Parida, Sitikantha Essays on delegated portfolio management.
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This thesis contains three essays on delegated portfolio management and deals with issues such as impact of regulations on mutual fund performance, impact of competition on transparency in financial markets and strategic trading behaviour of agents in illiquid markets. Chapter 1 analyses the impact of more frequent portfolio disclosure on mutual funds performance.
Since , SEC requires all U. This change in regulation provides a natural setting to study the impact of disclosure frequency on the performance of mutual funds.
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Prior to the policy change, it finds that the semi-annual funds with high abnormal returns in the past year outperform the corresponding quarterly funds by basis points a month. This difference in performance disappears after The reduction in performance is higher for semi-annual funds holding illiquid assets than those holding liquid assets.
These results support the hypothesis that performance of funds with more disclosure suffers more from activities such as front running. Chapter 2 analyses the impact of competition in financial markets on incentives to re- veal information. It finds that discretionary portfolio disclosure and advertising expenses of mutual funds decrease with competition.
This supports the theory that mutual funds use portfolio disclosure and advertising as marketing tools to attract new investments in a financial market, where superior relative performance and greater visibility are rewarded with convex payoffs.
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A well-crafted, coherent investment and impact thesis integrates all the pieces of a complex investment strategy into a single narrative that is thoughtful, thorough, and supported by data and other evidence. Impact investment funds have more complex stories to tell than traditional funds, which makes it especially challenging to develop a coherent fund narrative.
In crafting a clear fund thesis, fund managers might ask themselves: What existing need in the market does my investment thesis address? What is the evidence that the need exists, and what is the extent of the need?
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What is the theory of change? What underlying assumptions does the thesis imply? Do my proposed sector of investment, deal size, and deal type fit existing market needs?
Impact Investing – From Ideas to Practice, Pilots to Strategy - Reports - World Economic Forum
Do the expected returns and exit strategies seem realistic and appropriate given the market, investee potential, and investor expectations? Demonstrating how a fund fits into the competitive market landscape is an important part of a coherent story.
Fund managers might ask themselves: Would the fund be unique in the marketplace? How is it unique?
What would make the fund compelling to investors?