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Lecture Investments (6/e) - Chapter 1: The investment environment

Chapter 1 is introductory and contains important institutional material focusing on the financial environment. We discuss the major players in the financial markets, provide an overview of the types of securities traded in those markets, and explain how and where securities are traded.

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Lecture Investments (6/e) - Chapter 1: The investment environment Lecture Investments (6/e) - Chapter 1: The investment environment Investment environment, Lecture Investments, Active portfolio management, Capital markets, Corporate governance, Financial engineering
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Tài liệu cùng danh mục Quỹ đầu tư

Thế nào là hạn ngạch trong xuất cảng sang Hoa Kỳ

Đối với các nhà xuất cảng có ý định nhập hàng qua Mỹ, nhất là các sản phẩm về nông nghiệp, hoặc các sản phẩm dệt thêu hay may mặc, điều cần biết đến là hàng của mình có bị giới hạn không cho nhập hay chỉ cho nhập một số giới hạn nào đó thôi. Quota là hạn ngạch áp đặt bởi chính phủ Mỹ nhằm kiểm soát số lượng hàng hoá thâm nhập vào nước, do bởi các áp đặt, thường của các thế lực chính trị nội địa, nhắm vào việc bảo vệ quyền lợi của...


Sovereign Wealth Funds (SWFs) are investment funds owned and managed by national governments. Originally created in the 1950s by oil and resource-producing countries to help stabilize their economies against fluctuating commodity prices, and to provide a source of wealth for future generations, they have proliferated considerably in recent years. Although their lack of transparency makes estimating SWF investment levels difficult, it is estimated that they currently manage between $1.9 and $2.9 trillion. 1 Estimates of their growth over the next several years vary, with the consensus hovering around Morgan Stanley’s projection of $12 trillion by 2015. SWFs can be funded through a variety of means, including...


To detect funds with positive or negative performance, the standard approach in the academic literature (e.g., Jensen (1968), Ferson and Schadt (1996), Ferson and Qian (2004)) can be described as follows. The presence of differential performance (positive or negative alphas) is tested for each of the M funds in the population. Then, a conventional significance level γ is set (e.g., 5 percent) and all funds with p-values smaller than γ are said to have significant estimated alphas. Finally, these significant alphas are counted in order to provide an estimate of the number of funds with differential performance....

Hedges on Hedge Funds Chapter 6

CHAPTER 6 Directional Investing through Global Macros and Managed Futures. Global macro and managed futures investing are two forms of directional or opportunistic investing strategies that investors should consider when determining which strategies to include in their hedge fund portfolio.

Lecture Investments (6/e) - Chapter 19: Financial statement analysis

In this chapter, we show how investors can use financial data as inputs into stock valuation analysis. We start by reviewing the basic sources of such data-the income statement, the balance sheet, and the statement of cash flows. We next discuss the difference between economic and accounting earnings.

Pabrai investment funds

It is also important to note that our definition of support is narrow and excludes certain instances of sponsor intervention to protect MMMFs from losses. Specifically, direct support excludes support in the form of Capital Support Agreements (CSAs) and/or Letters of Credit (both of which provided guarantees on individual or a portfolio of securities) that were not drawn upon - even where such facilities were important in maintaining the market value NAVs of the funds. 8 Although such guarantees are an important form of support, placing a value on these agreements can be difficult and excluding them ensures that no...


In this paper, we employ the bias-adjusted matching estimator developed by Abadie and Imbens (2006), which overcomes this difficulty. The matching estimator analysis maps the multiple matching variables into a single number that measures the distance to the observation to be matched and selects as control observations those with the lowest value for this distance. Matching estimators, therefore, make it possible to use several matching variables simultaneously. 8 The bias-adjusted matching estimator of Abadie and Imbens further corrects the potential bias arising from the difference in the matching variables by explicitly taking into account how the variable of interest...

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Investment banks have strong capital adequacy, in particular with respect to their hedge credit fund exposures – some estimates of which are provided below. Ironically, the fastest growing area of new financial products that utilise highly-complex derivative products exclusively lies mostly within the regulated sector. This is the market for “structured products” that are produced by investment banks and sold to retail, private bank and institutional clients. The strong volume growth in this area, particularly in Europe and Australasia, creates ex-ante derivative pricing pressure, and hedge funds frequently take the other side of the trades (reducing ex-post volatility). ...

The Role of Long/Short Equity Hedge Funds in Investment Portfolios

Economic access includes both the use of productive land and other natural resources to directly produce food and to gener- ate income as well as functioning distribution, processing and market systems that can move food from the site of production to where it is demanded. Thus, the existing ability to individually or communally cultivate land (on the basis of ownership or other form of tenure) must be protected. Under human rights law, people who depend on land (water, forest) for their livelihood, have a right to this land even if the national law does not grant them explicit use or tenure...

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