Fund 중 346개 펀드만이 S&P500 을 비트했고 단지 16개만이 Dow Jones를 비트한 것으로 조사됐다. 이는 미국처럼 시장의 효율성이 높은 곳일수록 Mispricing을 이용한 시장대비 초과수익률을 달성하기 어려워진다는 것을 입증한 것이다. 대다수 액티브 펀드가 Under Performance한 다른 이유는 시장 지수 자체의 변동성
it exposes itself to risk. The risk arises because currencies may move in relation to each other. If a firm is buying and selling in different currencies, then revenue and costs can move upwards or downwards as exchange rates between currencies change. If a firm has borrowed funds in a different currency, the repayments on the debt could change or, if the firm has invested overseas, the
risk-free asset .
시장포트폴리오(Market portfolio)계산 : 시장에서 거래되고 있는 전 종목의
증권을 각각의 시가총액비율로 조합함.
(contains all securities and the proportion of each security is its market value as a percentage of total market value.)
리
Deposits denominated in U.S.
dollars at Europe banks outside
the United States
Financial asset and even debt
denominated in U.S. dollars
outside the United States
No obligation for the reserve fund
The interest equalization tax
Regulation Q
Glass-Steagal Act
Oil Shock
A spread trade involving the simultaneous purchase of
Futures
Options
expiring on
Austria & France :
the (re)allocation of resources for health care between the collector and the payer does not occur.
Belgium & the Netherlands :
the complete national pooling of contributions and a de facto joint expenditure -> reforms have led to the gradual introduction of per capita risk-adjusted allocations to the sickness fund.
Luxembourg :
the Union of Sickness Funds direct