the aim of this study is to evaluate the effect of information delay on theperformance of joint investment funds. in order to achieve the aim of thisstudy sample consisted of twenty funds in the tehran stock exchange from2010 to 2014 the systematic elimination method has been adopted. in thisstudy, the linear regression test has been used in order to evaluate the researchhypothesis. data analys...

This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lore...

We analyze a standard environment of adverse selection in credit markets. In our environment, entrepreneurs who are privately informed about the quality of their projects need to borrow in order to invest. Conventional wisdom says that, in this class of economies, the competitive equilibrium is typically inefficient. We show that this conventional wisdom rests on one implicit assumption: entrep...

We study a dynamic model of financial intermediation in which interbank lending is subject to moral hazard, where intermediaries can divert funds towards inefficient projects. We show that despite the presence of moral hazard, secured lending contracts can discipline the investment choices of all market participants — even those with whom they are not directly contracting — thus partially overc...

CDFIs serve an important social function because they provide access to financial services to underserved low-income individuals and households. Understanding which governance mechanisms promote efficient use of scarce resources that these organizations control is important because only sustainable institutions have the potential to revitalize low-income communities and change low-income indivi...

This paper analyses the link between venture capitalists’ sources of funds, such as banks and pension funds, and the specialization pattern of venture capital investments in particular industries and stages of enterprises’ development. Based on a panel data set of Western European countries, the results of the analysis show that sources of funds and investment specialization patterns are linked...

Article 2 of the Treaty on European Union (TEU) makes it clear that cohesion is one of the fundamental principles the EU seeks to respect. Cohesion, however, is not an easy concept to pin down, although it is linked (in Article 130A of the TEU) to disparities between regions. In practice, what constitutes cohesion is a political rather than an economic judgment; disparities tolerable today may ...