Collective Investments For Pension Savings: Lessons From Singapore's Central Provident Fund Scheme,
2010
Singapore Management University
Collective Investments For Pension Savings: Lessons From Singapore's Central Provident Fund Scheme, Benedict S. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Research Collection Lee Kong Chian School Of Business
Singapore's mandatory national defined contribution pension system permits participants to invest their retirement savings in a wide range of investment instruments if they wish, rather than leaving their savings in Central Provident Fund (CPF) accounts to earn interest rates by default. This article asks whether workers seeking to earn higher returns can expect to do better than the CPF-managed default, by moving their money into professionally managed unit trusts. We use historical data to investigate whether fund managers possess superior stock picking and market timing skills, as well as whether they exhibit persistence in performance and offer diversification benefits to …
Geographic Trajectories Of Al-Qaida And Taliban Terrorist Groups In Pakistan,
2010
University of Central Lancashire,
UK
Geographic Trajectories Of Al-Qaida And Taliban Terrorist Groups In Pakistan, Syed Manzar Abbas Zaidi
Journal of Strategic Security
Though Western analysts tend to mention al-Qaida and Taliban in Pakistan in the same context, the dynamics of their relationship are far more complex than a cursory examination would reveal. The context of this relationship is best understood within the overarching paradigm of militant activities of post 9/11 Taliban and al-Qaida remnants in Pakistan's tribal areas, where these groups flourish. The military struggle in Afghanistan has significantly influenced the formation of a loosely structured alQaida/Taliban "nexus" that was forged in Pakistan's Federally Administered Tribal Areas (FATA), particularly Waziristan. In order to survive the ongoing North Atlantic Treaty Organization (NATO) military …
Global Risk Of Nuclear Terrorism,
2010
Akribis Group and the Center for Terrorism
and Intelligence Studies
Global Risk Of Nuclear Terrorism, Emily Diez, Terrance Clark, Caroline Zaw-Mon
Journal of Strategic Security
The emergence of nuclear terrorism, a threat that President Obama called "the gravest danger we face," has signaled a paradigm shift in international security. Since the collapse of the Soviet Union, sensitive nuclear technologies and materials have become increasingly available. Globalization and the inadequate enforcement of treaties and export controls have allowed the proliferation of nuclear weapons materials. Today, international terrorist organizations seek to employ weapons of mass destruction (WMD) as a means to influence national policies around the world. AlQaida spokesman Suleiman Abu Gheith declared that in order to balance the injustices that have been inflicted on the Muslim …
Intelligence And Its Role In Protecting Against Terrorism,
2010
HALO Corporation and U.S. Army
Intelligence And Its Role In Protecting Against Terrorism, Richard J. Hughbank, Don Githens
Journal of Strategic Security
The art and science of gathering critical operational intelligence has been defined in many ways and is beyond our needs for this writing. Throughout the course of history, many wars have been fought depending heavily on various forms of intelligence. During our most recent actions in the War on Terror, intelligence analysis has played a critical role in both offensive and defensive operations in Iraq and Afghanistan. With such varying fact-finding techniques available and utilized in the defense of our country, it has become an arduous task to collect, decipher, package, prioritize, disseminate, and act upon everything that comes down …
Toward A New Trilateral Strategic Security Relationship: United States, Canada, And Mexico,
2010
Virginia Military Institute
Toward A New Trilateral Strategic Security Relationship: United States, Canada, And Mexico, Richard J. Kilroy, Jr., Abelardo Rodríguez Sumano, Todd S. Hataley
Journal of Strategic Security
The term "perimeter defense" has come back into vogue recently, with regard to security strategies for North America. The United States' concern primarily with the terrorist threat to its homeland subsequent to September 11, 2001 (9/11) is generating this discussion with its immediate neighbors of Mexico and Canada (and to some extent some Caribbean nations—the "third border"). The concept is simply that by pushing defenses out to the "perimeter" nations, then security will be enhanced, since the United States visions itself as more vulnerable to international terrorism than its neighbors. However, Canada and Mexico have not been very happy about …
Variance, Violence, And Democracy: A Basic Microeconomic Model Of Terrorism,
2010
Green Mountain College and United States Marine Corps
Variance, Violence, And Democracy: A Basic Microeconomic Model Of Terrorism, John A. Sautter
Journal of Strategic Security
Much of the debate surrounding contemporary studies of terrorism focuses upon transnational terrorism. However, historical and contemporary evidence suggests that domestic terrorism is a more prevalent and pressing concern. A formal microeconomic model of terrorism is utilized here to understand acts of political violence in a domestic context within the domain of democratic governance.This article builds a very basic microeconomic model of terrorist decision making to hypothesize how a democratic government might influence the sorts of strategies that terrorists use. Mathematical models have been used to explain terrorist behavior in the past. However, the bulk of inquires in this area …
Cover & Front Matter,
2010
University of South Florida
Strategic Asymmetric Deception And Its Role In The Current Threat Environment,
2010
U.S. Army
Strategic Asymmetric Deception And Its Role In The Current Threat Environment, Seth A. Gulsby
Journal of Strategic Security
President Bill Clinton's Secretary of Defense, William Cohen, once stated that the post-Cold War world of the 1990s was a "paradox [where] American military superiority actually increase[d] the threat of... attack against [the U.S.] by creating incentives for adversaries to challenge us asymmetrically." He was alluding to the fact that the Cold War's closure was supposed to bring about a situation that encouraged peace, nation-building, and unilateral comfort for the United States. The reality that America has come to know is quite different, and some might even argue that, given the option, many people would return to a security situation …
Book Reviews,
2010
Henley-Putnam University
Book Reviews, Timothy Hsia, Sheldon Greaves, Donald J. Goldstein
Journal of Strategic Security
No abstract provided.
An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers,
2010
Singapore Management University
An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
Research Collection Lee Kong Chian School Of Business
We construct an agent-based model to study the interplay between extreme price shocks and illiquidity in the presence of systematic traders known as trend followers. The agent-based approach is particularly attractive in modeling commodity markets because the approach allows for the explicit modeling of production, capacities, and storage constraints. Our study begins by using the price stream from a market simulation involving human participants and studies the behavior of various trend-following strategies, assuming initially that their participation will not impact the market. We notice an incremental deterioration in strategy performance as and when strategies deviate further and further from the …
Pension Plan Funding Effect On Shareholder Equity,
2010
Lubin School of Business, Pace University
Pension Plan Funding Effect On Shareholder Equity, Larisa Parchomovsky
Honors College Theses
A pension plan often tends to be one of the company’s biggest liabilities. Before 2008, pension plans were not directly included in the financial statements, but could only be found in the footnote disclosures. Such accounting convention essentially made pensions a type of off-balance sheet financing resulting in a misrepresentation of valuation ratios and earnings due to the exclusion of such a significant liability. The objective of this research is to determine whether the funded status of a pension plan will significantly affect a company’s shareholder equity. As part of this research, I analyzed 4 years (2001-2004) of financial statements …
Investing Into The Abyss: The Continued Misclassification Of Multi-Sector Managed Funds,
2010
Monash University
Investing Into The Abyss: The Continued Misclassification Of Multi-Sector Managed Funds, N. Allen, Kok Fai Phoon, J. Watson, J. Wickramanayake
Research Collection Lee Kong Chian School Of Business
The rapid expansion in assets managed by the Australian managed fund industry has resulted in it becoming a major sector of the financial system, second only to that of the banking industry. With more than A$550 billion invested in the industry investors should be concerned about the lack of reliable information available in regard to equity style management. In particular investors should be concerned about the probable mis-match between stated objectives and the actual objectives pursued by fund managers. In this study, we apply return-based style analysis (Sharpe 1988, 1992) to investigate the style and asset allocation strategies of 50 …
Job Security And Personal Investment Portfolio,
2010
University of Michigan - Dearborn
Job Security And Personal Investment Portfolio, Yan Alice Xie, Howard Qi
College of Business Publications
This paper incorporates human capital into the well-established portfolio theory by allowing for job security in personal portfolio choice. Our model predicts that young people hold more cash to hedge against risk associated with human capital (layoff risk). As people age, layoff risk decreases, and consequently, they invest in more risky assets – stocks in their portfolios. However, as people approach retirement, their human capital diminishes, and they become more risk averse. Hence, they hold more cash again. Our model provides a plausible explanation for the observed investment behavior of people who reveal humped shape stock holdings over the life …
Trusts Versus Corporations: An Empirical Analysis Of Competing Organizational Forms,
2010
Syracuse University
Trusts Versus Corporations: An Empirical Analysis Of Competing Organizational Forms, A. Joseph Warburton
College of Law - Faculty Scholarship
This paper studies the effects of organizational form on managerial behavior and firm performance, from an empirical perspective. Managers of trusts are subject to stricter fiduciary responsibilities than managers of corporations. This paper examines the ramifications empirically, by exploiting data generated by a change in British regulations in the 1990s that allowed mutual funds to organize as either a trust or a corporation. I find evidence that trust law is effective in curtailing opportunistic behavior, as trust managers charge significantly lower fees than their observationally equivalent corporate counterparts. Trust managers also incur lower risk. However, evidence suggests that trust managers …
Diversification Premium On Indian Adrs During The Financial Crisis,
2010
Claremont McKenna College
Diversification Premium On Indian Adrs During The Financial Crisis, Rajat Gupta
CMC Senior Theses
Non-arbitrage asset pricing has been an avenue of unending interest to financial academics and practitioners alike. With increased capital outflow being permitted by developing economies, investors now have easy access to securities issued by foreign firms. The issue investigated in this research is concerned with the persistent presence of arbitrage opportunities between depository receipts and domestic stocks of Indian firms during the recent financial crisis. Instead of being priced in parity with one another during the crisis, ADRs of Indian firms were overpriced by as much as 70% for months on end. This thesis investigates the reasons giving rise to …
News Which Moves The Market: Assessing The Impact Of Published Financial News On The Stock Market,
2010
Singapore Management University
News Which Moves The Market: Assessing The Impact Of Published Financial News On The Stock Market, Yu Chiang Soon
Dissertations and Theses Collection (Open Access)
Recent years have seen a large increase in the volume of financial news available to investors daily. What has traditionally been restricted to print media has now evolved to include the internet and satellite television as important media sources for financial news. With this overwhelming flow of information available to investors, the impact of financial news on market prices is at best uncertain. In this paper, a computational text-scoring methodology will be employed to uncover behavioral responses by investors to negative news. The empirical methodology employed in this paper will consist of three parts. Firstly, through the General Inquirer (GI) …
Idiosyncratic Risk And Risk Taking Behavior Of Mutual Fund Managers,
2010
Singapore Management University
Idiosyncratic Risk And Risk Taking Behavior Of Mutual Fund Managers, Gao Wang
Dissertations and Theses Collection (Open Access)
I propose that various measures of mutual funds’ performance are more consistent with their investment capability when mutual funds present low idiosyncratic risks. This paper finds conditional predictor for funds’ returns: alpha predicts returns positively for low idiosyncratic risk funds. It suggests that mutual funds which showed high alpha and low idiosyncratic risk in the past may be capable in investment. Their performance is consistently higher than funds with low idiosyncratic risk and low alpha. On the other hand, the performance of high idiosyncratic risk funds is more likely to reverse in the future: expected returns are low for high …
Time Varying Risk Aversion: An Application To Energy Hedging,
2010
Technological University Dublin
Time Varying Risk Aversion: An Application To Energy Hedging, Jim Hanly, John Cotter
Articles
Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of …
Pelaksanaan Instrumen Pelaburan Islam Di Islamic Bank Of Thailand (Isbt).,
2010
Universiti Malaya
Pelaksanaan Instrumen Pelaburan Islam Di Islamic Bank Of Thailand (Isbt)., Fatimah Abdulmajid @ Ahmae
Student Works (2010-2019)
This research was carried out at Islamic Bank Of Thailand (ISBT), Wattana district, Bangkok, Thailand. The objectives of this study are try to observe and evaluate the performance and implementation of its Islamic investment instruments then analysis the performance and implementation, its effective and problem in its implementation. First chapter will describe the meaning of investment in both conventional and Islamic economic system. Chapter two will focus on Islamic Bank Of Thailand (ISBT) where will consist of history towards establishing of Islamic financial institution in Thailand, Muslim societies economic situation in Thailand until the existence of Islamic Bank Of Thailand …
How Predictable Is The Chinese Stock Market?,
2010
Singapore Management University
How Predictable Is The Chinese Stock Market?, Fuwei Jiang
Dissertations and Theses Collection (Open Access)
We analyze return predictability for the Chinese stock market, including the aggregate market portfolio and the components of the aggregate market, such as portfolios sorted on industry, size, book-to-market and ownership concentration. Considering a variety of economic variables as predictors, both in-sample and out-of-sample tests highlight significant predictability in the aggregate market portfolio of the Chinese stock market and substantial differences in return predictability across components. Among industry portfolios, Finance and insurance, Real estate, and Service exhibit the most predictability, while portfolios of small-cap and low ownership concentration firms also display considerable predictability. Two key findings provide economic explanations for …
