Die Messung des Anlageerfolgs von Fondmanagern ist ein sowohl f r Praktiker als auch f r Forscher herausforderndes Thema. Das Ziel beider Gruppen ist nachhaltig erfolgreiche Manager, gute Performer, zu identifizieren. Die meisten Performancema e beruhen auf der Annahme des konstanten Risikos ber die Messungsperiode. Das Risiko wird wiederum als das Beta aus dem Capital Asset Pricing Model erfasst. Als Erweiterung solcher Modelle werden zus tzliche Faktoren, ma geschnittene Benchmarks oder Nichtliniearit ten zwischen Risiken und Renditen erfasst usw. Die Dynamik der Wirtschaft und Kapitalm rkten ist f r die Zwecke der Performancemessung von Ferson und Schaft in ein Modell eingef hrt. Das Beta aus diesem Modell ist auf die Marktbedingungen bedingt und Fondsrenditen werden somit gegen eine dynamische Benchmark gemessen. Diese Studie berichtet aus einem solchen Modell ergebene Performancema e (sog. "Conditional Alphas") f r 1192 deutsche Aktien- und Rentenmanager. Diese werden auch mit CAPM-basierten Alphas auf Persistenz verglichen. Zus tzlich wird die F higkeit des Managers richtig auf die ver ndernden Marktbedingungen zu reagieren aus der Dynamik des Beta extrahiert. Die Marktentwicklung wird durch vier anerkannte Indikatoren abgebildet (kurzfristiger Zins, Dividendenrendite, Laufzeitspread und Bonit tsspread). Die Ergebnisse bef rworten die Nutzung von Modellen mit bedingtem Beta anstelle vom CAPM. Die Existenz einer dynamischen Investmentstrategie wurde anhand der Indikatoren bewiesen. Zum Schluss werden anhand der Erfahrungen aus dieser Studie konkrete Empfehlungen f r die Erforschung von Performance anhand hnlicher Modelle gegeben.

This book illustrates the impact that a focus on environmental and social issues has on both de-risking assets and fostering innovation. Including impact as a new cornerstone of the investment triangle requires investors and clients to align interests and values and understand needs. This alignment process functions as a catalyst for transforming organizational culture within an organization and therefore initiates the external impact of the organization, but also its internal transformation, which in turn escalates the creation of impact. Describing how culture is the social glue permeating all disciplines of an organization, the book demonstrates how organizational alignment can be achieved in order to allow strategic speed, innovation and learning, and provides examples of how impact can be achieved and staff mobilized It particularly focuses on impact investing, impact entrepreneurship, innovation, de-risking asset, green investment solutions and investor movements to counteract climate change and implementing the United Nations Sustainable Development Goals, highlighting culture, communication, and strategy.

This innovative volume comprises a selection of original research articles offering a broad perspective on various dimensions of asset management in an international capital market environment. The topics covered include risk management and asset pricing models for portfolio management, performance evaluation and performance measurement of equity mutual funds as well as the wide range of bond portfolio management issues. Asset Management and International Capital Markets offers interesting new insights into state-of-the-art asset pricing and asset management research with a focus on international issues. Each chapter makes a valuable contribution to current research and literature, and will be of significant importance to the practice of asset management. This book is a compilation of articles originally published in The European Journal of Finance.

The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.

This bibliography lists the most important works published in economics in 1993. Renowned for its international coverage and rigorous selection procedures, the IBSS provides researchers and librarians with the most comprehensive and scholarly bibliographic service available in the social sciences. The IBSS is compiled by the British Library of Political and Economic Science at the London School of Economics, one of the world's leading social science institutions. Published annually, the IBSS is available in four subject areas: anthropology, economics, political science and sociology.

Written in honor of Emeritus Professor Georges Prat (University of Paris Nanterre, France), this book includes contributions from eminent authors on a range of topics that are of interest to researchers and graduates, as well as investors and portfolio managers. The topics discussed include the effects of information and transaction costs on informational and allocative market efficiency, bubbles and stock price dynamics, paradox of rational expectations and the principle of limited information, uncertainty and expectation hypotheses, oil price dynamics, and nonlinearity in asset price dynamics.

This unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions. Expert contributors offer an unparalleled perspective on the contemporary alternative funds industry, the main areas of regulatory policy concern surrounding its activities, and the role that alternative funds have played in recent financial crises, as well as an account of the rules governing their operation in selected jurisdictions. Providing insight and analysis of the contemporary investment funds industry at a time of crisis and transition, the Research Handbook on Hedge Funds, Private Equity and Alternative Investments will be a valuable tool for scholars, practitioners and policymakers alike.