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Report by: Centre for Enterprise and Economic Development Research (CEEDR)

In the early 1980s, structural adjustment programs had serious social costs for most African countries, particularly in terms of job loss. An unemployment rate of about 30.0 percent resulted from cuts in govern- ment payrolls and the restructuring or liquidation of enterprises and financial institutions. The situation was aggravated by urbanization, making the labor supply particularly elastic in our countries. In Senegal in 1989, young people accounted for 67.2 percent of the total number of unemployed men and 52.0 percent of the total number of unemployed women. During that period, the economic growth rate was around 2.1 percent compared to a population growth rate of 2.8 percent. The con- stant...

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Guide On Private Equity And Venture Capital For Entrepreneurs

To increase local capabilities to enable Africans to manage their pro- grams and projects themselves, AGETIPs are responsible for the process of design, contracting, and implementation of projects whose final ben- eficiaries are generally the municipalities or the public. The process in- cludes codesigning subprojects with local municipalities and communi- ties; publicizing contracts; contracting, supervising, and commissioning works; and paying suppliers. While remaining responsible for overall project management, AGETIPs contract out most services. Applying the principle of delegated contract management, using private sector meth- ods to manage public works contracts, AGETIPs have proved to be good performers. To date, they have carried out works equivalent to US$700 million in 14 countries...

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Center for Economic Institutions Working Paper Series

Established as a temporary mechanism or a transitory program, social funds were intended to transfer resources to those groups that were hardest hit by adjustment programs. In the last few years, they have become more like permanent poverty reduction programs. NGOs point out that, while the purpose of social funds is not to eliminate the struc- tural causes of poverty, it is possible for them to affect some of its symp- toms and manifestations. The organization of social funds as efficient, less bureaucratic, and more businesslike entities with a willingness to work with all development ac- tors is appropriate. However, NGOs view them as very much a part of...

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THE INVESTMENT FUNDS REGULATIONS, 2003

The Portfolio Improvement Program (PIP) was launched by the World Bank about a year ago to improve the performance of its project portfo- lio. Within that review, the performance of social funds was evaluated for such things as efficiency, targeting, and sustainability. As the largest multilateral development finance agency, the World Bank lends about US$20 billion annually for development all over the world. Its portfolio of 1,500 projects under implementation accounts for close to US$120 billion of commitment on the part of the World Bank. Com- bined with the contributions of cofinanciers, borrowers, and beneficia- ries themselves in terms of their own counterpart financing, the total portfolio of these 1,500...

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Illustrative financial statements: investment funds 2010

A key element of the World Bank’s support, especially after Mr. Wolfensohn assumed the presidency, is ensuring that the large amount of resources devoted to these 1,500 projects in the portfolio is used as effectively as possible in reaching our shared goals of sustainable eco- nomic development and poverty alleviation. The track record of the recent past in this respect leaves something to be desired. Roughly speaking, at completion, about one-third of the projects the Bank finances do not measure up to the high standards initially set for them. Development is a risky business; it involves complex issues. It takes place in countries where institutions are weak, and it...

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Illustrative financial statements: investment funds 2011

Based on the mandate we received from the Quality Assurance Group, we set out to determine how the social funds portfolio, comprising 40 projects under implementation as of June 1996, was faring: How well was this portfolio performing? Was sustainability of social funds’ sub- project benefits an issue? A quick word on the methodology of the review. This was a desk review. Our sources of information were all printed matter on social funds, Bank and non-Bank, and this was complemented with considerable verbal infor- mation and insight derived from interviews with several task managers within the Bank. Most of the team members of the Portfolio Review have also worked firsthand...

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Canadian Socially Responsible Investment Review 2008

We develop and implement a framework in which prior views and empirical evidence about pricing models and managerial skill can be incorporated formally into the invest- ment decision. Our framework relies on a set of passive indexes or \assets, consisting of nonbenchmark assets as well as the benchmark assets prescribed by a pricing model. A common interpretation of alpha, the intercept in a regression of the fund's excess return on the benchmarks, is that it represents the skill of the fund's manager in selecting mispriced securities. That interpretation is subject to a number of pitfalls, including a concern that the benchmarks used to de¯ne alpha might not...

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JPMorgan Investment Funds

Evaluating mutual fund performance is a topic of long-standing interest in the academic literature, but few if any studies have addressed the selection of an optimal portfolio of funds. Instead of using the historical data to estimate performance measures or produce fund rank- ings, this study uses the data to explore the mutual-fund investment decision. Speci¯cally, from an investment universe of over 500 no-load equity funds, we construct portfolios having the ex ante maximum Sharpe ratio based on a Bayesian predictive distribution that combines the information in historical returns with an investor's prior beliefs, accounting for param- eter uncertainty. ...

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Performance of Socially Responsible nvestment Funds against an Efficient SRI Index: The Impact of Benchmark Choice when Evaluating Active Managers – An update

We ¯nd that when the hypothetical benchmarks are recognized as being unavailable for investment, there need not exist close substitutes for them in the universe of mutual funds. For an investor who believes completely in the accuracy of the Fama-French model and precludes managerial skill, the perceived maximum Sharpe ratio is only 66 percent of what could be achieved by direct investment in that model's benchmarks. For a believer in the Carhart four-factor model, the corresponding value is 54 percent. Moreover, actively managed funds can be better substitutes for the benchmarks than existing passive funds, so active funds can be selected even by investors who admit no...

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Audited Annual Report JPMorgan Investment Funds

We also demonstrate that optimal portfolios of mutual funds are in°uenced substantially by prior beliefs about both managerial skill and pricing models. For example, consider two investors who both rule out managerial skill but believe strongly in di®erent models: one believes in the CAPM while the other embraces a four-factor model. If either investor is forced to hold the portfolio chosen by the other, the resulting ex ante loss is about 60 basis points per month in certainty equivalent return. 2 A possibly °awed pricing model is still useful in identifying optimal portfolios because it allows the model's benchmark assets to supply information about the funds' expected returns. Consider,...

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OneAnswer Investment Funds Guide

This study, given its Bayesian approach, is related to the recent article by Baks, Metrick, and Wachter (2001), who estimate funds' alphas using informative prior beliefs about alpha. They investigate the degree to which informative priors can preclude an investor from infer- ring that at least one actively managed fund has a positive alpha. This inference relates to an investment problem of a mutual fund investor who can also earn the hypothetical costless returns on the benchmark indexes. In that setting, if a given fund's alpha is greater than zero, then combining that fund with a position in the benchmarks produces a higher Sharpe ratio than an...

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Private Equity Fund Structures In Europe

Prior beliefs about pricing models can be useful to someone investing in mutual funds. A pricing model implies that a combination of the model's benchmark assets provides the highest Sharpe ratio within a passive universe. That implication is useful to an investor seeking a high Sharpe ratio, even if the investor has less than complete con¯dence in the model's pricing accuracy and cannot invest directly in the benchmarks. Prior beliefs about managerial skill are also important in the investment decision. One investor might believe completely in a model's accuracy in pricing passive assets but believe active managers may well possess stock-picking skill. Another investor might be skeptical...

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Advance Alliance Investment Funds

This section develops an econometric framework that allows an investor to combine in- formation in the data with prior beliefs about both pricing and skill. Nonbenchmark assets allow us to distinguish between pricing and skill, and they supply additional information about funds' expected returns. In addition, nonbenchmark assets help account for common variation in funds' returns, making the investment problem feasible using a large universe of funds. The Bayesian econometric framework here is very similar to that in P¶ astor and Stambaugh (2001), who address performance estimation rather than investment decision making. Consequently, they specify noninformative prior beliefs about the degree of skill a fund manager might possess....

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Dodd-Frank: Impact on Asset Management

In practice, the number of passive assets must be limited in some fashion. Our empirical design includes p passive assets, consisting of k benchmarks and m nonbenchmark assets, and the benchmarks are associated with popular asset pricing models. Suppose one admits the possibility that the benchmarks do not price the nonbenchmark assets exactly, that is ®N 6 =0.Then ±A, the intercept in (2), is a better measure of skill, in that it is de¯ned with respect to the more inclusive set of passive assets. Of course, that measure might still be nonzero for passive assets omitted from the set of p. The point is simply that...

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THE CLEAN TECHNOLOGY FUND

Our framework assumes that funds' sensitivities to passive assets are constant over time. One way of relaxing this assumption is to model these coe±cients as linear functions of state variables, as for example in Ferson and Schadt (1996) and Shanken (1990). In such a modi¯cation, passive asset returns scaled by the state variables can be viewed as returns on additional passive assets (dynamic passive strategies), and the approach developed here could be extended to such a setting. Another approach to dealing with temporal variation in parameters could employ data on fund holdings. Daniel, Grinblatt, Titman, and Wermers (1997) and Wermers (2000), for example, use such data in...

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THE LAW OF THE REPUBLIC OF ARMENIA ON INVESTMENT FUNDS

The mutual fund data come from the 1998 CRSP Survivor Bias FreeMutual Fund Database. Our initial sample contains 2,609 domestic equity mutual funds. We exclude multiple share classes for the same fund as well as funds with only a year or less of available returns. The initial sample is used to obtain the values of the prior parameters in the empirical Bayes pro- cedure mentioned previously. To form the investment universe, we reduce the initial sample of 2,609 funds to the 503 funds that (i) charge no load fee, (ii) exist at the end of 1998, (iii) have at least 36 months of return history under...

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COUNCIL OF THE EUROPEAN UNION

The impact of AIFM on the markets in which they operate is largely beneficial, but recent financial difficulties have underlined how activities of AIFM may also serve to spread or amplify risks through the financial system. Uncoordinated national responses to these risks make the efficient management of these risks difficult. This Directive therefore aims at establishing common requirements governing the authorisation and supervision of AIFM in order to provide a coherent approach to the related risks and their impact on investors and markets in the European Union. ...

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Investing in Equity Mutual Funds

We construct optimal portfolios of equity funds by combining historical returns on funds and passive indexes with prior views about asset pricing and skill. By including both benchmark and nonbenchmark indexes, we distinguish pricing-model inaccuracy from managerial skill. Even modest con¯dence in a pricing model helps construct portfolios with high Sharpe ratios. Investing in active mutual funds can be optimal even for investors who believe active managers cannot outperform passive indexes. Optimal portfolios exclude hot-hand funds even for investors who believe momentum is priced. Our large universe of funds o®ers no close substitutes for the Fama-French and momentum benchmarks....

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On the Timing Ability of Mutual Fund Managers

The workshop participants included: (a) general managers and high-level staff of social funds; (b) representatives of central government institutions that oversee the operations of the funds; (c) representatives of municipal governments that interact with social funds in the selection and implementation of subprojects and of their regional associations; (d) representatives of nongov- ernmental organizations (NGOs) and civil society organizations that work with social funds; (e) staff of the World Bank and of other multilateral and bilateral development agencies that finance, design, and supervise the implementation of social funds; and (f) observers including researchers, academicians, and consultants involved with social funds and representatives of national governments that are establishing...

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Valuing Mutual Fund Companies

Stock-taking occurred in different forms: through the presentation of the World Bank’s and of the Inter-American Development Bank’s studies on social funds, as well as through many individual interventions by social funds’ managers during the plenary sessions and in working groups. Ten original papers were also presented by relevant practitioners on specific topics related to social funds’ design, management, and implementation. These papers provide an overview of current design and implementation challenges and concerns facing social funds. More than two of the workshop’s four days were devoted to group discussions, organized by topic, constituency, or regional perspective. It was in these discussion groups that the consensus and common...

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Why Do Mutual Fund Advisory Contracts Change? Performance, Growth, and Spillover Effects

In itself, the international workshop was also the first step in integrating the international and regional networks of social funds by bringing together families of programs that started with different sector priorities and approaches, such as the AGETIPs in Western Africa and the social investment funds in Latin America, and by stimulating the creation of social funds networks in Eastern Africa, Eastern Europe and Central Asia, and Northern Africa and the Middle East. The international development agencies and the NGOs at the workshop committed them- selves to more integrated and coordinated support to social funds. They also committed to the promotion of a more systematic use of...

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The Performance of Japanese Mutual Funds

On the basis of the results of the plenary presentations and discussions, of the contents of the two new studies by the World Bank and the Inter-American Development Bank, and of the ten specific papers commissioned for the workshop, the following understanding of the main achievements and weaknesses encountered by social funds over their first ten years of imple- mentation (1986–96) was summarized. While it was clear to all participants that social funds have performed differently in accor- dance with their objectives and their national contexts, they agreed on their commonalties and the major achievements and weaknesses of social funds, which were analyzed under four main angles....

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Open-end mutual funds and capital-gains taxes

This consensus on the achievements and weaknesses of social funds was based, among other things, on the differences between social funds that are created and operate within an emer- gency context and those that are governed by developmental objectives. Regional and cultural contexts also account for the diverse challenges, constraints, and opportunities that each pro- gram faces. Recognition of diversity was assumed as the basis for the collective agreement on future directions.

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The Brave New World Of Sovereign Wealth Funds

The format of the global consultation process at the workshop did not call for the development of recommendations to be formally endorsed by the participants before the end of the event. Rather, the conclusions and recommendations of the working groups and of the plenary sessions were summarized by the session leaders and by the chairpersons, based on the consensus obtained. Throughout these summaries, as well as in the presentations of the World Bank and Inter- American Development Bank studies and in the ten original papers, three major recommenda- tions for the future of social funds emerged that policymakers, practitioners, and social funds stakeholders seem to agree....

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Mutual Fund Fees Around the World

Africa is still undergoing a process of economic stabilization, and many countries are facing specific issues of post-conflict reconstruction that call for emergency social funds interven- tions. The region already has the largest concentration of social funds, with the AGETIP agen- cies of West Africa regrouped within AFRICATIP. The social funds of Eastern and Southern Africa will develop their own network to be called Social Funds NET. While AGETIPs have a strong track record with delegated contract management of small-scale infrastructure and public works, the African social funds have concentrated in human resources development (health and education). Once Social Funds NET is operational, the two networks are...

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REGULATION FOR INVESTMENT FUNDS: Issued pursuant to the Administrative Decision No. (10 /2004)

The innovative nature of social funds, their contributions to poverty reduction, their wide- spread recognition as well as controversy surrounding them in developing countries and within the development community, all called for a global exchange of experiences and lessons learned. The Economic Development Institute (EDI) of the World Bank, after facilitating some regional exchanges among social funds’ managers in Latin America and Africa, identified the need for a global learning event in 1995 and initiated the preparation of the workshop in early 1996....

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Evaluation of the Norwegian Investment Fund for Developing Countries (Norfund)

At the same time, nongovernmental organizations (NGOs) that have a permanent consulta- tive forum with the World Bank (WB), the WB-NGO Committee, identified social funds as the most significant Bank-supported portfolio of programs that effectively include civil society or- ganizations in their design, management, and implementation. In the spring of 1996, the com- mittee requested the Bank’s management to organize an international learning event on social funds. The separate initiatives on social funds of the EDI and of the WB-NGO Committee were thus combined successfully into one, with Bank management’s support, and EDI’s prepara- tions for the workshop integrated the WB-NGO Committee’s objectives....

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Investment Funds In Ireland

A strong demand for the opportunity to share experiences and views with stakeholder con- stituencies was strongly supported by the staff of the World Bank in charge of the design and supervision of the credits and loans that finance the implementation of social funds. The insti- tutional interest in the subject was confirmed by two recent studies of social funds: the World Bank’s Review of the Social Funds Portfolio, which was a desk review, and the Inter-American Development Bank’s Social Investment Funds in Latin America: Past Performance and Future Role, based on field work carried out in eight countries and on the review of evaluations of...

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GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2011

The partnership was formalized by the creation of a steering committee that was entrusted with the design, objectives, and content of the event. The steering committee provided guidance and specific recommendations on the design of the international workshop, and its members took an active role in the plenary sessions of the workshop. The steering committee completed its mandate with the revision and approval of the present publication of the workshop proceedings. Within the World Bank, the international workshop was the result of intense collaboration between the EDI, the Poverty and Social Policy Department, the NGO Unit, the Learning and Leadership Center, and the Quality Assurance Group. All of...

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Treasury Responsibilities in Investment Fund Administration

The 250 workshop participants included: (a) general managers and high-level staff of social funds; (b) representatives of central government institutions that oversee the operations of the funds; (c) representatives of municipal governments that interact with social funds in the selec- tion and implementation of subprojects and of their regional associations; (d) representatives of nongovernmental organizations and civil society organizations that work with social funds; (e) staff of the World Bank and of other multilateral and bilateral development agencies that fi- nance, design, and supervise the implementation of social funds; and (f) observers including researchers, academicians, and consultants involved with social funds and representatives of national governments that are...

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