TAILIEUCHUNG - Expert Guide Investment Funds

In particular, note that there are two potential sources of timing-related fund returns that are correlated with public information. The first, predictable fund risk-loadings, may be due to changing stock-level risk loadings, to flows into the funds, or to manager timing of the benchmarks. The second exploits predictability in the benchmark returns themselves. Such predictability is captured through the time-series regression in Eq. (2). Because both of these timing components are assumed to be easily replicated by an investor, we do not consider them to be based on manager ‘‘skill.’’ That is, the expression ai0 þ a0 i1zt 1 captures benchmark timing and stock picking skills that exploit only. | Expert Guide Investment Funds January February 2012 CORPORATE ể írể- EXPj expan W 2 XPANS1O. 8379 8022 40330303030 397873568 Í0948 79 94886968509586 93859030362. 3c I10011L 844098 J 2O94P494 Ể 9203Qv5. UOO-. _. 9U222g a 1002000zo300buuu i jl0J010938384839Ố8dWỆ 30ÍŨfrL928 4809348ầ V 10589 3595850595855059859800011101010101020203 J 3L. 8497489474847420212-1-1-0395089-100404940020220220203 O2o65n 9tr9895 _ 85098404985098041001 022f 4S35O45984OO2O2O2O2p9801Od .93939393 38379388373s4873 1110b9191 J684040402020202011010023 8451 J303938509686098022928 10220202u 86180011-l-l-l-03895895 QQ5ffi 929910110100101010938tert C. 20490590058998595850 85 Ịjfụyr. . 39729 5 3r69028i. 509348509850986958096897 H80ĩf 403044040010011 093 5 0202011010013030r 30059696. 9220200340494 55858595l J5 0958670433985098559 r 330303030202020220 911839878575349 .1985509 7 51 9855 .-nu 8709o9 i - n98í 11001010 I 303005005961 49558585959595U 5098559300000000000 2022984948505948 óỏỏốôốốốốỏôGh CD ỏ ó Ó FMA ALFI AVCAL PwC Clifford Chance White Case and more. Corporate LiveWire Chief Executive Officer Osmaan Mahmood Publisher and Editor in Chief Jake Powers Managing Director - De Luxe Andrew Walsh Art Director Adeel Lone Staff Writers Mark Johnson Ehan Kateb Nasareo Lazzaro Contributing organizations The Fund Management Association FMA I The Association of the Luxembourg Fund Industry ALFI I Dillon Eustace I CACEIS Investor Services I PwC I SGH Martineau I Hassans International Law Firm I Guernsey Finance I Whitmill Trust Company Limited I Skadden I Clifford Chance I Nixon Peabody I White Case I The Australian Private Equity Venture Capital Association Limited AV-CAL I Kanga CoI Dezan Shira Associate I Marketing Manager Sylvia Estrada Production Manager Sunil Kumar Account Managers Ibrahim Zulfqar Norman Lee Sarah Kent Mark Parker Accounts Assistant Jenny Hunter Editorial Enquiries Editor@ Advertising

• Quỹ đầu tư
• Lipotubuloids
• Structure and Function
• Dehesa Agroecosystem
• Finishing Iberian
• Conceptual Model
• Carbon Dynamics