Search results for "jel:G23"
showing 7 items of 7 documents
THE STABILITY, RISK AND PERFORMANCE OF COOPERATIVE BANKS
2013
In a market economy, tradition, stability and performance of cooperative banks, namely science and art of leadership, management, organization and their administration become major facets in promoting and improving cooperative banks, at the microeconomic level, to which we provide a coherent set of concepts, principles, methods and management techniques, their knowledge contributing to the viability and practical implementation, modernization and development of cooperative banks to increase their profitability and competitiveness in heightened risk conditions on local, national and even global markets. In the context of major changes in Romanian society, the action of the forces inside the …
La persistance de la performance des fonds de pension individuels britanniques : une étude empirique sur des fonds investis en actions et des fonds o…
2003
Dans ce présent cahier de recherche, nous nous proposons d’étudier la stabilité des performances de certains fonds de retraite anglais à cotisations définies : les fonds de pension individuels (Personal Pension Scheme). Il s’agit de fonds – pratiquant une gestion active - investissant principalement dans les actions britanniques et de fonds détenant majoritairement des obligations anglaises durant la période novembre 1990 – novembre 2000. Les données sur les fonds de pension individuels proviennent de la base de données UK PENSION de Standard & Poor’s Fund Services et sont de fréquence mensuelle. Nous utilisons des tests paramétriques de l’existence de la persistance, plusieurs mesures de p…
Performance and international investments in microfinance institutions
2013
Preprint of the published version of an article from Strategic Change Using data from 319 microfinance institutions (MFIs) in 68 developing countries, we study the degree to which international debt investments are related to the financial and social performances of MFIs. We find that commercial investments are mainly related to financial performance and level of professionalisation of the MFIs. The targeting of women is not a priority, even though international commercial investors target MFIs that provide small loans. Subsidised investments, however, are mainly driven by the targeting of women, while financial performance and the level of professionalisation of the MFI is not a priority.
Demand for life annuities from married couples with a bequest motive
2006
The aim of this paper is to explain the ‘annuities puzzle’ in greater depth by introducing the bequest motive. It will try to determine whether this motive really is a relevant feature influencing the demand for life annuities from married couples. With this aim in mind, we develop an optimization model of the utility provided by purchasing a life annuity with contingent survivor benefit or a joint survivor life annuity. Our model is based on that first put forward by Brown and Poterba (2000), to which we have added elements from other models, such as Friedman and Warshawsky's (1990) and Vidal and Lejárraga's (2004), which include the bequest motive. This will enable us to calculate the ann…
MARKET CORRELATION, MARKET RETURNS AND PORTFOLIO IMPLICATION
2012
In this paper we examine the market correlation and market returns from Romanian perspective. Market returns are higher in emerging markets than developed market returns, but form portfolio perspective it`s also important to evaluate how much correlations are changing in emerging markets. Our results are important in allocation of financial instruments in institutional portfolio management.
La identidad cooperativa como garantía de futuro: las cooperativas de crédito ante la trivialización de sus principios
2002
Co-operative credit associations have been facing for some time the problem of compatibilising the essential principals which inspire the co-operative movement with the demands of ever more complex and competitive markets. In this context a tendency can be appreciated towards a relaxation of these principals as a means of facing the competitition offered by merchantile companies and adapting themselves to the greater need for stable resources in the form of capital. Under this perspective it is aimed to realise a vision of the problem in the Co-operative credit associations, appreciating two significative cases sucha s Crédit Agricole and the British Building Societies in order to, finally,…
Fonds de retraite et performance : la famille compte-t-elle ?
2008
(VF)Actuellement, la majorité des fonds mutuels ou des fonds de pension appartient à une famille. Une famille comprend les fonds gérés par la même société. Cet article s’intéresse à la performance des fonds de pension anglais à cotisations définies sur longue période. La performance est mesurée du point de vue de la famille de fonds. Ce changement de niveau d’analyse amène à s’interroger sur l’influence de la taille et donc de la complexité organisationnelle des sociétés de gestion de portefeuille sur leur performance. Autrement dit, les petites familles présentent-elles des performances supérieures à celles des grandes familles? (VA)Almost all mutual funds or pension funds belong to a fami…