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.

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.

Mutual Funds Performance(A Case of Pakistan Open Ended Mutual Funds)

Mutual Funds through its professional managers enable small investors to enjoy benefits of capital market with small amount.This study with special focus on Performance-Chasing Behavior and Mutual Funds in an Emerging Economy like Pakistan.The data of 100 open-end Mutual Funds,for the period 2013 to 2018 was collected from Mutual Fund Association of Pakistan;while the risk free rates data was collected from State Bank of Pakistan and Stock data from Pakistan Stock Exchange for predicting the results,Ratio and models were used to understand its suitability.The study has certain implications for the investors in knowing which funds perform better and which kind of funds are ideal for investment.

Evaluating the Performance of Investment Funds in Turkey

It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.

An Empirical Analysis of the Determinants of the Performance of the Global Private Equity Funds Markets

Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds＇ （PEFs） performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares （GLS） technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that： （1） Fund size and industrial specialization were observed to have an insignificant influence on the funds＇ returns in our panels; （2） Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and （3） Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds＇ returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.

Research on the performance management of the special funds in provincial colleges and universities

This paper is a comprehensive data collection and analysis of the special performance of the managed fund in provincial universities, which has very important academic value and theoretical and practical significance for the effective and rational improvement of the utilization ratio of the special funds, the specification of the management the university capitals and the ceaseless development of the education reform. It also has very important academic value and theoretical practical significance for the improvement of the financial management levels, the introduction of the evaluation results of the special funds into the budget appropriation mechanism, the refinement of the budget planning of the special funds, the improvement of the scientificalness and accuracy of the budget planning oft he special fimds, and the further strengthening of the management of the expenditure and balance of the special funds of universities, and the formulation of the scientific and effective performance evaluation methods, and the formation of the theoretical platform of the performance management evaluation.

Performance-based Research Funding in Denmark: The Adoption and Translation of the Norwegian Model

Purpose: The main goal of this study is to outline and analyze the Danish adoption and translation of the Norwegian Publication Indicator. Design/methodology/approach: The study takes the form of a policy analysis mainly drawing on document analysis of policy papers, previously published studies and grey literature. Findings: The study highlights a number of crucial factors that relate both to the Danish process and to the final Danish result underscoring that the Danish BFI model is indeed a quite different system than its Norwegian counterpart. One consequence of these process-and design differences is the fact that the broader legitimacy of the Danish BFI today appears to be quite poor. Reasons for this include: unclear and shifting objectives throughout the process; limited willingness to take ownership of the model among stakeholders; lack of communication throughout the implementation process and an apparent underestimation of the challenges associated with the use of bibliometric indicators. Research limitation: The conclusions of the study are based on the authors’ interpretation of a long drawn and complex process with many different stakeholders involved. The format of this article does not allow for a detailed documentation of all elements, but further details can be provided upon request. Practical implications: The analysis may feed into current policy discussions on the future of the Danish BFI. Originality/value: Some elements of the present analysis have previously been published in Danish outlets, but this article represents the first publication on this issue targeting a broader international audience.

Evaluation of the robusticity of mutual fund performance in Ghana using Enhanced Resilient Backpropagation Neural Network(ERBPNN)and Fast Adaptive Neural Network Classifier(FANNC)

Mutual fund investment continues to play a very important role in the world financial markets especially in developing economies where the capital market is not very matured and tolerant of small scale investors.The total mutual fund asset globally as at the end of 2016 was in excess of$40.4 trillion.Despite its success there are uncertainties as to whether mutual funds in Ghana obtain optimal performance relative to their counterparts in United States,Luxembourg,Ireland,France,Australia,United Kingdom,Japan,China and Brazil.We contribute to the extant literature on mutual fund performance evaluation using a collection of more sophisticated econometric models.We selected six continuous historical years that is 2010-2011,2012-2013 and 2014-2015 to construct a mutual fund performance evaluation model utilizing the fast adaptive neural network classifier(FANNC),and to compare our results with those from an enhanced resilient back propagation neural networks(ERBPNN)model.Our FANNC model outperformed the existing models in terms of processing time and error rate.This makes it ideal for financial application that involves large volume of data and routine updates.

The Flemish Performance-based Research Funding System: A Unique Variant of the Norwegian Model

The BOF-key is the performance-based research funding system that is used in Flanders, Belgium. In this paper we describe the historical background of the system, its current design and organization, as well as its effects on the Flemish higher education landscape. The BOFkey in its current form relies on three bibliometric parameters: publications in Web of Science, citations in Web of Science, and publications in a comprehensive regional database for SSH publications. Taken together, the BOF-key forms a unique variant of the Norwegian model: while the system to a large extent relies on a commercial database, it avoids the problem of inadequate coverage of the SSH. Because the bibliometric parameters of the BOF-key are reused in other funding allocation schemes, their overall importance to the Flemish universities is substantial.

Redesigning the Model of Book Evaluation in the Polish Performance-based Research Funding System

Purpose: This study aims to present the key systemic changes in the Polish book evaluation model to focus on the publisher list, as inspired by the Norwegian Model. Design/methodology/approach: In this study we reconstruct the framework of the 2010 and 2018 models of book evaluation in Poland within the performance-based research funding system. Findings: For almost 20 years the book evaluation system in Poland has been based on the verification of various technical criteria(e.g. length of the book). The new 2018 model is based on the principle of prestige inheritance(a book is worth as much as its publisher is) and is inspired by the publisher list used in the Norwegian Model. In this paper, we argue that this solution may be a more balanced policy instrument than the previous 2010 model in which neither the quality of the publisher nor the quality of the book played any role in the evaluation.Research limitations: We work from the framework of the 2018 model of book evaluation specified in the law on higher education and science from 20 July 2018, as implementation acts are not available yet. Practical implications: This study may provide a valuable point of reference on how structural reforms in the research evaluation model were implemented on a country level. The results of this study may be interesting to policy makers, stakeholders and researchers focused on science policy. Originality/value: This is the very first study that presents the new framework of the Polish research evaluation model and policy instruments for scholarly book evaluation. We describe what motivated policy makers to change the book evaluation model, and what arguments were explicitly raised to argue for the new solution.

Investigating the Islamic and Conventional Mutual Fund Performance: Evidence From Malaysia Equity Market

The phenomena of financial crisis (2007-2008) shows a significant breakdown of US$16 trillion in conventional financial industry. This provides an opportunity for Islamic capital market to drive the global asset growth investments to investors. Previous studies signal mixture results on Islamic mutual fund (IMF) and conventional mutual fund (CMF) performance. This study aims to analyze the performance of 200 IMFs and CMFs from 2007 to 2015. The sub-sample period of 2007 to 2015 will be compared to the era of financial crisis from 2007-2008. Findings show all types of mutual funds are performed throughout 2007 until 2015. The results provide information that would benefit the investors and market players in asset funds selection.

An Empirical Analysis of the Impact of Fund Manager's Personal Characteristics on Fund Performance

A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.

Development and Performance Trends of Malaysian Unit Trusts

Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in Malaysia and plays a significant role in financial development and economic growth. The objective of this paper is to provide an overview of the development and the performance trends of unit trust investment schemes in Malaysia. There are several types of unit trust products available in Malaysia： both conventional as well as Islamic unit trust schemes （UTSs）. The rapid growth of investment management industry over the last 10 years was largely driven by the unit trust industry, in which the net asset value （NAV） grew annually by 18.0% from RM43.3 billion in 2000 to RM226.8 billion in 2010. The penetration rate of the unit trust industry rose from 10.0% in 2000 to 17.8% in 2010.

A Correction for Classic Performance Measures

Non-normality in asset returns is now a common feature of financial markets. However, many practitioners as well as investors do still refer to classic risk adjusted performance measures to assess their investment. For example, Sharpe and Treynor ratios are designed for a Gaussian world. Then, employing them for a performance assessment prospect relative to the risk borne is a biased approach. If we look for consistency in risk assessment and in asset performance valuation, we need to look for robust methods or tools. Moreover, the well-known mathematical consistency and numerical tractability concerns drive our preference for simple methods. Under this setting, we propose to account in a simple way and to some extent for the skewness and kurtosis patterns describing the deviations from normality. We adjust therefore the classic Sharpe and Treynor ratios to asymmetries in the downside and upside deviations from the mean values of asset returns. Specifically, the adjusted Sharpe and Treynor ratios are weighted by the upside and downside deviation risks. Accounting for skewness and kurtosis changes generally the ranking of hedge fund performance. Moreover, the obtained adjusted performance measures capture well the skewness and/or kurtosis patterns in hedge fund returns depending on the targeted investment strategy

A Performance Analysis Tool for PVM Parallel Programs

In this paper,we introduce the design and implementation of ParaVT,which is a visual performance analysis and parallel debugging tool.In ParaVT,we propose an automated instrumentation mechanism.Based on this mechanism,ParaVT automatically analyzes the performance bottleneck of parallel applications and provides a visual user interface to monitor and analyze the performance of parallel programs.In addition,it also supports certain extensions.

Budget Performance Management of the Social Insurance Fund from the Perspective of Inclusive Sharing

The funding and payout system of social insurance has a significant impact on both the welfare of individuals and the national governance.Budget performance management can optimize fiscal resource allocation and enhance the quality of public services.The inclusion of the social insurance fund budget in the national budget in 2013 as one of China's"four budgets"underscores the public value orientation it represents and shapes.The main challenge in enhancing the social insurance fund budget system lies in balancing the insurance attribute and the welfare attribute of social insurance,using an inclusive approach to achieve actuarial balance and budget balance,address potential imbalances,forecast and prevent future risks,and alleviate operational pressures.In the future,it is vital to raise the level of budget performance management for social insurance fund through scientific and reasonable performance evaluations,promote high-quality and sustainable development of China's social security programs,and realize shared development in the new phase of Chinese modernization.

三级公立医院绩效考核背景下科技创新能力提升策略实践探索

科技创新是公立医院高质量发展的重要抓手。当前,医院青年人才科研起步难、交叉研究落地难、研究成果转化难等问题,制约了医院科技创新能力的提升。浙江大学医学院附属儿童医院积极响应医改政策,以问题为导向,探索并实践科技创新能力提升策略,从科研绩效评价制度改革、临床青年科技创新人才培养、科技创新平台建设、科技成果转化机制完善等方面,全方位推进医院科技创新体制机制建设,推动科技创新能力整体提升,取得了初步成效。有关实践经验可以为三级公立医院可持续高质量发展提供参考。

“因院制宜”探究公立医院工会经费使用规范性和效力——以北京市某公立三甲医院为例

文章以北京市某公立三甲医院工会2019—2023年工会经费数据为基础,从预决算管理、绩效考核、工会经费分布等多角度开展公立医院工会经费管理的探索和研究,明确了可以提升医院工会预算管理的精确度,建立有效的分工会以及社团经费使用考核绩效管理机制,完善内外部工会经费双重审核机制等具体举措,探究公立医院经费使用的提升路径。

政府投资基金绩效管理的评价体系构建

对政府投资基金绩效评价研究进行综述,分析当前政府投资基金绩效评价存在的问题,通过引入3E绩效评价理论,结合地方政府实践探索,按照经济性(economy)、效率(efficiency)、效果(effectiveness)目标诉求的绩效指标生成逻辑,进行分级提取,基于多维度、全周期的绩效评价构建体系,以期为各级政府投资基金绩效评价工作提供参考。