Correcting for Asymmetry of Information and Debt Capacity on Capital Structure Empirical Tests: Evidence from Europe

Joaquin López Pascual and  J.M. Carabias (2009) have collaborated on a new research article. "Correcting for Asymmetry of Information and Debt Capacity on Capital Structure Empirical Tests: Evidence from Europe." Journal of Applied Sciences.

In this study, we examine the performance of the two competing theories of capital structure. We test the theories on sub-samples of firms that are expected to suffer from high asymmetry of information and that are believed to have enough debt capacity. To group the firms we have created two artificial indexes measuring asymmetric information and debt capacity. Present results show that the pecking order theory performs better when tested over the group of companies facing the highest level of asymmetric information. When the asymmetry of information is mixed, the above results are no longer significant.

 


The Challenges of launching, rating and regulating funds of hedge funds

Joaquin López Pascual and Raul Cuellar (2007) have collaborated on a new research article. "The Challenges of launching, rating and regulating funds of hedge funds" Journal of Derivatives & Hedge Funds. Vol 13.

Funds of hedge funds (FOF) are the preferred channel to access hedge funds by investors. FOF add value through selecting the best managers from a large universe, performing due diligence, and monitoring investments and risk. Initial funding of an FOF is a difficult task. Despite holding positions in well-established funds, new FOF are not able to use this fact to gain investments because the composition of the portfolio should not be disclosed. We analyse some of the difficulties of funding start-up FOF, the rating used by rating agencies, and the possible negative effects of regulation by the G8.


Análisis de la relación entre el patrimonio de los fondos de inversión y los depósitos en entidades financieras

Los fondos de inversión se han constituido en los últimos años como uno de los principales productos financieros en nuestro país (Tabla 1: series utilizadas) y en la Unión Europea. (Tabla 2: Datos internacionales de Fondos de inversión). Tradicionalmente, se han apuntado desde diversos sectores que los fondos de inversión habían ido incrementando sus patrimonios en detrimento de otros instrumentos, tales como los depósitos. Parece evidente y adecuado analizar y cuantificar el posible impacto real de la competencia entre ambos productos. Por todo ello, hemos abordado la tarea de acometer el presente trabajo como una investigación que debe centrarse en el estudio estadístico y financiero de la relación que puede existir entre los fondos de inversión y los depósitos de entidades financieras.


Mutual Funds information on the Internet

Joaquin López Pascual and  Enrique Sotto (1997) have collaborated on a research article. "Mutual Funds information on the Internet". Journal of Information Science. Vol 23.

Mutual funds are gaining more attention in the investment industry market, for one simple reason: they are better than other financial products. There are thousands of funds, with different investment targets, money, bonds, real estate, commodities, etc. This flood of options creates a lot of confusion and makes a fund selection difficult. Mutual funds companies and brokers require as many participants as possible to boost their business, and they spend a lot of money on publications to educate potential investors in the advantages of mutual funds.
The Internet is becoming an excellent medium to commercialise mutual funds. Information can reach any person online at little cost. With the World Wide Web, mutual funds groups can provide updated information about their products and, at the same time, other companies offer tools to evaluate funds performances.
These resources are rapidly changing the fund industry, where, very soon, investors will be able to buy participation in funds families using the Internet.


Análisis de inversión ética en España

El objetivo de este trabajo es analizar en que medida los fondos de inversión en España han incorporado las preocupaciones éticas y medioambientales en la política de formación y selección de su cartera de inversiones.


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