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This paper explores the landscape, contributions, and determinants of sovereign wealth funds' long-term investments in Sub-Saharan Africa. The study finds that of all regions, Africa receives the lowest share of investment from sovereign wealth funds, and the landscape is dominated by Asian funds. The investment strategies of sovereign wealth funds established by African countries tend to be to invest less domestically and more abroad, contrary to Asian funds. In addition, using an enriched simple mean-variance portfolio model with an exponential utility function, the analysis shows that the investment rate of return and political connections have a positive and significant effect on sovereign wealth fund investments, and risk exerts a negative but not significant effect. The paper confirms these results empirically, using a database that includes 26 sovereign wealth fund investments over 1985-2013. Hence, sovereign wealth funds investing in Africa care more about high returns and the political interests of their country of origin than the risk of their investment.

Long-Term Investments --- Portfolio Choice --- Sovereign Wealth Funds

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This master thesis aims to study the existence of a link between the sophistication of roboadvisors and the returns they generate. Our analysis covers the period from may 2015 to April
2021. The data set we exploit comes from a major German comparison website for online
brokers and digital asset managers, brokervergleich.de.
Since returns are not published in the same way and some robo-advisors were created at
dates later than our first data, we divided our sample into 5 sub-samples. In addition to monthly
returns, through several risk adjusted performance measures such as the Sharpe ratio, Omega
ratio, Calmar ratio, or Jensen’s alpha we measured the performance of robo-advisors. The
variables we have chosen to reflect complexity of robo-advisors are: the number of offers, the
human involvement in the portfolio management process, the management style, the frequency
of rebalancing and the investment strategy. We have tried to account for the degree of influence
that these variables have on the performance measures calculated on the basis of the monthly
returns, first in a discrete way, then in a compiled way via a score constructed on the basis of
these complexity proxies variables.
Our findings show that there is indeed a link between complexity and robo-advisors’ fees.
But the low statistical significance and small sample size do not allow us to assert any link
between complexity and performance measures

Fintech --- WealthTech --- Innovation --- Portfolio Choice --- Technology Adoption --- robo-advisor --- artificial intelligence --- Sciences économiques & de gestion > Finance

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Published since 1950, this authoritative annual reference is based on a unique IMF database that tracks exchange and trade arrangements for 187 IMF member countries, along with Hong Kong SAR, Aruba, and Curaçao and Sint Maarten. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information available to the IMF from a number of sources, including during official IMF staff visits to member countries. There is a separate chapter for each of the 189 countries included, and these are presented in a clear, easy-to-read tabular format. A summary table allows for simple cross-country comparisons of key features of their exchange and trade regimes. The report's introduction summarizes recent global trends and developments. It discusses such topical issues as exchange rate arrangements, current or capital transactions, or prudential regulations. The individual country chapters outline exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. The report now provides more detailed information on the operations of foreign exchange markets and exchange rate mechanisms and better describes the regulatory framework for current and capital account transactions.

Money and Monetary Policy --- Finance: General --- Monetary Policy --- Portfolio Choice --- Investment Decisions --- Monetary economics --- Finance --- Monetary policy --- Asset and liability management --- Liquidity --- Economics

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Published since 1950, this authoritative, annual reference is based upon a unique IMF database that tracks exchange and trade arrangements for all 185 IMF member countries, along with Hong Kong SAR, Aruba, and the Netherlands Antilles. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information available to the IMF from a number of sources, including during official IMF staff visits to member countries. There is a separate chapter for each of the 187 countries included, and these are presented in a clear, easy-to-read tabular format. A summary table allows for simple cross-country comparisons of key features of their exchange and trade regimes. The report's introduction summarizes recent global trends and developments. It discusses such topical issues as exchange rate arrangements, current or capital transactions, or prudential regulations. The individual country chapters outline exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. The report now provides more detailed information on the operations of foreign exchange markets and exchange rate mechanisms and better describes the regulatory framework for current and capital account transactions.

Money and Monetary Policy --- Finance: General --- Monetary Policy --- Portfolio Choice --- Investment Decisions --- Monetary economics --- Finance --- Monetary policy --- Asset and liability management --- Liquidity --- Economics

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A decade ago, with the breakup of the Soviet Union and the start of market-oriented reforms in many former socialist economies of Central and Eastern Europe, the prospect of privatizing inefficient state-owned companies figured prominently in both popular and academic writings. As the headline event symbolizing change from central planning to capitalism, privatization seemet to promise an end to the inefficiencies of central planning- the key to freeing the resources and talents of this huge area and lifting its living standards to those of the industrial countries. What broad lessons were learned from the experience of the past ten years? Along with their successes, prominent failures have also marked this recent history, especially in Russia and in other countries of the former Soviet Union. The overall task ahead thus remains vast if the original vision of greater freedom and higher living standards is to be realized.

Finance: General --- International Economics --- Portfolio Choice --- Investment Decisions --- International Agreements and Observance --- International Organizations --- Finance --- International institutions --- Asset and liability management --- International organization --- Liquidity --- Economics --- International agencies