T his study is the second in a two-part analysis of the mutual fund industry. The first part (Fortune 1997, referred to here as " Part I ") examined the basic structure of the industry and discussed the historical relationship between mutual fund flows and returns on both short-term and long-term financial instruments. That study ended with a discussion of the role that momentum investing by mu...

Fiscal policy is a policy that tries to achieve certain economic goals through instruments such as changes in government expenditure and taxation. The financial policy uses two instruments of government revenue (tax) and government spending (spending) to influence the economy. And in the economic literature, they consider economic growth to be equal to GDP. The impact of financial policies on e...

financial derivatives are new instruments through which hedging, investment and arbitrage are done in a modern economy. although the word 'derivative'primarily reminds us of options and futures, the major focus of the equity derivatives industry worldwide is on index derivatives. launching index options and index futures in tehran stock exchange, not only increases financial market de...

Design considerations and material selection play important roles in the development of surgical instruments. The substitution of shape memory or superelastic Nitinol for conventional materials used in instrumentation for endoscopic and interventional procedures can lead to a significant improvement in overall perfonnance of the instruments. Simplicity of design, reduced number of parts and eas...

Risk management is essential in a modern financial services industry. Derivative instruments like options have a particular status. Appropriate derivatives allow financial service providers to redistribute risks towards others. The process of creating customer tailored derivatives is not wellinvestigated today. With the financial information system (FIS) WARRANT-PRO-2 derivative prices are comp...

Development of e-banking has empirically modified the structure and characters of banks’ performance, efficiency, risk and challenges which have also been articulately recognized based on the international best practices. E-banking brazenly accelerates and restructures financial transactions via enhancing technology and expanding the banking services in comparison with conventional banking. Acc...

Federal Reserve Bank of Atlanta E C O N O M I C R E V I E W First Quarter 2002 T he federal government created the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to enhance the availability of mortgage credit by providing stability and liquidity to the secondary mortgage market. These government-sponsored enterprises (GSEs) have b...

Recent events have stimulated interest in the joint behavior of prices and quantities in credit markets. Data sources such as the Federal Reserve Board’s Flow of Funds Accounts (FFA) provide statistics on a rich set of credit market instruments. However, it is challenging to inter­ pret such data using economic models that speak to the allocation of risk across agents, such as households or int...