Which Factors Matter to Investors: Explaining Mutual Fund Flows #mutual #fund #flows,larry #swdroe,the #bam #alliance,mutualfunds.com,factor

No Comments

#

Larry Swedroe, Director of Research, 11/7/2016

Despite all the evidence demonstrating that the vast majority of actively managed mutual funds underperform appropriate risk-adjusted benchmarks, the vast majority of mutual fund investors allocate their savings to active funds that seek to beat the market through some combination of fundamental and/or technical analysis. This is one of the great anomalies in finance. Why do investors choose to engage in practices that are highly likely to destroy value?

The most likely explanation for this wealth-destroying behavior is that investors are unaware of the evidence. Another explanation might be that hope springs eternal, and investors do not like being “average” (meaning they confuse earning market returns with earning average returns). As Warren Buffett has said, if you choose to earn market returns, you are virtually sure to beat the great majority of investors, both individual and institutional. A third explanation may be that overconfidence is an all-too-human trait. Investors are aware of the evidence, but believe they will be among the few that can identify ex-ante the small percentage of active managers who will outperform in the future.

At least in theory, when assessing an active mutual fund manager’s skill, investors should consider all factors that explain the cross-sectional variations in fund performance. The academic literature has identified a small list of factors able to explain the vast majority of the variation in returns of diversified portfolios: market beta, size, value, momentum, profitability and investment.

Which Factors Matter to Investors?

Brad Barber, Xing Huang and Terrance Odean contribute to the literature on investor behavior with their study, Which Factors Matter to Investors? Evidence from Mutual Fund Flows, which appears in the October 2016 issue of The Review of Financial Studies.

The authors investigated whether investors tend to consider commonly used equity factors when assessing fund managers. In other words, do investors attempting to identify a skilled active manager strip out returns that can be traced to a fund’s exposure to investment factors known to explain cross-sectional equity returns? Fund flows should only respond to alpha, and not what is simply beta (loading on, or exposure to, a factor).

Their sample period covered the period from 1996 to 2011 and included about 4,000 equity funds. The following is a summary of the authors’ findings:

  • The single-factor capital asset pricing model, with market beta as its sole explanatory factor, does the best job of predicting fund-flow relations. This result implies that investors tend to consider mutual funds’ market risk when evaluating performance, but tend to ignore other factor-related determinants of fund flows.
  • Returns related to a mutual fund’s market risk positively affect fund flows.
  • Investors do not completely ignore other factors that affect fund performance. However, they place less emphasis on the size and value factors than they do on market risk, and they found no evidence that investors pay attention to the momentum factor.
  • Investors who buy mutual funds from the broker-sold channel respond more to factor-related returns than investors in the direct-sold channel. Such investors are attributing returns to fund managers’ skill rather than to the factors that are responsible for the returns. These results are consistent with the notion that investors in the broker-sold channel are less sophisticated in their assessment of fund performance than investors in the direct-sold channel.
  • Investors buying in the direct-sold channel, as well as wealthier investors (more sophisticated investors), use more sophisticated models to assess fund manager skill, taking into account a fund’s exposure to factors (such as size and value) rather than attributing the excess returns to manager skill.

Barber, Huang and Odean concluded: “Our empirical analysis has revealed that investors behave as if they are concerned about market risk, but are largely unaware of other factors that drive equity returns. We have found some evidence that investors attend to the value, size, and industry tilts of a fund when assessing managerial skill, but these effects are much weaker than those we observed for a fund’s beta. Moreover, we have found that investors strongly respond to the factor-related return associated with a fund’s Morningstar-style category. Since the category-level return is not under the control of the manager, this result suggests some mutual fund investors confuse a fund’s category-level performance and manager skill.”

They also found that “the flows of investors who are likely more sophisticated – direct-sold fund investors, investors trading during low-sentiment periods, and wealthier investors – are generally less responsive to factor-related returns, suggesting that they are more aware that those returns are not indicative of the skills of the fund manager.”

Finally, the authors noted that to “adjust for factor-related returns when evaluating a fund, an investor needs to know the factor return. Sophisticated investors will seek out this information. But less sophisticated investors may not be aware of size, value, momentum, or industry returns. The market’s performance, however, is ubiquitously reported. This may be one reason why investors do pay attention to market risk when evaluating mutual fund managers.”

Summary

In our book, The Incredible Shrinking Alpha, my co-author, Andrew Berkin, and I present evidence demonstrating that over the past 20 years playing the game of active management has become more and more of a losing proposition, with the percentage of active funds generating statistically significant alpha falling from about 20 percent to just 2 percent. And that’s before considering the impact of taxes (for taxable investors, taxes are typically the largest expense, even greater than the fund’s expense ratio or trading costs).

Clearly, choosing to invest in actively managed mutual funds is playing a loser’s game; it’s one that’s possible to win, but the odds of doing so are so poor that it’s imprudent to try. If you are going to try and play that game anyway (by investing in managers that you believe have outperformed in the past, defying the evidence and the SEC’s warning that past outperformance isn’t predictive of future outperformance) at the very least you should know if the fund has been generating true risk-adjusted alpha, or whether its market-beating returns are simply a result of its exposure to other factors (such as size and value) that can be obtained more cheaply with passively managed funds.

Fortunately, today investors can determine the risk-adjusted alpha of any fund, whether active or passive, simply by using the multi-factor regression tool available for free on Portfolio Visualizer .

This commentary originally appeared October 19 on MutualFunds.com

By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them.

The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice.

© 2016, The BAM ALLIANCE


What Is The Bank For International Settlements? #life #settlements #fund

No Comments

#

What Is The Bank For International Settlements?

Headquartered in Basel, Switzerland, the Bank for International Settlements (BIS) is a bank for central banks.(To learn more about central banks, see the article What Are Central Banks? ) Founded in 1930, the Bank for International Settlements is the oldest global financial institution and operates under the auspices of international law. But from its inception to the present day, the role of the BIS has been ever-changing, as it adapts to the dynamic global financial community and its needs. Read on as we explain this bank and its role in global banking.

Financial Chameleon
The BIS was created out of the Hague Agreements of 1930 and took over the job of the Agent General for Repatriation in Berlin. When established, the BIS was responsible for the collection, administration and distribution of reparations from Germany – as agreed upon in the Treaty of Versailles – following World War I. The BIS was also the trustee for Dawes and Young Loans, which were internationally issued loans used to finance these repatriations.

After World War II, the BIS turned its focus to the defense and implementation of the World Bank ‘s Bretton Woods System. Between the 1970s and 1980s, the BIS monitored cross-border capital flows in the wake of the oil and debt crises, which in turn led to the development of regulatory supervision of internationally active banks.

The BIS has also emerged as an emergency “funder” to nations in trouble, coming to the aid of countries such as Mexico and Brazil during their debt crises in 1982 and 1998, respectively. In cases like these, where the International Monetary Fund is already in the country, emergency funding is provided through the IMF structured program.

The BIS has also functioned as trustee and agent. For example, from 1979 to 1994, the BIS was the agent for the European Monetary System. which is the administration that paved the way for a single European currency.

Notwithstanding all the roles mentioned above, the BIS has always been a promoter of central bank cooperation in an effort to ensure global monetary and financial stability.

Lean On Me
Given the continuously changing global economic structure, the BIS has had to adapt to many different financial challenges. However, by focusing on providing traditional banking services to member central banks, the BIS essentially gives the “lender of last resort” a shoulder to lean on. In its aim to support global financial and monetary stability, the BIS is an integral part of the international economy.

To promote such stability, the BIS offers a forum of cooperation among member central banks (including monetary agencies). It does so by offering support and banking services for central banks:

The BIS offers its support by:

  • Contributing to international cooperation – As a crucial resource for central banks and other financial institutions, the BIS produces research and statistics, and organizes seminars and workshops focused on international financial issues. For example, the Financial Stability Institute (FSI) organizes seminars and lectures on themes of global financial stability. The governors of member central banks meet at the BIS twice a month to share their experiences, and these meetings function as the core of central bank cooperation. Other regular meetings of central bank executives and specialists, as well as economists and supervisory specialists, contribute to the goal of international cooperation, while also ensuring that each central bank serves its country effectively. The ultimate goal of all these high-level meetings is global financial stability.
  • Offering services to committees established and working at the BIS – By offering its services to various secretariats of financial committees and organizations created under its patronage, the BIS also functions as an international “think tank” for financial issues. Committees such as the Markets Committee debate and improve upon fundamental issues regarding the workings and regulations of the international financial infrastructure.

As the bankers’ bank. the BIS serves the financial needs of member central banks. It provides gold and foreign exchange transactions for them and holds central bank reserves. The BIS is also a banker and fund manager for other international financial institutions.

How the Bank Operates
The BIS does compete directly with other private financial institutions for global banking activities; however, it does not hold current accounts for individuals or governments. At one time, private shareholders as well as central banks held shares in the BIS. But in 2001 it was decided that the private shareholders should be compensated and that ownership of the BIS should be restricted to the central banks (or equivalent monetary authorities). There are currently 55 member central banks.

The BIS’s unit of account is the IMF’s special drawing rights. which are a basket of convertible currencies. The reserves that are held account for approximately 7% of the world’s total currency.

Like any other bank, the BIS strives to offer premium services in order to attract central banks as clients. In order to provide security, it maintains abundant equity capital and reserves that are diversely invested following risk analysis. The BIS ensures liquidity for central banks by offering to buy back tradable instruments from central banks; many of these instruments have been specifically designed for the central bank’s needs. In order to compete with private financial institutions, the BIS offers a top return on funds invested by central banks.

The statutes of the BIS are presided over by three bodies: the general meeting of member central banks, the board of directors and the management of the BIS. Decisions on the functions of the BIS are made at each level and are based on a weighted voting arrangement.

Conclusion
The BIS is a global center for financial and economic interests. As such, it has been a principal architect in the development of the global financial market. Given the dynamic nature of social, political and economic situations around the world, the BIS can be seen as a stabilizing force, encouraging financial stability and international prosperity in the face of global change.

An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management.

An investment theory that states it is impossible to beat the market because stock market efficiency causes existing share.

An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue.

An order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving.

1. In economics, the free rider problem refers to a situation where some individuals in a population either consume more.

In international trade, the export by a country or company of a product at a price that is lower in the foreign market than.


Categories: News Tags: Tags: , ,

5 Best Balance Mutual Funds to Invest in 2016 -2017 #best #balance #mutual #funds,balance #fund,balanced

No Comments

#

5 Best Balance Mutual Funds to Invest in 2016 -2017

Investment in variable return investment options is risky affair, especially in stock market and in mutual funds. However, in market some set of mutual funds are available which are less prone to risk. These type of mutual funds are known as Balance Mutual Funds .

A balance mutual funds is ideal for investors who are looking for safety and moderate returns. These type of mutual funds invest in equity and debt component both. These type of mutual funds are also known as hybrid mutual funds. Today I will share information about 5 Best Balance Mutual Funds to invest in 2016-17. Before disclosing details about top balance funds let’s try to understand what is balance mutual funds? and how to select balance mutual funds?

What is Balance Mutual Funds?

A Balance Mutual Funds is a special type of mutual fund that invests in both stocks and bonds. These type of mutual funds are less risky and generate moderate returns. A Balance mutual fund fulfill the objective of growth and income generation and provide best of both worlds. A Balance Mutual Fund usually invest 60-65% in equity and balance in bonds. Looking at current market scenario balance mutual fund is an ideal choice of investment as they are equipped to withstand shocks in falling market.

How Balance Fund works?

A Balance fund works on rebalancing act. This rebalancing happens based on market conditions. Suppose you have invested Rs 100000 in balance fund. Out of this money 60% (Rs 60000) shall be invested in the equity market and remaining (Rs 40000) in the debt market.

Suppose after investing money stock market falls by 10%, this will reduce your equity exposure by 10%, in order to balance asset allocation 60-40% ratio, fund manager has to purchase 10% additional stocks.

At the opposite side if stock market goes up by 10%, your equity exposure is increased by 10%. In order to maintain 60-40% ratio, fund manager has to book profit by selling 10% stocks.

Thus, you can say that hybrid fund follows the strategy of “Buy low sell high” and help you in withstanding market fluctuations. This makes balance mutual fund attractive and most suitable investment option for the conservative investor. Hope you agree with me.

How to Select Balance Mutual Funds?

Before investing in balance mutual funds you should consider following parameters.

The asset allocation of the fund is a vital parameter in selecting a hybrid fund. The detail about this asset breakup is provided by every fund house. It is advisable to invest in a fund with more than 60% equity exposure.

The Expense ratio is another point you should consider before investing in any mutual funds. The Expense ratio is administrative and management charges that fund is using to cover expenses. Lower the expense ratio means better is fund.

Fund Manager tenure and experience

Another important parameter is who is managing the fund and what is his experience in managing large fund portfolio. As fund manager plays an important role in fund’s performance you should evaluate fund on the experience of fund manager and track record.

Performance of Fund

Needless to say, performance of the fund is vital and most important. Capital appreciation and income is a preliminary reason for investing in any mutual fund. You should check at least last five years’ performance of the fund.

Risk Level and Rating

Another parameter for evaluation of fund is risk level and star rating given by various agencies. This parameter is just to take a hint before investing.

Top 5 Best Balance Mutual Funds to Invest in 2016-2017

Best Balance Mutual Funds to Invest in 2016-17 are given below.

Why you should Invest in Balance Mutual Funds?

Some important points which will convince you that you should invest in balance mutual funds are given below.

Best of Both Worlds

Balance mutual fund investment is like best of both worlds. You can get advantage and exposure of equity as well as debt investment option.

Rebalancing act of hybrid mutual funds is designed in a manner that they buy equity at lower price and sell at higher price. Thus safeguarding money of investors.

Safety Low Downside Risk

Balance funds provide safety to investor as they invest in equity as well as debt instruments. Hybrid fund has low downside risk and it helps in volatile market.

Balance Fund is one of the best investment option for investor seeking moderate returns. It offers multiple advantages to the investor. Looking at current market condition you should opt to invest in the best balance mutual fund, which will help you to withstand against stock market fall.


Categories: News Tags: Tags: , , , , , , ,

Priszm: definition of priszm and synonyms of priszm (English) #priszm #income #fund

No Comments

#

Arabic Bulgarian Chinese Croatian Czech Danish Dutch English Estonian Finnish French German Greek Hebrew Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malagasy Norwegian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swedish Thai Turkish Vietnamese

Arabic Bulgarian Chinese Croatian Czech Danish Dutch English Estonian Finnish French German Greek Hebrew Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malagasy Norwegian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swedish Thai Turkish Vietnamese

definition – priszm

Priszm

Priszm Income Fund

Number of locations

British Columbia, Alberta, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia

Priszm was one of the largest franchisees of Yum! Brands in the world, owning over 446 restaurants of various Yum!-owned chains in Canada, namely KFC. Pizza Hut. Taco Bell. and WingStreet. The majority of its locations are KFC restaurants, some of which are co-branded with the Taco Bell and Pizza Hut brands. Priszm was also responsible for KFC’s national marketing and promotions within Canada from 2003 to 2009. [ 2 ] The close relationship between the two companies extends to sharing the same Canadian headquarters in Vaughan, Ontario. [ 3 ]

Bankruptcy

On May 6, 2011, Priszm Income Fund will be delisted from the Toronto Stock Exchange for failure to meet the continued listing requirements. [ 5 ]

References

External links

This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer )

sens a gent ‘s content

A windows (pop-into) of information (full-content of Sensagent) triggered by double-clicking any word on your webpage. Give contextual explanation and translation from your sites !

With a SensagentBox. visitors to your site can access reliable information on over 5 million pages provided by Sensagent.com. Choose the design that fits your site.

Improve your site content

Add new content to your site from Sensagent by XML.

Crawl products or adds

Get XML access to reach the best products.

Index images and define metadata

Get XML access to fix the meaning of your metadata.

Please, email us to describe your idea.

Lettris is a curious tetris-clone game where all the bricks have the same square shape but different content. Each square carries a letter. To make squares disappear and save space for other squares you have to assemble English words (left, right, up, down) from the falling squares.

Boggle gives you 3 minutes to find as many words (3 letters or more) as you can in a grid of 16 letters. You can also try the grid of 16 letters. Letters must be adjacent and longer words score better. See if you can get into the grid Hall of Fame !

English dictionary
Main references

Most English definitions are provided by WordNet .
English thesaurus is mainly derived from The Integral Dictionary (TID).
English Encyclopedia is licensed by Wikipedia (GNU).

The wordgames anagrams, crossword, Lettris and Boggle are provided by Memodata.
The web service Alexandria is granted from Memodata for the Ebay search. The SensagentBox are offered by sensAgent.

Change the target language to find translations.
Tips: browse the semantic fields (see From ideas to words ) in two languages to learn more.

2539 online visitors


Categories: News Tags: Tags: , ,

NB Distressed Debt Investment Fund Limited: Private Company Information #nb #distressed #debt #investment #fund #limited

No Comments

#

Company Overview of NB Distressed Debt Investment Fund Limited

Company Overview

NB Distressed Debt Investment Fund Limited is a closed-ended fixed income mutual fund launched and managed by Neuberger Berman Europe Limited. The fund is co-managed by Neuberger Berman Investment Advisers, LLC. It invests in fixed income markets across the globe. The fund seeks to invest in securities of companies operating across diversified sectors. It primarily invests in distressed and special situation credit-related investments, including senior and senior secured debt with both collateral and structural protection. The fund focuses on companies with stressed balance sheets, low implied enterprise value, liquidity crisis, proposed mergers, divestiture, or other such corporate events t.

NB Distressed Debt Investment Fund Limited is a closed-ended fixed income mutual fund launched and managed by Neuberger Berman Europe Limited. The fund is co-managed by Neuberger Berman Investment Advisers, LLC. It invests in fixed income markets across the globe. The fund seeks to invest in securities of companies operating across diversified sectors. It primarily invests in distressed and special situation credit-related investments, including senior and senior secured debt with both collateral and structural protection. The fund focuses on companies with stressed balance sheets, low implied enterprise value, liquidity crisis, proposed mergers, divestiture, or other such corporate events to create its portfolio. It benchmarks the performance of its portfolio against the HFRI Distressed/Restructuring Index. NB Distressed Debt Investment Fund Limited was formed on April 20, 2010 and is domiciled in Guernsey.

57 Berkeley Square

44 20 3214 9000

Key Executives for NB Distressed Debt Investment Fund Limited

Portfolio Manager and Non-Executive Director

Compensation as of Fiscal Year 2017.

NB Distressed Debt Investment Fund Limited Key Developments

NB Distressed Debt Investment Fund Limited, Annual General Meeting, Jun 06, 2017

NB Distressed Debt Investment Fund Limited, Annual General Meeting, Jun 06, 2017, at 11:30 Coordinated Universal Time. Location: Registered office, 1st Floor, Elizabeth House Les Ruettes Brayes, St Peter Port Guernsey GY1 1EW Guernsey Channel Islands

NB Distressed Debt Investment Fund Limited Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2016

NB Distressed Debt Investment Fund Limited reported audited consolidated earnings results for the year ended December 31, 2016. For the year, the company reported interest income of $13,114,532 against $15,137,050 a year ago. Net investment income was $7,528,639 against $10,792,585 a year ago. Realized and unrealized gain from investments and foreign exchange were $7,638,567 against realized and unrealized loss from investments and foreign exchange of $107,220,535 a year ago. Net increase in net assets resulting from operations was $15,167,206 against net decrease in net assets resulting from operations of $96,427,950 a year ago. Net cash used in operating activities was $106,724,420 against $61,697,204 a year ago.

NB Distressed Debt Investment Fund Limited Announces Dividend, Payable on December 20, 2016

The Board of the NB Distressed Debt Investment Fund Limited announced an income distribution by way of a dividend of $0.0793 per Ordinary Share, $0.0332 per Extended Life Share and £0.0102 per New Global Share (collectively the Share Classes) to be payable on 20 December 2016 to shareholders on the register of the Share Classes as at the close of business on 11 November 2016. Ex-dividend date is 10 November 2016.

Similar Private Companies By Industry


What Is The Bank For International Settlements? #life #settlements #fund

No Comments

#

What Is The Bank For International Settlements?

Headquartered in Basel, Switzerland, the Bank for International Settlements (BIS) is a bank for central banks.(To learn more about central banks, see the article What Are Central Banks? ) Founded in 1930, the Bank for International Settlements is the oldest global financial institution and operates under the auspices of international law. But from its inception to the present day, the role of the BIS has been ever-changing, as it adapts to the dynamic global financial community and its needs. Read on as we explain this bank and its role in global banking.

Financial Chameleon
The BIS was created out of the Hague Agreements of 1930 and took over the job of the Agent General for Repatriation in Berlin. When established, the BIS was responsible for the collection, administration and distribution of reparations from Germany – as agreed upon in the Treaty of Versailles – following World War I. The BIS was also the trustee for Dawes and Young Loans, which were internationally issued loans used to finance these repatriations.

After World War II, the BIS turned its focus to the defense and implementation of the World Bank ‘s Bretton Woods System. Between the 1970s and 1980s, the BIS monitored cross-border capital flows in the wake of the oil and debt crises, which in turn led to the development of regulatory supervision of internationally active banks.

The BIS has also emerged as an emergency “funder” to nations in trouble, coming to the aid of countries such as Mexico and Brazil during their debt crises in 1982 and 1998, respectively. In cases like these, where the International Monetary Fund is already in the country, emergency funding is provided through the IMF structured program.

The BIS has also functioned as trustee and agent. For example, from 1979 to 1994, the BIS was the agent for the European Monetary System. which is the administration that paved the way for a single European currency.

Notwithstanding all the roles mentioned above, the BIS has always been a promoter of central bank cooperation in an effort to ensure global monetary and financial stability.

Lean On Me
Given the continuously changing global economic structure, the BIS has had to adapt to many different financial challenges. However, by focusing on providing traditional banking services to member central banks, the BIS essentially gives the “lender of last resort” a shoulder to lean on. In its aim to support global financial and monetary stability, the BIS is an integral part of the international economy.

To promote such stability, the BIS offers a forum of cooperation among member central banks (including monetary agencies). It does so by offering support and banking services for central banks:

The BIS offers its support by:

  • Contributing to international cooperation – As a crucial resource for central banks and other financial institutions, the BIS produces research and statistics, and organizes seminars and workshops focused on international financial issues. For example, the Financial Stability Institute (FSI) organizes seminars and lectures on themes of global financial stability. The governors of member central banks meet at the BIS twice a month to share their experiences, and these meetings function as the core of central bank cooperation. Other regular meetings of central bank executives and specialists, as well as economists and supervisory specialists, contribute to the goal of international cooperation, while also ensuring that each central bank serves its country effectively. The ultimate goal of all these high-level meetings is global financial stability.
  • Offering services to committees established and working at the BIS – By offering its services to various secretariats of financial committees and organizations created under its patronage, the BIS also functions as an international “think tank” for financial issues. Committees such as the Markets Committee debate and improve upon fundamental issues regarding the workings and regulations of the international financial infrastructure.

As the bankers’ bank. the BIS serves the financial needs of member central banks. It provides gold and foreign exchange transactions for them and holds central bank reserves. The BIS is also a banker and fund manager for other international financial institutions.

How the Bank Operates
The BIS does compete directly with other private financial institutions for global banking activities; however, it does not hold current accounts for individuals or governments. At one time, private shareholders as well as central banks held shares in the BIS. But in 2001 it was decided that the private shareholders should be compensated and that ownership of the BIS should be restricted to the central banks (or equivalent monetary authorities). There are currently 55 member central banks.

The BIS’s unit of account is the IMF’s special drawing rights. which are a basket of convertible currencies. The reserves that are held account for approximately 7% of the world’s total currency.

Like any other bank, the BIS strives to offer premium services in order to attract central banks as clients. In order to provide security, it maintains abundant equity capital and reserves that are diversely invested following risk analysis. The BIS ensures liquidity for central banks by offering to buy back tradable instruments from central banks; many of these instruments have been specifically designed for the central bank’s needs. In order to compete with private financial institutions, the BIS offers a top return on funds invested by central banks.

The statutes of the BIS are presided over by three bodies: the general meeting of member central banks, the board of directors and the management of the BIS. Decisions on the functions of the BIS are made at each level and are based on a weighted voting arrangement.

Conclusion
The BIS is a global center for financial and economic interests. As such, it has been a principal architect in the development of the global financial market. Given the dynamic nature of social, political and economic situations around the world, the BIS can be seen as a stabilizing force, encouraging financial stability and international prosperity in the face of global change.

An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management.

An investment theory that states it is impossible to beat the market because stock market efficiency causes existing share.

An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue.

An order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving.

1. In economics, the free rider problem refers to a situation where some individuals in a population either consume more.

In international trade, the export by a country or company of a product at a price that is lower in the foreign market than.


Categories: News Tags: Tags: , ,

Massachusetts Home Auto Condo Renters Insurance Agency #boston #insurance, #massachusetts #insurance, #massachusetts #home #insurance, #massachusetts

No Comments

#

Auto Insurance

State Fund Insurance can help you find affordable Massachusetts car insurance. Finding low cost auto insurance rates in Massachusetts has never been easier. Massachusetts car insurance doesn’t have to be hard to find! The agents at State Fund Insurance can look for you, finding you the best Massachusetts auto insurance coverage from the top carriers. Whether you’re looking to insurance the family van or your new sports car, we take care of all your Massachusetts car insurance needs. Stop paying too much for your coverage and get competitive and low rates from State Fund Insurance! Contact us today to learn more about Car Insurance. Get a FREE Massachusetts auto insurance quote .

Home Insurance

State Fund Insurance can help you get the best Massachusetts home insurance, hazard insurance, and jewelry insurance. Your Massachusetts home is one of the biggest financial investments you will make. Home insurance in Massachusetts can be easy to find with the agents at State Fund Insurance! We provide homeowners home, and hazard insurance to those all over Massachusetts, finding the best Massachusetts home insurance for your needs. Contact us today to learn more about Home Insurance. Get a FREE Massachusetts home insurance quote .

Commercial Insurance

State Fund Insurance can help your Massachusetts business get Massachusetts business insurance that is both affordable and comprehensive. At State Fund Insurance, we understand the commercial insurance needs of MA, we’re a Massachusetts business too. Our agents can shop the top carriers to find you business insurance in Massachusetts that suits your unique commercial needs and budget. We insure Massachusetts businesses all over MA. Contact our agents today to learn more about the Commercial Insurance. Get a FREE Massachusetts commercial insurance quote .

State Fund Insurance Boston MA Insurance – Free Insurance Quotes


Categories: News Tags: Tags: , , , , , ,

Prospectus Offerings #investment #fund #prospectus, #prospectus #offerings

No Comments

#

Industry

Related Information

  • OSC Staff Notice: 81-724 – Report on Staff’s Continuous Disclosure Review of the Fees and Expenses Disclosure by Investment Funds
  • OSC Staff Notice: 81-714 – Compliance with Form 41-101F2 – Information Required In An Investment Fund Prospectus

    Prospectus Offerings

    If an investment fund wants to distribute securities to the public, it must begin by filing a preliminary prospectus.

    The OSC reviews, provides comments and may ask for changes on the preliminary prospectus. The investment fund must then amend the prospectus to the satisfaction of the OSC. Once this is done, a final prospectus is submitted to the OSC.

    If a receipt is issued for a final prospectus, the prospectus can then be used to offer securities. In addition, the investment fund becomes a reporting issuer in Ontario and is subject to certain ongoing disclosure requirements. For more information on these requirements, see Ongoing Disclosure

    If an investment fund wants to sell securities in other provinces or territories in Canada, it must also comply with the laws of those jurisdictions. More details on the filing and review process for prospectuses filed in multiple jurisdictions can be found in National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions .

    Types of Prospectuses

    The type of prospectus that an investment fund must prepare depends on the type of investment fund that is offering securities and whether the investment fund is making an initial offering or a subsequent offering.

    A conventional mutual fund must prepare a simplified prospectus. All other investment funds (which we refer to as “non-conventional investment funds”) must prepare a long form prospectus.

    A non-conventional investment fund that has previously offered securities under a long form prospectus may be eligible to use a short form prospectus if it meets certain criteria.

    Simplified Prospectus for Conventional Mutual Funds

    Generally, a conventional mutual fund is an investment fund that offers securities that are redeemable on demand by investors for a proportionate interest of the mutual fund’s net assets. These securities are offered continuously and are not listed on a stock exchange. Conventional mutual funds include most mutual funds offered by banks and mutual fund companies.

    In order to sell securities to the public, National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) requires a conventional mutual fund to prepare and file:

    • a simplified prospectus,
    • an annual information form (AIF), and
    • a Fund Facts document for every class or series of a mutual fund.

    Information on the disclosure required in a simplified prospectus, AIF, and Fund Facts document is set out in Form 81-101F1 Contents of Simplified Prospectus. Form 81-101F2 Contents of Annual Information Form. and Form 81-101F3 Content of Fund Facts Document .

    A mutual fund manager that manages multiple mutual funds may consolidate the simplified prospectuses of its mutual funds into a multiple simplified prospectus. If the simplified prospectuses of a group of mutual funds are consolidated, the AIFs for those mutual funds must also be consolidated into a multiple AIF.

    NI 81-101 also sets out other requirements for mutual fund prospectuses, including requirements regarding the filing of prospectus amendments, the incorporation by reference of specified documents, audit and review requirements for financial statements incorporated by reference and document delivery to investors.

    The review period for a simplified prospectus is generally 10 working days. For more information on the review procedures for prospectuses, see National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions.

    A mutual fund can distribute its securities under its simplified prospectus for 12 months. After 12 months, the simplified prospectus lapses. A mutual fund that is distributing securities under a simplified prospectus may continue to distribute its securities after the lapse date if it meets certain conditions, including filing a pro forma simplified prospectus within a specified time limit. For additional information, see NI 81-101 and section 62 of the Securities Act (Ontario).

    For more information:

    • National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions
    • National Instrument 81-101 Mutual Fund Prospectus Disclosure
    • National Instrument 81-101 Companion Policy
    • Form 81-101F1 Contents of Simplified Prospectus
    • Form 81-101F2 Contents of Annual Information Form
    • Form 81-101F3 Contents of Fund Facts Document

    Long Form Prospectus for Non-Conventional Investment Funds

    A non-conventional investment fund must prepare a long form prospectus for its initial public offering. Such investment funds include closed end funds, commodity pools, labour sponsored investment funds, mutual funds that trade on an exchange and scholarship plans.

    A non-conventional investment fund must prepare a long form prospectus in accordance with National Instrument 41-101 General Prospectus Requirements (NI 41-101) to undertake an initial offering to the public.

    NI 41-101 sets out the requirements for a long form prospectus, including requirements regarding the filing of prospectus amendments, the appointment of a custodian and the audit and review of financial statements included in (or incorporated by reference into) a prospectus. For additional information, see NI 41-101.

    The review period for a long form prospectus is generally 10 working days. For more information on the review procedures for prospectuses, see National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdiction.

    An investment fund that is distributing securities continuously under a long form prospectus may do so for 12 months. After 12 months, the long form prospectus lapses. The investment fund may continue to distribute its securities after the lapse date if it meets certain conditions, including filing a pro forma prospectus within a specified time limit. For additional information, see NI 41-101 and section 62 of the Securities Act (Ontario).

    For more information:

    • National Instrument 41-101 General Prospectus Requirements
    • National Instrument 41-101 Companion Policy
    • Form 41-101F2 General Prospectus Requirements
    • Form 41-101F3 Information Required in a Scholarship Plan Prospectus
    • National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions
    • OSC Rule 41-801 Implementing National Instrument 41-101 General Prospectus Requirements and Consequential Amendments

    Short Form Prospectus

    If a non-conventional investment fund is already a reporting issuer in a Canadian jurisdiction, it may be eligible to use a short form prospectus. This type of prospectus allows existing reporting issuers to incorporate by reference certain information into the prospectus. For example, an eligible investment fund would be able to use its continuous disclosure as the basis for disclosure incorporated by reference into the short form prospectus.

    National Instrument 44-101 Short Form Prospectus Distributions sets out the eligibility criteria and disclosure requirements for using a short form prospectus. Note that a conventional mutual fund cannot use a short form prospectus.

    The review period for a short form prospectus is generally three working days. For more information on the review procedures for prospectuses, see National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions.

    For more information:

    • National Instrument 44-101 Short Form Prospectus Distributions
    • CSA Notice 44-303 Filing of Notice of Intention to be Qualified to File a Short Form Prospectus under NI 44-101 Short Form Prospectus Distributions
    • National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions


    Categories: News Tags: Tags: , , ,

    Nursing home lawsuit – what grounds are available? #old, #aged, #elderly, #senior #citizen, #retirement #fund,

    No Comments

    #

    On what legal grounds could I file a lawsuit against a nursing home?

    You can sue on a number of legal grounds, such as assault, personal injury, pain and suffering, mental anguish, neglect, failure to provide adequate care, breach of contract, fraud, financial irregularities, or failure to comply with state nursing home statutes.

    Lawsuits can result from a wide variety of situations that come under the general heading of elder abuse. This can include physical violence, abuse, or neglect; emotional violence, abuse, or neglect; or financial abuses. If the nursing home resident is struck, beaten, pushed, restrained unnecessarily, over or under-medicated; left unattended, for example, left in urine and feces; deprived of food or water is left out of reach; or otherwise physically mistreated or neglected, there will be grounds for a lawsuit.

    Emotional abuse can also give rise to lawsuits, though it may be more difficult to prove. For example, if the staff members are angry and yell at the resident or isolate, humiliate, or shame him or her, there may be grounds for a suit.

    Financial abuse, such as misappropriating funds, stealing from the resident, or overcharging can be actionable. The nursing home might be liable under either a theory of fraud or breach of contract if it promised to provide accommodations or services it knew it could not provide or did not provide.

    Nursing homes that mistreat residents can be liable not only for the amount of actual damages suffered by the resident, but for punitive damages as well. Juries don t like people who commit elder abuse and there have been awards in the millions against nursing homes. If you think you or a loved one might have a claim against a nursing home, see a qualified elder abuse attorney as soon as possible. You will have a limited time to file a lawsuit, so the sooner you seek advice the better.

    Free Legal Advice – Get Informed

    GOVERNMENT LAW Legal Battle over LGBT Rights Continues in Washington State with Florist Compelled by Court to Service Same-Sex Weddings

    GOVERNMENT LAW Virginia and Wisconsin Settle False Claims Accusations

    LITIGATION Seventh Circuit Upholds Criminal Conviction for Facebook Hoax