Sri Lanka Gets Closer To IMF Funds After China Support

This October,International Monetary Fund(IMF)staff and the Sri Lankan authorities reached a stafflevel agreement on economic policies to conclude the first review of the 48-month Extended Fund Facility(EFF)-supported programme.Sri Lanka will have access to Special Drawing Right(SDR)254 million(about US$330 million)in financing once the review is approved by IMF Management and IMF Executive Board.

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.

‘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.

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.

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.

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.

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.

A Project of Sinosteel LIRR Gained International S&T Cooperation Special Funds

Currently, ＂ Porous SiC Multi-phase Ceramics with Hierarchical Heterogeneities for Filtrating High Temperature Soot＂ , a project of Sinosteel LIRR, gained International S＆T Cooperation Special Funds from Ministry of Science and Technology of China.

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

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.

Luoding Mountainous Area Developed with Foreign Funds

Luoding, a mountainous area in western Guangdong Province, has turned itself from an agricultural county to mainly an industrial city with the help of foreign fund. Situated 1,000 metres above sea level in the Dakai and Yunwu mountains range and almost surrounded by mountains, Luoding has been isolated from the outside world since ancient times,

Bank of China Raises Funds to Support Key Projects

The rapid development of China’s economic construction following the opening to the outside world calls for more foreign funds. Undertaking the task to raise funds abroad for many years, the Bank of China (BOC) has furnished substantial foreign funds for a large number of key state projects. Since 1993 the BOC has issued bonds in Tokyo on three occasions, totalling Japanese yen 45 billion. It reentered the European capital

Enterprises in Fuzhou—Making Good Use of Foreign Funds

In developing an export-oriented economy, Fuzhou city has negotiated for and made use of foreign investment funds to improve old enterprises. Forty six percent of the city’s enterprises in industry and communications have set up 68 joint or cooperative ventures through various forms of negotiation. These enterprises have improved production and operation and have had a higher

The relationship between rural infrastructure and agriculture-related funds under rural revitalization strategy

The rural revitalization strategy is one of the“seven strategies”clearly listed in the report of the 19th CPC National Congress.In order to better promote the effective implementation of rural revitalization policies,it is necessary to give full play to the cornerstone role of rural infrastructure in rural revitalization.This paper first analyzes the supervision mechanism of agriculture-related funds,and then selects the rural development data of local governments in 30 provinces,municipalities,and autonomous regions from 2013 to 2017 as samples to regress and analyze the coupling relationship between my country’s rural infrastructure construction and agriculture-related funds.The study found that my country’s rural infrastructure construction and agriculture-related funds are positively correlated,and the greater the proportion of local finance in agriculture-related funds,the stronger the impact of agriculture-related funds on rural infrastructure construction investment.Policy recommendations such as the proportion of local finances are proposed.

China's Utilization of Foreign Funds from January to April

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Implementation of Centralized Administration and Management of Funds in Enterprise Groups

Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such as unreasonable internal funds allocation,high financing costs,and flawed funds control.Centralized fund management is a tool for the overall allocation of intra-group fiinds and the coordinated management of group investment and financing.It can optimize the resource allocation of enterprise groups and reduce financing costs as well as capital risks.By selecting centralized fund management,establishing control and early warning system,as well as building information system and other steps,enterprise groups can better implement centralized fund management and improve their capital control.