tailieunhanh - M.Sc. Applied Economics and Finance Copenhagen Business School

Other than establishing a clear framework that will be listed in the Appendix section, the Indonesian government has created several supporting bodies to ease and accelerate the PPP mechanism in the country. These bodies are in the form of embedded units in the ministries and state owned companies. The National Committee for the Acceleration of Infrastructure Provision (KKPPI) was established to coordinate the acceleration of infrastructure provision for national economic recovery. 12 The KKPPI is an inter ministerial committee chaired by the current Coordinating Minister of Economic Affairs, M. Hatta Rajasa. It endorses requests for contingent government support (guarantees) as a. | Master Thesis . Applied Economics and Finance Copenhagen Business School June 2010 A case study of exchange traded investment funds and how to measure their performance Are listed investment funds a unique portfolio solution for private investors Author Morten Brander Eriksen Advisor S0ren Agergaard Andersen Content 80 pages 175 247 characters 77 standard pages Executive summary Exchange traded investment funds only asset is a portfolio of different securities which investors can invest in by buying the listed shares issued by the fund. This thesis investigates the exchange traded investment funds on the OMX Copenhagen Stock Exchange CSXE their characteristics and performance. The thesis investigates if there is evidence for a unique portfolio solution and if the investment funds performance provides evidence for a unique product. The basic construction where the investment funds provide a portfolio of different securities investors can invest in by buying the listed shares issued by the fund is similar to the mutual fund construction. The investment fund characteristics that once held unique opportunities for the private investors have been diluted by a new tax regulation and the introduction of mutual hedge funds with the same investment opportunities as the investment funds. I investigate different performance measures in order to find measures that fit the investment funds return characteristics. Both performance ratios related to the Capital Asset Pricing Model CAPM and alternatives ratios are investigated. I find that it is important to consider as many measures as possible when measuring performance as the measures tell different stories according to how they interpret the risk-return relationship. The measures provide different rankings for the funds so relying on one measure alone would give insufficient information. The assumptions for CAPM are not fulfilled and I find that the upside measures Omega and UPR provided the most unique ranking of the .

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