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Alternative investment funds – the evaluation of managers’ abilities in the light of the amendments to the Act on Investment Fund

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  • Monika Mościbrodzka

    (Uniwersytet Wrocławski)

Abstract

The aim of the study is to verify the hypothesis that the application of new regulations concerning, among others, amendments to the Act on Investment Funds has increased the effectiveness of Polish portfolio managers of specialised open-ended investment funds. The directive in which the institution of alternative investment funds was introduced did not directly affect the profile or results of the fund, but due to appropriate regulations it expanded the group of investors, hence the suspicion that it may have influenced the managers by improving their management. For the research, measures were used which evaluate the managers in terms of the results of fund, management style and their abilities to select assets and predict the market. According to the analysis, the managers reacted to the implementation of the new directive. However, a positive trend in SOIFs’ Management could only be noticed in a short period of time.

Suggested Citation

  • Monika Mościbrodzka, 2021. "Alternative investment funds – the evaluation of managers’ abilities in the light of the amendments to the Act on Investment Fund," Bank i Kredyt, Narodowy Bank Polski, vol. 52(6), pages 517-544.
    • Handle: RePEc:nbp:nbpbik:v:52:y:2021:i:6:p:517-544
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    References listed on IDEAS

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    More about this item

    Keywords

    efficiency; alternative investment funds; synthetic measure;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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