Analysis ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Fund Performance ◽  
Mutual Fund Performance ◽  
Portfolio Returns ◽  
Independent Variable ◽  
One Year ◽  
The One ◽  
Fund Portfolio

The objective of this study was to investigate the factors that correlated with mutual fund portfolio turnover using the variables that are associated with studies on portfolio turnover. Most studies on portfolio turnover considered it as an independent variable in explaining the performance of mutual funds. We take a different approach and treat turnover as the dependent variable. Our regression analysis show that the portfolio manager’s tenure explains the variability in portfolio turnover. We also find that the one-year portfolio returns and assets under management strongly correlates with portfolio turnover.

Pengaruh Inflasi, BI-7 Day Reverse Repo Rate, Kurs, Jumlah Uang Beredar dan Indeks Harga Saham Gabungan terhadap Nilai Aktiva Bersih Reksa Dana Saham

Owner ◽  
2021 ◽  
Vol 5 (2) ◽  
pp. 358-367
Author(s):  
Jhon Lismart Benget. P.
Keyword(s):  
Exchange Rate ◽  
Mutual Funds ◽  
Money Supply ◽  
Mutual Fund ◽  
Stock Price ◽  
Price Index ◽  
Asset Value ◽  
Net Asset Value ◽  
Repo Rate ◽  
Stock Price Index

The purpose of this study is to examine the effect of inflation, BI-7 day reverses repo rate, exchange rate, the money supply, and composite stock price index on the net asset value of stock mutual funds. The population of this study is the stock mutual fund which was listed on the financial services authority in 2017-2020. The results of this study indicate that simultaneously inflation, BI-7 day reverse repo rate, exchange rate, the money supply, and composite stock price index affect the net asset value of the stock mutual fund. Partially, this study show BI-7 day reverse repo rate has a positive and significant effect on the net asset value of a stock mutual fund. The exchange rate has a positive and significant effect on the net asset value of stock mutual funds. The composite stock price index has a positive and significant effect on the net asset value of stock mutual funds. The money supply has a negative and significant effect on the net asset value of a stock mutual fund while inflation has no significant effect on the net asset value of a stock mutual fund.

scholarly journals ASPEK HUKUM REKSA DANA KONTRAK INVESTASI KOLEKTIF SEBAGAI TRUSTS [Legal Aspects of Mutual Funds in the Form of Collective Investment Contracts as Trusts]

Law Review ◽  
2020 ◽  
Vol 20 (2) ◽  
pp. 246
Author(s):  
Yosephus Mainake
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Legal Aspects ◽  
Comparative Approach ◽  
Legal Tradition ◽  
Anglo Saxon ◽  
Conceptual Approach ◽  
Investment Manager

<p><em>The Capital Market Law, which carries with it the trust institutions, contains provisions regarding collective investment contract mutual funds (RD KIK) that produce securities in the form of participation units, which are traded on the stock exchange. In RD KIK, there is a trust relationship between the unit holder of the custodian bank and the investment manager. The legal relationship in the concept of collective RD KIK is similar to what happens in trusts. In the Anglo-Saxon legal tradition, mutual funds are often referred to as unit trusts and/or investment trusts, where the sponsor acts as a settlor who hands over his assets to the trustee, the sponsor acts as the settlor in the trusts as well as the unit holder in a collective investment contract mutual fund. In connection with these problems, normative legal research is carried out using a statute approach, a conceptual approach and a comparative approach. The method used in analyzing this research is qualitative analysis. So, it can be seen that the role of the custodian bank and investment manager acts as a trustee, where the custodian bank is given the authority to carry out collective custody of the assets of the joint investment contract unit holder. The investment manager is given the power to manage or control the assets submitted by the sponsor or settlor in the concept of trusts law. Thus, it can be said that the RD KIK concept is similar to the idea of trusts because it fulfills the elements of trusts.</em></p><p><strong>Bahasa Indonesia Abstrak: </strong>Undang-Undang Pasar Modal yang membawa serta pranata <em>trust</em> di dalamnya terdapat ketentuan mengenai reksa dana kontrak investasi kolektif (RD KIK) yang melahirkan efek dalam bentuk unit penyertaan, yang diperdagangkan di bursa efek. Dalam RD KIK, terdapat hubungan kepercayaan antara pemegang unit penyertaan terhadap bank kustodian dan manajer investasi. Hubungan hukum dalam konsep RD KIK kolektif ini mirip yang terjadi dalam <em>trusts</em>. Dalam tradisi hukum Anglo Saxon, reksa dana sering kali disebut dengan <em>unit trusts</em> dan atau <em>investment trust</em>, yaitu sponsor bertindak sebagai settlor yang menyerahkan harta kebendaanya kepada <em>trustee</em>, sponsor sebagai <em>settlor</em> dalam <em>trusts</em> sama halnya dengan pemegang unit penyertaan dalam reksa dana kontrak investasi kolektif. Sehubungan dengan permasalahan tersebut, dengan ini dilakukan penelitian hukum normatif dengan menggunakan pendekatan undang-undang, pendekatan konseptual dan pendekatan perbandingan. Cara yang digunakan dalam menganalisis penelitian ini yakni analisis kualitatif. Maka dapat dilihat bahwa peran bank kustodian dan manajer investasi bertindak sebagai <em>trustee</em>, di mana bank kustodian diberi wewenang untuk melaksanakan penitipan kolektif terhadap harta pemegang unit kontrak investasi kolektif dan manajer investasi diberi wewenang untuk melakukan pengelolaan atau penguasaan terhadap harta yang diserahkan oleh sponsor atau settlor dalam konsep hukum <em>trusts</em>. Dengan demikian, dapat dikatakan bahwa konsep RD KIK mirip dengan konsep <em>trusts</em> karena telah memenuhi unsur-unsur <em>trusts</em>.</p><p><strong>Kata Kunci: Reksa Dana Kontrak Investasi Kolektif, <em>Trusts</em></strong></p>

scholarly journals PUBLIC ASSESSMENT OF THE PERFORMANCE DPRD’s TANGERANG CITY IN THE PANDEMIC PERIOD OF 2020

2021 ◽  
Vol 1 (3) ◽  
pp. 193-202
Author(s):  
William Yani WA ◽  
Deddi Fasmadhy Satiadharmanto ◽  
Retnowati WD Tuti
Keyword(s):  
Data Collection ◽  
Qualitative Approach ◽  
Quick Response ◽  
Literature Study ◽  
Direct Communication ◽  
High Concern ◽  
One Year ◽  
The One

The one-year performance of The DPRD's Tangerang City for the 2019-2020 period is Influenced by the Covid-19 Pandemic. The analysis of the performance of The DPRD's Tangerang City is not only seen from the three functions of legislative members such as Legislation, Budget, and Supervision, but also during the Covid-19 Pandemic, performance is seen from the role of The DPRD's Tangerang City in dealing with this Pandemic and the adaptation of new values ​​with technology compared to direct communication. This study was conducted with the aim of understanding and describing the performance of The DPRD's Tangerang City during the 2020 Covid-19 Pandemic and to find out and analyze the efforts made by The DPRD's Tangerang City members in dealing with the 2020 Covid-19 Pandemic. The method used in this research is a qualitative approach, the data collection is done based on interviews and literature study. This study in the finding that the performance of The DPRD's Tangerang City has declined in terms of quality and quantity due to the adapting situation during the Covid-19 Pandemic, but The DPRD's Tangerang City has shown a quick response in dealing with the Covid- 19 Pandemic and shows high concern for the condition of the community.

scholarly journals The role of organo-tissue barriers in the formation of a systemic inflammatory reaction and neutralize toxins in pancreatic necrosis, the choice of rational tactics surgical treatment

2011 ◽  
Vol 4 (1) ◽  
pp. 51-56
Author(s):  
Vladimir Grigoryevich Lubyanka ◽  
Victor Fedorovich Chernenko ◽  
Aleksandr Hrustevich Aliev ◽  
Andrey Nikolaevich Zharikov ◽  
Svetlana Aleksandrovna Yelchaninova ◽  
...  
Keyword(s):  
Surgical Treatment ◽  
Pancreatic Necrosis ◽  
The Other ◽  
Systemic Inflammatory Reaction ◽  
Organ Tissue ◽  
The One ◽  
High Level ◽  
Methods Of Treatment ◽  
Intensive Development

Despite the intensive development of the diagnosis and surgical treatment of pancreatic necrosis (PN), mortality remains high, reaching 30-50% or more. This is due, on the one hand, with insufficient study of the mechanisms pancreatogenic toxemia, generalized infection, manifestations of the Systemic Inflammatory Response (SIR) and the role of organ-tissue barriers in the neutralization of toxins (the liver, lungs, muscles and cellulate array), on the other hand, the ineffectiveness of drugs in their system application as a result of blocking organ microcirculation and limiting their availability. As a result, research has found evidence of the complexity of the SIR and the mechanisms of toxemia in the PN (enzymatic, metabolic and bacterial), which showed a high level of leukocytosis, the study of enzymes, especially when infected Mon, reflecting the morphological and functional liver damage, as the primary detoxification barrier pancreatogenic aggression. These humoral indicators can serve when they raise specific markers of the severity of toxemia and SIR. Application regional arterial drug therapy provider medicinal effect is in the region of defeat, can achieve better results in reducing mortality in Mon, compared with traditional methods of treatment.

scholarly journals Incomplete antenatal steroid therapy can enhance outcomes in preterm infants with emergency conditions

2019 ◽  
pp. 1
Author(s):  
Sebnem Calkavur ◽  
Senem Alkan Özdemir ◽  
Ruya Colak ◽  
Ezgi Yangin Ergon ◽  
Ferit Kulali ◽  
...  
Keyword(s):  
Single Dose ◽  
Preterm Infants ◽  
Steroid Therapy ◽  
Statistical Difference ◽  
Prospective Observational Study ◽  
Mortality And Morbidity ◽  
Antenatal Steroid ◽  
One Year ◽  
The One

<p><strong>Objective</strong>: We aimed to investigate the role of incomplete  of antenatal steroid therapy by comparing with no and complete steroid exposure on mortality and morbidity in preterm infants.</p><p><strong>Methods:</strong>This is a prospective,observational study which includes preterm infants of 32 weeks of gestation and/or≤1500 grams who were referred to Izmir Dr.Behçet Uz Children's Hospital NICU during the one year period. Infants were divided into three groups according to the administration of antenatal steroid as those who received incomplete-dose antenatal steroid, complete dose steroid therapy  and those with no steroid exposure. Intubation at delivery room, surfactant requirement,the inotropic requirement in the first 72 hours and morbidities associated with prematurity were determined as the primary results. Mortality and bronchopulmonary dysplasia at discharge and stage ≥2 retinopathy were analyzed as secondary outcomes.<strong></strong></p><p><strong>Results:</strong> We found that 54 infants were born with a incomplete dose, 55 infants with complete dose and 38 infants with no steroid therapy. Surfactant requirement, ,intubation requirement,inotropic requirement and hsPDA were lower in the steroid  group leading to a statistical difference (p&lt;0.05).Also it was found that mortality and BPD were lower in the single-dose group,leading to a statistical difference (p&lt;0.05).</p><p><strong><em>Conclusion</em></strong><em>:</em>We speculate that even single-dose steroid may reduce mortality by reducing RDS.</p>

scholarly journals COUNSELLING ON THE ROLE OF WOMEN IN THE IMPLEMENTATION OF THE CONCEPT OF WASATHIYAH (MODERATE) ISLAM

ICCD ◽  
2019 ◽  
Vol 2 (1) ◽  
pp. 269-272
Author(s):  
Elis Teti Rusmiati ◽  
Rajab Ritonga
Keyword(s):  
The Other ◽  
Full Understanding ◽  
Islamic World ◽  
Constructive Dialogue ◽  
The Family ◽  
The One ◽  
High Level ◽  
Correct Understanding ◽  
Muslim Scholars

The idea of the concept of Wasathiyah Islam (moderate Islam) reappeared in the High Level Consultation (Summit) of World Muslim Scholars and Intellectuals at the Bogor Palace, 1-3 May 2018. Wasathiyah Islam is perceived as a perspective that understands the position of Islam between two extreme opposite points: Fundamentalist and radical on the one hand, and liberal and permissive on the other. Women are the party mostdefeated by Islamic fundamentalists and most disadvantaged in the application of rigid Islamic sharia in various places in the Islamic world. In connection with concept of Wasathiyah Islam, women have monitoring ability that can promote constructive dialogue and provide understanding, both in the family and in the community. Therefore, women need to be equipped with a full understanding of the concept of WasathiyahIslam, because misleading understanding can foster religious radicalism on the one hand, and permissive attitudes will dwarf the understanding of religion on the other. The method used in this counselling includes several stages: 1) survey; 2) module making; 3) counselling; 4) interactive dialogue; 5) evaluation. The results of the counselling showed that after the training, participants enhanced their knowledge about the concept ofWasathiyah Islam. They began to realize that they had an important role in instilling a correct understanding of Wasathiyah Islam towards their families and communities.

scholarly journals WILL THE WINNER STILL BE THE WINNER? A STUDY OF EQUITY MUTUAL FUND PERFORMANCE IN INDONESIA

2020 ◽  
Vol 21 (2) ◽  
pp. 566-577
Author(s):  
Budi Frensidy ◽  
Reynardo Nainggolan ◽  
Robiyanto Robiyanto
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Time Frame ◽  
Fund Performance ◽  
Equity Mutual Funds ◽  
Stable Performance ◽  
One Year ◽  
Long Term Performance ◽  
Term Performance

In this study, we explore the consistency of Indonesian Rupiah (IDR) – denominated equity mutual funds offered in Indonesia from 2007 to 2017 from various holding periods, namely one year, three years, and five years. Two questions are addressed. Will the winning mutual funds be the winner in the following period? Is the performance of a longer period more persistent than that of the shorter period? Using the nominal return from these eleven years, we find that the equity mutual funds in Indonesia earn no stable performance. The winner will not always be the winner in the following observed period. In addition, no evidence is found that long-term performance would result in a better persistence than that of the shorter time frame.

scholarly journals Liver GCN2 controls hepatic FGF21 secretion and modulates whole body postprandial oxidation profile under a low-protein diet

2019 ◽  
Vol 317 (6) ◽  
pp. E1015-E1021 ◽  
Author(s):  
Tristan Chalvon-Demersay ◽  
Joanna Moro ◽  
Patrick C. Even ◽  
Catherine Chaumontet ◽  
Daniel Tomé ◽  
...  
Keyword(s):  
High Protein Diet ◽  
High Protein ◽  
Protein Diet ◽  
Low Protein Diet ◽  
Whole Body ◽  
Low Protein ◽  
The One ◽  
High Level ◽  
High Protein Diets

General control nonderepressible 2 (GCN2) is a kinase that detects amino acid deficiency and is involved in the control of protein synthesis and energy metabolism. However, the role of hepatic GCN2 in the metabolic adaptations in response to the modulation of dietary protein has been seldom studied. Wild-type (WT) and liver GCN2-deficient (KO) mice were fed either a normo-protein diet, a low-protein diet, or a high-protein diet for 3 wk. During this period, body weight, food intake, and metabolic parameters were followed. In mice fed normo- and high-protein diets, GCN2 pathway in the liver is not activated in WT mice, leading to a similar metabolic profile with the one of KO mice. On the contrary, a low-protein diet activates GCN2 in WT mice, inducing FGF21 secretion. In turn, FGF21 maintains a high level of lipid oxidation, leading to a different postprandial oxidation profile compared with KO mice. Hepatic GCN2 controls FGF21 secretion under a low-protein diet and modulates a whole body postprandial oxidation profile.

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