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.

China’s Government Investment Funds:Evolution,Risks and Reform Measures

In the context of guarding against financial risks and deleveraging,government investment funds supplement the traditional government debt financing by market-based equity financing,which is regarded as the profound change of the government’s financial management idea and mode.In reality,the practice of China’s government investment funds is still in the stage of“learning by doing”.The diversification of the target,the lack of supervisory experience,the imperfect information disclosure and evaluation mechanism,and the shortage of professional talents pose a challenge to the government’s future risk control and the regulation of government behavior.This paper summarizes the path and trend of the development of government investment funds and the possible risks,and on the basis of international experience,puts forward the measures and suggestions for further standardizing the management of government investment funds and deepening the reform of government investment and financing system.

Empirical Analysis on Practice of Venture Investment in China

Organizational policy innovation in venture investment is an important measure to prompt making venture capital. This paper begins with introducing limited partnership, corporation and trust funds which are organizations suitable for venture investment, and then combines detailed case at home to analyze, reflect the develooment situation of venture investment in China.

CHINA-AFRICA DEVELOPMENT FUND:Providing a bridge for investment

Establishing a China-Africa Development Fund(CADFund) to encourage and support Chinese enterprises to invest in Africa was one of the eight measures implemented to strengthen China-Africa cooperation pledged by China at the Beijing Summit of the Forum on China-Africa Cooperation(FOCAC) in 2006. The Fund became operational in June 2007 with a first-phase funding of $1 billion provided by China Development Bank(CDB).The funding is expected

CHINA-AFRICA DEVELOPMENT FUND:Providing a bridge for investment

THE Durban COP 17 gathering was always seen as a station on the long journey of global climate change consensus and not the destination.

Empirical study of speculation roles in international copper price bubble formation

By using GARCH（1,1）-M and EGARCH（1,1）-M models, the relationships among funds speculation transaction, arbitrage transaction and the fluctuation of international copper future price were studied. The news impact curve of copper future price fluctuation respectively introduced funds speculation position and arbitrage position was given, and the result is consistent with the empirical study conclusion. The results show that investment funds are not the factor that causes copper future price fluctuation, but can reduce the copper future price fluctuation; the copper future price fluctuation is more sensitive to negative information, and ftmd speculative positions can reduce asymmetric effect of copper price fluctuation, while fimds arbitrage position influences less.

Stock-Selection Strategies Optimization of Fund Management Companies by Analytic Hierarchy Process

Securities investment fund is one of the most important institutional investors in the securities market. The quality of the management of the securities investment fund by the fund management company not only directly affects its survival and development,but also plays a decisive role in the stable operation of securities market and even the macroeconomy. As China is in rapid development of funds,scientific and effective investment strategies will be the only road for the long-term development of wellestablished fund management companies. We attempt to combine the value investment strategies with quantitative investment strategies to build a system of optimized investment strategies with the use of analytic hierarchy process so as to improve business performance of fund management companies and to foster the concept of value investment. Moreover,it possesses certain significance in enriching investment strategies for securities investment fund and promoting the healthy growth of the Chinese securities investment fund.

Briefs

Railway investmentThe Ministry of Railways announced that China plans to invest 400 billion yuan （563.49 billion） on railway infrastructure construction in 2012, representing a decline from the 469 billion yuan （S74.4 billion） in 2011. Railway construction, especially development of high-speed rail lines has been slowing down in the country since a deadly train crash in July 2011. The ministry will raise capital for railroad building through bond issuance bank loans and other market tools.

Briefs

Overseas Expansion Chinese automaker FAW Group will broaden its market in South Africa through exporting technology and capital. FAW invested about 500 mil- lion yuan （$79.3 million） to establish a plant in South Africa in March this year, which will produce 5,000 trucks a year, according to FAW Group. The plant will be expanded as an overseas manufac- turing base with an annual output of 50,000 passenger vehicles. Founded in 1953, FAW Group is now one of the larg- est vehicle manufacturers in China and ranks among the top 500 corporations worldwide.

Institutional Root Cause of the Irregularity of Social Security Funds in China

This paper analyzes institutional defects in the Chinese social security system, based on irregularities in social security funds revealed in the Audit Report by the China National Audit Offce. The author divides the irregularities into five categories according to the nature of fimd use. The results show that the institutional root cause of the irregularities lies in the unreasonable design and operation of the social security system, which currently faces management and institutional risks, This paper argues that simple rhetoric about strengthening regulation and supervision cannot help to reduce illegal practices, or to realize risk control. The only solution is to reform the social security system. Specifically, the Chinese Government should regulate the administrative cost of the social security system, and the behavior of its agencies, through legislation, reform the investment regime to increase rate of return of pension assets, and adjust and reshape the existing social security system, so as to elevate its pooling level.

Assessment for Social Security Pilot in Jilin and Hei Longjiang of China

The present paper reviews the social security pilot in Jilin and Hei Longjiang that was carried out between 2004 and 2005. The pilot in the two provinces has basically achieved its main objectives, but there are still some unsolved problems, the most severe being lack of effective investment of the funds accumulated by individual accounts. During periods of high economic growth and high growth in average wages, this problem might undermine the partially-funded security system. To this end, the paper makes some suggestions, one of which is to introduce the notional defined contribution system.