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The Effect Of Portfolio Asset Size On The Performance Of Australian Superannuation Fund Managers, M. Mccrae
The Effect Of Portfolio Asset Size On The Performance Of Australian Superannuation Fund Managers, M. Mccrae
Faculty of Business - Accounting & Finance Working Papers
Overseas studies suggest a correlation between the performance of mutual fund managers and the size of funds under control, with small funds outperforming large funds. This study extends the analysis to Australian superannuation fund managers where industry structure, purpose, asset base and investment strategies are considerably different. It investigates the potential effect of portfolio asset size on quarterly excess and risk adjusted returns and systematic risk profiles from 1977 to 1993. Although overall performance has weakly improved since the 1970's, the results contradict overseas evidence. After allowing for survivorship bias and extreme outliers, variations in asset size are not related …
An Analysis Of International Inter-Bank Settlement Problems And Responses, G. Hartono, G. Gniewosz
An Analysis Of International Inter-Bank Settlement Problems And Responses, G. Hartono, G. Gniewosz
Faculty of Business - Accounting & Finance Working Papers
Timely and adequate settlement of international inter-bank payments has always been a major concern for the banking industry. However the 1974 failure of Herstatt Bank, and the disruption which hit the financial markets, ushered in an era of heightened concern about the potential vulnerability of the international settlement systems. The purpose of this paper is to analyse the encountered settlement problems and attempted solutions. Nowhere are these efforts more apparent then in the European attempt to create a single financial market. One of the more interesting developments in this evolution towards regional and global payment markets has been the push …