The Attractiveness of Harmonized Investment Funds Evidence on Romanian Investment Fund Market
This paper explores the latest trends in Romanian investment fund industry by examining the investors’ prudentially behavior before and after the crisis. We focus our study on a data set from the Romanian National Securities Commission (abr. CNVMR), with evidence on quarterly data on net sales value, number of units of funds and number of investors. This study provides two contributions. First, it presents the newest UCITS regulations to maintain investors’ trust in these investment vehicles. On the other hand, it provides a comparative analysis on open-end and close-end funds evidence. As a result, the paper concludes that open funds are more attractive for the domestic capital as compared to closed funds, but their evolution according to the preference for certain types is rather similar, in the sense that money market or diversified funds are preferred, as they offer a higher degree of certainty during crisis periods.
Testing the Granger Causality between the Dynamics of the Romanian Mutual Fund Market and the Economy
The paper tests and evaluates the causality between the dynamics of the Romanian mutual fund market and the economy. Using the Granger causality test, a regression analysis has been developed on quarterly data during 1998Q2 – 2012Q2 for the Romanian economy. Based on this relationship, we can emphasize that the controversial debate upon the economic growth and the mutual fund market has became a complex research subject. Therefore, due to its complexity, the timeliness and the continuous growth of the investment funds area, this paper complements the existing literature by identifying the causal linkage between the mutual fund market and the economy. According to the results of the study, there is no reciprocal causality relationship between economic growth and the mutual fund investments development in Romania.
Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance
The book’s first three sections discuss the origin of common mistakes and their roots in basic biases; the next five sections discuss behavioural phenomena. In this review, I follow the same progression; a review of mistakes and biases, followed by a discussion of a number of the behavioural phenomena which I think are potentially of great interest to Brandes constituents. These include: group decision making, fallacies of modern finance, the nature and predictability of bubbles, and an important area of behaviour – happiness – or what motivates people (correctly or otherwise).