Fund Investment Research Articles

Point-of-care tests in the emergency medical services: a scoping review

BackgroundThis scoping review aimed to summarize existing research on point-of-care tests (POCTs) within emergency medical services (EMS). There is a lack of comprehensive reviews covering the breadth and scope of application of POCTs in EMS despite growing interest and potential benefits in this setting. A review of the research will inform how we target future research efforts to support effective implementation and avoid duplication.MethodsWe searched three databases to April 2023 using comprehensive terms for POCTs. One author screened titles and abstracts, full-text papers and extracted data with a second author checking the data. A scoping review framework was used to categorise studies according to demographics, study design, medical conditions, biomarkers and test devices.ResultsWe found 141 papers that included 158 reports of 9 study designs, 155 reports of 40 combinations of biomarker and condition and 161 reports of 41 test-devices. The majority of research was done in the UK (19%), US (17%), and the Netherlands (16%), mostly in land-based EMS (82%). Most frequently assessed were troponin for acute coronary syndromes (26%), lactate for sepsis (14%) or lactate for trauma/critical illness (13%). The majority of research designs investigated the accuracy of the tests (43%). Few studies were of a design to inform guidelines to change patient pathways and the associated outcomes, including, randomised controlled trials (RCTs) (4%), non-randomised studies able to assess causality (6%), economic analyses (1%) or qualitative work on acceptability (3%). In those few cases where RCTs were done there were long delays between initial test-accuracy research and publication of the first RCT, for example 11 years delay for troponin for acute coronary syndromes.ConclusionsWe identified a thriving base of research on POCT in the EMS, however most studies established the diagnostic accuracy of the tests with few RCTs, economic analyses or qualitative research on acceptability. The time-lag from diagnostic accuracy to developing an RCT is considerable. Investment in funding and infrastructure is needed to support the research pathway for potential POCTs beyond diagnostic accuracy to designs able to assess clinical effectiveness, acceptability and economic effectiveness.

Infectious disease outbreaks and the disposition effect of mutual fund investors

This study investigates the potential impact of the 2003 severe acute respiratory syndrome (SARS) epidemic on cognitive biases in capital markets, focusing on individual mutual fund investors’ trading behavior in the post-SARS era. Using a proprietary data set obtained from a large Chinese mutual fund family comprising comprehensive trading information, this research finds that individuals in areas experiencing severe SARS cases exhibit a stronger disposition effect after the end of the epidemic. It further indicates that unsophisticated investors are more vulnerable to the disposition effect and this mood regulation–induced behavior is irrational and related to behavioral biases, ultimately worsening investors’ circumstances. These results hold across a wide range of robustness checks.

Trading Without Meeting Friends: Empirical Evidence from the Wuhan Lockdown in 2020

Using a unique proprietary dataset of daily mutual fund trading records and the COVID-19 pandemic-triggered lockdown in Wuhan (China) as a natural experiment, we find that individual mutual fund investors in Wuhan significantly reduced their daily trading frequency, total investment of their portfolios, and risk level of their invested funds during the lockdown period as compared to investors in other cities. The results suggest that the elimination of face-to-face interaction among individual investors during the lockdown reduced their information sharing, which led to more conservatism in their financial trading. We rule out alternative explanations of salience bias due to limited investor attention and temporary changes in personal circumstances such as depression and/or income reduction, during the lockdown period. Finally, consistent with the theory of naïve investor trading, we also find that investors received higher trading returns during the lockdown as they reduced trading aggressively in the absence of face-to-face interactions.

Behavioral factors Influence on choice of Mutual Fund in Uzbekistan: A Proposed Model using Prospect Theory

This article proposed a model to investigate the behavioral factors influencing the choice of funds in mutual fund investment by using Prospect Theory. It used new independent variables to inoculate new findings to help the understanding of the influence of human behavior in decision making.

The Effect of Changes in the Indonesian Mortality Table on Pension Fund Calculations Using the Projected Unit Credit Method

Companies are required to prepare a pension fund for their employees as a form of appreciation and compensation for the services that have been given to the companies. In Indonesia, the calculation of pension funds is regulated in the Financial Services Authority Regulation (POJK) number 3 concerning Pension Fund Investments. Projected Unit Credit uses the distribution of pension benefits that pension participants will get if they work until they reach normal retirement age with a total of years of service. In this research, the researchers are using two mortality tables on the value of pension funds using the projected unit credit method. The data in this research uses salary data from PT. XYZ with the assumption of retirement age at the age of 58, and an interest rate of 6.25% based on <em>Bank Indonesia</em>’s rate. The results of this research show that changes in normal cost and actuarial liability for both males and females are visible at the age of entry into employment until the middle of the working period, while the effect of changes in the mortality table at the final age approaching retirement is not very significant.

Mutual fund shareholdings and performance: A network perspective

ABSTRACT Mutual fund shareholdings build up complex relations between funds and can impact fund performance as well. We focus on the Chinese mutual fund market to examine the relationship between mutual fund shareholdings and performance. Specifically, we describe the complex shareholding relations from a network perspective and investigate the effect of the shareholding network on fund performance. Our results indicate that the fund performance is positively related to its centrality in the shareholding network. This performance enhancing effect can be attributed to informational channels through which the funds in more central positions can possibly improve their performance. Further analyses show that the central positions tend to provide more access to firm-specific information (access effect), influence the holding behaviours of non-central funds (transmission effect) and improve information disclosure quality (quality effect). These findings offer regulatory agencies and fund investors an alternative perspective for assessing the role and performance of mutual funds in the capital market.

Analysis report on trends in public infectious disease control in China.

The prevention and control of public infectious diseases is a significant issue in the global health sector. Controlling infectious diseases is crucial for maintaining public health. As the most populous country in the world, China still faces a series of new challenges in the control of public infectious diseases. Therefore, it is of great significance to conduct an in-depth analysis of the trends in the control of public infectious diseases. This study selects the death rate, incidence rate, proportion of prevention and control funds input, and the proportion of professional technical personnel in China from 2018 to 2023 as research samples and conducts statistical analysis through multiple linear regression. Overall, factors such as the incidence rate, proportion of prevention and control funds input, and proportion of professional technical personnel can explain 98.7% of the trend changes in the infectious disease death rate. Through multiple regression analysis, the regression coefficient value of 0.001 for the incidence rate indicates a significant positive impact on the mortality rate, meaning that an increase in the incidence of infectious diseases leads to a rise in mortality. The regression coefficient value of -0.012 for the proportion of funding input suggests a significant negative impact on the mortality rate, implying that increased investment in prevention and control funds will correspondingly reduce the mortality rate of infectious diseases. On the other hand, merely increasing the number of professional and technical personnel is not sufficient to control the spread of infectious diseases; comprehensive use of various prevention and control measures is required for effective public infectious disease control. Public infectious disease prevention and control is a complex process that requires the consideration of multiple factors, rather than merely changing a single factor, particularly in controlling incidence rates and reasonably allocating funds. By refining the analysis of infectious disease control strategies and integrating diverse preventive and intervention measures, it is possible to better control the spread and mortality of infectious diseases, thereby protecting public health and safety.

Managerial investment in mutual funds: Determinants and performance implications ଝ

Managerial investment in mutual funds: Determinants and performance implications ଝ

РАЗВИТИЕ РЫНКА ФИНАНСОВЫХ ИНСТРУМЕНТОВ ДЛЯ ЧАСТНЫХ ИНВЕСТОРОВ В СОВРЕМЕННЫХ УСЛОВИЯХ

The problem of proper investment of funds by investors in various forms of financial instruments (financial instruments made of precious metals, gold bars, investment coins, impersonal metal accounts, etc.; banking financial instruments; securities (stocks, bonds, etc.) is extremely important and relevant in modern conditions. At the moment, there are a number of factors that significantly escalate the situation in the investment services market. Firstly, the emergence of new and little-studied financial instruments in the investment services market. Secondly, in modern realities, a private investor, especially an individual, is not adequately protected by financial control authorities from all kinds of organizations that, using the low financial literacy of the population, impose fraudulent schemes on them, which leads to the loss of funds by gullible investors. In connection with all of the above, today there is an urgent need to develop the most profitable and reliable financial instruments, and improve the financial literacy of all types of investors, both individuals and legal entities.

'Piloting a framework for analysing the public contributions to R&D: new antibiotics in focus'.

Within the context of increasing transparency around public contributions, a framework for reporting and analysing public contributions to research and development (R&D) was previously developed and is piloted here using the example of antibiotics. The aim of this work is to check whether the category system is feasible, to revise and adjust the granularity of the category system where necessary, and to expand the range of sources for detailed analyses. All antimicrobial medicinal products in development, discontinued and approved in the last 10 years were identified in the literature. Thereafter clinical trials and company information was searched generating a list of 56 compounds where primarily small to medium-sized enterprises (SMEs) were involved in antibiotics development. Information on clinical trials, university spinouts and public funding for SMEs was then gathered from various sources. The framework for classifying public contributions was then applied. We found that around one-third of antibiotics are developed by SMEs. We identified numerous public funding sources for SMEs that develop antibiotics. At both early-stage and late-stage development, public research funding is the most common public funding reported by SMEs, ahead of other public sources like public equity funds, private-public partnerships and philanthropic sources. A deep-dive into one antibiotic drug, Venatorx, revealed public funds investment of approximately $655 million, dwarfing private investment funds. We found the classification framework generally practicable and we suggest recommendations to improve its granularity and applicability. In this paper we piloted and revised a framework that has been developed to classify types of public contributions to pharmaceutical products at different stages of development. The framework, together with work we have done on identifying sources for funding, can be applied to support pharmaceutical price negotiations that reflect the level of public contribution to product development.Trial registration: EU Clinical Trials Register identifier: 0004-2083-2207.Trial registration: EU Clinical Trials Register identifier: 0003-1754-9422.

Intelligent Designed Assistance Model to Evaluate the Role of Social Media Marketing in Promoting Investment in Mutual Funds in India

This research article explores the impact of social media marketing on promoting investment in mutual funds in India. With the increasing penetration of the internet and the rise of social media platforms, financial institutions are leveraging these channels to engage potential investors. The study investigates the effectiveness of social media marketing strategies in influencing investor behavior, awareness, and decision-making regarding mutual funds. A mixed-method approach was employed, including surveys and interviews with industry experts and investors. This paper explores the application of the Intelligent Designer Assistance System (IDAS) in mutual fund analysis, offering a comprehensive framework for evaluating mutual funds based on key financial metrics. IDAS integrates multiple parameters such as risk levels, return on investment (ROI), cost efficiency, volatility, Sharpe ratio, beta, fund size, and manager tenure, among others, to provide insights that assist investors in making informed decisions. Through the analysis of various fund types, including equity, bond, balanced, and sector funds, this study demonstrates how IDAS can tailor investment recommendations according to individual risk preferences and financial goals. The findings emphasize the importance of aligning investment strategies with factors like fund performance consistency, adaptability to market conditions, and overall cost-effectiveness. This approach enables investors to optimize their portfolios by selecting funds that best match their risk tolerance, return expectations, and sector interests, leading to more strategic and efficient investment choices. This paper investigates the role of social media marketing in promoting investments in New Fund Offers (NFOs) within the Indian mutual fund landscape. As financial institutions increasingly leverage social media platforms for marketing, understanding their effectiveness in influencing investor behavior becomes crucial. This study employs a mixed-method approach, including quantitative surveys and qualitative interviews, to analyze how social media impacts awareness, engagement, and investment decisions related to NFOs.

The Timing of Mutual Funds in India's Market and Their Selectivity

This study looks at the performance of Indian equity mutual funds from 2019 to 2024, focusing on timing, diversity, and selectivity as key variables. The funds' performance over this time was used to select ten. The evaluation made use of the following models: Henriksson and Merton, Fama, Treynor, and Treynor-Mazuy. According to the results, mutual funds usually follow their benchmarks rather closely since they offer relatively low-risk investments. Some funds outperform the market, though, so clearly there's talent in the management team. Mutual fund investors who want to get the most out of their money can use these findings to their advantage.

Free Cash Flow Moderated Income Smoothing, Earning Persistence Toward Earnings Response Coefficient

The aim of this study is to investigate: (1) the effect of income smoothing, earnings persistence, and systematic risk on ERC; (2) whether free cash flow moderates the relationship between income smoothing, earnings persistence, and systematic risk on ERC; (3) the influence of income smoothing, earnings persistence, and systematic risk on free cash flow; (4) how these factors affect free cash flow; and (5) the impact of free cash flow on ERC. The research uses a quantitative approach, drawing on secondary data from energy and mineral companies listed on the Indonesia Stock Exchange, with purposive sampling criteria for the 2018-2021 period (4 years). The findings reveal that (1) income smoothing, earnings persistence, and systematic risk do not have a significant impact on ERC; (2) free cash flow does not serve as a moderating variable, as it does not amplify the effect of income smoothing, earnings persistence, and systematic risk on ERC; (3) earnings persistence affects free cash flow; and (4) free cash flow influences ERC. The originality of this study lies in its contribution to transparency literature, demonstrating that (1) the market's reaction to earnings information is not linked to financial statement manipulation, with the market responding more to the availability of funds for investors.

Decoding Investor’s behavior in tax saving mutual fund: A multi-item scale for evaluating investors’ category

This study aims to design and validate a multi-item scale for assessing the investment behavior of investors in tax-saving mutual funds, with a particular focus on Equity Linked Savings Schemes (ELSS). Additionally, the research seeks to identify clusters of investors with similar personality traits, offering deeper insights into how these traits influence investment decisions. By examining the interplay between capital, personality characteristics, and investment behavior, the study underscores their critical role in fostering economic growth. Despite the growth in mutual fund assets under management (AUM) in India, there is a discrepancy in the inflow to Equity Linked Savings Schemes (ELSS), indicating that investor behavior is influenced by a combination of financial and behavioral factors. Through an extensive review of the literature, the study identifies key gaps in existing research on investor psychology, particularly in relation to ELSS investments, emphasizing the need for a more nuanced understanding of the psychological factors shaping investor decision-making in this area. Using a structured questionnaire, the study gathered data from 489 mutual fund investors to explore the financial and behavioral factors influencing their investment decisions. Factor analysis was employed to identify key factors affecting these decisions, and reliability tests like KMO and Bartlett’s were applied to ensure the adequacy of the sample. The findings reveal two main factors related to financial considerations—Informative cum Magnetize Factors and Inadmissible and Undesirable Benefits—as well as behavioral factors such as overconfidence, anchoring, and herding that significantly impact investor behavior. The study concludes that a deeper understanding of these factors can help categorize and address investor needs, ultimately enhancing participation in tax-saving mutual funds. It also helps regulators in policy-making as per the clusters of Investors.

Post Covid-19 Growth of Midcap Mutual Funds in India: A Study on Top Ten Midcap Mutual Funds

Since the COVID-19 outbreak, asset management companies (AMCs) have taken the lead in increasing wealth through mutual funds. There are two types of mutual funds: open-ended and closed-ended. With 43 AMCs operating in India and an average asset under management (AUM) of ₹27.12 trillion as of July 31, 2020, equity funds are riskier. According to research, small and midcap funds have more risk and higher returns than large-cap funds, which have lower risk and lower returns. For regular investments in mutual funds, especially midcap funds, Systematic Investment Plans (SIPs) have gained popularity. Based on their assets under management (AUM) and monthly SIP inflows from 2020–21 to 2024–25, the top ten midcap funds were examined in this study. The purpose of this study is to show how the performance of the midcap funds and volatility associated with the funds. This study also analyses the volatility of the midcap funds by using Sharpe index, Treynor index, and Jensen's Alpha index. The result shows that few of the midcap funds are more volatile than the other funds but higher volatility generates higher returns for the investors over this last four years.

The Crisis of Older Women’s Homelessness: A Case Study of Australia

This paper explored the growing homelessness issue among older women in Australia, identifying three main contributing factors. Firstly, the lack of houses which are affordable for homeless people, combined with a rapidly aging population, led to a housing crisis that disproportionately affected this demographic. Secondly, persistent gender disparities, including unpaid caregiving roles, restricted access to full-time employment, and lower retirement savings, significantly worsened their financial vulnerability. Lastly, domestic violence emerged as a significant contributor that intensified the housing insecurity faced by older women. The study further examined how homelessness impacted this group, revealing that it resulted in severe physical and mental health challenges while hindering access to vital social services. To address these issues, several solutions were proposed, such as affordable housing programs, tailored rental support, and co-housing initiatives. Additionally, the paper highlighted the need to create housing projects that focus on accessibility, safety, and aging in place. Innovative financing models, including impact investing and housing funds, were recommended as sustainable approaches to fund housing developments aimed at reducing homelessness among older women.

Whether words and deeds are consistent or superficial: Will Management Discussions Attract Green Fund Managers?

Based on the text analysis of MD&A intonation of Chinese listed companies in Shanghai and Shenzhen A-share companies from 2008 to 2021, we study the attracting effect of green words in MD&A on the entry of green fund investors. The research finds that the disclosure of green words by management is significantly positively correlated with the entry of green fund investors. It shows that green words can attract green fund investors, and when we divide green words into energy saving and emission reduction, the two kinds of words still have a significant role in attracting green fund investors. Further research shows that when the MD&A of the enterprise is consistent with the action (green invention patent), green fund investors have the strongest investment intention. Otherwise, investors may regard it as a kind of information manipulation and thus be cautious about investment. This study provides new empirical evidence for the study of economic consequences from the perspective of text analysis.

Investigating the decoupling effects between global sustainable development and multi-disaster crises

ABSTRACT Various disasters pose significant challenges to achieving the Sustainable Development Goals (SDGs), highlighting the urgent need for research on global sustainability resilience under multi-disaster crises. This study analyzed the spatiotemporal evolution of disaster frequency, losses, and sustainable development performance from 2000 to 2022. On this basis, we examined the differences in sustainable development under overlapping disaster types and assessed the impact of disaster losses on the 17 SDGs. Finally, decoupling theory was applied to explore the relationships between multi-disaster crises and sustainable development progress. Our findings reveal a global decrease in disaster frequency and an increase in sustainability. However, countries in East and South Asia are disaster hotspots, and many African countries face both frequent disaster shocks and obstacles to sustainable development. Notably, 26.51% and 19.88% of countries experienced overlapping effects from 7 to 8 disaster types, which generally hinder sustainability. We describe the seeking sustainable development under multi-disaster crises as a complex interaction of decoupling processes. Although often exhibits an absolute decoupling and expansive coupling, it is also prone to sudden transition into recessive decoupling or negative coupling, and SDGs are still strongly constrained by disasters. This study highlights the importance of promoting disaster risk management and sustainable development, calling for increased attention and funding investment to assist vulnerable areas establish crisis warning systems and buffer zones.

Understanding sustainable investments: an empirical study of best-in-class mutual funds

PurposeThis research aims to examine mutual funds investment behavior to further understand the dynamics of sustainable investments in the global marketplace and their evolution. Sustainable investing is increasing in the market due to (1) its performance, (2) the investors' criteria and (3) the companies' interest in contributing to sustainable development.Design/methodology/approachTo explore this area, we evaluated Morningstar's best-in-class funds, that is, five-star rated in profitability and five globes in sustainability, while adding rankings such as Sustainalytics to further test the performance against ESG criteria. To test the hypotheses, we used regression statistics to find correlations between quantitative and qualitative factors such as diversification of the investments per sector and region or fund category.FindingsThe results show that funds invested in different sectors, such as technology and healthcare, contributed to an increase in the overall profitability of the fund, while investments in other industries were less profitable. The contribution of this study is based on empirical data that shows why and how ESG investments are growing based on their market evolution.Originality/valueThis study aims to advance knowledge of SRI investment, profitability and market growth, particularly by showing sustainable investment dynamics per industry (e.g. Technology) and regions (e.g. Europe) which not only favor future investments but also sustainable economic growth.

Private Equity Fund Reporting Quality, External Monitors, and Third-Party Service Providers

ABSTRACT We describe variation in the reporting quality (i.e., accuracy and bias of reported net asset values (NAVs)) of private equity (PE) funds across types of external monitors (investors and auditors) and third-party service providers (valuation specialists, marketers, and administrators). In contrast to public markets, we find only limited evidence that reporting quality varies with the composition and types of investors in PE funds. We observe, however, that reporting quality varies with auditor involvement and the use of third-party service providers; these associations often differ across buyout (BO) and venture capital (VC) funds and from those observed in public markets. Our evidence is important to investors and regulators, especially now that PE supersedes public markets as the main vehicle to raise capital and as regulators increase their focus on private markets. Data Availability: Data used in this study are available from public sources listed in the paper. JEL Classifications: G1; G14; G30; M4; M41.