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This paper proposes new holding horizon (HH) measures of active management, and examines the relation between horizon and manager skill. Our HH measures identify, in the cross-section, funds with better long-term alphas, while reported turnover identifies, in the time-series, when a particular fund is likely to exhibit a higher alpha in the short run. This superior long-term performance of long HH funds is due to their superior skills in picking stocks with higher future cash-flow growth. Moreover, stocks largely held by long-horizon funds outperform stocks largely held by short-horizon funds by 2.4%-3.8% per year, adjusted for risk, over the following five-year period.

We study how mutual fund managers gain an edge in selecting stocks in an era of globalization. We use textual analysis to construct a measure that captures a mutual fund's offshore exposure concentration through holding US multinational firms. We find that funds with a higher offshore concentration index (OCI) perform significantly better, with the difference in four-factor alpha between the top and bottom deciles amounting to 2.95% per annum. Fund managers’ overweighting of firms with operations in certain countries can be partly attributed to their foreign ethnicity. High OCI fund managers have an information advantage regarding firms’ fundamentals, such as earnings.

This study, entitled the analysis of transparency and accountability in the management of school funds at SMK Plus Nusa Putra. The objectives of this study are: 1) to determine the description of school fund management 2) to find out whether the school has implemented transparency and accountability completely 3) to determine how the implementation of transparency in SMK Plus Nusa Puta. The method used in this research is descriptive qualitative method, how to collect data using direct interviews and data on BOS fund receipts at SMK Plus Nusa Putra. The results of the study indicate that the transparency of fund management at SMK Plus Nusa Putra leads to the transparent category.

This study identifies the factors affecting volunteer retention and engagement. A dearth of research has focused on volunteering for not-for-profit organisations. These organisations are involved particularly in raising funds through public benevolence. There have been rising trends of not-for-profit organisations around the world while the number of volunteers decreases. Information on the factors influencing volunteer retention and engagement is expected to support the management of not-for-profit community services. Therefore, this study uses a case study of a not-for-profit organisation to identify the factors contributing to volunteer retention and engagement. The interview data is analysed using thematic data analysis. Benightedness, communication, management support, volunteer skills and volunteer participation in management decision making are associated with volunteer retention and engagement. These findings are expected to enhance the operation process of not-for-profit Community Fund Management Organisations. Future research is suggested to enhance the management of volunteers in other types of not-for-profit organisations.

Shari’ah mutual funds has its own charm than other types of mutual funds. Shari’ah mutual funds is not limited only to Muslims as the general public, who are already seeing the benefits of investment that is based on the choice of sector and company specific criteria more promising and minimize risk. Islamic mutual funds are able to contribute the confidence of investors amounted to 3.31% in 2011, 4.31% in 2012 and 3.79% in 2013. So the value of the confidence of investors on mutual fund products sharia to 2013 is still around 3-4% . As for growth on Islamic mutual funds into one of the capital market products showed an increase in value in 2012 amounted to 3.79% later in the year 2013 to 4.32%. Investment portfolio management works based framework (framework) for investment management which covers the planning, implementation, evaluation, and adjustment. In mutual funds, investment managers responsible for investment activities, which includes the analysis and selection of investment types, and perform the necessary actions for the benefit of investors. Form of mutual fund performance measurement Shari’ah assessed net asset value (NAV) of the sub weekly. Showed a good performance rekasadana Shari’ah when in a period of return obtained is more positive. Keywords ; Reksadana Syari’ah, Manajemen Portofolio, Nilai Aktiva Bersih (NAB)

In the present work, we study the problem of optimal management of defined contribution pension funds, during the distribution phase, under the effect of inflation, mortality and model uncertainty. More precisely, we consider a class of employees, who, at the time of retirement, enter a life assurance contract with the same insurance firm. The fund manager of the firm collects the entry fees to a portfolio savings account and this wealth is to be invested optimally in a Black–Scholes type financial market. As such schemes usually last for many years, we extend our framework, by: (i) augmenting the financial market with an inflation-adjusted bond, and, (ii) taking into account mortality of the fund members. Model uncertainty aspects are introduced as the fund manager does not fully trust the model he/she faces. By resorting to robust control and dynamic programming techniques, we provide: (a) closed-form solutions for the case of the exponential utility function, (b) a detailed study of the qualitative features of the problem at hand that elucidates the effect of robustness and inflation on the optimal investment decisions.

This study examines fund manager skill using a sample of Real Estate Investment Trust Unit Investment Trusts (REIT UITs). It also investigates how REIT UIT performance compares to investing in REIT mutual funds. Are REIT UIT fund managers able to select REITs that deliver superior performance? Using a hand-collected sample of REIT UITs from May 2009 to July 2015, this study finds that REIT UITs do not deliver statistically significant positive alpha. This result is consistent with the Comer and Rodriguez (2015) finding for a sample of diversified UITs, but counter to the Cici et al. (2011) finding of positive alpha for REIT mutual fund managers. This is the first paper to investigate fund manager stock selection skill in REIT UITs.

Automated investment managers, or robo-advisors, have emerged as an alternative to traditional financial advisors. The viability of robo-advisors crucially depends on their ability to offer personalized financial advice. We introduce a novel framework in which a robo-advisor interacts with a client to solve an adaptive mean-variance portfolio optimization problem. The risk-return tradeoff adapts to the client’s risk profile, which depends on idiosyncratic characteristics, market returns, and economic conditions. We show that the optimal investment strategy includes both myopic and intertemporal hedging terms that reflect the dynamic risk profile of the client. We characterize the optimal portfolio personalization via a tradeoff faced by the robo-advisor between receiving information from the client in a timely manner and mitigating behavioral biases in the communicated risk profile. We argue that the optimal portfolio’s Sharpe ratio and return distribution improve if the robo-advisor counters the client’s tendency to reduce market exposure during economic contractions when the market risk-return tradeoff is more favorable. This paper was accepted by David Simchi-Levi, stochastic models and simulation.

Raging hurricanes, devastating floods, sea-level rise, heatwaves, and other extreme weather conditions are now attributed to climate change. The authors propose that climate change poses a significant investment risk in terms of economic losses and societal disruptions such as migration, infectious diseases, and increasing vulnerability of exposure to more frequently reoccurring weather events. They discuss optimum utilization of big data and data analytics along with artificial intelligence to assess the materiality of these potential risks in portfolios. Further, they highlight emerging and established approaches through two case studies on wine and coastal tourism industries to highlight how the overall investment management community can benchmark its exposure, risk, and vulnerabilities, coupled with future impacts and building resiliency, across portfolio management and investments.

The village is a residential area where most of the population makes a living in agriculture. Most of Indonesia's population are residents who live in rural areas. The village government can use village funds as a source of financing for village household needs in order to improve the welfare of the village community. This study aims to analyze the effectiveness of village fund management on the welfare of village communities in Kedungringin Village, Suruh District, Semarang Regency. Data collection methods used are through observation and literature study, then analyzed using descriptive qualitative data analysis methods. The results of the study were the management of village funds based on indicators of goal achievement, timeliness, benefits, and results in accordance with community expectations. As well as village funds also play a role in developing the economy of the village community so that it can improve the welfare of the village community through the existence of development and community empowerment programs.

Establishing a high-performance fund requires strong entrepreneurship skills in many aspects including fundraising ability, networking skills, and fund management techniques. Using a complex network perspective, this paper constructs and analyzes Chinese fund networks based on coshareholding relationships. Social network analysis methods are employed to construct index measures of fund network centrality, and the impacts of the index measures on fund performance and capital flow are systematically studied. Our results reveal that network centrality has a significant and positive impact on fund performance. That is, the more central a fund’s network location is, the more it may benefit from information, resource acquisition, decision-making and interinstitutional communication advantages, resulting in better fund performance. The paper further reveals that higher network centrality can also enhance the spillover effect of capital flows. Our research can provide a theoretical basis and practical guide for more effective fund management. Fund managers can build and manage high-performance funds by increasing their network centrality measures.

Weak incentives to invest in shareholder oversight and limited resources confine stewardship by large institutional investors. According to an influential argument, activist shareholders can offer ...

Purpose Mutual fund investors assess a fund manager’s skills when allocating their capital. To identify the rationale behind retail investors’ decisions, this study aims to examine the relation between mutual fund flows and abnormal returns (alpha), as well as the various risk factors in the Japanese mutual fund market, which has distinctive characteristics regarding investors and distributors. Design/methodology/approach Six standard asset pricing models are used to investigate how investors assess mutual fund managers’ skills: the market-adjusted return, the capital asset pricing model and the Fama–French three-factor model and its augmented versions. Findings Contrary to the literature, this study finds that investors in Japan mainly rely on alpha to assess mutual funds. In particular, investors respond to alpha for fund inflows and their evaluations depend on the market environment and their mutual fund search costs. Originality/value This study measures the response of investors to the skills of mutual fund managers in the Japanese market – especially for funds purchased through bank-related distributors that have aimed to capture inexperienced retail investors since deregulation in the 1990s – and reveals their high response to alpha.

This study aims to explore whether the management of village funds in Desa Maitara Tengah, Tidore Islands City has been carried out in transparent and accountable manner or not. This was motivated by a decrease in the Village Revenue and Expenditure Budget (Indonesian: Anggaran Pendapatan dan Belanja Desa/APBDesa) in 2020, which may have been due to non-transparent and accountable management. For this reason, a total of 70 questionnaires were distributed to villagers, who were at least 17 years old. By using the descriptive analysis method, the results show that the management of village funds has been carried out transparently andaccountability, both in the planning, implementation, administration, reporting, and accountability processes. Thus, the decline in village budget and expenditure in 2020 was not caused by non-transparent and accountable managers, but by other factors that were not discussed in this study.

This study aims to determine the process of planning, implementation, administration, reporting, and accountability for using village funds in several villages in the Tanjung Jabung Timur Regency Government. The object of this research is the realization of villages in East Tanjung Jabung Regency where the absorption of village funds is less than 50%. The study used qualitative methods using the Nvivo 12 plus analysis tool. The data in this study were obtained through interviews and supported by documents as data. The selection of sources is made by the purposive sampling method. The results showed that the planning process involved the village community in formulating village development plans. The process of implementing and administering development, rehabilitation, and maintenance of infrastructure is carried out in a self-managed manner under SKB Number 49 of 2015 using resources, local raw materials, and labor from the local village community. The reporting and accountability process has been carried out by making reports in several stages and reports on the realization of the use of village funds. As a form of transparency, an information board was created to contain the village's funds, funding sources, and activity plans. There are still several obstacles to the non-absorption of village funds caused by the Village Fund, including the lack of human resource capabilities at the village level in terms of managing and reporting self-management work. In addition, there are natural factors that hinder, such as rainfall and demanding access to work locations. Acquired workshops for village assistants whom the government trains to assist the implementation of village fund management.

Despite the overwhelming focus of researchers on quantitative analysis to measure manager skill or alpha generation, managers and investors still employ qualitative information and narrative as key decision support tools for investment manager selection. Both parties allocate significant time and effort reviewing and explaining investment processes through pitchbooks, meetings, and non-quantitative communication. This article explores the use of qualitative information linked to narrative, the description and interpretation of facts to tell a compelling story on manager skill, as a key forward-looking signal mechanism that supports asset management allocation decisions. We focus on how and why narrative is an important part of the due diligence process for transmitting and receiving unobservable information outside of performance track records, and a means for providing skill explanation. Key Findings ▪ Past performance is a noisy signal of manager skill. Narratives reduce asymmetric information between manager and investor. ▪ Managers use narrative to differentiate themselves from their peers, given the limitations of performance data. Investors select hedge fund managers by blending quantitative and qualitative information based on differences in manager strategy as told through narratives and stories. ▪ Narrative and story-telling play an important role in the manager selection and due diligence of hedge funds by providing context for return performance, explaining outliers, and defining when the firm may be successful. Narrative is especially relevant for new managers, adding context to factor analysis and benchmarks.

PurposeMutual funds are the second most preferred investment option in India and have garnered considerable research interest. The focus of Indian studies thus far has been restricted to the bottom-up approach of investing which rewards a fund manager for picking winner stocks and generates superior returns. While changing portfolio allocation as per varying macro-trends has been instrumental in generating superior returns, it has not been given the desired attention. This study addresses this important research gap.Design/methodology/approachThe authors analyze the industry selection ability of the fund manager on a robust sample by decomposing alpha into alpha due to industry selection and alpha attributable to stock selection. Alpha estimates are computed on a robust sample of 34 open-ended Indian equity mutual funds for a 10-year duration 2011–2020 using three base models of asset pricing – single-factor, four-factor and five-factor alpha under panel data methodology.FindingsThe study leads us to four major findings. One, industry selection explains more than two-fifth of the alpha both in cross-section and time series of returns; two, industry selection exhibits persistence for more than four quarters across asset pricing model; third, younger funds have level playing when alpha from picking right industries is concerned; four, broad industry allocation continues to explain superior returns as sector allocation undergoes consolidation during ongoing COVID-19 pandemic and funds increase exposure to defensive stocks, consistent with folio allocations as per macroeconomic conditions.Research limitations/implicationsThe authors find strong evidence of persistence in the case of alpha attributable to the industry selection component, and the findings are consistent with the persistence results reported in the empirical literature. While some funds excel in stock-picking skills and others excel in picking the right industries, both skills together make for winner funds that attract larger investor flows as investors chase superior performance. The authors also find no evidence of diseconomies of scale in the case of industry allocation alpha generated by the fund managers.Practical implicationsThe results suggest a fresh approach for investors while making mutual fund investment decisions; the investors can achieve superior returns by assessing industry selection skills as it tends to provide a more holistic picture concerning a perennial question – why some funds outperform and continue to contribute to investor's wealth?Social implicationsMutual funds have become a favored investment option for Indian investors more so as a disciplined investment option owing to dismal financial literacy rates. The study throws light on a relatively unaddressed dimension of choosing winner funds. The significance of right sector allocation assumed even more significance with the onset of the pandemic which lends further credence to the findings of the study.Originality/valueResearch has been conducted on secondary data extracted from a well-cited database for Indian mutual funds. Empirical analysis and conclusion drawn are based on authentic statistical analysis and adds to the existing literature.

In the current era of globalization, the development of the informatics system is growing very rapidly, especially in terms of fundrising ZIFWAF (Zakat, Infaq, Shadaqah and Waqaf) funds in Indonesia by using the dual banking system service. The muzakki use conventional banks more, this causes non-halal funds. Non-halal funds are funds obtained in a prohibited manner. The number of non-halal funds collected, resulted in the emergence of various opinions. This study aims to determine the management practices and views of muamalah fiqh regarding non-halal infaq funds at LSPT Tebuireng Jombang. This research method uses qualitative research with descriptive analysis method using primary data and secondary data where the collection technique uses multiple sources of evidence, creates basic case study data and maintains a series of evidence.This non-halal fund is included in the infaq bookkeeping because it is in accordance with its designation. These non-halal funds contain usury because they are contaminated with conventional banking systems. According to Imam Maliki, Imam Hanafi, Imam Hambali, Imam Shafi'I, this usury will forever be punished as haram because it has a lot of mudlorot. However, these non-halal funds increase every year, so they accumulate when not used and this is the same as hoarding wealth. Of the four priests namely Imam Hambali, Imam Hanafi, Imam Maliki and Imam Shafi'i forbid usury and has been explained also in the Qur'an and Hadith. Then there are four fiqh solutions that are used as the basis for determining the DSN-MUI fatwa: namely al-Taysîr al-Manhaji, Tafriq al Halal 'An al-Haram, 'Adah al-Nazhar, and Tahqiq al-Manath. Keywords: Non-Halal Funds, Non-Halal Infaq Fund Management, Muamalah Fiqh View

This paper contributes to current debates in the field of entrepreneurship on the persistent gender gap in capital allocation to entrepreneurs. Drawing on recent theories of entrepreneurial belongi...

This research is aimed at conducting "Evaluationof The Implementation of Probity Audit in the frameworkof Accountability of Public Sector Fund Management" against Government Agencies that have obligations and tupoksi to conduct probity audits. Methods applied in the discussion apply qualitative methods through the application of inpretive phenomenology. It is used by researchers in order to explore an individual's understanding of his environment and also to understand a person's perspective on a personal experience, especially related to the implementation of probity audits, especially those conducted by the Mojokerto City Inspectorate. The results that can be concludedare about the Probity Audit of procurement of goods and services carried out by the Mojokerto City Inspectorate so far is considered to still require a number of improvements seen from the three stages in the implementation of Probity Audit conducted, namely Planning, Implementation and Utilization of its Report. But the effectiveness of Probity Audit on the procurement of goods and services is considered very effective against public sector fund management accountability in view of the willingness and high awareness from the auditorship of the Mojokerto City Inspectorate and Local Government Organizations (OPD) for the benefits of Goods and Services audit probity activities that have until now been obtained. Keywords: Accountability, Procurement of Goods and Services, Probity Audit

The purpose of the philanthropic practices in Islamic tradition is not only about Islamic ethics and fiqh, but to enhance the efficiency of welfare distribution and development of the ummah, including the community intelligence. This paper reports the current status of the philanthropic practices that have been utilised in the astronomy field and their effects in buttressing the advancement of Islamic astronomy (falak syar’ie), astronomy, and space science. This paper acts as a preliminary study as part of a bigger research therefore, it is limited to a review of philanthropic practices that have been and are being implemented in astronomy and the extent of their impact in this field. The inductive and deductive approaches were used in analyzing the research data obtained from the literature review. This paper found that philanthropy is a practical mechanism that could be applied in sustaining the development of astronomy and space science knowledge. In Malaysia, the practice of philanthropy from individuals funds in supporting the field of astronomy is seen as quite positive. Nonetheless, this practice is seen as less encouraging within the government, non-profits and corporations. Therefore, it would be great if philanthropic institutions along with strategic fund planning could be established. More structured fund management will lead to intelligible planning for the growth of the astronomy field in this country.

Financing in Islamic banking can be regarded as an investment because Islamic banking is a fund manager (mudharib) from the owner of the funds (shahibul maal), namely the customer. This research aims to show that investment diversification can minimize risk and increase profitability in Islamic banking. This study uses a quantitative method with a multiple linear regression model with 14 independent and 2 dependent variables. The data used is secondary data obtained from the Islamic banking statistics of the Financial Services Authority. The result of this research is that diversification of financing based on the economic sector has no effect on profitability but affects risk in reducing default. This research has implications for reducing the risk of default in Islamic banking, marked by the performance and quality of Islamic banking financing getting better.

While investor surveys have been conducted by accounting firms, banks, and consultants to assess the choices for a specific alternative investment style, the general focus of these surveys has not been on the process of manager selection. What is missing from these surveys is how decisions are made. To fill that gap, we conducted an extensive survey of alternative investment investors and managers who are members of the Chartered Alternative Investment Analyst Association (CAIA) that focused on the alternative investment manager selection process. Our research surveyed investors and managers to gain insight on the key variables they employ to support manager selection and better understand how they conduct due diligence across alternative investments. Manager skill assessment for alternative investments is more difficult than selecting traditional investment managers and requires greater qualitative analysis of the philosophy, culture, and processes of the manager. Key Findings ▪ Alternative investment manager selection is a complex process that relies on both quantitative and qualitative analysis that cannot be captured through specific empirical measures of skill. ▪ Qualitative factors for alternative manager skill assessment are equally or more important than the quantitative assessment of alternative managers. The operational due diligence of manager business risk can dominate or override assessment of investment skill and is critical to the manager selection process. ▪ The manager selection process is tailored to the strategy being reviewed. Thus, the specific issues or factors involved with choosing a private equity manager are very different from factors associated with a systematic hedge fund manager.