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The rapid development of technology and information has made the Indonesian capital market a popular alternative investment in society. One of the popular investment instruments is the mutual fund. However, the Covid-19 pandemic has been giving negative effects on the real economic and financial sectors, where there is a large decline in stock prices. This research aims to compare the performance of mutual fund reconstruction using the Markowitz portfolio optimization method and Black Litterman method, to the actual performance of a chosen mutual fund in Indonesia. The main objective of this method is to maximize the return and minimize the investment risk. We also simulate the existence of Call and Put Options in the Indonesia Financial Market, so the analysis of performance can be made. The research can provide valuable insights into how investors can manage risk and adapt to uncertain market conditions, especially during the Covid-19 Pandemic. Using historical data of 10 stocks of Indonesian companies with the highest composition in the Dana Istimewa mutual fund, a dynamics of optimal portfolio simulation is carried out in the non-pandemic year 2018, and pandemic year 2021. The result shows that the performance of our portfolio simulation is better than the reported performance of the actual mutual fund. Due to the declining trend of the underlying stocks, the portfolio on Call options gives negative returns, but the portfolio on Put options gives significantly high returns, especially in the dynamic portfolio with a monthly update. [ABSTRACT FROM AUTHOR]

Investments in Mutual Funds are rapidly increasing in India since last two decades. The investments made in open-ended mutual funds are comparably more than close-end mutual funds. The retail investors in India who are in position take risk on their investment are preferring open-ended equity mutual fund schemes. Open-ended equity mutual funds are the financial instruments and the performance of these funds are largely depending on Market fluctuations. The open-ended equity mutual fund schemes are risky investments compare to other forms mutual funds. These funds returns are based on the risk-taking ability of investors and bring the more returns to the investors in long run as compared to debt funds. The performance of open-ended mutual fund schemes is volatile in nature and majority of the fund depending on company and industry growth and the returns of the funds will give different benefits for short term and long-term investors. The present paper analyses the performance of select Indian open-ended equity mutual fund schemes and also analyse the risk and returns characteristics funds for select time period. [ABSTRACT FROM AUTHOR]

The decisions about investments are taken by an individual person or by an institute based on his income, wealth, preferences, like and dislikes. Investors (saver) with a younger age are inclined to take a decision where returns will be high. His mind is not taking some amount of risk. Middle aged persons want to reduce some amount of risk and inclined to some amount of safety. Old aged senior citizens want to minimize his risk and pay more attention to safety. The decisions to save are also depend upon the intervals of earning income. An individual who earns monthly income is preferred to invest for capital appreciation. Businessmen make savings for tax planning. The decisions to invest are also differ from Gender to Gender. Males are prepared to take additional risk; whereas Female are inclined towards safety. These decisions are also depend upon the strength of the family. A joint family cannot afford to take risk whereas a nuclear family can involve up for the risk. [ABSTRACT FROM AUTHOR]

Data pre-processing is an essential and requisite step in the data mining process because the raw data collected from the different sources may be imperfect, inconsistent and noisy in nature. The quality of data plays a very important role during the analysis process. The results of the analysis process primarily depend upon the quality of the data input. So, the knowledge discovery process is performed but before that the data pre-processing is the mainstep to be performed on raw data. This paper is based on two main steps-data collection and data pre-processing. Data collection is to collect the raw data from different sources according to the need of research analysis. Data pre-processing is defined as the transformation of the raw data into a structured and understandable format. Moreover, data pre-processing performs not only the transformation of data but also reduces the size of the original data. This process is mainly divided into four parts, i.e. data integration, data cleaning, data transformation, and data reduction. In this paper, the fifteen-year Net Asset Value (NAV) data of twenty mutual funds are taken for analysis purpose. This paper explains several techniques to modify the raw data into an understandable format during data pre-processing process. [ABSTRACT FROM AUTHOR]

Purpose-The main objective of the paper is to study the covid-19 impact on the ESG mutual funds. Approach-based on the review of literature, the current study deals with the recently added ESG centric mutual funds and its performance in covid-19 situations, and this study tries to finds out the comparative study on Equity mutual funds with ESG mutual funds, using the portfolio performance measures, Findings-the study finds that the measured (like Sharpe, Jenson's alpha, Treynor ratio's) portfolio performance of both ESG and Equity mutual funds which is having a risk-free rate and adjusted returns compared to equity mutual funds. Originality-the study finds that comparative study between equity and ESG mutual funds has identified that there is an impact of covid-19 on Equity funds is more than ESG funds. [ABSTRACT FROM AUTHOR]

The study aims to examine the predicting performance of the ARIMA model using the time series of daily closing net asset value (NAV) of Axis mutual fund. Forecasting financial market movements is a vital task and are always helps investors, policymakers, and other stakeholders to make financial decisions. The most commonly used model for predicting the economic indicators is the Autoregressive integrated moving average (ARIMA). For the proposed model, time-series data of daily closing NAV values of the long-term equity fund between 01st January 2021 to 31st December 2021, covering 247 observations. The dataset was analyzed using EViews software version 10, for identifying the best-fitted ARIMA model. The ADF unit root test at original data was insignificant, and the series was transformed to stationarity by applying the first difference and finding that the ADF test was significant. Various ARIMA model was systematically performed to attain the best-fitted model. ARIMA (11, 1, 11) model was more effective in predicting the NAV values for the next twelve days. The AR (3), AR (10), MA (2), MA (7), and MA (10) were found to be highly statically significant. The R Squared value (26%) and adjusted R-squared value (18%) are not high enough due to the loss of information between long-run relationships among series. Whereas AIC, SIC, and HQ criteria were smaller for the ARIMA(11,1,11) model, the Durbin-Watson test and F test were significant, making this model a bit fitted model to predict the NAV. The study confirmed that the ARIMA model predicts the future time series in the short run and would help the investors make timely investment decisions. [ABSTRACT FROM AUTHOR]

These days mutual funds are the most studied areas in developed and developing countries due to its efficiency and managing the funds professionally. Mutual funds are investment vehicles that pool together funds from small retail investors with the flexibility of buying small units of funds. Mutual funds are essentially investments where people with similar investment objectives come together to pool their money and then invest accordingly. When public and private mutual funds were compared, the private mutual fund companies were found much more beneficial rather than public mutual fund companies for the investors to invest in. [ABSTRACT FROM AUTHOR]

The use of smartphones has become a primary need in supporting human daily activities. With the presence of a smartphone, various activities can be carried out only through an application. One application that is currently popular with Indonesians is an investment application with products such as stocks, mutual funds, and crypto. The presence of investment applications in the past few years has made the investment process easier to do. However, the age of the application development company which is still quite young makes the application have a lot of room for improvement, such as the features offered in the application. This study aims to evaluate the effect of the features available on one of the investment applications in Indonesia with the Kano model approach. The kano model is used to classify the existing features based on their influence on user satisfaction. 21 features associated with the application are defined. The survey was taken to 104 participants to identify user perspective of each feature on user satisfaction. The result of this study reveals that there are 12 features classified as Indifferent, 6 features are classified as One-dimensional and 3 features are classified as Reverse which means there are rooms for improvement of the features that will improve the user satisfaction. [ABSTRACT FROM AUTHOR]

Investment conditions in Indonesia today are very crowded among the public, especially investors as investment actors. One of the investment applications used by the people of Indonesia is IPOT. IPOT is a trading application for stock investments, mutual funds, and Exchanged Traded Funds (ETF) with more complete features. The availability of IPOT application user reviews on Google Play is very helpful for companies to know the needs and wants of users about the application. These reviews can be analyzed using sentiment analysis to find out how users think about the application they're using. Therefore, the purpose of this study is to conduct sentiment analysis on IPOT application reviews using the Naive Bayes Classifier method. The results of this study were obtained that positive sentiment has a greater value compared to negative sentiment with the accuracy of the classification of test data has an AUC value of 67.80% while the training data has an AUC value of 70.13%. [ABSTRACT FROM AUTHOR]

The topic of electronic service quality (e-service quality) has been developed especially during pandemic 2020. This study examines the performance of e-service quality in relating to customer satisfaction in the context of online investment portal. The online Mutual Fund portal has increased new investors via its ease of access, affordability, and product availability. The results of the study show that aspects of Portal design, customer service quality, and security have a significant positive influence on the quality of electronic services but not on fulfillment aspects. Furthermore, the aspect of electronic service quality is proven to have a significant effect on customer satisfaction and brand image but does not influence customer trust. In addition, Brand Image does not affect the satisfaction, trust, and loyalty of online Mutual Fund customers. While customer satisfaction and trust have a significant positive effect on customer loyalty, this customer satisfaction does not encourage customers to be more trusting of online Mutual Fund portal service providers. This study provides empirical result from eservice quality framework from Blut in Journal of Retailing (2015 & 2016). [ABSTRACT FROM AUTHOR]

A mutual fund is the safest way to invest because it is less hazardous than other options and offers higher returns than a fixed deposit. Investments serve a variety of purposes. Equity mutual funds provide stability and moderate to high returns; some may invest for a specific lockup period for high gains, while others invest for a lifetime retirement; mutual funds have various purposes. The research focuses on the impact of Covid-19 on individual investors in SBI bank stock mutual funds. The information was gathered through a primary source. The structured inquiry was used to acquire first-hand information from 105 investors, and the research was conducted using descriptive statistics for the resulting variables. The data was analyzed and interpreted using with the use of statistical methods such as covariance and the SEM model a conclusion has been drawn. [ABSTRACT FROM AUTHOR]

Online investment is an investment activity when viewed from the age range, these investors are dominated by the millennial generation. There are many examples of mutual fund online investment applications that have been widely downloaded by the public, for example, Ajaib. Sentiment Analysis is a technique for extracting text data to obtain information about positive, or negative sentiment. This research aims to analyze sentiment on user reviews of online investment applications, namely Ajaib by utilizing review analysis on the Google Play Store. Ajaib is a mobile application-based online stock and mutual fund investment platform that was simultaneously released in 2019, where its users are millennials. The many differences in online investment applications make Ajaib one of the superior applications in investing. This study aims to determine whether or not there are differences in features in terms of applications and services, prices, and promotions on interest in using the Ajaib application. The K-Nearest Neighbor method can help overcome the classification of opinions that are positive, or negative. After testing with K of 12, the highest accuracy results were obtained when K = 11 with an accuracy value of 85.0% with a precision of 90.2%, recall 87.5%, f1 value 88.8% with a tendency to also obtain reviews of the Ajaib mutual fund application tend to be positive. [ABSTRACT FROM AUTHOR]

The investor's understanding about their investment towards various avenues have been changed in past few decades. The investor in the early days use to invest in fixed deposits and recurring deposits and later when the mutual funds were introduced many investors referred mutual funds because there turn was comparatively higher than Fixed deposit and Recurring deposit,later when the investors were looking for higher return than mutual funds, they started investing in stock market. Many of the investors were ready to take risk for higher return. Even though the risk-taking behavior have significant difference between different age group. The investors started investing in options and futures for different purpose, namely for risk management, for high return, arbitrage etc. even though the investors lack knowledge in derivatives they tend to take decision through friends or brokers. But different age groups of people have effect of different key factors on their investment to the stock market. Therefore, this study is required to understand the influential factors of investors' investment, awareness and risk towards options and futures trading in India. The result of the study determined that there is association among the demographic profile of the respondents, risk, awareness, and key factors of investment towards futures and options trading in Indian stock market. [ABSTRACT FROM AUTHOR]

This study examines the relationship between gender equality scores for leadership and workforce dimension and financial performance of 554 US thematic mutual funds and 2,140 US conventional mutual funds investing globally or in the United States stock markets from January 2015 to May 2021. To this end, we implement the new Fama and French six-factor model and the Student's t-parametric tests for the independent samples. Our results indicate that, in general, gender equality for leadership and workforce does not affect the financial performance of mutual funds focused on one sector related to sustainable development goals that invest in the United States market. However, we find that infrastructure mutual funds with higher levels of gender leadership and workforce equality that invest in the global market perform better than their counterparts with lower levels of gender equality. On the contrary, healthcare, water, information technology and gold and precious metals mutual funds with higher levels of gender equality for leadership and workforce dimension that invest in the global market underperform their counterparts with lower levels of gender leadership and workforce equality. Similarly, we find a negative relationship between gender equality level for leadership and workforce dimension and the financial performance of mutual funds diversified across sectors such as conventional and ethical mutual funds investing globally or in the United States market. [ABSTRACT FROM AUTHOR]

The increasing interest in mutual fund investment is supported by the growing number of mutual fund investment mobile applications that have been launched. With the development of technology in fintech with the type of Risk Management and Investment, users can invest only by providing funds without having more profound investment knowledge. This study was carried out to identify factors that often positively affect previous research on behavioral intention and user behavior in general and mutual funds using a qualitative method with a Systematic Literature Review approach. The results of this study will answer the research question that is "What are the factors that often affect behavioral intention and use behavior by using a mutual fund mobile application that has been proven to have a significant effect?" and "What factors are likely to have a significant effect on behavioral intention and use behavior in using the mutual fund mobile application?". To answer the research question, the author analyzes the variables in the research article, and 14 factors were found from the results of variable incisions that are often found in the article behavioral intention and use behavior on mutual funds and the article behavioral intention and use behavior in general. [ABSTRACT FROM AUTHOR]

The interplay between financial institution like mutual fund investment manager is essential for financial and economic stability. This study aims to analyze the direct effect of macroeconomic determinants on net assets value (NAV) of equity funds as well as through Composite Stock Price Index (CSPI) as intervening variable. We used interest rate (Bank Indonesia 7-day repo rate), Consumer Price Inflation (CPI), Rupiah currency rate as macroeconomic factors. This research consists of 12 conventional equity funds investment management agent listed in Financial Services Authority (OJK) statistical data, from the period from 2015 to 2019. The data used in this study were analyzed using partial least square and carried out with the help of software WarpPLS 6.0. The novelty of our work is to identify the Composite Stock Price Index (CSPI) as the mediating variable for the relationship of three exogenous variables on NAV respectively. Our results show that a sharp increase in interest rate triggers reduction of Net Asset Value of equity funds. Both variables inflation and currency rate index do not affect significantly on NAV. Only the effect of inflation on the net asset value (NAV) of equity funds can not be mediated by CSPI. [ABSTRACT FROM AUTHOR]

By adopting the Multiannual Financial Framework (MMF), the European Union (EU) sets the priorities and objectives for the EU. The achievement of the objectives set out in the multi-annual budget is closely linked to the implementation of the Member States' national policies and strategies, as well as to the programming documents for the administration of the European Investment Funds. In order to track the progress of the EU Member States in the implementation of economic and social cohesion policy, the authors have analyzed beta and sigma convergence processes of green economy indicators in the EU Member States from 2009 to 2019. Using β and σ convergence methodology, author analyzed the relationship between the 28 Member States and the goals set in the Europe 2020 Strategy, highlighting green economy priorities and indicators from 2009 to 2019. Additionally, author looked at the convergence of two dependent factors (the EU investments and the Europe 2020 targets) to see how the EU investments contribute to the target. The importance of analyzing green economy has long been acknowledged by the international scientific community. Determining the impact of the EU investments on the Europe 2020 target for green goals with two independent variables, a regression of indicator from 2009 to 2019 is constructed. The results of the study prescribe usefulness for the EU2020 target analysis of results and points the need for improvement. Achieving the targets would be more sustainable if there was strong convergence between Member States. According to Eurostat, headline indicators of climate change and energy in Europe 2020 strategy will also not be met. The results of the study show the efficiency of such tool and its potential in performing current analysis, as well as predicting future tendencies related to green goals. [ABSTRACT FROM AUTHOR]

Zerodha broking ltd is the leading company in over all Broking in India It is the first company to launch the concept of Discount Broker in India . In this research paper,We try to understand the customer satisfaction level by services and facilities provided by India’s no.1 Broking firm,To evaluate the facilities provided by the firm .We try to find the scope of providing different services to the customer and to find the opinion of the customer with regards to the various schemes and pricing benefits provided by the company .The study also helps to understand the functioning of Stock market,Analyzing the industry performance on qualitative and quantitative basis and forecasting the future in stock market. [ABSTRACT FROM AUTHOR]

The present Research Paper made an attempt to do an analytical review of past literature on demographic factors which influencing decision making of investors, though a lot of research has been done on investors' perception on mutual funds. In the present paper, literature review on only one dimension with respect to the demographic factors and investors' awareness, education, and interest regarding mutual funds was examined. The paper make an effort to study the existing work done on concerned subject to enhance knowledge and presents the facts into various issues & future work which can be done in the field of Mutual Fund. This research Paper attempts to systematically review available literature on Mutual Fund. In this paper Researcher will look specifically literature related to demographic factors and find out the research gap in Mutual Fund issues and challenges. The analysis of this research will be limited to Mutual Fund and human tendency towards it. [ABSTRACT FROM AUTHOR]

In recent years, new ways of approaching the manufacturing processes have gained importance. The need for greater personalization of goods and the creation of differentiated parts, combined with the urgency to innovate both on the part of companies and consumers, gave rise to the FabLab - fabrication laboratory - concept, which aims to bring together people and technologically advanced tools that are usually expensive and not widely available. FabLabs are spaces that are open to the entire community, allowing their users to become designers and producers of their products. Among the new manufacturing techniques, used in the FabLabs, the concept of additive manufacturing stands out, namely with the use of 3D printers that allow customization and flexibility for low volume productions. This paper presents an exploratory study of the profitability and impacts of FabLabs in Portugal, comparing their management, use and relevance, taking into consideration whether the investment is private or public. In addition, this study aims to highlight the importance of FabLabs as agile places of innovation exploring solutions to problems in the digital society. A quantitative methodology was used based on a questionnaire applied to FabLab managers in Portugal. The study concluded that there are significant differences between FabLabs. Those that received private investment are companies with a larger structure, more demand and higher turnover. On the other hand, companies that are mostly financed by public investment have lower demand. Private FabLabs have a greater focus on organizations that finance them, while public investment based FabLabs' are more concerned about the mission of providing tools to the community, helping to educate the population. This study showed that, in terms of profitability, these organizations are not self-sufficient. The profitability requires a change in people's mindsets, a greater involvement between the organizations and the promotion of curiosity to encourage its use to generate innovation and development. [ABSTRACT FROM AUTHOR]

Farming is widely, and more often as other branches, threatened by various risks. It is given by its natural character. The various structures of farms and diversity of types of agricultural activities in various countries are reasons for various approaches to solving risks. The management of agricultural risks is often important part of agricultural policy in many countries in the world including the EU member states and is thus supported to various extents and in various ways from public sources, in the case of the EU somewhere using CAP funds, often using national resources or resources of regions. It makes sense, on the one hand, to study country-based approaches to addressing agricultural risks, but on the other hand, it is not possible to transfer experience and knowledge from other countries with different farms or production structures for optimum risk management in a country's agriculture. This is also the reason for the relatively difficult and, so far, less successful implementation of EU risk management tools under the CAP. The article presents the agricultural risk management tools in Czechia. [ABSTRACT FROM AUTHOR]

In this research paper, the focus is on exploring the impact of Environmental, Social, and Governance (ESG) performance on the performance of mutual funds in the context of the COVID-19 pandemic. The study employs Data Envelopment Analysis (DEA) and conducts various hypothesis tests to assess the impact of ESG controversies scores on the efficiency of mutual funds. The analysis is conducted on a sample of 17,961 mutual funds from around the world, considering data available during the later phase of the COVID-19 pandemic. The DEA methodology is used to evaluate the performance of mutual funds, and their efficiency scores are determined through the DEA Portfolio Efficiency Index (DPEI). The sample is divided into two groups based on the quartiles of ESG scores to investigate the influence of ESG controversies scores on mutual fund performance. The findings indicate that mutual funds with higher ESG controversies scores outperformed those with lower scores. Regardless of the geographic focus of the funds' investments, mutual funds with stronger ESG performance exhibited greater financial efficiency. These insights have significant implications for both investors and mutual fund managers. Investors, whether retail or institutional, should recognize the potential performance benefits associated with investing in socially responsible mutual funds during the COVID-19 pandemic. Furthermore, mutual fund managers are advised to avoid including securities with ESG controversies in their portfolios, as doing so can lead to enhanced financial efficiency during periods of health, environmental, or market crises. It is important to note that the study's primary limitation is the lack of available time-series data for mutual funds throughout the COVID-19 pandemic. This study stands out as the first to utilize the ESG controversies score as a determinant of mutual funds' financial efficiency during the COVID-19 era. [ABSTRACT FROM AUTHOR]

The article deals with the Azerbaijan Republic' potential of developing with the support of financial intermediary institutions. There are many ordinary steps for realization of this goal. The aim is to analyze the mechanisms of stimulating creation of ordinary financial intermediaries and supplement public finance with private capital. Every country' sustainable development requires resting on long history proven basics-free entrepreneurship, banking industry, commodity and stock exchanges. Capital scarce emerging market countries need more market-oriented institutions for converting people' income into investment through saving. Low level of share of market capitalization in GDP, high share of prime working and mature working age population display potential of unused savings of people. Stock market, mutual funds, pension funds, mortgage associations may attract free disposable money into financial circle and resolve multi-purpose targets. The economy will get money resources requiring effective use, the people will have current and future rewards as dividends and growth in pensions. Development of financial institutions will contribute for restructuring of the economy into efficiently functioning mechanism and attract foreign direct and portfolio investments. The bank credit possibilities for economic development has exhausted itself. This explains the necessity of forming these institutions for future sustainable development at after-oil period of Azerbaijan. The creation of discussed mechanisms in the article in short period requires regulation and stimulation by strong tax and finance incentives. The coordinated strategy to improve and consolidate the work of legislative and executive power in Azerbaijan in the direction of creation and development of market-oriented financial intermediary institutions may change Azerbaijan' oil-dominated economy into a developed market economy. [ABSTRACT FROM AUTHOR]

This paper examines the portfolios of the world's largest sustainable investing exchange-traded funds (ETFs) in order to determine whether the assets they hold are consistent with the main principles of the principles-based investing. ETFs are one of the dynamically increasing types of investment funds. They can be defined as innovative investment funds that combine the features of the conventional, much more established mutual funds with the attributes of the securities traded through the stock exchanges. Sustainable investing ETFs are a quickly expanding category of the innovative funds - on the most mature markets, such as the United States, their number and assets have increased considerably in the last decade. The results of the analysis show that in most cases the managers of the largest sustainable investing ETFs follow the policies that are declared in the documents of the funds. Additionally, assets of the funds and their financial results were studied in order to establish the relationships between the consistency with the principles of ethical investing and performance of the funds. The results are mixed and no clear-cut conclusions can be formulated. Data on the 10 world's largest ETFs for the period 2010-2017 were used in order to reach the stated research aim. The applied research method was the analysis of the data on the assets of ETFs acquired from the financial databases and reports of the managing financial institutions. [ABSTRACT FROM AUTHOR]

Globally Mutual funds are preferred vehicle for investments as it has several advantages such as diversification of investments across asset classes, professional management, tight regulation, low cost structure, transparency, flexibility, and wide variety of choices. As per the report published by Investment Company Institute, in 2017, total Mutual Fund net assets of worldwide regulated open-end funds is US $ 49.3 trillion out of which US and Europe alone has 80.73 percent share, ICI (2018). Though the Asia-Pacific region contributes only 13 percent ($6.5 trillion out of $49.3 trillion) of the global Mutual Fund assets but the region is growing rapidly as compare to developed markets. Share of Asia Pacific region has increased from 10.6 percent in year 2008 to 13 percent in 2017. Amongst Asia Pacific countries, Indian market has quadrupled in the same period. This growth was unprecedented as it cloaked average annual growth of 25.99 percent, IRDA (2018). The purpose of this paper is to describe what geographies and channels mutual fund firms are focusing while attracting individual investors. The paper will also explore Mutual fund's focus towards retail investors. This paper would explain role of these firm characteristics on firm's focus in terms of retail investors and which distribution channels and geographies they focus in terms of mobilizing retail investments. This paper would try to throw some light on answering questions like "How far mutual fund firms focus underdeveloped market (B15 markets)? What distribution channels are instrumental in this regard? Whether firms leverage their distribution infrastructure in attracting retail investors?" Analysis is done based on the secondarydata set published by Association of Mutual Funds in India (AMFI) for the purpose of this study. Each Mutual fund firm will be taken as a unit for analysis. [ABSTRACT FROM AUTHOR]

The world's fast-growing cities and developing countries face an increasing financial test from climate change -- they need roads, airports, buildings, water systems and energy supplies that can stand up to ever growing global temperatures and severe weather patterns. Farms and food supply chains are also at peril without fresh investment. While it's obvious in many cases what needs to be done, finding the support for it is regularly demanding, particularly for governments with already strained budgets. Climate-friendly investment is starting to flow from a reasonably new and increasingly accepted source -- the green bond. Green bonds were formed to boost funding by accessing the $80 trillion bond market and expanding the investor base for climate-friendly projects worldwide. They are fixed income, liquid financial instruments that are simple to understand, and the funds green bonds raise are committed absolutely to climate-mitigation and adaption projects, and other environmentally useful activities. This provides investors an attractive deal scheme as well as an chance to hold environmentally sound projects. The worth of the projects can be strengthened through the deeper assimilation of environmental and climate factors into the project design (e.g. achieving multiple environmental payback). With time, markets can provide incentives for doing so, but transparency, agreed standards, Measurement, Reporting & authentication (MRV) and oversight are required. The work of regulators, investors and intermediaries to improve transparency and reporting should continue along with the establishment of corresponding financial products, such as green indices, mutual funds and ratings. Making obligatory the publishing and third party verification of information presented to investors and the public will help green bonds to graduate into a more identifiable product. [ABSTRACT FROM AUTHOR]

In most cases, it is difficult for an investor to make a choice of a particular enterprise for the investment due to the uncertainty of business development in a constantly changing market economy. It is recommended to invest in companies with a good reputation, since such investments are less risky in conditions of uncertainty. First of all they try to invest in companies that meet the basic needs of customers such as trade, food production, and construction. The main problem for an investor in decision making concerning money investment in a company is a correct evaluation of its investment attractiveness. The paper presents and approves two approaches to evaluating the investment attractiveness of a company to solve this problem. It allows an investor to make a choice in favor of those companies in which it is profitable to invest. A comparison of the results of the proposed approaches is given. A number of construction companies from Krasnoyarsk, a large industrial center in Central and Eastern Siberia, are used as a research object. The choice of the studied object is due to the rapid development of the construction industry in Krasnoyarsk. Note also that these approaches to evaluating investment attractiveness can be used for smaller companies and other manufacturing industries. [ABSTRACT FROM AUTHOR]

Recent studies show the positive impact of sustainability factors within the investment process. Mostly these studies concentrate on performance effects while disregarding existing agency problems. In this paper we deal with the principal-agent problem within sustainable investing, as corporate executives (agents) try to maximize their personal utility at the cost of investors (principals). We examine how adverse selection and moral hazard can be mitigated by signalling and monitoring mechanisms and how effective these are. The results indicate that sustainability reportings and ESG ratings can visualize company’s sustainability efforts and reduce ex ante information asymmetries. However, we find evidence that reports and ratings are not standardized and not easily accessible. To reduce ex post asymmetries, we propose specific incentive-type contracts for corporate executives to participate in a sustainable development, albeit lacking standardized performance measures. [ABSTRACT FROM AUTHOR]

This study examines whether self-labeled SRI funds indeed deliver better ESG performance. By tracing more than 244.7 million data points of asset holdings, and the individual stock KLD scores, we compile KLD scores for 8,876 US equity mutual funds from 2002 to 2015. Using only the keywords in the fund names and the USSIF SRI register, we find mutual funds with names associated with sin stocks have strongly negative ESG performance. Religiously named mutual funds are neutral and indistinguishable from their non-labeled counterparts matched based on their exposure to risk factors and fund size. Mutual funds with names associated with ESG have good ESG performance and are slightly ahead of funds that labeled themselves as Social funds. More intriguingly, Morningstar-registered funds with no distinct ESG label do not have superior ESG performance, and mutual funds with Environmental keywords in the fund's name performed significantly worse in all KLD dimensions not related to the Environment. [ABSTRACT FROM AUTHOR]

The research problem discussed in this dissertation is the measurement of the effectiveness of public venture capital funds. The public venture capital funds (also known as public commercial venture capital funds or mixed venture capital funds) are funds managed by private investment companies which are co-financed by the public investor. Public venture capital funds have the unique nature by which they involve both public and private stakeholders. The different expectations of these two groups of stakeholders makes the evaluation of the effectiveness of a multi-criteria problem which should be solved. It is necessary to identify the objectives of both groups and also the assessment criteria for achievement of those objectives. This is a complex issue since excessive pressure on public goals restricts the freedom of investment managers and reduces the interest of private capital in co-financing of such funds. On the other hand, an excessive focus on private goals can make these funds fail to meet public objectives for which they were intentionally established. So far, public venture capital funds in Poland have not been analyzed. One of the reasons is the fact that the investment horizon of most of these funds finalizes in the years 2017 and 2018. Therefore, it is difficult to measure their actual effectiveness. Another important reason is the lack of a synthetic indicator that would allow an evaluation of the effectiveness. The author believes that this is mainly due to inconsistencies in the definition of the concept "effectiveness", particularly in the theory and practice considering the spending of public funds. Therefore, in this doctoral dissertation, the author defines the "effectiveness" of public venture capital funds, develop a method for measuring the effectiveness of public venture capital funds and apply this method to evaluate the effectiveness of public venture capital funds operating in Poland. The proposed approach is based on two methods: the fuzzy analytical hierarchy process (to calculate weight of characteristics and elimination of unimportant characteristics) and method fuzzy TOPSIS (for the ranking of objects). [ABSTRACT FROM AUTHOR]

The study deploys an exploratory approach using cognitive mapping method. Data is collected with in-depth interviews from five senior managers from Tunisian VCFs. Based on previous studies in VC decision making and strategic cognition literature, an integrative conceptual framework is proposed for studying strategy in VC organization through the SMOCS model (Strategies of Means, Objectives and Context Scenarios) (Smida, 1995). Three strategic dimensions have been mobilized for better understanding the strategy logic perspective of these firms. The study presents several findings: three strategy logic orientations have been identified: strategy logic based on the prevalence of the context (environment), strategy logic based on the primacy of resources allocation and strategy logic based on the goal achievement. Some VCFs limited their actions to "banking logic" and financial treatment; others adopted a "managerial logic". While others deploy hybrid logics and seek to achieve some consistency between the dimensions mobilized by SMOCS, this is an "entrepreneurial logic". Given the few studies investigating explicitly strategy on VC organizations, the aim of this paper is to contribute to the enrichment of theory building around the phenomenon, and a better understanding of logic of action from these firms. In addition, it proposes a reading grid to help professionals in VC organizations to implement their own strategies and those of the companies in their portfolios (investee companies). This research has three parts. It focuses, firstly on the literature review of the distinctive criteria and behavior classifications of VCFs elaborated to date. Secondly, it stresses the importance of the strategy logic perspective and then describes the methodological approach conducted. Finally, the results of the research are analyzed and discussed. [ABSTRACT FROM AUTHOR]

The article substantiates the role of education, proposes and confirms the hypothesis about the importance and necessity of social partnerships for financing and development of education in knowledge- driven economy. To confirm the advanced hypotheses we studied the evolution of concepts of social interaction and social responsibility to justify patterns of social partnerships in the knowledge-driven economy that allowed us, using the model of "triple helix", to show the necessity of the collaboration of government, universities and corporations to advance on the path of innovative development. The lack of budget funds for the development of education requires a search for other sources of funding for infrastructure facilities in education. We revealed the mechanisms of attraction of private funding of educational institutions in Russia, arising challenges, and possible solutions. The article considers the application of concession as a form of public - private partnerships in preschool education, which recently has found application in Russia. Based on studying world best practices, the authors propose to use the investment funds, in particular, the mechanism of impact investment in education as a promising technology. Improvement of Russian legislation concerning investment funds will create the foundation for wide application of exchange-traded mutual funds for collective investments in the economy based on knowledge. Despite rather wide range of institutes and instruments of financing in the economy based on knowledge, the questions in this field are remaining. The specifics financing of the innovative ideas consist not only in the need to search for capital and expansion of opportunities of its obtaining, but also in enhancement of the procedure for granting of this capital, including by expansion of the range of financial institutions participating in this the process. One of options of how to resolve the mentioned problems is a mutual investment funds of the intellectual property. Firstly investment funds accumulate temporarily disposable capitals of the investors. Secondly the mutual investment fund is an institute of financing, since by means of its functioning there is a redistribution of the capital from the investor to the persons needing the capital (in the considered situation - to the persons performing innovative activities). The formation of trust funds and the mutual investment funds to finance education and innovate in the economy based on knowledge becomes widespread too. [ABSTRACT FROM AUTHOR]

The paper aims to investigate the impact of chosen fund attributes, industry and country characteristics in the given group of high- and middle-income economies from EU on excess return of open-end equity funds domiciled in these countries by means of a panel regression with fixed effects for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world. [ABSTRACT FROM AUTHOR]

The paper aims to investigate the existence of a positive feedback process between managed aggregate equity fund flows and equity fund excess returns in short-term and long-term period using monthly data from high- and middle-income EU economies for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world. [ABSTRACT FROM AUTHOR]

The fundamental principle of classical portfolio theory states that mature capital markets are nearly efficient thus offering no extra returns and low possibilities for portfolio diversification. Thus it is not surprising that in the recent twenty years mutual funds from emerging economies with their high growth rates and less than perfect positive correlation with developed economies have been attracting an increasing volume of international capital flows. In this context investigation of emerging markets funds ability to beat the market represents considerable interest for both practitioners and academicians. Here it is necessary to point out two important features of the existing studies: the one feature is that they provide quite mixed results - on average, local equity funds do not generate abnormal returns, but they still exist; and the other feature is that such evidence is structured predominantly upon US-domiciled mutual funds investing into emerging economies, thus it is questionable whether the performance of domestic funds domiciled directly in emerging economies follows the same pattern as the performance of their counterparts from developed economies. Thus in light of stated above we aim to investigate the performance persistence of domestic equity funds from the Central and Eastern Europe by means of Carhart alpha and ARIMA model using data on monthly returns of domestic equity funds gathered from Bloomberg for the period from 2000 till 2015. As an attempt to extend the existing evidence this paper contributes in two ways: (1) it investigates the persistence of under- or overperformance of domestic funds from CEE in short-term and long-term periods; and (2) it allows to perform their international comparison with existing evidence from other groups of economies in the world. [ABSTRACT FROM AUTHOR]

Already for more than century investigation of allocation of international investment funds is a topic of considerable interest for both practitioners and academicians. To the former such investigation provides a useful aid for efficient diversification of their investment portfolios. To the latter identification of significance of impact of certain factors on international investment flows may provide a proof for violation of efficient market hypothesis, which, if found, will have far-reaching implications for the theory of finance. Despite being an innovative modern scheme for international investment allocation mutual funds still are puzzling from the viewpoint of factors, which determine the status of a particular fund or country fund industry to be or not to be attractive for international investment flows. Most of existing studies focus on effect which individual fund characteristics have on inducing of foreign and domestic capital to flow in or out of a particular mutual fund and there is an evident gap in knowledge about factors which determine the attractiveness of an individual economy and its mutual fund industry for international portfolio flows. In the light of the stated above the paper aims to study the determinants of inflows and outflows from equity funds from EU by means of panel regression framework. Application of such framework gives a twofold result: (1) it allows to model simple statistically significant relations between fund characteristics, country attributes and international portfolio flows in EU; and (2) by decomposing the sample into advanced and emerging economies, it allows to track differences across development stages and document important country and regional characteristics. [ABSTRACT FROM AUTHOR]

The capital market is a long-term financial instrument that can be traded: debt securities (bonds), equities (stocks), mutual funds, derivatives, and others. It is the companies and other institutions' investment activities. Currently, Indonesia Stock Exchange was traded the securities automatically using computer facilities, namely Jakarta Automated Trading System Next Generation (JATS-NG). Thus, the study's primary purpose is to formulate an investment strategy to avoid macroeconomic risks in the Indonesian capital market. So that more people can trade in financial instruments of the Indonesian capital market using an integrated online transaction system. The design of this study is a quantitative approach involving 20 State-Owned Enterprises (BUMN) listed on the Indonesia Stock Exchange taken from 2016 to 2020. The data source is annual financial statements and analyzed using Moderated Regression Analysis (MRA) by assisting statistical software, namely E-VIEWS 10. The results of this study indicated the inflation rate has a significant effect on capital market investment returns in Indonesia. Also, the stock trading transaction model with the JATS-NG method has dramatically facilitated stock trading transactions. [ABSTRACT FROM AUTHOR]

Due to the tremendous growth of Islamic unit trust in Malaysia since it was first introduced on 12th of January 1993 through the fund named Tabung Ittikal managed by Arab-Malaysian Securities, vast studies have been done to evaluate the performance of Islamic unit trust offered in Malaysia's capital market. Most of the studies found that one of the factors that affect the performance of the fund is the volatility level. Higher volatility produces better performance of the fund. Thus, we believe that a strategy must be set up by the fund managers in order for the fund to perform better. By using a series of net asset value (NAV) data of three different types of fund namely CIMB-IDEGF, CIMB-IBGF and CIMB-ISF from a fund management company named CIMB Principal Asset Management Berhad over a six years period from 1st January 2008 until 31st December 2013, we model and forecast the volatility of these Islamic unit trusts. The study found that the best fitting models for CIMB-IDEGF, CIMB-IBGF and CIMB-ISF are ARCH(4), GARCH(3,3) and GARCH(3,1) respectively. Meanwhile, the fund that is expected to be the least volatile is CIMB-IDEGF and the fund that is expected to be the most volatile is CIMB-IBGF. [ABSTRACT FROM AUTHOR]

In the early banking era, Commercial banking and Investment banking functions were limited within their own bricks and mortar premises. But with the advent of universal banking in India, the concept of banking services has almost changed in the present scenario. The consolidation of Commercial Banking, Development Banking and Investment Banking has promised a wide range of banking services to the masses in a more convenient way under one roof. These services comprise of Merchant Banking, Mutual Funds, Factoring, Credit cards, Housing Finance, Auto loans, Retail loans, Insurance, etc. With the contributions of Universal Banking concept, Indian banks are able to attract more customers in an increasing volume as they meet the requirements of their actual and potential customers under one roof. The concept of Universal Banking has emerged as a WIN-WIN strategy in the recent scenario of banking sector. Most of the banks in Indian Banking Sector are on the verge of Universalisation. The Industrial Credit and Investment Corporation of India (ICICI) has the first mover advantage of Universal Banking in India. With the changing face of banking sector, ICICI accepted the challenge and entered the market with zeal. ICICI came out with the new strategy and concept of universal banking in India and took a bullet migration path towards Universal Banking. With the approval of Reserve Bank of India, ICICI converted itself into a Universal Bank in 2002 resulting in a reverse merger of ICICI Ltd. with ICICI Bank Ltd. The merger created India's second largest bank in terms of assets. Soon after the Universalisation, it became the market leader in retail credit in India in the year 2003. In 2005 it became the largest bank in India in terms of market capitalisation. Therefore, the main aim of this paper is to study the strategies and working of ICICI as a Universal Bank. The present paper also throws light on the performance analysis of ICICI as a Universal Bank. In order to determine the performance of ICICI, pre and post Universalisation scenario has been compared. This paper attempts to evaluate the Pre and Post Universalisation performance of ICICI Bank using certain financial ratios. To analyse the impact of universalisation paired sample t-test has been used. For this purpose, the total study period has been divided into two parts, i.e., Pre-Universalisation Period (1999-2002) and Post-Universalisation Period (2003-2013). [ABSTRACT FROM AUTHOR]

This study aims to determine the factors that affect the performance of mutual funds, most specifically equity mutual funds. There are several factors being considered to have an effect on the performance of equity mutual funds such as: Net Asset Value (NAV), fund age, past performance, asset allocation, January effect, equity funds with blue chip or non-blue chip stocks, equity funds owned by insurance or non-insurance, exchange rate, and investor behavior, factor. In this study the researchers have collected data from January 2008 to December 2014. For the purpose of the study the researchers have selected a sample of 30 equity mutual funds which were still active from 2008 to 2014. The results are processed using Sharpe ratio to measure the magnitude of risk premium for each unit of risk taken. The result shows that all of the variables have significant influence on the performance of equity mutual funds. Partially, NAV, fund age, asset allocation, January Effect, exchange rate, and investor behavior have significant influence on the performance of equity mutual funds. While other variables such as past performance, Blue Chip and Non-Blue Chip Equity Mutual Funds and insurance and non-insurance companies do not have significant influence on the performance of equity mutual funds in Indonesia. All of the variables studied have great contribution on the performance of equity mutual funds. This finding can guide investment managers in formulating an appropriate investment strategy for investors who want to put their funds into equity funds. [ABSTRACT FROM AUTHOR]

This paper examines the performance of mutual funds in different states of the investing market. Past studies related to "smart money" have found that investors tend to chase past above-average returns. This paper examines portfolios of funds and reveals that the most consistent positive returns are actually from the top performing funds formed during poor market states and from past poorly performing funds during good market states. Evidence suggests that trend-chasing behavior may be more profitable following market declines rather than good markets. [ABSTRACT FROM AUTHOR]

Recent financial crisis and subsequent economic recession force a constantly increasing number of investors from countries with developed economies and regulatory systems, to look for new investment opportunities and diversification benefits through the globe. The fundamental principle of classical portfolio theory states that mature capital markets of developed economies are nearly efficient thus offering no extra returns and low possibilities for portfolio diversification. In this context developing economies with their emerging capital markets can offer substantial investment opportunities and diversification benefits for investors from their developed counterparts. Such attitude naturally led to introduction of a wide range of relevant studies, which are structured mainly upon evidence from the United States and Asia-Pacific asset management. Meanwhile termination of transition processes in economies from the Central and Eastern Europe along with other features was marked by establishment and rapid development of local fund industries. From this perspective, the paper aims to reevaluate risk-adjusted performance and diversification opportunities of German and Russia mutual fund industries using a sample of total monthly returns for 2000 openend equity, fixed income and balanced funds for a time span from 2000 to 2013. Riskadjusted performance will be measured by means of unconditional and conditional CAPM, given by Sharpe and Treynor ratios, Jensen's alpha and M2, while for examination of diversification opportunities correlation matrix will be employed. The paper contributes existing studies with a useful insight into performance and diversification opportunities offered by emerging markets on the basis of obtained evidence for Europe-domiciled funds, having among themselves funds from well developed economies of the European Union and funds from the developing, middleincome economies of the Commonwealth of Independent States. [ABSTRACT FROM AUTHOR]

Although for more than a century investors have been almost exclusively interested in funds from countries with mature economies and developed capital markets, nevertheless during the last decade funds from emerging economies have increasingly started to draw investors' attention. High growth rates and frequent abnormal returns make local mutual funds being a strong investment opportunity for sophisticated investors from developed markets and, thus, their performance evaluation being a frequent topic of modern research by world academic and professional asset management societies. However, the vast body of literature provides evidence mainly for Asian, Latin American, Indian and Islamic funds, leaving fund industry of the Central and Eastern Europe outside the scope of their research. On the basis of a few existing country studies the local funds performance can be characterized as quite controversial - on average, local funds do not generate abnormal returns, but they still exist. The paper aims to reevaluate absolute and relative risk-adjusted performance of open-end mutual funds on the sample of 11 high- and middle-income economies from the Central and Easter Europe for the time span from 2000 to 2013. Following established practice, fund performance is evaluated by means of unconditional and conditional single-factor CAPM, given by Sharpe and Treynor ratios, Jensen's alpha and M2, as well as multifactor CAPM, given by Fama-French and Carhart models, raw input data for which is collected from Bloomberg terminal and data sets of World Development Indicators and International Financial Statistics. Although the chosen research does not cover as large number of performance measures and attributes as previous studies, it provides a useful insight into CEE mutual fund performance, documenting important country and regional characteristics. [ABSTRACT FROM AUTHOR]

The objective of the study is to analyze performance of the equity diversified mutual fund on the basis of risk-adjusted return over the last three 3 years. Future predictions have been made based on this obtained data, which is then matched with the actual values of average return and the return by the buy and hold strategy of the investor over the next 1, 2 and 3 years using regression techniques. To get better results, we use bootstrapping and then check the results again. The indices used are Sharpe Ratio, Treynor Ratio, Coefficient of Variation and Information Ratio, with RBI treasury bill rate as the risk free rate. The results obtained indicate that most of the indices do not work well in Indian markets, and so there is a need to change the formulae to suit our needs. [ABSTRACT FROM AUTHOR]

The article discusses the alternative opportunities and female entrepreneurship inside an established firm and examining the impact of individual characteristics and traits on the founding of new organization. It mentions the causal inferences about gender differences in entrepreneurship which requires investigation that whether there is existence of gender differences in intrapreneurship. It focuses on the U.S. mutual fund industry to examine whether there is existence of gender inequality in new-venture foundings inside an established organization.

This paper has presented the application of behavior mining agents into investment monitoring systems. Such behavior mining agents provide an effective means for monitoring of individual traders in investment companies, to predict and to report any potential risky intentions of traders. The theoretical base of this approach as well as a detailed architecture design has also been presented. It is our hope that our work will be of value to practitioner and academic alike. [ABSTRACT FROM AUTHOR]

Mutual funds are the fastest growing category of household financial assets. Employer funded retirement funds apart, mutual funds can be purchased from financial planners, banks, full-service brokers, discount brokers, insurance agents and directly from fund companies. Competition among channel members for new influx of monies into the funds from existing and new investors is keen. Banks have made significant inroads into this lucrative industry. However, the total percentage of mutual funds bought through banks remains low. This paper examines mutual fund retailing by banks and proposes a methodology to position banks more competitively in this lucrative and competitive market. [ABSTRACT FROM AUTHOR]

Many studies have shown that investors' decision making is far from rational. Investors place too much emphasis on prior performance in their mutual fund evaluations. This may be due to a lack of motivation and/or ability for a more effortful systematic processing of mutual fund characteristics. To test for this assumption, 156 investors were recruited for an online-experiment in which ability for information processing was manipulated by varying stimulus exposure time to a mutual fund ad. In accordance with dual-process theories in social psychology, ability for information processing moderated the judgmental impact of past performance as a heuristic cue on attitude formation. When ability for information processing was low, past performance served as a heuristic cue. When ability for information processing was high, past performance was attenuated. [ABSTRACT FROM AUTHOR]

Whether the phenomenon of abnormal net redemption exists in Chinese fund market has recently been a controversial issue. An empirical research, based on a multivariate mixed time series model, is conducted to find out the long-term and short-term effects of factors which influence net redemption rate. The empirical results indicate that the abnormal net redemption phenomenon in Chinese fund market does exist in both long term and short term. The influence in the short term (quarter) is significant, gradually fades with time, and eventually becomes relatively weak in the long term (annual). The research also analyses the relations between the net redemption rate and the factors of fund size, dividend, return rate of stock index and risk-free rate. [ABSTRACT FROM PUBLISHER]

Based on the model of return-based style analysis put forward by Sharpe (1992), the paper made an empirical research on the thirty open-ended funds in China within the sample periods during 2008 and 2011. Through quantifying the degree of the fund style drift and fund performance, this paper studied the relationship between the fund style drift and fund performance. As a result, this paper shows that style drift and fund performance are negatively related in the sample period. [ABSTRACT FROM PUBLISHER]