TAILIEUCHUNG - Voucher Privatization with Investment Funds: An Institutional Analysis

Looking more closely at the revenue inputs, two clear con- cepts emerge regarding the hedge fund business model. First, because hedge funds can be opportunistic with how they invest, both the manager and investor stand to benefit tremendously when the manager performs well. Second, there is only one consistently reliable revenue input for funds: the management fee. Not surprisingly, the manag- ers we work with who are most sustainability-minded think of their revenues in terms of their management fee alone. In fact, we recommend that a conservative place to start with the hedge fund business model is to base revenue expectations on. | Voucher Privatization with Investment Funds An Institutional Analysis David Ellerman World Bank Table of Contents Introduction Why Voucher Investment Funds Mutual Funds or Holding Companies The Funds Lack of Incentive for Restructuring The Funds Lack of Leverage for Restructuring The Funds Lack of Expertise for Restructuring The Funds Lack of Capital for Restructuring Voucher Funds and the Stock Market Can Investment Funds Facilitate Foreign Strategic Investment Who Governs the Governors Consequences of the Investment Fund Strategy A New Power Stratum The Biased Motivation of Young People Regulatory Capture in the Financial Sector The Bias in the Choice of Firm Structure Rent-Seeking or Value Creation The Investment Funds Sector as a Rentier Stratum Concluding Remarks The findings interpretations and conclusions expressed in this paper are entirely those of the author and should not be attributed in any manner to the World Bank to its affiliated organizations or to the members of its Board of Directors or the countries they represent. References 2 Introduction There has been a rough consensus view of privatization among post-socialist reformers and their western advisors. The stylized story goes something like this. Privatize quickly and irreversibly to prevent a comeback of the nomenklatura. The quickest and most politically popular technique is mass voucher However without intermediaries this would spread the ownership too wide and would thus create the problem of corporate governance. Therefore voucher privatization needs to be augmented by voucher investment funds to provide the necessary corporate governance for the restructuring of the privatized enterprises. The purpose of this paper is to consider the likely institutional behavior of the voucher funds and the potential effects of their development on a transitional economy. Since much policy advice has been in favor of voucher privatization with investment funds this paper could be seen as .

• Quỹ đầu tư
• Sherry Wines
• Grape and Wine
• Atlantic Viticulture
• NW Iberian Peninsula
• Rojal Red Wines
• Mancha Region