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Lecture Investments (6/e) - Chapter 25: Futures markets

In this chapter, we look beyond domestic markets to survey issues of international and extended diversification. In one sense, international investing may be viewed as no more than a straightforward generalization of our earlier treatment of portfolio selection with a larger menu of assets from which to construct a portfolio.

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Lecture Investments (6/e) - Chapter 25: Futures markets Lecture Investments (6/e) - Chapter 25: Futures markets Investment environment, Lecture Investments, Active portfolio management, Capital markets, International diversification, Foreign exchange risk
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The partnership was formalized by the creation of a steering committee that was entrusted with the design, objectives, and content of the event. The steering committee provided guidance and specific recommendations on the design of the international workshop, and its members took an active role in the plenary sessions of the workshop. The steering committee completed its mandate with the revision and approval of the present publication of the workshop proceedings. Within the World Bank, the international workshop was the result of intense collaboration between the EDI, the Poverty and Social Policy Department, the NGO Unit, the Learning and Leadership Center, and the Quality Assurance Group. All of...

Lecture Investments (6/e) - Chapter 9: The capital asset pricing model

The capital asset pricing model, almost always referred to as the CAPM, is a centerpiece of modern financial economics. The model gives us a precise prediction of the relationship that we should observe between the risk of an asset and its expected return. Chapter 9 provides knowledge of the capital asset pricing model.


Though still small – a market for green investments is also starting to grow. Alongside more developed equity products (such as green indices comprising of listed companies operating in the green space), fixed income instruments are also being launched – notably green bonds, for which the OECD estimates that the market is now around USD 16 billion. Alongside the World Bank‟s USD 2.3 billion issuance, other development banks have become involved (EIB, ADB) and the US government has introduced interesting initiatives. Other more exotic green financial vehicles have also been...

C$ unless otherwise stated - TSX/NYSE/PSE: MFC

This paper addresses all these issues by measuring the impact of luck on mutual fund performance. Specifically, we use the False Discovery Rate (F DR) introduced by Benjamini and Hochberg (1995) in the statistical literature—the F DR measures the proportion of lucky funds among the significant funds. We extend this methodology by developing a new approach which allows us to separately compute the F DR among funds with significant positive estimated alphas (called hereafter the best funds) and funds with significant negative estimated alphas (called hereafter the worst funds). A main virtue of the F DR and these new measures is that they are very easy to...

10 quy tắc đầu tư vàng của Shakespear

Polonius, quân sư của Đức vua trong tác phẩm Hamlet, một nhân vật phản diện, nhưng không hiểu sao Shakespear lại ưu ái cho những lời răn dạy của tên đại thần này trở nên đáng nhớ và đáng suy ngẫm. LTS: Jeremy Grantham, Chủ tịch quỹ đầu tư GMO (Mỹ), là một nhà đầu tư nổi tiếng trong lĩnh vực cổ phiếu, trái phiếu và thị trường hàng hóa. Ông được biết đến với vai trò “nhà tiên tri” của Phố Wall, người đã dự đoán chính xác nhiều cuộc khủng hoảng của thị trường Mỹ nói riêng và thị...

The Clean Technology Fund: Insights for Development and Climate Finance

The United States and other industrialized countries have committed to financial assistance for environmental initiatives through several multilateral agreements (e.g., the Montreal Protocol (1987), the United Nations Framework Convention on Climate Change (1992), United Nations Convention to Combat Desertification (1994), and the Copenhagen Accord (2009)). International financial assistance takes many forms, from fiscal transfers to market transactions, and includes foreign direct investment (FDI), bilateral overseas development assistance (ODA), and contributions to multilateral development banks (MDB) and other international financial institutions (IFI), as well as the offering of export credits, loan guarantees, insurance products, etc. ...


One cynical, but plausible, explanation is that active trading is the mutual fund manager's "raison d'être." If an inactively traded mutual fund does well, it may be concluded that the manager's services were superfluous; if it does poorly, the manager will be blamed for inaction. On the other hand, if an actively traded fund does well, the manager is a hero; but, if it does poorly, it can be said that the manager at least tried. There is, however, an even more...

Costly Search And Mutual Fund Flows

In most OECD pension funds, bonds remain by far the dominant asset class, accounting for 50% of total assets under management on average (OECD Pension markets in focus July 2011). Green bonds could therefore be a channel to direct significant pension fund capital towards green projects. However the market size for green bonds is still small and illiquid at USD 15.6 billion as of August 2011 (see next section for discussion). Veys (2010) points out that an asset allocation move from equities to bonds within pension funds (as has happened in recent years) is a more significant change...

Lecture Investments (8th edition): Chapter 2 - Zvi Bodie, Alex Kane, Alan J. Marcus

Chapter 2 - Asset classes and financial investments. In this chapter, we first describe money market instruments. We then move on to debt and equity securities. We explain the structure of various stock market indexes in this chapter because market benchmark portfolios play an important role in portfolio construction and evaluation. Finally, we survey the derivative security markets for options and futures contracts.


Given that it is hard to believe mutual fund investors experience little over half the returns delivered by their funds, let us illustrate the above phenomenon with a hypothetical example: In Year 1, mutual fund "Red Hot" is small, has 10,000 shareholders, and returns 35%. As a result of its good performance, Red Hot attracts new money and, in Year 2, has 50,000 shareholders. As a consequence of its larger size, however, the fund delivers only 5% in Year 2....

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