On asset managers, hedge funds and ETFs (original) (raw)

Growing role of hedge funds in the economy

Journal of Derivatives & Hedge Funds, 2013

and former research director for Global Fund Analysis in London, UK. His primary research interest is in portfolio management, especially hedge funds performance, activism and fraud, and he has published many research articles in leading journals and run executive seminars and CFA review courses in major financial centers. He holds a PhD in Finance from the University of Tennessee, Knoxville. He is an CFA chartenholder and a CAIA member.

Window dressing in spanish equity funds

2011

I want to express my gratitude to everyone who supported me during this time of my life. First, I want to acknowledge Andrés, because his love and unconditional support were essential to fulfil this project. Thanks to my family and friends for their valuable support that, even in the distance, it has been fundamental to achieve this goal. Thanks to my advisors, José Luis Sarto and Luis Vicente, for their valuable comments, constant support, enthusiasm, and dedication. I also want to thank Cristina Ortiz for her inestimable assistance in this project. Porúltimo, quiero agradecer a toda la gente maravillosa que hemos conocido en esta tierra y que nos ha acogido con tanto cariño. i Chapter 1 A first look at the Mutual Fund Industry and Stock Market in Spain The extraordinary worldwide growth of stock markets and collective investment in recent decades deserves to be analysed in some depth. For this reason, this chapter aims to provide a brief overview of the importance of mutual funds for Spanish society and the evolution of the stock market in the country. A description of their main figures in Spain is presented as well as a discussion on how the Spanish market is facing the future compared with other countries, through a description of the two major powers in the worldwide mutual fund industry: the United States (US) and Europe. Taking into account that the purpose of this thesis is to analyse the behaviour of Spanish mutual funds around the publication of their portfolios, the contents of this chapter allow contextualisation in the national and international environments in which these portfolios have been developed.

A Theory of Mutual Funds: Optimal Fund Objectives and Industry Organization

SSRN Electronic Journal, 2000

This paper presents a model in which investors cannot remain in the market to trade at all times. As a result they have an incentive to set up trading firms or financial market intermediaries (FMI's) to take over their portfolio while they engage in other activities. Previous research has assumed that such firms act like individuals endowed with a utility function. Here, as in reality, they are firms that simply take orders from their investors. From this setting emerges a theory of mutual funds and other FMI's (such as investment houses, banks, and insurance companies) with implications for their trading styles, as well as for their effects on asset prices. The model provides theoretical support for past empirical findings, and provides new empirical predictions which are tested in this paper. JEL Classification: G20, G12 , , , i i i J f f f ! 0 2 1 ( ), ,..., , ( ) J P N i e e X i 2 ( ), (

Three essays on fund managers’ abilities: learning, autonomy and divergent trading

2021

This chapter aims to fill the gap in the research on the learning process by mutual fund industry. The empirical design is focused on the ability of the Spanish equity mutual fund industry to learn from its important errors in important trading decisions. The choice of this industry is justified by both its relevance to the European mutual fund markets and some specific characteristics, such as its concentration and banking control that may affect the learning process. We use a model with dynamic panel data and find an overall significant decrease in the percentage of important trading errors over time that provides evidence of the global learning process by the industry. In addition, we find that a large number of fund families drives this evidence. Finally, in general terms, we show that the size of the fund family and its dependence on financial groups do not play significant roles in explaining the learning process of Spanish equity mutual funds.

On the behavior of mutual fund investors and managers

Other publications TiSEM, 2002

whose financial and organizational support is gratefully acknowledged. First of all, I would like to thank my supervisors without whom this work would have never been accomplished. Theo Nijman introduced me to the topic of mutual funds and gave me indispensable insights in finance as well as general advice. Bas Werker was always available for inspiring discussions, in which he time after time corrected my imprecise statistical statements. Fred Palomino shared a lot of new ideas with me, encouraging me to look at things from a different perspective. I greatly appreciate their kindness and patience answering all my (silly) questions and reviewing numerous versions of the chapters in this thesis. Special thanks go to other members of the committee, Susan Christoffersen, Jenke ter Horst, Frank de Jong, and Chris Veld, for the time and effort they spent on my work. Furthermore, I am indebted to all my colleagues and friends in Tilburg-impossible to mention them all-for creating a relaxed and stimulating atmosphere both during and outside working hours. Finally, I am grateful to my family-parents and older brothers, who gave me support in whatever direction I chose to pursue. May the spirit be with us.

14. Portfolio Optimization: Institutional Investors and Asset Managers

The Infrastructure Finance Challenge, 2016

Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and complex implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor of Finance, Corporate Governance and Ethics Emeritus at the Stern School of Business, New York University, and his team of experts tackles the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the complex challenges of contemporary economy.