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.
The Methodology Of Testing The Causality Between The Romanian Mutual Funds Market And The Economy’S Dynamics
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 2004Q3 – 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. The paper is organized as it follows. First part presents the main premises that have emphasized our research. Second part presents a brief literature review and extracts the studies that appreciate best the relationship between the analyzed variables. Next section is set on defining the potential correlation between the analyzed variables. Then, section 4 tests the causality by using the R facility. The last part concludes.
The Burden of Empire: Perspectives on Imperialism and Colonialism
This book is a case history of European imperialism and colonialism in Asia. A number of issues and problems are raised about which the author offers exciting, informed debate. Showing the positive and negative aspects of colonialism, the chapters are written by both the colonizers and the colonized.