Download or read book Taxation of Investment Funds in the European Union written by Tomi Viitala and published by IBFD. This book was released on 2005 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyses the taxation of investment funds and their investors from the standpoint of domestic tax laws, tax treaties and EC law. It also provides a comprehensive understanding of the tax issues arising in the cross-border transactions of investment funds and private fund investors in the European Union. The viewpoints of the source state of income, residence state of the investment fund as well as the residence state of the investor are all considered. The book takes a comparative approach by covering five EU Member States (the United Kingdom, Germany, France, Luxembourg and Finland). On the basis of the examination at the Member State level, the present tax rules and practices are tested against the fundamental freedoms of the EC Treaty. The conclusion is that there are still various tax measures that are likely to be in conflict with EC law. The book also discusses possibilities of adopting targeted measures of positive integration at the level of the European Union with a view to enhancing the objective of the single investment fund market.
Download or read book European Mutual Funds written by Noyes Data Corporation and published by . This book was released on 1973 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Comparison between the European and the U S Mutual Fund Industry written by Rogér Otten and published by . This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study we analyze the development and performance of the European mutual fund industry and compare it with the industry in the United States, using the traditional structure-conduct-performance (SCP) paradigm. We find that Europe is still lagging the American mutual fund industry when it comes to total asset size, average fund size, and market importance. Furthermore, it appears that a few large domestic fund groups dominate the mutual fund markets in the individual European countries. The performance of domestic equity funds is tested using a data set containing the main European countries and the United States. The most striking results of these performance tests are the relative poor performance of U.S. funds, compared to the European funds, and the out-performance of small cap mutual funds.
Download or read book Research Handbook on the Regulation of Mutual Funds written by William A. Birdthistle and published by Edward Elgar Publishing. This book was released on 2018-10-26 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds.
Download or read book Performance of Mutual Funds written by G. Gregoriou and published by Springer. This book was released on 2006-11-17 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book responds to a growing demand for mutual funds. This timely collection of original papers focuses on changes of international investment in Europe, the US and New Zealand. Using a fresh approach, innovative techniques and various models this book assesses performance and provides an understanding of mutual funds on an international level.
Download or read book The Changing Face of European Fund Management written by Daniel Broby and published by . This book was released on 1997 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Mutual Fund Performance written by Rogér Otten and published by . This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an overview of the European mutual fund industry and investigates mutual fund performance using a survivorship bias controlled sample of 506 funds from the 5 most important mutual fund countries. The latter is done using the Carhart (1997) 4-factor asset-pricing model. In addition we investigate whether European fund managers exhibit quot;hot handsquot;, persistence in performance. Finally the influence of fund characteristics on risk-adjusted performance is considered. Our overall results suggest that European mutual funds, and especially small cap funds are able to add value, as indicated by their positive after cost alphas. If we add back management fees, 4 out of 5 countries exhibit significant out-performance at an aggregate level. Finally, we detect strong persistence in mean returns for funds investing in the United Kingdom. Our results deviate from most US studies that argue mutual funds under-perform the market by the amount of expenses they charge.
Download or read book Mutual Funds in European Old age Provision written by Adam Lessing and published by . This book was released on 1997 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pouring Old Wine Into New Skins written by Alain Leclair and published by CEPS. This book was released on 2008 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asset management has quickly become one of the European Commission's key points on the post- Financial Services Action Plan (FSAP) agenda. The combination of Europe's demographic decline and the poor state of public finances means that asset management will play an increasingly important role in securing retirement income for the masses, as well as in channeling personal savings to productive investments. At the same time, the internal market for asset management is a project still very much under construction. While the commission's work has largely focused on supply-side considerations with a view to improving overall market integration and efficiency, this report tackles some key demand-side issues. The authors take a longer-term approach to the critical challenges that will arise following release of the European Commission's White Paper in the fall of 2006.
Download or read book Stockholding in Europe written by L. Guiso and published by Springer. This book was released on 2002-11-15 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has been a time of drastic developments, both in financial markets and in related academic research. Among the most striking developments are the expanded stockholder base, the increased popularity of mutual funds among households, and the growing importance of private pension funds. Developments in Europe mirror to a large extent the spread of equity culture in the United States, but with lower levels of involvement and interesting differences across European countries. This book, intended for a wide audience of students, practitioners, and policy makers, provides the theoretical and methodological background necessary for analysis of stockholding behaviour, and presents empirical studies that use the most comprehensive household-level databases to identify determinants of stockholding in five major European countries.
Download or read book Performance Comparison of European Exchange Traded Funds ETF and Index Mutual Funds written by Oliver Baumgartner and published by GRIN Verlag. This book was released on 2013-04-09 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1, University of Innsbruck, course: Risikomanagement, language: English, abstract: Nowadays exchange traded funds (ETFs) are getting more and more popular. Many investors believe that their risk-performance profile is better than ordinary index mutual funds. This seminar paper focuses on the real returns of both asset classes. It is based on a scientific paper written by Sharifzadeh et. al.(2012). The authors compared ETFs and index mutual funds which had quite the same composition. Additionally, they tested the risk-return profile of both, using the sharpe ratio. Interestingly, they found out that ETFs could not outperform index mutual funds and vice versa.
Download or read book Hedge Fund Regulation in the European Union written by Phoebus Athanassiou and published by Kluwer Law International B.V.. This book was released on 2009-04-14 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.
Download or read book Mutual Fund Efficiency in Europe written by Marta Vidal and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we evaluate the market efficiency of the European mutual fund industry using daily mutual fund returns. With a unique sample of domestic equity funds for 17 European countries over a 30-year time period, we use several performance measures and non-parametric evaluation to reach the conclusion that mutual funds are not able to exceed profitability obtained by the risk-free asset or the reference market index in most countries, although funds are highly efficient in all cases. Using non-parametric Data Envelopment Analysis (DEA) we find evidence of high cost efficiency across countries. This high efficiency slightly decreases during the sample period, although still maintaining efficiency of over 60% for all countries after 30 years.
Download or read book Regulating Hedge Funds in the EU written by Alexandros Seretakis and published by Kluwer Law International B.V.. This book was released on 2022-01-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge funds remain the most controversial vehicles of the alternative investment funds universe. Their opaque nature, alleged role in major crises around the world and perceived lack of investor protection have repeatedly led to calls for greater regulation. Yet despite its tremendous growth, the hedge fund industry is still shrouded in a veil of mystery largely due to the highly complex and dynamic trading strategies employed by hedge funds and the scarcity of information about them. For the first time in one comprehensive volume, this concise but thorough guide explains how hedge funds work, analyses risk, compares the European Union (EU) and United States (US) systems and proposes reforms to the European framework in order to improve its resilience. Focusing on the contribution of the hedge fund industry to systemic risk, the author elucidates the complex world of hedge funds and the legal issues linked to it. The analysis proceeds as follows: introduction to the world of hedge funds – definition, main characteristics, organizational structure, investment strategies, and benefits; deeply informed exploration of the dangers posed by hedge funds; documentation and examination of the major incidents connecting hedge funds and financial crises; rationales for regulation of hedge funds; comparison of relevant legislative developments in the US and EU; and proposals for strengthening the current EU supervisory and regulatory framework. Guiding legislation, such as the EU Alternative Investment Fund Managers Directive and the US Dodd-Frank Act, is analysed, along with topical issues such as hedge fund activism. Because the direction that hedge fund regulation takes in the future has implications for the Eurozone and systemic risk in the wider financial system, this book will be of immeasurable value to professionals in both the legal and business communities. It will be welcomed by corporate lawyers, regulatory authorities, policymakers and academics in both business-related and finance-related disciplines.
Download or read book Exchange Traded Funds in Europe written by Adam Marszk and published by Academic Press. This book was released on 2019-04-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions-as well as graphical and descriptive analyses- to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it. Identifies benefits and threats that ETFs bring to European financial markets Combines empirical data with a full, in-depth analysis of the topic and the special characteristics of Europe Examines the diffusion patterns of innovative financial products, the role of ICT, and the consequent effects of ETFs on the underlying European stock markets
Download or read book Exchange Traded Funds written by Elisabeth Hehn and published by Springer Science & Business Media. This book was released on 2005-12-28 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers ETFs - the hottest investment product of the new century. Explains the nature of this new investment class and all advantages of these instruments. Provides a deep insight into the market and the development of that asset class during the past ten years. Some of the information in this book is usually limited to institutional investors with access to research data bases. All of the contributions have been made by professional investment consultants to give a first hand insight into the matter.
Download or read book Mutual Funds as Institutional Investors written by Robert Pozen and published by John Wiley and Sons. This book was released on 2011-05-09 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every investor, student of finance and participant in the mutual fund industry needs to read this book The Fund Industry details how mutual funds are marketed, regulated, and invested in stocks and bonds. The book also describes the critical factors needed to choose a specific fund for your investment or retirement plan, including what to look for when reading prospectuses, shareholder reports and third party reviews. In addition, the book: Discusses the spread of mutual funds to Asia, Europe, and Latin AmericaCompares mutual funds to other investment vehicles such as hedge funds and ETFsShows.
