Using Municipal Bonds: Investment Strategies for the Institutional Investor

1988 ◽  
Vol 1988 (1) ◽  
pp. 53-64
Author(s):  
John L. Maginn
Keyword(s):  
Institutional Investor ◽  
Municipal Bonds ◽  
Investment Strategies

scholarly journals Navigating the factor zoo around the world: an institutional investor perspective

2021 ◽  
Author(s):  
Söhnke M. Bartram ◽  
Harald Lohre ◽  
Peter F. Pope ◽  
Ananthalakshmi Ranganathan
Keyword(s):  
Stock Return ◽  
Institutional Investor ◽  
Return Predictability ◽  
Investment Strategies ◽  
Fixed Income ◽  
Stock Return Predictability ◽  
Cross Sectional ◽  
The World ◽  
Cast Doubt ◽  
Asset Classes

AbstractThe literature on cross-sectional stock return predictability has documented over 450 factors. We take the perspective of an institutional investor and navigate this zoo of factors by focusing on the evidence relevant to the practicalities of factor-based investment strategies. Establishing a sound theoretical rationale is key to identifying “true” factors, and we emphasize the need to recognize data-mining concerns that may cast doubt on the relevance of many factors. From a practical investment perspective, much of the factor evidence documented by academics may be more apparent than real. The performance of many factors is dependent on the inclusion of small- and micro-cap stocks in academic studies, although such stocks would likely be excluded from the real investment universe due to illiquidity and transaction costs. Nevertheless, a parsimonious set of factors emerges in equities and other asset classes, including currencies, fixed income, and commodities. These factors can serve as meaningful ingredients to factor-based portfolio construction.

Governance by Institutional Investors in a Stakeholder World

2015 ◽  
Author(s):  
Gerard Hertig
Keyword(s):  
Corporate Governance ◽  
Institutional Investors ◽  
Institutional Investor ◽  
Pension Funds ◽  
Societal Impact ◽  
Investment Strategies ◽  
Stakeholder Interests

This chapter examines the increased attention paid to stakeholder interests and its economic or, at least, societal impact, and whether giving a new or stronger voice to stakeholders is justified. It first provides an overview of recent stakeholder-oriented reforms and their impact before assessing the merits of giving stakeholders a new or reinforced voice in terms of corporate governance. It then turns to the hypothesis of having institutional investors act as stakeholder representatives as well as the extent to which their ultimate beneficiaries can contribute to institutional investor governance. It also explores whether the ultimate beneficiaries of pension funds can have the option to choose between shareholder and stakeholder-oriented investment strategies.

Pricing models of shares of Russian companies and their practical application

2019 ◽  
pp. 48-76 ◽  
Author(s):  
Alexander E. Abramov ◽  
Alexander D. Radygin ◽  
Maria I. Chernova
Keyword(s):  
Stock Market ◽  
Institutional Investors ◽  
Factor Model ◽  
Investment Strategies ◽  
Pricing Models ◽  
Foreign Portfolio Investment ◽  
Market Portfolio ◽  
Stock Market Performance ◽  
Long Time ◽  
Russian Stock Market

The article analyzes the problems of applying stock pricing models in the Russian stock market. The novelty of the study lies in the peculiarities of the methodology used and the substantive conclusions on the specifics of the influence of fundamental factors on the pricing of shares of Russian companies. The study was conducted using its own 5-factor basic pricing model based on a sample of the most complete number of issues of shares of Russian issuers and a long time horizon, from 1997 to 2017. The market portfolio was the widest for a set of issuers. We consider the factor model as a kind of universal indicator of the efficiency of the stock market performance of its functions. The article confirms the significance of factors of a broad market portfolio, size, liquidity and, in part, momentum (inertia). However, starting from 2011, the significance of factors began to decrease as the qualitative characteristics of the stock market deteriorated due to the outflow of foreign portfolio investment, combined with the low level of development of domestic institutional investors. Also identified is the cyclical nature of the actions of company size and liquidity factors. Their ability to generate additional income on shares rises mainly at the stage of the fall of the stock market. The results of the study suggest that as domestic institutional investors develop on the Russian stock market, factor investment strategies can be used as a tool to increase the return on investor portfolios.

The relation between R&D accounting treatment and the risk of the firm: Evidence from the Italian market

2014 ◽  
pp. 33-54 ◽  
Author(s):  
Riccardo Cimini ◽  
Alessandro Gaetano ◽  
Alessandra Pagani
Keyword(s):  
Earnings Management ◽  
Fiscal Year ◽  
Investment Strategies ◽  
Capital Assets ◽  
Italian Market ◽  
D Investment ◽  
Firm Evidence

In this paper, we investigate the relation between the different accounting treatments of R&D expenditures and the risk of the entity in order to identify under which treatment insiders are more likely to carry out earnings management. By analysing the R&D investment strategies of a sample of 137 listed Italian entities that complied with the requirements of IAS 38 during fiscal year 2009, following Lantz and Sahut (2005), we calculate several indexes that show the preferences of insiders to account R&D expenditures as costs or capital assets, and we study the relation of such preferences with the risk of the entity, which we measure with the unlevered beta. We hypothesize that the entities, which considered the R&D investments as costs, are the riskiest ones due to the higher probability that insiders carried out earnings management. Our results confirm such hypothesis. This paper could have implications for academics and standard setters that could learn that behind accounting discretion, insiders could opportunistically behave against outsiders.

Constraints on the Power to Issue Shares in England and Wales

2000 ◽  
Vol 12 (3) ◽  
Author(s):  
Boris Kasolowsky
Keyword(s):  
Board Of Directors ◽  
Institutional Investor ◽  
England And Wales

Durch das Stimmrecht in der Hauptversammlung üben die Aktionäre ihr Recht aus, über die Geschicke der Gesellschaft mitzuentscheiden. Das englische Gesellschaftsrecht gibt nun einem anderen Organ der Gesellschaft, dem Board of Directors, die Befugnis, das Stimmrecht der Aktionäre und dessen Ausübung zu modifizieren. Gesetz, Richtenecht, Anordnungen der Regulierungsbehörden und Verlautbarungen von Organen der Selbstregulierung versuchen, diese Befugnis der Directors zu beschränken. Derartige Beschränkungen sollen in diesem Aufsatz dargestellt und kommentiert werden. Dabei wird aufgezeigt, daß die „Institutional Investor Guidelines", veifaßt und veröffentlicht von Organisationen der Privatwirtschaft, sachgerecht und effizient unerwünschte Manipulationen der Aktionärsstimmrechte durch die Directors verhindern können, und zwar auch im Vergleich zur staatlichen Regulierung durch Rechtsregeln und Verwaltungsanordnungen. Diese in England gewonnene Erfahrung könnte nützlich sein bei der Implementierung des Zusammenschlusses der Londoner und der Frankfurter Börse.

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