Search

The article discusses the main trends of the stock market of the Russian Federation over the past five years. The structure of securities traded on the market was also studied, and its largest participants are identified in the process. Based on these data, an analysis of the state of the Russian stock market is carried out, its main problems and the reasons that led to them are described in detail. In conclusion, options are offered to overcome the negative consequences on it. В статье рассмотрены основные тенденции фондового рынка Российской Федерации последних пяти лет. Также была изучена структура ценных бумаг, обращающихся на рынке, в процессе выделяются крупнейшие его участники. На основании этих данных проводится анализ состояния фондового рынка России, подробно описываются его основные проблемы и причины, повлекшие их за собой. В заключении предлагаются варианты преодоления негативных последствий на нём.

This thesis focuses on ETF funds as an alternative to collective investment. In the first part of the theses collective investment is defined, its pros and cons. The next chapters are dedicated to history of collective investment in the world and Czech Republic, legislation in Czech Republic and subjects of collective investment. In the next chapter of the first part the indicators of yield and risk are described. The last chapter of theoretical part is devoted to ETF funds characteristics, differentiation of the basic differences between ETF funds and other funds of collective investment and the main categories of ETF funds. For the practical part of the thesis, I chose 15 ETF funds and 10 actively managed funds. For these funds the indicators of yield, indicators of yield with risk considered and indicators of risk were calculated. The indicators of yield with risk considered are Sharpe ratio, Treynor ratio and Jensen method of alfa coefficient calculation, as indicators of risk the standard deviation and Value at risk were chosen. The data used were monthly and it was set up time period of five years. Lastly, I compared the calculated values, determined if it is more beneficial to invest in ETF funds or in actively managed funds and I recommended funds for minor investor. The data used were between 2017 and the end of 2021, so its development was affected by the Covid-19 epidemic that negatively affected prices of securities and by that also funds that trade with these securities.

На рынке негосударственных пенсионных фондов наблюдается консолидация отрасли. В инвестиционных портфелях НПФ активно увеличивается доля «консервативных» финансовых инструментов с минимальной степенью риска. Consolidation of the industry in the market of non-state pension funds. The share of “conservative” financial instruments with a minimum degree of risk is actively increasing in investment portfolios of non-state pension funds.

В современной России рынок коллективных инвестиций переживает не самые лучшие времена. Авторы статьи отмечают, что современные проблемы российского рынка коллективных инвестиций являются последствием двух факторов, оказавших катастрофическое влияние: последствия пандемии Covid-19 и ухудшение экономической ситуации в России как следствие экономических и политических санкций, введенных против экономики страны. In modern Russia, the collective investment market is going through hard times. The authors of the article note that the current problems of the Russian collective investment market are the result of two factors that have had a catastrophic impact: the consequences of the Covid-19 pandemic and the worsening economic situation in Russia as a result of economic and political sanctions imposed against the country's economy.

This article summarizes and systematizes key trends in the development of non-state pension funds (NPFs) in the exercise of the functions of trust management of pension savings of citizens for the period from 2005 to 2017. The participation of non-state pension funds in the compulsory pension insurance system has led to their emergence as the largest insurer, so starting from 2016, the NPF, as a large institutional investor, began to concentrate more than half of all pension savings funds transferred to management. A quantitative analysis of the institutional structure of the Russian system of trust management of the pension system means allows determining the main directions of its transformation; there is a clear tendency to a reduction: the total number of NPFs operating in the OPS system. The article defines the strategy of investing APFs in various classes of assets during the study period, it has been revealed that of the total amount of invested pension savings in corporate securities, 2/3 of them fall on NPF investments. Over the last analyzed period, there has been a sharp increase in the investment of pension savings of NPFs in government securities, which is largely due to the tightening of regulatory requirements for the risk level of portfolio investment. Important areas of research are evaluating the effectiveness of the functioning of APFs in the system of compulsory pension insurance from the position of comparing the accumulated return on the NPF portfolio with accumulated inflation for the period analyzed, and also according to the criterion of actually accumulated investment income with indexed income on inflation.

The bachelor thesis focuses on the area of collective investment and the types of mutual funds in the Czech Republic in which investors can invest their funds. The work is mainly focused on the comparison of three stock mutual funds and three bond mutual funds from various investment companies. The funds are compared according to the following criteria: return of funds, risk, fees, costs, investment horizon and portfolio size. Further attention is paid to the influence of history, especially the impact of the 2008 crisis. Based on the evaluation of the results, the most advantageous fund for a small investor is recommended. The main purpose of the thesis is to show investors all of the important criteria and analyze the available information of each mutual fund so that the funds bring the highest possible value of investments.

The book covers the central questions arising in national law and tax policy, explores the regulatory and tax framework of the European Union (EU), and discusses the multifaceted interactions of both national and EU law with bilateral tax treaties. Through fourteen chapters following the editor's introduction, leading academic experts and practising specialists provide insights into all the most relevant aspects of funds taxation.

This bachelor thesis concerns with Collective investment in CR. It describes the collective investment and the subjects of it. The thesis deals with history and law adjusting the collective investment in CR then compares the chosen mixed funds in term of six criteria, which are profitability, fund history, volatility, performance of the fund, net asset value, and minimum investment amount. Results are evaluated with Weighted Sum Approach (WSA) method, from which is clear that the best option for the small investor is the fund Vyvážený mix FF. I would consider investing into riskier types on funds, because the real net profitability of the chosen funds is quite small.

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию паевых инвестиционных фондов. Предметом исследования является деятельность паевых инвестиционных фондов в Российской Федерации и проблемы их развития. Основной целью магистерской диссертации является углубленный анализ функционирования паевого инвестиционного фонда как института коллективного инвестирования на финансовом рынке, а также исследование современных проблем развития данного финансового института и путей их решения. В заключении изложены основные выводы, полученные в работе, и проведено соотнесение достигнутых результатов с целями и задачами работы, поставленными во введении. The final qualifying work (master's thesis) is devoted to the study of mutual investment funds. The subject of the research is the activity of mutual investment funds in the Russian Federation and the problems of their development. The main goal of the master's thesis is an in-depth analysis of the functioning of a mutual investment fund as an institution for collective investment in the financial market, as well as a study of contemporary problems of development of this financial institution and ways to solve them. In the conclusion, the main conclusions obtained in the work are presented, and the results achieved are compared with the goals and objectives of the work set out in the introduction.

Currently, the investing method of the available funds in the form of collective investing is going to be more popular. This method that is based on the common interest of a greater number of individual investors as efficiently as possible to evaluate their available funds. The basic starting point for collective investment is to minimize the risk of investors, through the diversification of the portfolio. The benefits of collective investment is more efficient diversification of risk, professional management of savings, availability and expansion of investment opportunities for small investors. There are also large selection of funds, high liquidity, lower transaction costs, and insufficient information and tax advantages compared to bank deposits. And these are what is attracted for more and more investors to invest their funds right this way. In the case of investment funds, however, is to get the cash in form of subscription of shares, which investors buy, thereby increasing the risk that investors will run regardless of the amount of the income. Along with the theme of collective investment came also to the fore the portfolio theory and its application of this theory as well as in the field of collective investment. The principle of portfolio theory is diversification which is used to achieve the objective of investment enterprises and their funds, mutual funds and pension funds, and the creation and management of the portfolio that provides to the clients the highest effect. The present paper deals with the analysis and optimization of the investment portfolio. There is also mentioned the founder of the portfolio, M. H. Markowitz and his selective model. This paper is also dedicated to the measurement of risk and return of portfolio and their calculation – correlation and covariance.

Capital-protected funds of collective investments can be adequate investment opportunity for higher risk aversion investors with lower liquidity requirements. These funds always guarantee mostly 100% investment recovery and an appreciation sometimes. It is provided by their investment strategy. The paper is focused on „Click“ funds. These funds do not build on values of underlying assets just on maturity; they allow fixing realized appreciations during duration of the funds. It means higher probability of investment’s appreciation.

The aim of this paper is to evaluate whether the exchange rate hedging costs at collective investment companies affects the performance of these entities. The evaluation is based on a correlation in time series. Exchange rate risk is related to the position of CZK as the reference currency of the target group (households and institutions), to which investment companies sell their securities. The theoretical part of this paper is based on professional studies in the area of performance measurement and risk elimination in collective investment funds. Data were collected on the development of monthly costs to secure exchange risks and on the performance of mutual funds between April 2012 and April 2015. Correlation in time series was used to assess the relationship between the performance of mutual funds and the cost of exchange rate risk hedging. The statistical methods did not prove dependence between exchange rate hedging costs and the monthly performance of selected mutual funds. Correlation coefficients are low and insignificant, so specific information about the costs of the interest rate risk hedging is currently not necessary. This issue has not been researched adequately so far, thus the results may serve as a base for further scientific research.

The bachelor thesis deals with the issue of collective investment. Its aim is to evaluate the current situation in the Czech Republic and analyse the specific characteristics of the sector. The main theme of the thesis is profitability, cost and volatility of selected open-end mutual funds. The practical part deals with comparison of mutual funds as equity and bond funds. The attention is given to selected Czech funds which were chosen with the same level of risk on the market. From the best of the selected mutual funds there are also created portfolios for different risk groups of investors.

The main goal of the thesis Taxation of Investment Funds"is to describe the taxation of investment funds in the Czech Republic and to evaluate the changes proposed by CVCA and AKAT in the field of taxation of private equity funds. To achieve this goal an analysis of the current system of taxation of investment funds in the Czech Republic, proposed changes and deductions was used. The partial objectives are: describe possibilities for investing in funds, define the functioning of private equity in the Czech Republic, analyse the dependence of private equity investments on selected macroeconomic indicators, and describe the taxation of investment funds in Luxembourg and define how the PE fund taxation is disadvantageous to direct investment. In order to meet the partial objectives, the analysis of the private equity investment system, the correlation analysis of selected macroeconomic indicators and investments in private equity funds, and a description of the method of taxation of private equity funds in Luxembourg will be used. In general, when designing changes in the taxation of private equity funds, it would be advisable to draw inspiration from already established workable systems in other countries, such as Luxembourg.

Collective investment is practiced widely in the world, since considerable funds may be accumulated in this way, the risks being born by all the investors. In Russia, there are certain problems that do not make it possible to properly use the collective investment’s potential. The problems are described in detail and on basis of this analysis it is shown how current difficulties in the finance sphere could be overcome. Solution of performance problems faced by collective investment institutions in Russia depends both on the ways venture companies develop themselves and the rate market environment regulation mechanism is updated by the state.

This note is prepared as part of the FSAP. Its main objective is to describe the status and recent developments in corporate financial reporting framework in Montenegro and highlight key issues relevant to financial sector. The note represents a technical annex to the main FSAP Aide-Memoire and seeks to provide a high level overview of developments since the 2007 A&A ROSC2, as well as highlight the areas that are most relevant to the financial sector. The Annex 1 to this note offers details on status of implementation of 2007 A&A ROSC policy recommendations and was based on the team’s knowledge of corporate financial reporting reforms in Montenegro and limited research. Montenegro has undertaken notable efforts to improve the corporate financial reporting framework since the 2007 A&A ROSC, especially in improving the statutory framework and efforts to align it with the EU acquis communautaire. However, implementation and enforcement of financial reporting and auditing requirements has been hampered by major capacity and resource constraints. The major consequences are that, with exception of banks and insurance companies, there is limited quality financial information on corporate entities available in the market that is reliable for economic decision making or supervision of financial sector entities. The capacity and skills of the accounting and auditing profession in Montenegro needs further development while the institutions responsible for accounting and auditing regulation, in some cases, are at inception. acquis communautaire.

The bachelor thesis concerns Collective Investment in the Czech Republic. In the theoretical part the core of collective investment and its development within the Czech Republic is solved. Next, there is a legislation modifying collective investment. The thesis also describes subjects of collective investment and a typology of funds. The practical part deals with com-parison of mutual funds; equity and bond funds. The timeframe chosen for this thesis is from 2010 to 2015. Funds are compared according to criteria such as volatility, profitability, total cost of the fund, the length of the history of the fund and net asset value. The thesis uses the monthly net asset value of each fund to calculate the return on an investment and the monthly profitability is used for a calculation of volatility. The best fund, from all chosen equity funds, was a fund Conseq Invest Akciový, which was one of the best in every criterion. The second best rated fund was AXA CEE Akciový. Another fund valuable to be mentioned is Spo-rotrend who was the worst one. In this case, the idea that the fund's long history does not speak of its future performance is confirmed. In summary comparison of selected bond funds a fund KB Dluhopisový, offered by IKS KB, a. s., was the best one. A fund AXA CEE Dluhopisový was just behind this and the last one was a fund ČS korporátní dluhopisový which was offered by Erste Asset Management GmbH, branch Czech Republic. Even before the retail investor will invest, he should settle a few goals. One of them is to determine the purpose of the chosen funds. Then he must consider his risk tolerance. The investor should also properly diversify their resources as assets. It is advisable to invest into the three areas, namely to money-market fund, bond and stock markets.

Неотъемлемым условием экономического роста и повышения качества жизни в стране является развитие сферы коллективных инвестиций. Институты коллективного инвестирования аккумулируют средства отдельных инвесторов и распределяют их в многообразие активов и инструментов финансового рынка для получения дохода. В данной статье рассмотрены немаловажные вопросы контроля и регулирования сферы коллективного инвестирования в России как в целом, так и отдельных секторов в частности. An essential condition for economic growth and improved quality of life in the country is to develop the scope of collective investments. Collective investment institutions accumulate funds of individual investors and distribute them to the diversity of assets and money market instruments to generate income. This article describes the important question of control and regulation of collective investment sphere in Russia as a whole and of individual sectors in particular.

The Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A&A) program is part of a 12-module joint World Bank-IMF initiative to assist member countries to strengthen their financial systems by improving their capacity to comply with internationally recognized standards and codes. The program focuses on the institutional framework underpinning national accounting and auditing practices, and degree of conformity with international standards and good practices. The initial ROSC A&A for Rwanda was carried out in 2008 and provided a key input in designing necessary financial reporting reforms in the country. The 2015 update is a valuable tool for monitoring the effectiveness of the reform program. It assesses the degree to which the recommendations of the 2008 ROSC A&A review have been implemented, identifies issues that have emerged since the last review, and proposes a number of recommendations aimed at further strengthening the quality of corporate financial reporting and auditing which contributes to improving business climate, investors’ confidence and economic growth potential of Rwanda.

This Technical Note was prepared in the context of a joint World Bank-IMF Financial Sector Assessment Program mission in Bosnia and Herzegovina during October-November 2014. Bosnia’s capital markets are currently small, but they have the potential to play a more important role in the country’s future.

MBA, North-West University, Potchefstroom Campus, 2016 Presently the South African government through National Treasure is busy re-evaluating the pension fund industry. One of the most recent legislation changes were on 1 July 2011 when the revised version of Regulation 28 took effect. In the new version asset allocation limitations are applied to individual investors. Previously it was the responsibility of the pension fund provider (administrator) to comply with asset allocation limitations. The majority of investors and pension providers do not have the time or the knowledge to manage investments asset allocation according to limitations. Limitations that were imposed was on equity, property and foreign assets. This responsibility for providing compliant funds rest with the administrators and collective investment schemes. The aim of this study is to determine if Regulation 28 compliant funds selected by individuals do indeed outperform funds that do not comply. In analysing the effect of Regulation 28 multi asset balanced funds that are compliant, was selected versus non-compliant multi asset flexible funds. Relevant literature study on the pension industry and empirical research on funds was discussed and brought in to context with objective of study. The five largest funds in each category was selected through an extensive study in order to address key issues to determine if limited asset allocation has an effect on performance. Relevant investment analysis methods were used to determine risk, reward, performance and asset allocation. A comparison of the different funds provided a clear evidence with regard to outperformance. The results obtained from the analysis were used to recommend efficient funds for long-term savings in the South African pension fund industry. Flexible funds with their asset selection exhibits a greater performance than balanced funds. Masters

Management and administration of investment funds. The purpose of this thesis is to comprehensively present a legal regulation of management and administration of investment funds in the Czech Republic. The thesis is divided into five chapters. The first chapter deals with the material scope of Act on Investment Companies and Investment Funds. Purpose of this chapter is to determine, in relation to which activities apply the regulation of management and administration of investment funds pursuant to the Act on Investment Companies and Investment Funds. The second chapter is dedicated to the management of investment funds. The aim of this chapter is to define the management of investment funds, Management Company and the rules for the performance of its activities. The third chapter is dedicated to the administration of investment funds. The aim of the third chapter is to define the administration of investment funds, administrator and rules for the performance of its activities. The fourth chapter briefly discusses the depositary when the aim of this chapter is to define its position in relation to the management and administration of investment funds. The fifth and final chapter briefly deals with the Prime broker, when it also analysis the definition of its position in relation to the management...

El mundo de los negocios, tal y como lo conocemos, nos muestra la naturaleza del hombre en su estado más puro. La idea hobbesiana de “el hombre es lobo para el hombre” encuentra su máxima expresión en la selva empresarial. Las compañías están en una guerra constante, no solo con sus competidores directos, sino con toda empresa que desarrolle una actividad social e incluso con el Estado, y por ello, utilizan todos los medios necesarios para asegurar su estabilidad y crecimiento constante.