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Investment Funds (investment + fund)
Selected AbstractsAn approach to the linguistic summarization of time series using a fuzzy quantifier driven aggregationINTERNATIONAL JOURNAL OF INTELLIGENT SYSTEMS, Issue 5 2010Janusz Kacprzyk We extend our previous work on the linguistic summarization of time series data meant as the linguistic summarization of trends, i.e. consecutive parts of the time series, which may be viewed as exhibiting a uniform behavior under an assumed (degree of) granulation, and identified with straight line segments of a piecewise linear approximation of the time series. We characterize the trends by the dynamics of change, duration, and variability. A linguistic summary of a time series is then viewed to be related to a linguistic quantifier driven aggregation of trends. We primarily employ for this purpose the classic Zadeh's calculus of linguistically quantified propositions, which is presumably the most straightforward and intuitively appealing, using the classic minimum operation and mentioning other t -norms. We also outline the use of the Sugeno and Choquet integrals proposed in our previous papers. We show an application to the absolute performance type analysis of time series data on daily quotations of an investment fund over an 8-year period, by presenting first an analysis of characteristic features of quotations, under various (degrees of) granulations assumed, and then by listing some more interesting and useful summaries obtained. We propose a convenient presentation of linguistic summaries focused on some characteristic feature exemplified by what happens "almost always," "very often," "quite often," "almost never," etc. All these analyses are meant to provide means to support a human user to make decisions. © 2010 Wiley Periodicals, Inc. [source] A Model of Community,Based Venture Capital Formation To Fund Early,Stage Technology,Based FirmsJOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 4 2002Howard Van Auken This paper suggests a model of capital formation that concurrently establishes a mechanism to fund early,stage technology,based firms and meets the economic development needs of rural communities. Investors in a community capital investment fund can gain high rates of return on investment while firms realize all of the benefits associated with the investment, community support, and expanded network. The model includes factors associated with the community environment (community,based factors that impact community members' participation) and external support environment (factors that facilitate the accumulation of investment capital within a community). The result of a community effort can be an environment in which members of the community contribute to an investment fund, cooperate in attracting firms, and provide networking assistance to new business owners. Communities benefit through job creation and economic stability. Community members benefit through wealth creation. [source] MIGRATION, GLOBALISATION AND THE SPIRIT OF PETER BAUERECONOMIC AFFAIRS, Issue 4 2003Daniel T. Griswold Lord Bauer understood that the human freedom of movement plays a vital role in development. Today, internal and cross-border migration generates hard-currency remittances that raise living standards and capital investment in the country of origin, promotes greater trade and investment ties between destination and origin countries, and raises a country's stock of human and physical capital when migrants return with new skills and investment funds. Immigration can also stimulate political and social reform when migrants return or foreign-born immigrants arrive with new ideas and experiences. Relaxing the pervasive controls on the international movement of people remains a huge piece of unfinished business on the market-driven development agenda. [source] COSTLY EXTERNAL FINANCE AND INVESTMENT EFFICIENCY IN A MARKET EQUILIBRIUM MODELECONOMIC INQUIRY, Issue 4 2009JÁN ZÁBOJNÍK The corporate finance literature suggests that a financially constrained firm invests less than an identical unconstrained firm. This does not imply that financial frictions cause firms to invest less than in a frictionless economy. When firms compete for investment funds, an increase in financial frictions can lead individual firms to increase their investment levels. A greater than the frictionless level of investment is likely in low-productivity firms, in cash-rich firms, and in firms with cheap external capital. Government programs that make capital cheaper for small firms may lead to lower levels of investment for all firms and decrease efficiency (JEL O16, E22, E44, G20) [source] Socially responsible investment fund performance: the impact of screening intensityACCOUNTING & FINANCE, Issue 2 2010Darren D. Lee G11; M14 Abstract Perhaps the most common criticism of socially responsible investment funds is that imposing non-financial screens restricts investment opportunities, reduces diversification efficiencies and thereby adversely impacts performance. In this study we investigate this proposition and test whether the number of screens employed has a linear or curvilinear relation with return. Moreover, we analyse the link between screening intensity and risk. Screening intensity has no effect on unadjusted (raw) returns or idiosyncratic risk. However, we find a significant reduction in , of 70 basis points per screen using the Carhart performance model. Increased screening results in lower systematic risk , in line with managers choosing lower , stocks to minimize overall risk. [source] Is there a Difference?JOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 1-2 2007The Performance Characteristics of SRI Equity Indices Abstract:, This study analyses whether stock indices that represent socially responsible investments (SRI) exhibit a different performance compared to conventional benchmark indices. In contrast to other studies, the analysis concentrates on SRI indices and not on investment funds. This has several advantages, since transaction costs of funds, the timing activities and the skill of the fund management do not have to be considered. A direct measure of the performance effects of SRI screens is therefore examined. The 29 SRI stock indices are analysed by single-equation models as well as by multi-equation systems that exploit the information in the cross-section. SRI stock indices do not exhibit a different level of risk-adjusted return than conventional benchmarks. But many SRI indices have a higher risk relative to the benchmarks. The findings are robust to the use of different benchmark indices and apply to all common types of SRI screening. [source] Performance of Australia's Ethical FundsTHE AUSTRALIAN ECONOMIC REVIEW, Issue 2 2001John Tippet Australia's three major public ethical investment funds achieved mixed financial success in the seven years to 30 June 1998, though on average the funds underperformed relative to the market. For the four-year and five-year holding periods to 30 June 1995 and 1996 respectively, the average holding-period returns for the three funds were less than the risk-free rate. This is strong evidence of investors incurring a financial discount for investing ethically and, with respect to the ethical investor's utility function, it is evidence of the marginal utility increasing as the ethical attributes of assets increase. [source] Socially Responsible Investing and Climate Change: Contradictions and ChallengesAUSTRALIAN ACCOUNTING REVIEW, Issue 34 2004Sandra Van Der Laan This article explores the contradiction between the articulated investment policies, screening criteria or ethical charters of socially responsible investment funds and their actions demonstrated by their portfolio selection practice. The paper provides a background to socially responsible investment and Australia's contribution to greenhouse gas emissions. A discussion of renewable energy options lays the foundation for our main assertion: that this set of possible alternatives provides some new and more environmentally robust options that will better complement the underlying philosophy of funds in the socially responsible investment sector. [source] The effect of environmental information on investment allocation decisions , an experimental studyBUSINESS STRATEGY AND THE ENVIRONMENT, Issue 6 2008Pall Rikhardsson Abstract This paper focuses on the use of environmental information in investment decision making. The research approach employed is based on an experiment where three groups of final year finance students were asked to allocate investment funds between two companies based on financial accounts and information material from these companies in which environmental information was included in varying degrees. The overall conclusion is that the qualitative environmental information affects short term allocation decisions, hence indicating a risk reduction potential of environmental information comparable to the classic interpretation of financial information. The quantitative environmental information included in the experiment seems to mitigate rather than extend the directional effect of more environmental information. The evidence also seems to indicate that decision makers are not always aware which information categories affect their decision making. Hence, this has implications for how the potential value of environmental information is to be assessed. Finally, experimental studies as a methodology seem to be better suited to indicate actual effects of different types of information on decision making than attitude surveys. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment. [source] Principles for sustainability rating of investment fundsBUSINESS STRATEGY AND THE ENVIRONMENT, Issue 1 2005Thomas Koellner During the last decade, the idea of sustainable investments hit the market. Investors both private and institutional started to supplement financial considerations with social and ecological ones. Meanwhile the supply of mutual funds in the ,green' investment sector increased enormously. Currently in Europe about 300 mutual funds are available that are managed according to sustainability and social responsibility. Potential investors face the difficulty of keeping track of the various funds and choosing among them based on a reliable comparative assessment. This paper outlines the basic principles and methods on which such a comparative sustainability rating is based. The method was designed to be analogous to rating of the funds financially. The sustainability rating is based on assessment of the research processes in the fund management as well as investigation of the fund portfolio in terms of composition and sustainability performance. It should support investors in their investment choices by offering them a third party view. Copyright © 2005 John Wiley & Sons, Ltd and ERP Environment. [source] | ||||||||||||||||||||||