Exchange rate sensitivity of Australian international equity funds

This paper analyses the exchange rate exposure displayed by a sample of Australian international equity trusts (IET). Exchange rate exposure is also examined in the context of differing economic climates with particular emphasis on the Asian crisis in mid-1997. It is found that there is evidence of exchange rate exposure particularly in the context of a multiple exchange rate model. Exposure varies substantially between three alternative time periods with different exposure apparent subsequent to the Asian crisis than prior to this event.

The relationship between exchange rate exposure, currency risk management and performance of international equity funds

This paper assesses the currency risk management policies for a sample of Australian international equity trusts. The relevance of currency risk management is considered in the context of exchange rate exposure and performance measures. The study incorporates differing economic climates and particular emphasis is given to the Asian crisis in mid-1997. Our results indicate that a good proportion of funds do implement specific currency risk management policies. Furthermore, we find that for those funds managing currency risk, there is some evidence of a favourable impact on currency exposure and fund performance.

Indexing and active fund management: International evidence

Author's pre-print

Sijoitusrahastojen markkinointiviestintä ja myynninjohtaminen: Case Sp-Rahastoyhtiö Oy & Säästöpankkiliitto

Harvemmat sijoitusrahastoja käsitelleet tutkimukset ovat ottaneet huomioon sijoitusrahastojen välittäjien näkökulman. Tämä tutkimus on siinä mielessä ainutlaatuinen. Tutkimuksen tarkoituksena on selvittää erään rahastoyhtiön hallinnoimien sijoitusrahastojen markkinointiviestintää ja myynninjohtamista näitä välittävissä pankeissa. Tämän perusteella tavoitteena on ratkaista tämän tutkimuksen päätavoite, eli löytää ne syyt, jotka selittävät tutkimukseen valittujen pankkien sijoitusrahasto-osuuksien myynnissä havaittuja eroja. Pankeissa toteutetulla sijoitusrahastojen markkinointiviestintä- ja myynninjohtamismenetelmillä havaittiin olevan selkeät vaikutukset siihen, miksi sijoitusrahasto-osuuksien myyntimäärissä on ollut pankkikohtaisia eroja. Sijoitusrahasto-osuuksien myynnissä menestyneiden pankkien havaittiin olevan monin eri tavoin tehokkaampia ja parempia sijoitusrahastojen markkinointiviestinnässä ja niiden myynninjohtamisessa kuin heikommin sijoitusrahasto-osuuksien myynnissä menestyneet pankit.

Sorte versus habilidade, uma abordagem através de cross section da indústria de fundos de ações no Brasil

Neste trabalho testa-se inicialmente se fundos com gestão ativa apresentam alfa (excesso de retorno) em relação aos índices de referência de fundos passivos. Simulações via bootstrap visam indicar se o excesso de retorno apresentado pode ser atribuído apenas à sorte. Com esta metodologia concluiu-se que a carteira agregada de fundos de investimentos de ação com gestão ativa no Brasil não apresenta excesso de retorno em relação aos principais índices da bolsa brasileira, quando líquidos de taxas e despesas. As simulações de bootstrap sugerem que uma quantidade maior de fundos apresenta retornos ajustados ao benchmark do que o esperado pelo efeito da aleatoriedade nos resultados.

Do socially responsible fund managers really invest differently?

To date, research into socially responsible investment (SRI), and in particular the socially responsible investment funds industry, has focused on whether investing in SRI assets has any differential impact on investor returns. Prior findings generally suggest that, on a risk-adjusted basis, there is no difference in performance between SRI and conventional funds. This result has led to questions about whether SRI funds are really any different from conventional funds. This paper examines whether the portfolio allocation across industry sectors and the stock-picking ability of SRI managers are different when compared to conventional fund managers. The study finds that SRI funds exhibit different industry betas consistent with different portfolio positions, but that these differences vary from year to year. It is also found that there is little difference in stock-picking ability between the two groups of fund managers.

Long-term nutritional assessment of patients with severe short bowel syndrome managed with home enteral nutrition and oral intake

Background: Parenteral nutrition (PN) is used to control the nutritional state after severe intestinal resections. Whenever possible, enteral nutrition (EN) is used to promote intestinal rehabilitation and reduce PN dependency. Our aim is to verify whether EN + oral intake (01) in severe short bowel syndrome (SBS) surgical adult patients can maintain adequate nutritional status in the long term. Methods: This longitudinal retrospective study included 10 patients followed for 7 post-operative years. Body mass index (BMI), percentage of involuntary loss of usual body weight (UWL), free fat mass (FFM), and fat mass (FM) composition assessed by bioelectric impedance, and laboratory tests were evaluated at 6, 12, 24, 36, 48, 60, 72, and 84 months after surgery. Energy and protein offered in HPN and at long term by HEN+ oral intake (01), was evaluated at the same periods. The statistical model of generalized estimating equations with p <0,05 was used. Results: With long term EN + 01 there was a progressive increase in the UWL, a decrease in BMI, FFM, and FM (p < 0,05). PN weaning was possible in eight patients. Infection due to central venous catheter (CVC) contamination was the most common complication (1.2 episodes CVC/patient/year). There was an increase in energy and protein intake supply provided by HEN+OI (p <0.05). All patients survived for at least 2 years, seven for 5 years and six for 7 years of follow-up. Conclusions: In the long term SBS surgical adult patients fed with HEN+OI couldn`t maintain adequate nutritional status with loss of FM and FFM. (Nutr Hosp. 2011;26:834-842) DOI:10.3305/nh.2011.26.4.5153