Abstracts of articles in other South African journals

IF 0.1 Q4 BUSINESS, FINANCE
R. Rusconi
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引用次数: 0

Abstract

s of articles in other South African journals INVESTMENT ANALYSTS JOURNAL Arendse, J, Muller, C & Ward, M (2018). The winner takes it all: outperformance drives subsequent flow in South African unit trusts. IAJ 47(1), 1–14 The relationship between unit trust (mutual fund) performance and subsequent investment flows into and out of funds has been the focus of many international studies. Emerging markets, which are characterised by higher risk, weaker institutions, volatile economies and fewer participants, provide an attractive opportunity to examine the flow-performance problem in the context of higher arbitrage costs. This study builds on the findings in the literature of the flow-performance relationship and aims to examine in more detail, and to quantify, the inflow into funds which outperform. The flow-performance relationship is important for investment businesses to understand because of the significant implications this has on the profitability of funds. The research applies a portfolio time-series methodology to Morningstar’s South African fund data, using a buy-and-hold analysis. Two unit trust categories are tested, namely General Equity and Multi-asset High Equity funds, and within each category, single manager funds and fund of funds are tested separately. Funds are ranked by their past performance over an optimised 14-month look-back period, and assigned into quintiles. Net flows into each fund in the subsequent quarter are then determined, and the process rolled over on a quarterly basis from 2000 to 2015. We find convincing evidence from an emerging market perspective that equity funds need to perform in the top quintile to attract funds, and observe that relative performance to peers is more important to investors than performance relative to other benchmarks. One additional inference is that the South African unit trust industry is set to face consolidation. Leite, P & Cortez, MC (2018). The performance of European SRI funds investing in bonds and their comparison to conventional funds. IAJ 47(1), 65–79 This paper evaluates the performance of European SRI fixed-income funds domiciled in France and in Germany compared to characteristics-matched conventional funds. Fund
南非其他期刊文章摘要
其他南非期刊《投资分析》期刊《Arendse,J,Muller,C&Ward,M》(2018)上的文章。赢家通吃:跑赢大盘推动南非单位信托的后续流动。IAJ 47(1),1-14单位信托(共同基金)业绩与后续投资流入和流出基金之间的关系一直是许多国际研究的焦点。新兴市场的特点是风险更高、机构更弱、经济不稳定、参与者更少,这为在套利成本更高的背景下研究流动绩效问题提供了一个有吸引力的机会。这项研究建立在流量-绩效关系文献的基础上,旨在更详细地检查和量化流入表现优异的基金的情况。流量-业绩关系对于投资企业来说很重要,因为它对基金的盈利能力有着重要的影响。该研究将投资组合时间序列方法应用于晨星南非基金的数据,使用买入和持有分析。测试了两个单位信托类别,即普通股权基金和多资产高股权基金,在每个类别中,单独管理人基金和基金中的基金分别进行测试。基金根据其在优化的14个月回顾期内的过去表现进行排名,并分为五分位数。然后确定下一季度流入每个基金的净流量,并从2000年到2015年按季度滚动这一过程。从新兴市场的角度来看,我们发现了令人信服的证据,证明股票基金需要在前五分之一中表现才能吸引资金,并观察到相对于同行的相对表现对投资者来说比相对于其他基准的表现更重要。另一个推论是,南非单位信托业将面临整合。Leite,P&Cortez,MC(2018)。欧洲SRI基金投资债券的表现及其与传统基金的比较。IAJ 47(1),65-79本文评估了位于法国和德国的欧洲SRI固定收益基金与传统基金相比的表现。基金
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来源期刊
South African Actuarial Journal
South African Actuarial Journal BUSINESS, FINANCE-
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