Suchergebnisse

Nuevo Leon plans more than US$1 billion for infrastructure upgrading, with ample opportunities for foreign investment. Monterrey and Nuevo Leon already offer excellent infrastructure, with good highway and rail connections to the U.S. market and impressive urban development. Now investments of up to US$2 billion will provide a new Metro (subway) line, highway upgrades, improved health facilities and a major expansion of the water supply, with significant opportunities for Mexican and international companies. Adapted from the source document.

For the first time in an era, new investment products for smaller ("retail ") investors are emerging. These products are mutual funds that engage in the types of trading and investment activities that have long been the province of sophisticated investors. Accordingly, the new funds (called "alternative funds") promise to reduce the gulf between retail investors and their sophisticated counterparts, in terms of portfolio diversification and investment results. This Article describes the complex mix of factors that spawned alternative funds and critically evaluates the funds' potential, the first scholarly work to do so. It additionally unearths the paradox that impedes the realization of that potential: although financial advisers counsel that portfolio diversification reduces investment risk, taking advantage of the opportunities that now make diversification possible could unduly increase that risk. This result, moreover, arises not from alternative funds themselves. Rather, it is a product of the fact that the primary regulatory tool for protecting investors—disclosure—is particularly ineffective in the alternative fund context. In addition, the profit-driven financial professionals that assist retail investors with their investment decisions need not, in many cases, do so in furtherance of their customers' best interests and, in any event, may not have sufficient expertise about alternative funds to be useful. The Article contends that regulatory solutions should center not on disclosure, as the usual target of securities regulatory reform, but, rather, on the processes by which mutual fund shares are marketed and sold to investors. It proposes politically feasible reforms that would dissolve the paradox, enabling retail investors to take better advantage of the new investment universe.

Recent regulatory approaches in crowdfunding democratize capital markets. Adverse wealth effects may arise because of information asymmetry. Firoozi et al. (2017) argue that crowdfunding has wealth-reducing effects on crowd investors because they systematically assign less value to good ventures, and more to bad ventures. This paper aims to take a more differentiated perspective by incorporating two dimensions of uncertainty determining ventures' value. It further takes into account that different investor types learn different information. This yields new findings concerning the assessment of venture value by crowd investors and sophisticated investors. Crowd investors' may be able to better assess venture value, even though they have inferior information processing skills. This may enable crowd investors to make better investment decisions, compared to sophisticated investors.

Teil A: Beobachtung des Informationsverhaltens der Anleger durch ein standardisiertes Kategoriensystem

Abwägungsprozess; Anzahl der Alternativen; Anzahl der Konsequenzen; Anzahl der Informationseinheiten; Anlagebetrag in TDM; Entscheidungsregeln; KO-Kriterium; Restriktion; interne Filter/Anlageziele; Anzahl der Filter; beobachtete Delegation der Anlageformen an einen Berater; habituelle Anlage (keine, Girokonto, Sparkonto, Festgeld, Zertifikat, Sparkassenbrief, Bundesschatzbrief, Finanzierungsschätze, Inhaberschuldverschreibung der Sparkasse, Renten, Rentenfonds, Aktienfonds, Aktien); gewählte Anlageform; Inkrementalismus (Differenz zwischen Habit und gewählter Anlageform); Anspruchsniveau.

Teil B: Fragebogen

Informationshäufigkeit über aktuelle Geldangelegenheiten; Informationsquelle (Bekannte und Verwandte, Tageszeitungen, Fachzeitschriften, Verbraucherorganisationen, Prospekte und Anzeigen der Sparkassen/Banken, persönliche Beratung durch Kundenberater); Anzahl der Informationsquellen; Häufigkeit der Geldanlage; Wissen über ausgewählte Anlageformen (Festgeld, Festverzinsliche Wertpapiere (Anleihen), Aktien, Immobilienfonds, Optionen);
persönliches Geldanlageverhalten: Sicherheitsorientierung, Renditeorientierung (Bereitschaft zu höherem Risiko für höhere Rendite, Rendite wichtiger als Sicherheit aus Gewinnmaximierungsgründen); Einfachheitsorientierung, Involvement (gute Kenntnisse zu Geldangelegenheiten, intensive Beschäftigung mit dem Thema Geldanlage, interessante und spannende Geldangelegenheiten), Delegation der Anlageformen an einen Berater, Liquiditätsorientierung, Signalwirkung der Ratschläge von Freunden, Bekannten und Verwandten bei der Geldanlage).

Demographie: Geschlecht; Alter (klassiert); Bildungsjahre.

Teil C: Zusatzinformationen durch Sparkasse

Angaben zur Kontenstruktur (Nutzung von Girokonto, Festgeld, Sparkonto, Sparkassenbrief, Zertifikat, Depot) und zur Depotstruktur (Besitz von Aktien, Anleihen, Bundespapieren, Investmentfondanteilen); Nutzung sonstiger Anlageformen (Optionen, Futures, etc.); Höhe des Geldvermögens bei der Sparkasse in TDM).

Zusätzlich verkodet wurde: Fallnummer; Berater.