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Recent studies on agency problems in private equity fueled the suspicion that fund managers strategically manipulate performance estimates around fundraising times. While these studies use aggregated portfolio data, this paper offers the first analysis of "window dressing" in private equity based on deal-level performance. In contrast to previous findings of a smoking gun at the fund level, I do not find any evidence of inflated performance at the deal level. Fund performance peaks are driven by a cohort effect whereby late investments are made under pressure before fundraising and have lower returns than those made earlier in the fund's life. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to elucidate the performance discrepancies between shariah-compliant and non-shariah-compliant exchange-traded funds (ETFs), aiming to enrich the academic and practical understanding of Islamic finance's nuances in the ETF sector. Design/methodology/approach: Initiating with a broad literature review to cement a theoretical backdrop on Islamic investment principles and the mechanics of shariah-compliant ETFs, the research progresses to devise a comparative analytical framework. This framework focuses on assessing ETF performance through metrics like net asset value returns and volatility, specifically analyzing Blackrock ETFs to draw distinctions in portfolio outcomes and asset compositions. Findings: The examination highlights discernible variances in portfolio performance between shariah-compliant and their conventional counterparts, presenting instances where shariah-compliant ETFs, such as ISUS from Blackrock, deliver competitive returns despite their generally lower net assets compared to conventional ETFs like VUSA from Vanguard. Moreover, the ISUS ETF's holdings investigation revealed discrepancies with AAOIFI standards, questioning its strict Shariah compliance and adding depth to the analysis of Islamic financial instruments' integrity. Originality/value: This paper significantly advances the scholarly dialogue on Islamic financial practices within the ETF landscape, providing empirical evidence of performance differentials and compliance intricacies. While prior research has touched upon Islamic investing, this study pioneers a detailed comparative scrutiny, equipped with a novel methodological approach, to dissect the shariah-compliant ETFs' operational and ethical frameworks, offering invaluable insights for investors, financial analysts and Islamic finance scholars. [ABSTRACT FROM AUTHOR]

The NCREIF Property Index (NPI) data starts in 1978 and has been used as a benchmark index for over 45 years. In 2006 NCREIF created the NCREIF Open-End Diversified Core Equity Index (ODCE) and used historic fund level data to create performance data back to 1978. ODCE was the first "investable index" in direct real estate for institutional investors, family offices, and high net worth investors who can meet these direct funds' minimum investment levels (typically $5 million). Individual investors with less money can also access ODCE returns through Interval Funds or "Fund-of-Funds" that invest in and are designed to track or beat the ODCE Index. Since 2009 general partners of funds are required to update their net asset value (NAV) to "fair market value" on a quarterly basis as a result of Topic 820 of the Financial Accounting Standards Board. Both ODCE funds and interval funds have improved their liquidity with either monthly or quarterly redemption options, making them more competitive (from a liquidity aspect) with publicly traded securities. We analyze portfolio allocations over 45 years – the longest time frame ever studied and over 6 NEBR economic cycles and 4 ODCE real estate return cycles using Markowitz efficient frontier analysis. We inspect up-cycle and down-cycle periods separately and add to the literature by analyzing the ¼, ½, and ¾ points (low, medium, and high risk/return points) along the Markowitz efficient frontier. Our findings support many of the 45 studies published, but conflict with some depending upon their study methodology and time frame (9 to 25 years) studied. We conclude that real estate would have improved historic risk adjusted returns in many cycle periods. KEY FINDINGS: Direct real estate investment and public REIT inclusion in a mixed asset portfolio with stocks and bonds are analyzed over a 45-year period (the longest period ever studied) through 6-economic cycles and 4-real estate cycles. Optimal asset class allocations are analyzed at low – medium – and high risk/return points on the Markowitz efficient frontier curve. The results show that both direct real estate and REITs improved historic mixed asset portfolio returns. Direct real estate's high-income return (76% of total return historically in the NPI-ODCE Index) – potentially makes real estate a bond like substitute. Real estate was historically a very competitive asset class, with strong efficient frontier allocations overall (especially in higher return portfolios) and in most economic and real estate cycle periods. Investors should consider increasing future direct and public real estate (REIT) allocations in their portfolios. [ABSTRACT FROM AUTHOR]

Alzheimer's disease (AD) is a devastating neurodegenerative condition that affects memory and cognition, characterized by neuronal loss and currently lacking a cure. Mutations in PSEN1 (Presenilin 1) are among the most common causes of early-onset familial AD (fAD). While changes in neuronal excitability are believed to be early indicators of AD progression, the link between PSEN1 mutations and neuronal excitability remains to be fully elucidated. This study examined iPSC-derived neurons (iNs) from fAD patients with PSEN1 mutations S290C or A246E, alongside CRISPR-corrected isogenic cell lines, to investigate early changes in excitability. Electrophysiological profiling revealed reduced excitability in both PSEN1 mutant iNs compared to their isogenic controls. Neurons bearing S290C and A246E mutations exhibited divergent passive membrane properties compared to isogenic controls, suggesting distinct effects of PSEN1 mutations on neuronal excitability. Additionally, both PSEN1 backgrounds exhibited higher current density of voltage-gated potassium (Kv) channels relative to their isogenic iNs, while displaying comparable voltage-gated sodium (Nav) channel current density. This suggests that the Nav/Kv imbalance contributes to impaired neuronal firing in fAD iNs. Deciphering these early cellular and molecular changes in AD is crucial for understanding disease pathogenesis. [ABSTRACT FROM AUTHOR]

The pension system of Ukraine has three levels, the third level of which is represented by non-state pension funds (NPF) with different structures: corporate, professional and open. The article deals with the last ones listed because they are available to all citizens of Ukraine. After the pension reform of 2003, as a result of which the three-tier structure of the pension system arose, changes in it were mainly carried out in the first level – the solidarity system of mandatory state pension insurance, and there were many attempts to introduce the second level – mandatory accumulative pensions. Currently, only the first level is working and the third level of the system is being formed. The article analyzes the profitability assessment process of several large open non-state pension funds in Ukraine, constructs econometric models of changes in the value of units of pension assets of these funds, and conducts a comparative analysis of the dynamics of these units. It was shown that the approach of assessing the efficiency and profitability of pension funds by determining the net value of a unit of pension assets fully corresponds to the economic and financial principles of their creation and operation. The authors proposed regression equations that allow monitoring the change in the net value of pension assets for the four largest open pension funds over a certain period of time. This will allow more objective selection of NPF for investment. The effectiveness of these funds over time intervals of different durations was examined and it was established that even taking into account the crises, they allow obtaining a certain real yield. The analysis of the coefficients of nominal income, real income and profitability of the NPF made it possible to prove that the funds overcome the influence of inflation in most cases. This article is a continuation of previous work in which the profitability of the studied non-state pension funds with reinvestment of the amount of the tax credit, inflation and exchange rates was evaluated.

Background and Purpose: Inhibitors of voltage‐gated sodium channels (NaVs) are important anti‐epileptic drugs, but the contribution of specific channel isoforms is unknown since available inhibitors are non‐selective. We aimed to create novel, isoform selective inhibitors of Nav channels as a means of informing the development of improved antiseizure drugs. Experimental Approach: We created a series of compounds with diverse selectivity profiles enabling block of NaV1.6 alone or together with NaV1.2. These novel NaV inhibitors were evaluated for their ability to inhibit electrically evoked seizures in mice with a heterozygous gain‐of‐function mutation (N1768D/+) in Scn8a (encoding NaV1.6) and in wild‐type mice. Key Results: Pharmacologic inhibition of NaV1.6 in Scn8aN1768D/+ mice prevented seizures evoked by a 6‐Hz shock. Inhibitors were also effective in a direct current maximal electroshock seizure assay in wild‐type mice. NaV1.6 inhibition correlated with efficacy in both models, even without inhibition of other CNS NaV isoforms. Conclusions and Implications: Our data suggest NaV1.6 inhibition is a driver of efficacy for NaV inhibitor anti‐seizure medicines. Sparing the NaV1.1 channels of inhibitory interneurons did not compromise efficacy. Selective NaV1.6 inhibitors may provide targeted therapies for human Scn8a developmental and epileptic encephalopathies and improved treatments for idiopathic epilepsies. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this work is to apply multi‐echo spin‐ and gradient‐echo (SAGE) echo‐planar imaging (EPI) combined with a navigator‐based (NAV) prospective motion compensation method for a quantitative liver blood oxygen level dependent (BOLD) measurement with a breath‐hold (BH) task. Methods: A five‐echo SAGE sequence was developed to quantitatively measure T2 and T2* to depict function with sufficient signal‐to‐noise ratio, spatial resolution and sensitivity to BOLD changes induced by the BH task. To account for respiratory motion, a navigator was employed in the form of a single gradient‐echo projection readout, located at the diaphragm along the inferior–superior direction. Prior to each transverse imaging slice of the spin‐echo EPI‐based readouts, navigator acquisition and fat suppression were incorporated. Motion data was obtained from the navigator and transmitted back to the sequence, allowing real‐time adjustments to slice positioning. Six healthy volunteers and three patients with liver carcinoma were included in this study. Quantitative T2 and T2* were calculated at each time point of the BH task. Parameters of t value from first‐level analysis using a general linear model and hepatovascular reactivity (HVR) of Echo1, T2 and T2* were calculated. Results: The motion caused by respiratory activity was successfully compensated using the navigator signal. The average changes of T2 and T2* during breath‐hold were about 1% and 0.7%, respectively. With the help of NAV prospective motion compensation whole liver t values could be obtained without motion artifacts. The quantified liver T2 (34.7 ± 0.7 ms) and T2* (29 ± 1.2 ms) values agreed with values from literature. In healthy volunteers, the distribution of statistical t value and HVR was homogeneous throughout the whole liver. In patients with liver carcinoma, the distribution of t value and HVR was inhomogeneous due to metastases or therapy. Conclusions: This study demonstrates the feasibility of using a NAV prospective motion compensation technique in conjunction with five‐echo SAGE EPI for the quantitative measurement of liver BOLD with a BH task. [ABSTRACT FROM AUTHOR]

Some US-listed country exchange-traded funds (ETFs) suffer from chronic and meaningful mispricing in the form of premiums or discounts relative to their fundamental value despite the presence of the creation/redemption mechanism. This mispricing is mainly attributed to the staggered information flow due to nonoverlapping time zones between the market where the ETF is listed and its underlying home market. This study provides out-of-sample evidence on the price formation of Gulf Cooperation Council (GCC) country ETFs and gauges the impact of mispricing on their underlying home markets. The GCC context is particularly insightful because these markets have nonoverlapping time zones with the US and follow distinct trading schedules. Our sample comprises daily data from three countries' iShares that exclusively track the Qatari, Saudi, and Emirati stock markets from 17 September 2015 to 14 March 2023. The results show that GCC ETFs are driven mainly by their net asset values (NAVs), albeit imperfectly, while the S&P500 exerts a relatively mild influence on these ETFs compared to other country ETFs, as reported by prior studies. Moreover, we find that crude oil prices positively and significantly impact GCC ETFs' pricing. When we control for unsynchronized trading days between the US and the GCC home markets, we find a structural difference between overlapping and nonoverlapping trading days. This structural difference manifests in a sluggish adjustment to correct mispricing in the ETF market on the day the home market is closed; however, other variables, including the S&P500, show no discernible difference, which refutes the overreaction explanation. This recurrent pattern is reflected in a clear day-of-the-week pattern in the price discovery these ETFs offer to their underlying home markets. [ABSTRACT FROM AUTHOR]

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In this paper we explore the drivers and implications of divergence in investor opinion of firm value. We use dispersion in analyst estimates of Net Asset Value in REITs as a measure of divergence. We find that divergence in opinion of value is positively associated with portfolio geographic diversity, the presence of international buildings, and firm leverage. Portfolio concentration in tertiary versus gateway markets has no effect on dispersion of value estimates. We find that greater divergence in analyst opinion of value predicts lower stock returns and higher return volatility. Consistent with theoretical predictions from Miller (1977), we find that firms for which investors have the highest disagreement on valuation, pessimistic views of investors are not fully incorporated into prices, resulting in lower future returns. [ABSTRACT FROM AUTHOR]

We estimate unsmoothed private equity net asset values (NAVs) at weekly frequency for individual funds. Using simulations and large samples of buyout and venture funds, we show that our method yields superior estimates of NAVs relative to simple approaches based on extrapolation of reported NAVs. The market beta of an average buyout (venture) fund is around 1.0 (1.4), and the total risk is 33 |$\%$| (40 |$\%$|⁠) per year. The risk-return profile of the funds varies significantly over time and across funds. Risk-taking and reporting quality appear to persist by manager. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Each person has some financial goals for which he should have financial planning. Savings and investments are an important part of human life. Today's savings and investments will help to achieve future financial objectives. The different avenues for investments are corporate securities, Deposits in banks and non-banking companies, mutual fund schemes, Post office deposits, Government and semi-government securities etc. Some of them are marketable and liquid while others are not marketable. Some of them are highly risky while some others are almost riskless. Based on his preferences, needs and ability to take risks, the investor has to choose the right avenues from among them. UTI is the country's oldest and biggest mutual fund. Mutual funds have been set up by several commercial banks and financial institutions. Mutual funds have also been set up in the private sector. The Assets under Management (AUM) of the Indian MF Industry has grown from - 7.75 trillion as on 31st October, 2009 to -26.33 trillion as on 31st October, 2019, about 3½ fold increase in a span of 10 years. Many of the tax payers are looking for various options to save income tax u/s 80C. Equity Linked Saving Scheme (ELSS) or tax saving funds provide tax exemption u/s 80C along with higher returns compared to any other tax saving option. Investments in ELSS up to Rs 1.5 lakh bring in tax deduction under sec 80C. Thus the fund evaluation process helps the investors to know more about the ELSS and its performance. [ABSTRACT FROM AUTHOR]

The aim of the article is to build a model of value management, evaluation and analysis of the process of simulation of the value of enterprise, based on different approaches and methods, taking into account important factors and aspects that are directly related to the identification of the most significant advantages and disadvantages. Olson and Evans models were used to determine the value of the enterprise. Olson’s model has significant advantages: when calculating value, this model minimizes the disadvantages of the profit approach and defines the value of an enterprise as the current value of its net assets and discounted income flow. In the Evans model and the discounted money flow model, there are a number of advantages over other valuation methods. In accordance with the selected assessment methods, the set and amount of necessary information is determined. Information can be drawn from several sources, such as: the evaluated company, the stock market, various statistical information, marketing research, etc. Business valuation requires standardized data reflecting the real market and economic position of the company. The article uses the available statistical reporting of enterprise, which allowed to determine the value of enterprise and its limit of variation. The authors implemented the necessary calculation procedures provided for by the selected methods of business valuation: building the selected models for assessing the value of the business (Olson, Evans, discounted money flow model) and conducting experiments on changes in the coefficients used in the models. The calculation of the value of enterprise using the Olson model on the basis of the Evans model and discounted money flow is carried out. Several experiments have been conducted to determine the size of the enterprise value, depending on the coefficients used in the models. Analysis of the results obtained allows us to say that the enterprise with its further development will not cease to exist and will develop at a fairly rapid pace. [ABSTRACT FROM AUTHOR]

In the EU member countries that obey the rule of law principle, the legislative work of the parliament supports the market economy by producing public capital. In many cases, legislation is connected to public investment projects, and sometimes also to socially important private projects. Both include public benefits and costs, but also public risks. Moreover, as the public commitment to major private undertakings may preclude both immaterial and material contributions, there is a noteworthy threat that an accidental actualization of the remainder risk caused by some unforeseen incident would fall heavily on the taxpayers. This paper constructs a club theoretic model for the analysis of representative democracy. In the model, the public commitment to a private project is decided by the simple majority voting rule in the parliament. The analysis shows that strict assessment of the remainder risk may halt the whole undertaking implying that the promised social benefits are also lost. As a solution, we propose a constitutional Investment Fund, which would launch short-maturity public bonds to citizens and pension funds, earmarked to the material part of the public commitment to private projects. The system could partly privatize the public remainder risk so that only the immaterial part remains to common taxpayers thus increasing the probability of a majority vote for the project. At the same time, the government would get equity finance for its investments, and the citizens and pension funds would hold securities with tangible net asset value. The system should increase precision in public debt and risk management and bring democracy, public governance, and the market economy closer to each other. [ABSTRACT FROM AUTHOR]

Performance analysis of private equity funds is challenging because fund ownership does not trade in a liquid market with observable prices. Instead, performance analysis—especially during a fund's life—must rely on observed cash flows to and from the fund and quarterly net asset value (NAV) estimates. Further complicating the analysis are the increasingly common practices of funds using subscription lines of credit (fund-level debt) and recycling capital. Even the variation in the timing of capital deployment across funds has important implications for common performance measures used to evaluate funds, such as internal rate of return (IRR) and multiple on invested capital (MOIC). In this article, the authors analyze a set of simulated funds to better understand how fund performance analysis is affected by these common issues. Overall, the analysis suggests that intermediate IRRs—that is, values likely observed during fundraising periods for subsequent funds—are strongly affected by subscription lines and deployment pacing. Intermediate MOICs are only weakly affected by subscription lines but are strongly affected by capital deployment pacing. Both IRRs and MOICs are strongly affected by recycle deal accounting methodology. The authors conclude that investors need to be cognizant of these issues when measuring and utilizing fund performance measures during the life of a fund as well as when assessing ultimate performance at the end of fund life. [ABSTRACT FROM AUTHOR]

This article details the construction and logic of a novel approach that uses Macaulay duration to create a time-weighted measure of private equity (PE) performance. The objective of this duration-adjusted return on capital metric is to compare the overall return streams of varying private investment outcomes using a single annualized rate of return. Currently, no single, unambiguous standard captures the actual growth in wealth generated by a PE investment over time. Existing metrics neither enable performance comparisons to other asset classes nor properly measure and represent, through the standard logic of compounding, the underlying portfolio assets. Therefore, the objective of the authors is to construct a clear, unbiased metric for PE investments that (as for all asset classes) has the simple but robust characteristic of practical usability in a multi-asset, multi-period capital market framework. To this end, they use capital market constraints and algorithms applied in valuing fixed income securities to properly evaluate the impact of contributions, distributions, and interim net asset values in private investing. The Macaulay duration (the "weighted average time" of a financial transaction) applied to PE fund contributions, distributions, and the resulting net financial transaction is the pivotal tool in this exercise. As presented and tested, the outcome is a modular rate of return that explains the unique time-dependent features of PE investing. [ABSTRACT FROM AUTHOR]

The valuation of banks is inherently complicated because of the uncertainties arising from their information opaqueness and inherent risks. Unlike non-banking firms, banks require specialised equity-side valuation approaches. This study addresses a gap in the literature by examining valuation methods used by bank equity researchers. The study used a total of 201 reports on South African banks (2018–2023), 56 reports on Nigerian banks (2018–2023), and 27 reports on Kenyan banks (2018–2023) to investigate the bank equity valuation methods utilised by analysts in the employ of Investec Ltd. and Standard Bank Group Ltd. The study's findings show that Investec's South African analysts predominantly used the warranted equity method, based on book value (BV), and return on equity (ROE), for valuing shares throughout the South African, Nigerian, and Kenyan banks surveyed. Furthermore, Standard Bank Group's analysts employed this method, incorporating tangible net asset value (tNAV) and return on tangible equity (ROTE), for South African and Nigerian banks, but in Kenya their analysts used the residual income model to value the equities of the five Kenyan banks they covered. These findings suggest that the warranted equity method and the residual income model are the mostly used bank equity valuation methods in South Africa, Nigeria, and Kenya. The study concludes with relevant recommendations, offering significant insights for banks, regulators, and investors to make knowledgeable decisions concerning equity valuation. [ABSTRACT FROM AUTHOR]

The growing development in the financial industry and the current high inflation rate are a great worry for investment prospects, especially mutual funds. Conventional mutual funds in Indonesia have experienced significant growth in the capital market. In the last 10 years, the number of domestic mutual funds has continued to increase. One measure of investment performance in mutual funds is proxied by the Net Asset Value (NAV) of mutual funds. Therefore, the objective of this study is to evaluate the influence of macroeconomics variables on the NAV of conventional mutual funds in Indonesia. In this study, using commercial bank data in Indonesia, we estimate an empirical model of the effect of inflation and exchange rates on the NAV of conventional mutual funds in Indonesia during the period 2012-2022. We employ a time series model using the Ordinary Least Square (OLS). The main findings show that while inflation has no effect on the NAV of conventional mutual funds, the exchange rate has a significant effect on it because there are many instruments in conventional mutual funds that have invested abroad due to changes in exchange rates that appear with dominant results that do not affect the growth of the NAV of conventional mutual funds. [ABSTRACT FROM AUTHOR]

Technological developments support the digitalization of investment instruments. Hence, investment in mutual funds is one of the instruments that has experienced a positive trend and can survive economic instability. The success of mutual fund investment in surviving economic instability results from investment managers' performance in diversifying portfolios during that period. This study aims to determine the impact of global commodity prices on mutual fund net asset value. The analysis models used in this research are the Multiple Linier Regression Analysis estimation model and the classical assumption test. This research uses time series data from the period of 2013 to 2023. The results obtained in the study show that global commodity prices have an impact on the net asset value of mutual funds. In contrast, the Composite Stock Price Index (CSPI) and gold prices have a significant positive impact, world oil prices have a negative effect, and nickel prices and palm oil prices do not influence mutual funds' net asset value (NAV). [ABSTRACT FROM AUTHOR]

Money market funds have frequently been a target of regulation by the Securities and Exchange Commission (SEC). Perhaps the most expansive regulation came as a response to the 2008 financial crisis, in which the Reserve Primary Fund "broke the buck." The SEC's misguided 2014 reforms exacerbated the inherent risks of money market funds, including the risk of runs and first mover advantage, particularly with the implementation of Form N-CR. Form N-CR requires a money market fund to publicly report when various events occur, including when a retail or government money market fund's current net asset value per share deviates downward from its intended stable price per share by more than ¼ of 1 percent. This comment focuses on the success of reporting requirements on Form N-CR by examining the effect of the March 2020 market events on money market funds. Ultimately, this comment concludes that the reporting requirements on Form N-CR for downward deviations in net asset value did not successfully aid government and retail money market funds in handling the March 2020 market events and added little value to investors. This comment then suggests changes to Form N-CR that would make the public reporting more valuable to investors while continuing to mitigate risks of money market funds. [ABSTRACT FROM AUTHOR]

In November 2022, the U.S. Securities and Exchange Commission (the 'Commission') proposed rule amendments that would require, among other things, open-end mutual funds to implement a mandatory swing pricing regime under certain circumstances (the 'Proposals'). To ensure that funds receive order information with sufficient time to make a swing pricing determination, the Proposals would require funds to set a hard cut-off time for the receipt of purchase and redemption orders. Currently, the vast majority of investments in open-end mutual funds are made through intermediaries and retirement plans, such that investors who submit orders to intermediaries and retirement plans before the time the fund has established for calculating its net asset value (NAV) generally receive the same day's NAV, even if the fund receives the order information from the intermediary or retirement plan after NAV is calculated. This is how mutual fund pricing has operated in the US for over 50 years. The Proposals would upend current operations. Under the Proposals, an investor's order would have to be received by the fund - not a financial intermediary or a retirement plan - before the cut-off time set by the fund for calculating NAV in order to be eligible for the same day's NAV. If adopted as proposed, the Proposals would require extensive changes to mutual fund pricing systems and infrastructure in the US. In this paper, we acknowledge the arguments against the Proposals by an overwhelming majority of industry commenters and, without undercutting those arguments, we explore practical, regulatory and compliance considerations for funds seeking to better understand how the Proposals might affect their day-to-day operations. [ABSTRACT FROM AUTHOR]

In pandemic conditions, Indonesia's macroeconomic situation experienced very sharp changes. Inflation and BI 7 Day Repo Rate (BI7DRR) set record lows. Gross Domestic Product (GDP) has also experienced a decline, which last occurred during the economic crisis in 1998. This research was conducted to analyze the influence of inflation, BI7DRR and GDP on the Net Asset Value (NAV) of conventional and sharia mutual funds as well as the influence of mutual fund types on mutual fund NAV. Panel data regression was carried out on mutual fund NAV, inflation, BI7DRR and GDP data collected quarterly during the 2013-2022 period. Dummy variables are used in regression analysis to determine whether there is a significant difference between the NAV of islamic and conventional mutual funds. The estimation results using the random effect model show that inflation and BI7DRR are not proven to have a significant effect on the NAV of sharia and conventional mutual funds, while GDP is proven to have a positive and significant effect on the NAV of sharia and conventional mutual funds. It is also not proven that there is a significant difference in the NAV of sharia and conventional mutual funds, so it is stated that the type of mutual fund has no effect on the NAV of mutual funds. [ABSTRACT FROM AUTHOR]

Investing money through mutual fund benefits the small investors to access equities of big companies with a small amount of capital. It experiences the fluctuation of price along with the performance of stock, which is a major part in making the fund. Here, in this paper variant of Extreme Learning Machines (ELM) are applied to forecast the end-of-year net asset value (NAV) of mutual fund. Various types of ELM such as basic ELM, evolutionary ELM, online sequential ELM and error minimized ELM are explored and applied to historical data of four mutual funds such as SBI mutual fund, UTI mutual fund, Tata Mutual Fund and Kotak Mahindra Mutual Fund for the prediction of NAV. Along with the different ELM based prediction model, this paper has explored on different types of activation functions and the number of nodes in the hidden layer used in variants of ELM. Examining the simulation result of all the models, along with different activation functions and different number of nodes, it is observed that evolutionary ELM outperforms over the other variants of ELM used in this study. [ABSTRACT FROM AUTHOR]

This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluster analysis. In the context of an output-oriented DEA model, efficiency is defined as the ability of an ETF to maximize its outputs (annualized average return; environmental, social responsibility, and corporate governance; and net asset value) given a fixed level of inputs (expense ratio and beta). The findings indicate that alternative energy ETFs have the potential for long-term outperformance compared to conventional energy ETFs in terms of efficiency. However, during financial crises, the performance differences between the two types of ETFs diminish, with no significant outperformance observed in either category. The expense ratio and net asset value are identified as key factors influencing the efficiency of both ETF types. Additionally, social and governance metrics have a notably stronger positive impact on conventional energy ETFs relative to alternative energy ETFs, highlighting the increasing significance of these factors in financial asset performance. [ABSTRACT FROM AUTHOR]

Mutual funds, a cornerstone of modern investment portfolios, offer investors a diversified and professionally managed approach to financial growth. These investment vehicles collect small amount from multiple investors and invests the collective investment further in diversified portfolio of stocks, bonds, or other securities. Mutual funds are characterized by their net asset value (NAV), which represents the per-share value of the fund's assets minus its liabilities. Investors benefit from the expertise of seasoned fund managers who make investment decisions based on their analysis of market trends and company performance. By providing an accessible and diversified investment option, mutual funds have become a popular choice for both novice and seasoned investors seeking to achieve their financial goals. Apart from that, the role of AI is increasing exponentially in various areas. Such AI based tools and algorithms are utilized by various MFs expert to identify the suitable investment portfolios. This paper proposes a technique to analyse the performance of the different stock's portfolios based on the past data. Combining the isolated analysis of different stocks portfolios may be utilized to predict the net asset value prediction (NAV) of MFs. The experiments carried out in this research work uses linear regression analysis to analyse the stock's performance at sub level of the MFs. A case study for the Axis Bluechip fund's is also carried out by using the proposed ML approach. The Yahoo Finance dataset is used for the case study. Previously, machine learning algorithms like linear regression (LR), decision tree regression (DTR), and multivariate regression (MR) are taken to predict and analyse the dataset. These algorithms calculate the NAV of the mutual fund with good accuracy and analyse the best result for the test dataset. The various models are being created from different portfolios to analyse the NAV of the mutual funds. This work proposed hierarchical method to perform the linear regression analysis for the NAV predicting. This work uses R-Square (R2) statistical measures to determine the goodness of models. The obtained R2 is 0.86, implying that the created models have good accuracy and performance on the dataset. [ABSTRACT FROM AUTHOR]

We document extreme disruption in debt markets during the COVID-19 crisis: a severe price crash accompanied by significant dislocations at the safer end of the credit spectrum. Investment-grade corporate bonds traded at a discount to credit default swaps; exchange-traded funds traded at a discount to net asset value, more so for safer bonds. The Federal Reserve's announcement of corporate bond purchases caused these dislocations to disappear and prices to recover. These facts inform potential theories of the disruption. The best explanation is an acute liquidity need for specific bond investors, such as mutual funds, leading them to liquidate large positions. [ABSTRACT FROM AUTHOR]

Using contract-level supervisory data, we show that dollar forward sales by non-U.S. banks that are initiated at the end of a quarter and mature shortly after it concludes trade at higher prices and higher volumes. These effects are driven by banks with large net on-balance-sheet dollar assets that they can hedge around quarter ends by selling dollars forward (increasing off-balance-sheet short positions), which suggests regulatory arbitrage to reduce capital charges for open foreign exchange (FX) exposure. Our results indicate that demand effects related to banks' management of FX exposure are an important driver of deviations from covered interest rate parity. [ABSTRACT FROM AUTHOR]

The author demonstrates the assessment of the current state of the Ukrainian pension system and the analysis of the possibilities and prospects for launching the secondary (state) and development of the tertiary (non-state) levels of the accumulative component of the pension system of Ukraine under the conditions of the active phase of military aggression by Russia. The urgency of the work is due to the critical state of the pension system in Ukraine, which today not only cannot perform its functions regarding the pension provision of citizens in the medium and long term but is bankrupt. The research is also relevant given the repeated unsuccessful attempts to launch the state accumulative component of the pension system and reform the non-state pension provision system. This necessitates a scientific understanding of the possibilities of building an accumulative resilient element of the pension system in current conditions, which involves a clear understanding of the challenges and threats to the viability of such a system. Thanks to this, timely awareness and construction of such a model of the pension component of the accumulation system is possible, which will minimize political (low-quality state policy in this area) and material losses for the pension system participants. The purpose of the article is to analyze and evaluate the use of institutional tools to build a resilient accumulative component of the pension system of Ukraine. The novelty of the research lies in the identification of institutional mechanisms for building a resilient model for the launch of the second and transformation of the third accumulative levels of the pension system of Ukraine, which will allow for solving a complex of current and strategic issues: from reducing the burden on the Pension Fund of Ukraine in the current conditions to forming the prerequisites for obtaining a decent pension for citizens of our countries in the future. The research methodology in the article is based on the use of information from open sources, assumptions, expert opinions and assessments, the experience of building the accumulative component in different countries, etc. The choice of such a methodology is conditioned by the impact of Russia’s military aggression on all elements of life in our country, particularly the acquisition and formation of operational and reliable statistical information.

The value of net assets (NAV) per unit reflects the price of a mutual fund and also the yield of the mutual fund, therefore, the objective of this study is to examine the impact of external and internal factors on NAV per unit of sharia equity mutual funds. These factors are inflation, exchange rate, Jakarta composite indec (JCI), stock selection skill and market timing ability on the net asset value of sharia equity mutual funds in Indonesia. The research period from 2017-2022 with data per semester, to see the overall influence of these factors before Covid-19 and during Covid-19. Data processing uses Eviews 12. The method used is the Random Effect Model (REM) with the analysis model using Generalized Least Square (GLS). The results of this research state that over all the inflation has no effect. The exchange rate has a significantly negative effect. The JCI has no effect, Stock selection skill has a significant positive effect. Market timing ability had a significant positive effect. Differences in results in a period are due to changes in economic conditions in Indonesia. [ABSTRACT FROM AUTHOR]

Most of the new investors, who are dominated by millennial investors, do not understand the basics of the capital market, so they have to suffer losses. Therefore, a strategy for investing in mutual funds is needed. This study aims to compare the performance of return-chasing investments with the buy-and-hold strategy in providing the best return to stock mutual fund investors. Beers (2020) states that "buy-and-hold" is a strategy in which investors buy stocks (or other types of securities, such as exchange-traded funds) and hold them for a long time regardless of market fluctuations. The data used is the net asset value of mutual funds which is then processed to obtain rank one based on annual returns. Simulations will be carried out to see the investment results of the two strategies and then the Wilcoxon signed-rank statistical test will be carried out on the profit/loss percentage to see the significance of the difference. The results of statistical tests show that there is no significant difference in investment returns between the chase return and buy and hold strategies. This result indicates the chasing return strategy provides much better investment returns than the buy-and-hold strategy for five periods on mutual fund instruments. The implication of this research for investors in using a chasing return strategy is that investors must use technical analysis, namely analyzing and finding out which mutual funds have the best prospects in that year. [ABSTRACT FROM AUTHOR]

Mutual funds are financial instruments that pool the funds of many investors and make investments in various financial instruments, including stocks, bonds, and shares. They are subscribed in units, and the purchase or sale is based on NAV (Net Asset Value). This study looks at customer perceptions of mutual funds, their preferred schemes, plans, and the reasons for their choices. According to the findings of this project, most people are hesitant to make new-age investments and prefer to avoid risk by investing in less risky options such as recurring deposits. Furthermore, most working women do not favour medium-risk elements, and mutual fund growth has been phenomenal since 1964. Since their introduction in 1993, mutual funds have grown tremendously in India. Among the most popular investment types are bank saving plans, recurring deposits, bonds, and shares. The study aims to determine investors' perceptions of Mutual Funds. The study is based on literature, the geographic and demographic profiles of respondents, the history of mutual funds, the different types of funds, their advantages and disadvantages, and the study's findings. High returns, safety, tax exemption, flexibility, liquidity, risk diversification, market trend, choice of scheme, reliability, and affordability are the main factors influencing investment patterns. According to the respondents, the most popular investment vehicles are savings accounts, insurance, mutual funds, PPF and GPF and gold and silver. However, most respondents (97%) prefer to invest in SIP. [ABSTRACT FROM AUTHOR]

This study examines the current efficiency trends in the Tanzanian mutual fund industry over a five-year span (2018-2022), focusing on six specific funds: Umoja Fund, WekezaMaisha, Watoto Fund, Jikimu Fund, Liquid Fund, and Bond Fund. Employing a non-parametric approach, specifically Data Envelopment Analysis (DEA), the research collects secondary data from diverse sources, including newspapers, journals, books, periodicals, and the websites of UTT and the Bank of Tanzania (BOT). Monthly Net Asset Values (NAVs) of the selected mutual funds are scrutinized from each scheme's inception. Motivated by the limited understanding of mutual fund efficiency in Tanzania despite reported successes in increased asset values, profitability, and investor numbers, the study reveals distinctive performances under Constant Returns to Scale (CRS) and Variable Returns to Scale (VRS) assumptions. Under VRS, all mutual funds consistently achieve nearly 100% efficiency, signifying optimal operational scales. However, under CRS, efficiency scores fluctuate over time, underscoring the importance of mutual funds' adaptability for enhanced efficiency. Furthermore, the research suggests that mutual fund size significantly influences efficiency and potential scale economies. Smaller mutual funds demonstrate superior resource utilization efficiency, attributed to their focused investment approach. The analysis of inputs and output slacks provides insights into efficiency and resource utilization, identifying areas of optimal resource management and highlighting opportunities for improvement. The findings offer valuable insights into mutual fund efficiency under different scale assumptions, emphasizing the importance of scale flexibility and efficient resource management for superior performance. Implications suggest avenues for further research to explore external factors, efficiency fluctuations, portfolio management practices, and longitudinal trends within the mutual fund industry. [ABSTRACT FROM AUTHOR]

Despite the presence of arbitrage mechanisms, large premiums (or discounts) for Asia Pacific country ETFs in the US market could still exist in the short run due to the time gap between trading hours of the US and Asia Pacific markets. The price of a country ETF is not solely determined by net asset value but is also affected by information released during US trading hours. In this study, I examine six Asia Pacific country ETFs from 2006 to 2020, using linear regression as well as tree-based ensemble methods to predict the next-day return of the net asset value by analysing information from country ETFs and the S&P 500 Index. The results indicate that the trading hours of local markets significantly influence the predictive power of country ETFs and the S&P 500 Index. The findings suggest that the returns of these ETFs do not necessarily overreact to the US market but instead reflect short-term expectations of the performance of underlying indices. Furthermore, I extend the model to analyse overnight and daytime returns and identify the price correction that occurs during daytime trading hours. [ABSTRACT FROM AUTHOR]