Articles in "Asset Management"

Fund Management - experience does not necessarily mean better performance

Author(s): Andrew Clare

New study finds that a fund manager's experience and performance do not always go hand in hand

Why is it cheaper to trade debt with a shorter maturity?

Author(s): Max Bruche et al.

This research models the debt maturity choice of firms in the presence of fixed issuance costs in the primary market and searches frictions in the secondary market for debt.

Fallen Angels - do downgraded bonds offer an opportunity for investment?

Author(s): Andrew Clare et al.

The Centre for Asset Management Research at Cass Business School, City, University of London in cooperation with Invesco Powershares has launched a white paper which looks at the investment potential offered by downgraded bonds.

Smart Beta - a series of white papers sponsored by Invesco PowerShares

Author(s): Andrew Clare et al.

Commissioned by Invesco PowerShares and delivered by Cass Business School, City University London, these papers look at the origins, effectiveness and due diligence implications of smart beta.

What do stock markets tell us about exchange rates?

Author(s): Gino Cenedese et al.

International investors can make significant returns from betting in movements on national stock markets. Recent research by academics at the Cass Business School, the Bank of England and City University Hong Kong shows that average returns of up to 12% per annum are available to those allocating assets across international stock markets.

When it comes to hedge fund performance, does size matter?

Author(s): Andrew Clare et al.

The Hedge Fund industry has grown enormously since the early 1990s, but it has been questioned whether significant growth in assets under management leads to a drop in fund performance. In the most comprehensive study of its type, Cass Business School's Centre for Asset Management Research tested this hypothesis.

Insider Trading and the Long-run Performance of IPOs

Author(s): Hafiz Hoque et al.

Do IPOs in which insiders are net sellers underperform relative to those in which insiders are net buyers? This research looked at a unique dataset of UK IPOs to address that question.

Strategic Distortions in Analyst Target Prices in the Presence of Short-term Institutional Investors

Author(s): Pawel Bilinski et al.

This study identifies a new source of conflicts of interest in analyst research that originates from the ownership composition of a stock

Financial Market Indices: Facilitating Innovation, Monitoring Markets

Author(s): Andrew Clare et al.

This paper explains how and why investors use financial market indices and, in so doing, tells the story of this investment revolution. In particular it explains how, via the products created by asset managers, investors benefit from the very competitive index industry which produces a wide range of indices for asset classes with different compositions.

What impact does a change of fund manager have on mutual fund performance?

Author(s): Andrew Clare et al.

Analysis of an extensive sample of UK fund manager changes over a fourteen year period demonstrates the clear effect management turnover has on the performance of UK mutual funds. The effect can be positive as well as negative.

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