tailieunhanh - The Performance of Japanese Mutual Funds

On the basis of the results of the plenary presentations and discussions, of the contents of the two new studies by the World Bank and the Inter-American Development Bank, and of the ten specific papers commissioned for the workshop, the following understanding of the main achievements and weaknesses encountered by social funds over their first ten years of imple- mentation (1986–96) was summarized. While it was clear to all participants that social funds have performed differently in accor- dance with their objectives and their national contexts, they agreed on their commonalties and the major achievements and weaknesses of social funds, which were analyzed under four main angles | The Performance of Japanese Mutual Funds Jun Cai City University of Hong Kong K. C. Chan Takeshi Yamada Hong Kong University of Science and Technology We analyze the performance of Japanese opentype stock mutual funds for the 1981-1992 period. The results show that regardless of the performance measures and benchmarks employed most of the Japanese mutual funds underperform the benchmarks by between and per annum. These funds tend to invest more in large stocks with low book-to-market ratios. But this feature does not explain the underperformance. A potential explanation is the dilution effect caused by inflows of funds. In Japan a new investor of an open-type fund only pays in the after-tax value of the net asset value. We conduct a bootstrap experiment to assess the magnitude of this dilution effect. Are Japanese mutual funds a good investment The overall performance of Japanese open-type stock mutual funds over the last 15 years has not been The authors acknowledge the seminar participants at the Chinese University City University of Hong Kong Hong Kong Statistical Association Hong Kong University of Science and Technology Keio University and the participants at the American Finance Association Annual Meeting in San Francisco the Emerging Trends in Japanese Financial Markets Conference at Columbia University the Nippon Finance Association Annual Meeting at Yokohama National University and the Kinzai Finance Workshop. We particularly thank the anonymous referee John Ammer Jeffrey Busse Wayne Ferson Will Goetzmann Bob Korajczyk the editor Yasushi Hamao Katsuhide Hatanaka Ravi Jagannathan David Modest Rudi Schadt Osamu Shigeta and Koichi Watanabe for valuable comments and the Investment Trusts Association for providing us with valuable information. The usual disclaimer applies. Address correspondence to Jun Cai Department of Economics and Finance City University of Hong Kong Tat Chee Avenue Kowloon Hong Kong. The Review of Financial Studies Summer 1997 Vol.

• Quỹ đầu tư
• credit banks
• state banks
• credit information
• investors
• recession
• financial investment
• Cross usage
• Banks and credit unions
• Credit unions
• Bank marketing
• Credit union marketing
• Credit risk management of listed banks in Ghana
• Financial performance of listed banks in Ghana
• Financial performance of listed banks
• Non performing loans
• The financial performance of commercial banks
• Credit quality for small and medium sized enterprises
• Small and medium sized enterprises
• Hanoi based commercial banks
• Vietnams commercial banks
• Positioningquality and relation quality of credit service for SMEs
• Bank capital
• Credit risk
• Commercial banks
• Vietnam’s commercial banks
• Generalized method of moment
• Summary of PHD thesis
• Impact of equity on financial stability
• Credit risk on financial stability of Vietnamese commercial banks
• Vietnamese commercial banks
• The financial stability
• Credit affect the profitability of state owned banks listed
• The indonesia stock exchange
• State owned banks
• Significant impact on bank profitability
• Summary of Doctoral thesis
• Improving credit quality
• Vietnamese joint stock commercial banks
• Stock commercial banks
• Practical issues
• Credit risk management
• Credit risk management for enterprises
• Vietnam commercial banks
• Enterprises in business activities
• Factors affecting the credit rating
• The credit rating
• Developed and emerging economies
• Summary of PhD thesis in Finance Banking
• Finance Banking
• Credit risks
• Vietnam joint stock commercial banks
• Credit risks on the profitability
• Credit risk on the financial stability
• Commercial banks in Vietnam
• Commercial bank
• Financial stability
• Economic dissertation abstract
• Credit administration
• Laos’s commercial banks
• Luận án Tiến sĩ
• Tài chính ngân hàng
• Economics and business
• Nonperforming loans
• Capital adequacy
• Stress testing
• Vector autoregressive model
• Commercial banks credit risk
• Risk management
• Macro economic factors
• Tunisian deposit banks
• Financial liberalization
• Abnormal accruals
• Difference in difference
• Arab spring revolution
• Mena countries banks before
• Machine learning
• Credit scoring
• Big data
• Artificial intelligence
• District Central Cooperative Banks
• Efficacy of finance flow
• Earning Ability and Liquidity
• Rural credit delivery system
• Short Term Cooperative Credit Structure
• Journal of science
• Internal control
• Credit operations
• Internal control systems
• Financial attributes
• Personal credit
• Bad debt
• Decision Tree model
• Using derivatives
• Finance banking
• Lerner index
• Non repayment
• Loan non payment
• U shape
• Impact of liquidity transformation
• Liquidity transformation
• Vietnamese commercial banks adequacy ratio
• Banks adequacy ratio
• Credit risk CRSK
• Gross domestic product GDP
• lending
• banks in Vietnam
• the banking system
• banking
• credit forms
• Letters of Credit
• An Introduction
• credit quality
• high credit
• the ability to recover
• improving the quality