The Rural Revitalization Investment Fund serves as a crucial financial instrument for advancing rural revitalization and promoting common prosperity.It aims to address financing and land-use challenges faced by rural ...The Rural Revitalization Investment Fund serves as a crucial financial instrument for advancing rural revitalization and promoting common prosperity.It aims to address financing and land-use challenges faced by rural industries through financial support while fostering coordinated industrial development.The fund primarily operates through equity direct investment and the“mother fund+direct investment”model,with an increasing emphasis on combining government guidance with social capital participation.However,challenges persist,including a shortage of professional talent,insufficient institutional innovation,and weak industrial foundations in rural areas.To enhance the fund’s effectiveness,it is recommended to strengthen professional team management,clearly define its strategic positioning,implement strict supervision,innovate operational mechanisms,and prioritize environmental and social responsibility.These measures will ensure that the fund contributes to rural revitalization while promoting sustainable development and common prosperity.展开更多
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,...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.展开更多
Using Bayesianmodel, we explore the efficient allocation of research funds. With the theory of standard and all-pay auctions, we obtain the applicant＇s equilibrium payout and the committee＇s expected return in a sym...Using Bayesianmodel, we explore the efficient allocation of research funds. With the theory of standard and all-pay auctions, we obtain the applicant＇s equilibrium payout and the committee＇s expected return in a symmetric independent private value and asymmetric independent private value model. Moreover, we compare two different evaluated manners. We obtain that applicants will be more aggressive when the committee valuates by the research plans than by the research results, but both situations give the same effect to the committee in a symmetric independent private value model. However, when applicants are asymmetrical, the committee will prefer allocating research plans to research results. Finally, we analyze applicant＇s equilibrium payout when the award the winner gets is related to the applicant＇s value of research plans or results.展开更多
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 re...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.展开更多
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. T...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.展开更多
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 an...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.展开更多
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 in...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.展开更多
Funds gap management,as the key point of interest rate management,has become a major approach to prevent financial crisis.This paper presents three ways of how to control the funds gap from the points of improving ext...Funds gap management,as the key point of interest rate management,has become a major approach to prevent financial crisis.This paper presents three ways of how to control the funds gap from the points of improving exterior environment,enhancing the supervision for central government to commercial banks and improving the internal control of the commercial banks.展开更多
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...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.展开更多
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 t...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.展开更多
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 secur...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.展开更多
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 a...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.展开更多
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 m...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.展开更多
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...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.展开更多
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 o...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.展开更多
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 t...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展开更多
文摘The Rural Revitalization Investment Fund serves as a crucial financial instrument for advancing rural revitalization and promoting common prosperity.It aims to address financing and land-use challenges faced by rural industries through financial support while fostering coordinated industrial development.The fund primarily operates through equity direct investment and the“mother fund+direct investment”model,with an increasing emphasis on combining government guidance with social capital participation.However,challenges persist,including a shortage of professional talent,insufficient institutional innovation,and weak industrial foundations in rural areas.To enhance the fund’s effectiveness,it is recommended to strengthen professional team management,clearly define its strategic positioning,implement strict supervision,innovate operational mechanisms,and prioritize environmental and social responsibility.These measures will ensure that the fund contributes to rural revitalization while promoting sustainable development and common prosperity.
文摘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.
基金Supported by the Social Science Foundation of Hubei Province (07073)
文摘Using Bayesianmodel, we explore the efficient allocation of research funds. With the theory of standard and all-pay auctions, we obtain the applicant＇s equilibrium payout and the committee＇s expected return in a symmetric independent private value and asymmetric independent private value model. Moreover, we compare two different evaluated manners. We obtain that applicants will be more aggressive when the committee valuates by the research plans than by the research results, but both situations give the same effect to the committee in a symmetric independent private value model. However, when applicants are asymmetrical, the committee will prefer allocating research plans to research results. Finally, we analyze applicant＇s equilibrium payout when the award the winner gets is related to the applicant＇s value of research plans or results.
文摘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.
文摘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.
文摘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.
文摘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.
文摘Funds gap management,as the key point of interest rate management,has become a major approach to prevent financial crisis.This paper presents three ways of how to control the funds gap from the points of improving exterior environment,enhancing the supervision for central government to commercial banks and improving the internal control of the commercial banks.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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
