Research on spending policy for university endowment funds

University endowment funds are important capitals in many universities in China today. A lot of universities target their endowment spending at a fixed spending ratio. Because of volatile inflation, it is not optimal. In this paper, the author analyzes the importance of spending policy of university endowment funds, and suggests two models in accordance with inflation-adjusted value.

The Relation between Performance and Flows of Mutual Funds: Case of the Croatian Fund Market

With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performance of open ended investment funds and inflows (outflows) to them on Croatian funds data in an environment without long fund data history, with small number of funds and relatively illiquid underlying equity market. The results suggest that the driving forces behind funds’ flows encompass the combined influence of present month fund’s performance and persistency of past performances. At the end of our analysis we test the significance of the introduced explanatory variables on the data sets that include data for each particular fund. The significance of the introduced explanatory variables varies among different funds, although a general level of the explanatory power is maintained on average.

Multiple Hierarchy Decision Analysis of Science Funds Management System

This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. The design procedures and a practical example have been given to verify the feasibility. The work was supported by China National Natural Science Foundation (NNSF), and the introduced procedures have been used in some departments of the NNSF.

Influence of Outflow of Rural Funds on Financial Support for Agriculture

Since the reform and opening-up,rural finance has made enormous contribution to rural economic development.However,with commercialization reform of financial institutions,the conflict between outflow of large funds and shortage of funds for rural economic development becomes prominent,leading to serious degradation of agricultural support function of rural finance.From the perspective of outflow of rural funds,this paper analyzes the problem of"deviation from agriculture"of rural financial business,and derives the conclusion that it is necessary and urgent to restore agricultural support function of rural finance.Then,it discusses restoration path for agricultural support function of rural finance.Finally,it comes up with some effective paths in accordance with existing problems in agricultural support function of rural finance.

PERFORMANCE EVALUATION OF CHINESE NEW FUNDS

The performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor Mazuy (T M) model amd Merton Henriksson model. The results show that T M model is fitted to Chinese investment funds best among these three. But none of them can perfectly interpret the new funds’ performance. So, the idea suggested by Jagannathan, Korajczyk (J K) to extend the test was adopted in this paper, and the results show that J K model augmented from the M H can explain the source of excess return of fund Anxin.

‘Smart’copycat mutual funds:on the performance of partial imitation strategies

Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.

Risk Measurement and Performance Evaluation of Equity Funds Based on ARMA-GARCH Family Model

There are few comprehensive studies on risk measurement and performance evaluation of stock funds in China. This paper uses the ARMA-GARCH family model to analyze the volatility characteristics of equity funds under the t-distribution and Generalized error distribution (GED), and combines CVaR, PM (Second revised sharp ratio) and CVaR-RAROC (Revised RAROC) to comprehensively evaluate equity funds risk and performance. The empirical analysis of five equity funds in China from October 28, 2010 to May 17, 2019 shows that: Comprehensive evaluation of the risk and performance of equity funds can comprehensively and effectively examine the risks and returns of equity funds, helping investors, financial institutions and regulatory agencies to more fully understand the risks and performance of equity funds.

Market efficiency of gold exchange-traded funds in India

Background:Gold exchange-traded funds,since introduction,are primarily aimed at tracking the price of physical gold in the financial market.This,a category of exchange-traded funds,whose units represent physical gold,is traded on exchanges like any other financial instrument.In the Indian financial market,gold exchange traded funds were introduced a decade ago to facilitate ordinary households'participation in the bullion market.They were also designed to assist in the price discovery mechanism of the bullion market.Presentation of the hypothesis:In this paper,it is attempted to check if one of the constituents of price discovery mechanism,informational efficiency,has been achieved in gold exchange-traded funds’market.Information efficiency becomes evident only when all available information is reflected in the market price of the instrument.Testing the hypothesis:Therefore,in order to assess the weak-form efficiency of the gold exchange-traded funds market,the daily returns of five gold exchangetraded funds traded on the Indian Stock Exchange over the period March 22,2010,to August 28,2015,were used.The non-parametric runs test,the parametric serial correlation test,and the augmented Dickey-Fuller unit root test are employed.Implications of the hypothesis:The test results provide evidence that the efficient market hypothesis does not hold for the gold exchange-traded funds’market in India.Further,the test results address several underlying issues with respect to price discovery in the market under study and suggest that the Indian market for this derivative is not weak-form efficient.Hence,the factors affecting gold exchange traded-funds’market warrant the attention of the country’s regulatory bodies,as appropriate legislation in support of market efficiency is needed.

Case Study of the Ways Private Equity Funds Apply to Dodge Capital-flow Control

In this article,several cases are cited to demonstrate how foreign private equity firms circumvent Chinese government restrictions on capital flows and investing in strategic and sensitive sectors. Speci cally,private equities investing in Chinese companies to be listed abroad can use the Red-chip,Sheng Da or overseas option models. Private equities investing in domestically-listed Chinese companies can resort to foreign-funded banks,underground banking,stock-holder borrowing,stocks held by the third party,equity bonds or local investment company purchases.

The Sustainable Development of Social Security Funds

The social security funds is to establish social security system and the solid foundation on which to run, the safety of the social security fund sustainability for play a crucial role in the development of social security system. In the current aging serious today, the social security fund is particularly important. In this paper, through the introduction of the necessity of sustainable development of the social security fund, the comprehensive analysis of the problems existing in the process of sustainable development of the social security fund, tries to put forward countermeasures and Suggestions for the sustainable development of social security fund in our country.

Social Security Funds Clamor for Reform

This paper analyzed the institutional deficiencies inherent in China's social security system based on a dissection of various social security fund violations. It holds that the unscientific design in social security system is the root cause for social security fund violations, which is reflected in low level of social security unification, irrational investment system and legislative loopholes etc. Currently, China's social security funds are facing risks in management and in system; The key of risk control lies in the reforming of the overall framework of social security system through the following aspects: 1) readjust the unified account system structure to raise the level of unification; 2) reform funds investment system to boost ROI; 3) speeding up legislative to regulate the administrative costs and the behaviors of its entities.

The Research on Maintaining and Increasing the Value of Social Security funds Based on the theory of Sustainable Development

The Social security system is a necessary part of market economic system, the social security fund is the basis of running a country social security system. However, the fund of social security of our country has many problems, such as investment channel phase contrast is still relatively narrow, the portfolio is not reasonable enough, external capital market is not perfect and so on.so the social security fund in our country is difficult to achieve effective and value. This article will start from the concept of sustainable development, and hope to find out the existing problems in the process of maintaining and increasing the value of social security funds through combing the basic elements of social security funds.

Managing Pension Funds in Zimbabwe： Ethical Issues and Challenges

This article is motivated by the predicament that hit pensioners in Zimbabwe following the introduction of the multi-currency system. Zimbabwe experienced economic woes which rendered the Zimbabwean dollar worthless and consequently necessitating a switch to stable currencies. The pension assets and liabilities were invested in the local currency before the currency reform, and the result of the multi-currency system was a mismatch of the assets and liabilities of the pension funds financial position which led to paltry pension benefits. The nature of pension funds places a great responsibility on the stakeholders who are involved in running these schemes and therefore ensuring that reasonable expectation by beneficiaries is met. The article focuses on the core aspects surrounding the structure and managing of pension funds in Zimbabwe. The researcher investigated the roles of important stakeholders in the Zimbabwean pension industry, namely, government, trustees, investment managers, and actuaries. The article further delves into the ethical issues and challenges faced by those managing Zimbabwean pension funds. The researcher conducted a total of 30 personal interviews to collect primary data from professionals in the Zimbabwean pension industry which were split as follows： 10 trustees, 10 investment managers, and 10 actuarial consultants. Secondary data were also used in this study and it comprised of journals, newspaper articles, investment reports, and textbooks. The researcher recommends that pension funds develop sound corporate governance mechanisms that will encourage the best ethical practices among all of their stakeholders. The findings provide evidence for a need to empower pension fund trustees through training and introduction of a pension protection scheme. In addition, the current regulatory system needs to be reviewed to capture the changing economic environment upon which pensions funds operate.

Investments of Milk Processing Capacities from Romania, through the Funds Provided by the ＂NPRD 2014-2020＂

In this paper, an analysis of the possibilities of development of milk processing activity was made, using as financing source the public funds provided by the Common Agricultural Policy and the distribution of the investments in Romania. All the EU member states gain 99.6 billion through the European Agricultural Fund for Rural Development, the period 2014-2020, of which Romania has received the total of 8.128 billion euros. Through the 2014-2020 National Rural Development Program （NRDP 2014-2020）, sub-measure 4.2 ＂Support for investment in processing/marketing of agricultural products＂ （2014）, Romania is falling Regulation （EC） 1305/2013 in measure 4 ＂Investments in physical assets＂ （2013） and contributes to increasing the value added of products on local markets and inter-professional organizations, the establishment and development of small businesses and job creation. Until now, in the milk processing sector, investments of 93,918,043 euros were made, about 50% （47,667.41 euros） of which from public funds.

Effective Management of Own Funds in Polish Cooperative Banks

Today cooperative banks belong to the most significant financial institution in the world. Moreover, they can compete with commercial banks. The own funds of the cooperative bank are important in their activity. The main goal of this paper is to investigate how much the level of the own funds of the Polish cooperative banks influenced their efficiency. The research pertained to operating cooperative banks in Poland. The following measures of the efficiency were used in the research： return on Equity （ROE）, net profit, index C/I, and financial margin. The results of the study indicate that banks from the Quartile III （highest aggregate own funds）, had the highest net profits, the highest ROE, the lowest C/I value, the lowest ROE, and the lowest financial markups. On this basis, it remains to be recommended that banks of highest aggregate own funds continue expansion of own funds which will increase lending capacity and subsequently contribute to higher effectiveness.

Optimal asset allocation strategies of university endowment funds

Optimal asset allocation for university endowment funds is very important in USA. The management of endowment funds is challenging due to the need of finding out the balance between providing adequate and stable spending for beneficiaries and growth of the portfolio. In this paper, the author address these allocation constraints in a dynamic framework, in which minimum subsistence levels are introduced in the objective function and derive explicit formulas for the optimal portfolio strategy.

Profile of Managers of Public Funds and Accounting Misappropriations in Cameroon

In order to curb accounting embezzlements,the key idea supported in this paper recommends a revolution from the top and from the bottom.The paper is interested in the managerial policy whose accounting practices serve as launch pad for embezzlement.To succeed in this,the theory of structuro-managerial embezzlement of public funds is mobilized.The subject is the analysis with a view to present the face of managers-embezzlers of public funds and their accounting mechanisms of embezzlement.The loopholes that these actors-embezzlers exploit are judiciously presented.It is therefore important to explain the determining profiles of public funds embezzlers and the accounting mechanisms used.The positivist approach of accounting thus constitutes a second theoretical backing in support of the first one to answer these questions.In order to oppose the idea of embezzlement without accounting evidence,this article adopts an interpretative and explanatory approach of cases of embezzlement of public funds of which accountancy is the secular lever.

Do Pension Funds Foster Economic Growth Better Than Mutual Funds?

Tensional arguments about pension funds and mutual funds towards economic development and stimulation seem to be inevitable among policymakers and economic agents with little paid attention as in literature.This study however took a comparative significance analysis of these two independent funds in relation to economic growth in the South African economy.We hypothesize that,mutual funds are more powerful than pension funds in fostering economic growth as evidenced by some scenarios where mutual funds are trusted to encounter pension funds risks.We then used multiple linear regression model accompanied by a t-test means difference test as a measure of significance difference between the two towards economic growth.As a primer approach,we used the Pearson correlation analysis and the results were noted.Pension funds are a powerful tool of fighting poverty in economies.However,our results were not in support.Our results tend to agree with our suspicion.From all the methods used,mutual funds proved to have greater impact on stimulating economic growth(GDP)in South Africa.Therefore,South African policymakers and officials should by all ways try to support the mutual fund industry as it have traceable marks on economic growth stimulation but pension funds should not be totally ignored as they play significant roles as well such as poverty fighting and ensuring survivability of the most stressing dependent group in the economy.

INTRODUCTION OF FOREIGN FUNDS AND ENTERPRISES:EXPRESS TRAIN IN HIGH SPEED RAILWAY

Introduction of foreign funds and enterprises=Drawing in moneyand valuables=Lifeline of economic and technological develop-ment zoneSuch description of its importance will be perceived more di-rectly.We may also say that the GETDD is a collection of projects.Therefore,they made favorable policies on stock righhts,mar-ket and profits distribution.Its goals are great:To introduce large,high standard and good projects.What is the delicate art between the "attract" and "draw"?Mr.Wang Deye mentioned a vivid figure "theory of ants ef-fect".The statistics show that foreign-invested projects rapidly in-creased.By the end of 1996,they have totally introduced