Total Net Assets Research Articles

LG화학의 LG에너지솔루션 분할설립과 ESG경영에 대한 회계적 고찰

[Purpose]This study analyzes the accounting treatment for the corporate spin-off through a case analysis, and examines the relationship between the corporate spin-off and ESG management. Specifically, we study the accounting treatment for the establishment of LG Energy Solutions by LG Chem in December 2020, and examine the impact of the spin-off decision on the ESG management of LG Chem and LG Energy Solutions.
 [Methodology]We examine the accounting treatment on the spin-off in accordance with the K-IFRS and analyze the detailed accounting process through the audit report of LG Chem and LG Energy Solutions. In addition, by comparing the ESG ratings of LG Chem and LG Energy Solutions with companies in the same industry, we review the relationship between spin-off and ESG management.
 [Findings]LG Chem operates the petrochemical business, battery business, advanced materials business, and life science business. Among them, the petrochemical business and battery business account for more than 80% of total revenue and net assets. LG Chem has received relatively lower grades than its competitors in the environment sector of ESG rating. This implies the possibility of suffering losses in the ESG rating due to the petrochemical business, despite the possibility of receiving better rating in the battery business. In order to improve the ESG rating, LG Chem needs to increase the year-on-year improvement rate of each indicator.
 [Implications]The case analysis of this study is expected to contribute to accounting education by examining the accounting treatment of the corporate spin-off and analyzing the case of LG Chem in detail. In addition, it is meaningful that it has expanded previous research by anlyzing the relation between the corporate spin-off and ESG management which is a non-financial factor.

Capital assets and poverty transitions in rural China

PurposeThis article aims to examine the role of capital assets in rural household poverty transitions of poverty escape and poverty descent over periods of 2014–2016 and 2016–2018.Design/methodology/approachBased on the sustainable livelihood approach, this paper uses binary logit model to explore the influence of multidimensional capital assets on poverty transitions and use instrumental variable estimation to solve the endogeneity between total net asset and poverty transitions.FindingsCapital assets have significant impacts on household poverty transitions. The role of capital assets in households' poverty escape and poverty descent are not symmetrical. The authors verify that rural households with rich total net asset are more likely to escape poverty and less likely to descend into poverty by using instrumental variable estimation. The authors verify that there is a mediation effect that total net asset can help households' escaping poverty and prevent them from falling into poverty through promoting rural households to engage in business activities.Originality/valueThis paper is the first to explore how capital assets affect poverty transitions in rural China based on the sustainable livelihood approach. The findings of this research can provide valuable policy implications for the pursuit of common prosperity in China and references for other developing countries.

Credit Management and Profitability of Banks in Zambia

The aim of this study was to evaluate the effect of credit management on profitability of banks in Zambia. Accordingly, the research question designed to guide the study was: To what extend do bank credit management policies and practices affect the profitability of banks in Zambia?To answer the research question above, the Return on Average Assets (ROAA) was computed as a measure of bank profitability, the dependent variable. Measures for independent variables such as leverage (the ratio of total debt to total net assets), asset quality (non-performing loan ratio) and credit risk (gross loans and advances to total assets, and loan loss provision ratio), which reflect bank credit management policies and practices were also computed. Bank size and percentage growth in annual income were included as control variables in the model. To analyze the data, a fixed effects regression model with dummy variables was employed, using panel data spanning 12 years from 2010 to 2021. The data encompassed 15 out of the 18 commercial banks operating in the country.The study found that the regression model accounted for 60% of the variation in bank profitability, of which 35% was attributable to the in-between subject variation and 25% to the independent variables. With respect to the effect of individual predictor variables on bank profit, the study found a statistically significant positive relationship with bank size, while the loan loss provision had a statistically significant negative correlation. Illustratively, a one unit increase in bank size enhanced bank profit by 0.019 units, ceteris paribus, while a one unit increase in loan loss provision decreased bank profit by 0.278 units, ceteris paribus. Furthermore, the study revealed that an increase in leverage and credit risk had negative but statistically insignificant effect on profit respectively, while growth and asset quality had the opposite but also statistically insignificant effect. Overall, the study concluded that credit management policies and practices, as measured by the independent variables, significantly affected bank profit performance in the country. Keywords: asset quality, credit management, credit risk, leverage, profitability, return on average assets, Zambia DOI: 10.7176/RJFA/14-10-05 Publication date: May 31 st 2023

Treasurer's Report, 2020 : Statement of Activities For the Year Ending December 31, 2020.

Previous article FreeReportTreasurer’s Report, 2020 Statement of ActivitiesFor the Year Ending December 31, 2020Rebecca C. FullerRebecca C. FullerTreasurer Search for more articles by this author PDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreSummary of Revenues and ExpendituresThe total net assets of the American Society of Naturalists (ASN) accounts, as of December 31, 2020, were $1,193,064.07. This compares to the total account balance of $967,208.54 one year previously. The 2020 total amount is split among three accounts: $146,023 in the general account, $167,695 in the E. O. Wilson account, and $879,345 in the investment account. Revenues are derived from membership dues, contractual payments from the University of Chicago Press, donations, and investments. Expenditures are made for a variety of society-related activities, including awards, symposia, workshops, and regional meetings. Because of the pandemic in 2020, total expenditures were low ($102,899.05) in relation to total revenue ($328,754.58) and revenue from ASN activities ($153,376.16). By contrast, in 2019 total expenditures were $127,249.36. Prepared by Rebecca C. Fuller.Revenue: Income from ASN activities: ASN membership dues…$9,409.00 General donations…2,806.50 George Gilchrist Memorial donations…8,063.00 Gordon and Betty Moore Foundation…15,000.00 2020 Asilomar meeting revenue…61,812.10 University of Chicago Press contractual payments…56,285.56 Subtotal…$153,376.16 Income from accounts: interest, dividends, capital gains general account: Interest income…$16.83 Subtotal…$16.83 Investment account: Qualified dividends…$9,651.36 Other dividends…2,491.93 Total capital gains…144,185.40 Interest income…2.93 Subtotal…$156,331.62 E. O. Wilson account: Qualified dividends…$2,410.17 Other dividends…872.80 Total capital gains…15,745.98 Interest income…1.02 Subtotal…$19,029.97Total revenue…$328,754.58 Expenditures: Symposia: Young Investigator Symposium…$0.00 Vice Presidential Symposium…0.00 SSE ASN-sponsored symposium…0.00 Travel: Tri-society meeting travel0.00 Awards: E. O. Wilson Award…$2,000.00 Sewall Wright Award…1,000.00 Jasper Loftus-Hills Young Investigator Award…2,800.00 Student Research Awards…26,000.00 Presidential Paper Award…1,000.00 Student Paper Award…500.00 Ruth Patrick Student Poster Award…400.00 Ed Ricketts Student Oral Presentation Award…400.00 Julia Platt Postdoctoral Oral Presentation Award…400.00 Subtotal…$34,500.00 Workshops, meetings, and other activities: Exit fee for 2020 Face-to-Face meeting…$12,057.89 ECR2 BioInformatics workshop…1,650.00 ECR2 plenary speaker…500.00 ECR2 closed captioning…3,214.68 2020 Asilomar stand-alone meeting expenditures…29,840.69 2021 Virtual Asilomar stand-alone meeting expenditures…4,900.00 Subtotal…$52,163.26 Miscellaneous: AIBS dues for 2020 and 2021…$700.00 ASN graduate student website…18.00 Office supplies, award supplies…872.58 AAAS societies dues…500.00 Subtotal…$2,090.58 Taxes: Foreign tax paid (investment account)…$79.89 Foreign tax paid (E. O. Wilson account)…4.73 2020 tax preparation…2,300.00 Subtotal…$2,384.62 Fund fees: General account…$0.00 E. O. Wilson account…1,922.46 Investment account…9,838.13 Subtotal…$11,760.59Total expenditures…$102,899.05 View Table Image Previous article DetailsFiguresReferencesCited by The American Naturalist Volume 198, Number 6December 2021 Published for The American Society of Naturalists Article DOIhttps://doi.org/10.1086/717138 Views: 270 © 2021 The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Do Socially Responsible Investment Funds Sell Losses and Ride Gains? The Disposition Effect in SRI Funds

An increasing percentage of the total net assets under professional management is devoted to ethical investments. Socially responsible investment (SRI) funds have a dual objective: building an investment strategy based on environmental, social, and corporate governance (ESG) screens and providing financial returns to investors. In the current study, we investigate whether this dual objective has an influence on the behavior of mutual fund managers in the realization of gains and losses. Evidence has shown that most investors in SRI funds invest in those funds primarily because of their social concerns. If the motivations of SRI managers align with those of SRI investors, SRI managers might then have more incentives than conventional managers to hold onto losing stocks if they feel their social value compensates for the economic loss. We hypothesize that SRI managers would be less prone to the disposition effect than conventional managers. Pertaining to the disposition effect, we do not find evidence of a difference in the behavior of SRI fund managers compared with that of conventional fund managers. Our results hold, even when considering market trends, management structure, gender, and prior performance.

TENDENCIES OF FINANCIAL BEHAVIOR OF EUROPEAN HOUSEHOLDS

Households, as an institutional sector, are active actors in financial relations in the national economy. There is no consensus on explanations of certain features of financial behavior of households, its impact on the formation of the net worth of their assets. The aim of the study is to identify and explain trends in the financial behavior of European households in view of the formation of their wealth. In the process of research the following methods were used: statistical analysis of dynamics, structural analysis – to study the indicators that characterize the financial behavior of households; economic and mathematical modeling – to build a model of dependence of household wealth on the structure of their financial assets; abstract-logical method – for making conclusions. The study of financial behavior of EU households revealed: excess of disposable income over expenditures, growth of savings and wealth of EU households, high borrowings, which increase in times of crisis, especially in countries where financial assets are concentrated in insurance or pension funds. The steady tendency to expand investments in Pension Funds, even in times of crisis, is highlighted. It is emphasized that savings directed to the financial assets of households are the main impetus for long-term economic growth of the country. It is established that 76.02 % of the variability in the total net asset value of households is explained by the structure of financial assets: the growth of the share of deposits in financial assets of households has the least impact on their wealth, while the share of securities (excluding shares) and share investments in insurance funds. The practical significance of the obtained results is to substantiate the need to regulate the behavioral determinants of households in terms of economic education, financial literacy, state support for the development of a strong banking system and attractive conditions for deposits, insurance and private pension funds, securities market.

Can Artificial Neural Networks Predict the Survival Capacity of Mutual Funds? Evidence from Spain

Recently, the total net assets of mutual funds have increased considerably and turned them into one of the main investment instruments. Despite this increment, every year a considerable number of funds disappear. The main purpose of this paper is to determine if the neural networks can be a valid instrument to detect the survival capacity of a fund, using the traditional variables linked to the literature of disappearance funds: age, size, performance and volatility. This paper also incorporates annualized variation in return and the Sharpe ratio as variables. The data used is a sample of Spanish mutual funds during 2018 and 2019. The results show that the network correctly classifies funds into surviving and non-surviving with a total error of 13%. Moreover, it shows that not all variables are significant to determine the survival capacity of a fund. The results indicate that surviving and non-surviving funds differ in variables related to performance and its variation, volatility and the Sharpe ratio. However, age and size are not significant variables. As a conclusion, the neural network correctly predicts the 87% of survival capacity of mutual funds. Therefore, this methodology can be used to classify this financial instrument according to its survival or disappearance.

Annual Financial Statement of PT Essar Indonesia Employee Saves and Loan Cooperative for Financial Year 2021 Balances 31 December 2021

Cooperatives according to Law No. 25 of 1992, can be interpreted as a business entity consisting of a group of people whose activities are based on cooperative principles as well as a people's economic movement based on kinship. The cooperative itself also has financial reports that are always reported. Cooperatives have financial reports that are reported within a certain period of time with the users of the report themselves being members of the cooperative, management, supervisors and other stakeholders. A balance sheet is a financial report that must be made to report the assets or liabilities of a company/organization. With this balance sheet, a company or organization can find out how much wealth or total net assets it has. The preparation of the financial balance report has 3 stages, the preparation stage, the stage for preparing the balance sheet and the preparation stage. In the stage of preparing the balance sheet, there are 2 stages, namely the stage of preparing the balance sheet page and the stage of registering asset data owned by a company or organization itself. Based on the total data, the wealth data owned by the Savings and Loans Cooperative PT. Essar Indonesia is the same as the total liability data of the Savings and Loans Cooperative PT. Essar Indonesia until the end of 2021. With the cooperative's financial report, users can view information about their financial position, performance and other financial information. The existence of a balance sheet report is also useful in making decisions.

Study regarding the return of retirement pension plans and programs in Romania

Abstract Quite often, people ask questions about the size of their retirement funds, nevertheless, demographic changes are fueling an existing insecurity. Thereby, in the actual context, it is necessary to analyze the current retirement system in order to be able to provide reliable solutions in the future. The objective of the research is to elaborate an econometric analysis based on the information available for Pillar II of retirement pensions for each fund apart, but also at the market level. The mandatory private funds of Pillar II are managed by companies existing on the Romanian market. The study aims to analyze the causal relationship between the size of the fund, analyzed through the size of the total net assets, and its profitability. The research method consists in testing the connection between the two variables through a linear regression at the market and individual level, in terms of each fund. The results of the research will complete the already existing researches and, moreover, it will provide an updated base in order to evaluate the previsions regarding the investments made from these funds and act accordingly to increase the benefits that employees receive during their retirement age.

Cross-Sectional Equity Correlations and the Value of Active Management

This article examines the cross-sectional correlations among equities and relates them to the performance of actively managed mutual funds. When the average correlation between equities’ returns is higher, there is less opportunity for active management to outperform. Consistent with this, we find that actively managed mutual funds generate lower abnormal returns when the average cross-sectional correlation is high. This result holds for both small and large funds, within various subperiods, and when controlling for fund fixed effects. Our results have implications for investor portfolio allocation during periods such as the 2020 COVID-19 panic. TOPICS:Factors, risk premia, factor-based models, mutual funds/passive investing/indexing, mutual fund performance Key Findings • The average correlation between the returns of each individual stock and the market varies over time and influences the opportunities for active management. • We find evidence of stronger average equity mutual fund performance when the average correlation across publicly traded equities is low. • The impact of return correlation on fund performance is greatest among funds with low total net assets, which are less impacted by liquidity effects.

The Effect of Fund and Family Characteristics on Islamic Mutual Fund Flows: Evidence from Saudi Arabia

Islamic mutual funds (IMF) are growing as a substitutional investment vehicle for investors who want to combine value and financial objectives in their investment. A group of the funds is managed by one Investment Company called the family of funds. This study investigates the flow-performance relationship in IMF, in addition to the extent to which family and fund characteristics contribute to explaining fund flows in Saudi Arabia for the period from 2007 to 2017. The study uses raw returns to calculate the fund performance and use the percentage money flow (FLOW), defined as money flow scaled by the total net asset of the fund. The results show there is a positive relationship between past performance and fund flow that mean IMF investors make rational financial decisions by directing fund flows to better performing funds. In addition, the results show family characteristics have an impact on IMF inflow.

Insurance against Long-Run Volatility Risk: Demand, Supply, and Pricing

Despite its importance implied in asset pricing and macroeconomic models, insurance against long-run volatility risk has received little empirical documentation regarding its demand, supply, or pricing. This paper bridges the gap. First, I show that households have directly purchased large quantities of insurance against long- run volatility risk through the minimum return guarantees available in variable annuities, a form of retail retirement and savings product offered by life insurance companies. Total net assets with such insurance grew from zero when the guarantees were first introduced in the early 2000s to close to $1 trillion in 2015. To supply the guarantees to households, life insurance companies hedged themselves with large quantities of long-maturity (> 5Y) options and variance swaps, which led to a sharp increase in the prices of these long-term volatility assets: the ten- year implied volatility increased from 20.0% before 2000 to 27.3% afterwards while the short-term counterpart (VIX) has remained unchanged (from 19.2% to 19.7%). Insurers’ hedging activities therefore explain the significant steepening of volatility term structure in the early 2000s. Relative to the price they paid on hedging, how- ever, the price that life insurance companies charged on the guarantees was much lower, at 15.2% implied volatility prior to the Great Recession. I show evidence of extensive product-cross subsidization – under-pricing of guarantees was used to induce sales and lock in customers that would be subject to over-priced base fees and mutual fund expenses.

The Hedge Fund Industry Is Bigger (and Has Performed Better) Than You Think

Of first-order importance to the study of potential systemic risks in hedge funds is the aggregate size of the industry. The worldwide hedge fund industry has been estimated by regulators and industry experts as having total net assets under management of $2.3-3.7 trillion as of the end of 2016. Using a newly combined database of several hedge fund information vendors, augmented by the first detailed, systematic regulatory collection of data on large hedge funds in the United States, we estimate that the worldwide net assets under management were at least $5.2 trillion in 2016, over 40% larger than the most generous estimate. Gross assets, which represent the balance sheet value of hedge fund assets, exceeds $8.5 trillion. We further decompose hedge fund assets by their self-reported strategy and by fund domicile. We also show that the total returns earned by funds that report to the public databases are significantly lower than the returns of funds that report only on regulatory filings, both in aggregate and within nearly every fund strategy. This difference appears to be driven entirely by alpha, rather than by differences in exposures to systematic risk factors. However, net investor flows are considerably higher for funds reporting publicly, suggesting previous estimates of the flow-performance relationship are likely biased. Our new, and much larger, estimates of the size of the hedge fund industry should help regulators and prudential authorities to better gauge the systemic risks posed by the industry, and to better evaluate potential data gaps in private funds. Our results also suggest that systematic risk is roughly similar in publicly and non-publicly reporting funds.

Treasurer's Report, 2018: Statement of Activities For the year ending December 31, 2018.

Previous articleNext article FreeTreasurer’s Report, 2018 Statement of ActivitiesFor the year ending December 31, 2018Christina CarusoChristina CarusoTreasurer Search for more articles by this author PDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreSummary of Revenues and ExpendituresThe total net assets of American Society of Naturalists accounts, as of December 31, 2018, were $881,054.24, split between two funds: $752,966.75 in the general fund and $128,087.49 in the E. O. Wilson fund. This compares to a total account balance of $949,508.89 one year previously. Revenues are derived from membership dues, contractual payments from the University of Chicago Press, and investments. Expenditures are made for a variety of society-related activities, including awards, symposia, workshops, and regional meetings. Prepared by Christina Caruso.Revenue Income: ASN membership dues…$9,109.00 Donations…7,904.00 University of Chicago Press contractual payments…43,390.44 2018 ASN150 meeting registration…64,466.00 Subtotal…$124,869.44 General fund: Total ordinary dividends…$19,944.53 Nondividend distributions…1,695.69 Total capital gains distributions…745.30 Total realized capital gains…29,950.30 Interest…176.01 Subtotal…$52,511.83 E. O Wilson fund: Total ordinary dividends…$2,344.23 Nondividend distributions…999.72 Total capital gains distributions…1,152.53 Total realized capital gains…0.00 Interest…24.30 Subtotal…$4,520.78Total income…$181,902.05 Expenditures: Symposia: Portland 2017 Vice Presidential Symposium…$988.84 Portland 2017 Niche Breadth Symposium…1,284.09 Portland 2017 Education Symposium…543.00 Montpellier 2018 Vice Presidential Symposium…7,974.87 Travel: Portland 2017 executive council travel…668.69 Montpellier 2018 executive council travel…16,848.04 Montpellier 2018 Young Investigator travel…5,624.62 Congressional Visit Day travel…750.00 Awards: E. O. Wilson Award…2,000.00 Jasper Loftus-Hills Young Investigator Award…2,000.00 Sewall Wright Award…1,000.00 Student Research Awards…20,000.00 Ruth Patrick Student Poster Award…400.00 Student Paper Award…500.00 Presidential Award…1,000.00 Ed Ricketts Award…400.00 Don Abbott Postdoc Award…800.00 Puerto Rico Hurricane Recovery Grants…9,965.00 Montpellier 2018 Graduate Student Travel Awards…11,000.00 2018 ASN150 Graduate Student Travel Awards…8,500.00 Workshops, meetings, and other activities: 2017 workshops…400.00 2018 workshops…2,400.00 AIBS dues…350.00 2017 regional meetings…2,000.00 2018 regional meetings…7,290.00 2018 ASN150 expenditures…34,527.25 2020 Asilomar stand-alone meeting expenditures…5,000.00 Miscellaneous: Bank charges…6.00 Award supplies, office supplies, and postage…434.40 Code of conduct training…750.00 ASN graduate student website…28.00 Taxes: Foreign taxes…32.00 2016 tax preparation…800.00 2017 tax preparation…800.00Total expenditures…$147,064.80Correction. This article was reposted on November 6, 2019, to correct the dollar amounts given in the first sentence for total net assets and the general fund. Previous articleNext article DetailsFiguresReferencesCited by The American Naturalist Volume 194, Number 6December 2019 Published for The American Society of Naturalists Article DOIhttps://doi.org/10.1086/706141 © 2019 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Why Is Investors' Mutual Fund Market Allocation Far from the Optimum?

We analyse the differences between the optimal portfolio of funds that a fully in-formed investor might select and the current structure of the mutual fund markets as characterized by the funds’ risk profile (conservative or aggressive) and target investor type (retail or wholesale). We find that the relationship between fund age, market share and change in total net assets – but not fees – and the optimal portfo-lio of funds depends on the structure of the mutual fund market.

Normative Listing and Description of Mutual Fund Transparent and Opaque Fees and Expenses

This study provides mutual fund shareholders with a normative listing of transparent and traditionally opaque fees and expenses designed for most all funds. The most likely next step, if any, would be for a few “stewardship funds” to adopt the normative listing of transparent and traditionally opaque fees and expenses and attach to each its percentage cost to total net assets, if any. This analysis is needed, for one reason, because a large percentage of individual investors, especially those with low financial literacy, are unaware of the existence of traditionally opaque fund fees and expenses, no less their percentage costs.

Análise da relação entre rentabilidade e estratégias de gestão do capital de giro das empresas listadas na B3

O objetivo principal da administração do capital de giro é manter equilíbrio entre cada um de seus componentes e, com isso, o equilíbrio entre o risco de insolvência e a rentabilidade. A empresa pode, portanto, adotar uma política agressiva ou conservadora de administração do capital de giro, dependendo da estratégia da gestão. Nesse sentido, o objetivo deste artigo é analisar a influência das estratégias de gestão do capital de giro na rentabilidade das empresas listadas na B3. Foi, então, selecionada uma amostra de 152 empresas listadas na B3 e segregadas entre política agressiva ou conservadora de gestão do capital de giro. O período analisado foi de 2000 a 2014 e os dados coletados consistem de ativo circulante, passivo circulante, ativo total, rentabilidade do ativo total e rentabilidade do patrimônio líquido. Os dados foram organizados e analisados com base na regressão simples e multivariada. Os resultados indicam que a estratégia de investimento em capital de giro influencia positivamente a rentabilidade do ativo total e do patrimônio líquido. No que diz respeito à política de financiamento, verificou-se que as empresas, quando analisadas em conjunto, apresentaram influência negativa da agressividade de financiamento na rentabilidade do ativo e do patrimônio líquido. No entanto, as empresas que adotam agressividade na política de financiamento acima da média e apresentam rentabilidade sobre o ativo acima da média representam influência positiva da política de financiamento na rentabilidade.

The influence of liquidity and profitability on the banking sector performances: The example of Serbia

As our country has been opening itself more to foreign capital, foreign banks have brought their paradigm of efficient business methods in the banking system of the Republic of Serbia. This paper shows the seven-year analysis of the time series based on the ratio indicators of liquidity and profitability of the 10 largest banks doing business in the Republic of Serbia for the period between 2010 and 2017. In this research we used data from quarterly reports issued by the National Bank of Serbia and the selection criteria for banks was the amount of total net assets. As the percentage of participating banks' share is 77.1% of the total net assets of all banks operating in the Republic of Serbia, the values obtained approximate the performance of the entire banking system to a very good extent. The objective of this paper is to interpret these indicators in the aim of supporting the decision-making process concerning the credit-based and other finance-based relationships with clients so as to demonstrate whether monitoring of monetary authorities needs to be raised to a higher level, assuming that in the observed period the banking system of the Republic of Serbia was stable.

Efficiency of non-state pension funds functioning in Ukraine

The subject of the article is methodological and practical aspects of determining the efficiency of the work of non-state pension funds. The aim of the article is is to show the real state of affairs about the productive activity of non-state pension funds and analyze the effectiveness of their work. Article methodology. The article uses structural-logical, economic-statistical and economic-mathematical methods, as well as comparative analysis, a graphical method. Results of research. During the study, the dynamics of the number of NPFs, asset management companies and administrators in Ukraine, as well as the distribution of NPF participants by age group was analyzed. The index of economic efficiency of NPF activity (growth of the net value of the unit of pension contribution, profitability of investment of pension assets) is considered in accordance with the method of determining the criteria for assessing the financial condition of the NPF, developed by the National Financial Services Commission. Analytically represented: structure of the net asset value of NPF by type; the total average net asset value per participant in Ukraine and the profitability of the investment activity of the NPF. The indicator of the CAGR of the net value of assets of domestic NPFs by types for 7, 5 and 1 year is calculated. Scope of results of research. The results of the study can be used by citizens of Ukraine of different ages who are interested in providing pensions, in the practice of employees of non-state pension funds, banks and life insurance companies. Conclusions. Analyzing different groups of indicators of non-state pension fundsactivity in Ukraine, the overall low level of development of this segment of non-state pension provision was revealed. The effectiveness of the funds directly depends on the number of participants and the quality management of assets. According to statistics, in this area, the domestic non-state pension fundsstill needs to introduce serious improvements.

Tracing financial innovation diffusion and substitution trajectories. Recent evidence on exchange-traded funds in Japan and South Korea

Since the rapid growth of the popularity of ETFs, the potential substitution between innovative financial products, exchange-traded funds (ETFs), and traditional investment funds (open-end and closed-end funds) is recognized as one of the most-discussed issues in the financial industry. This is the first study to empirically verify and compare the diffusion and substitution of ETFs using monthly data on their assets in two selected countries. The main aim of this paper is to provide in-depth insights into the development of innovative financial products available in two Asian economies: Japan and South Korea. The empirical study uses monthly total net assets data for 2004–2017. Our methodological framework combines models of innovation diffusion and technological substitution. The results reported in the study show that in both countries the diffusion of ETFs has occurred. The rate of diffusion and the phase of growth reached differed – in Japan the ETF market was in the early exponential growth stage, whereas in South Korea it was closer to achieving the expected maximum saturation. The results of the substitution analysis between the largest category of the innovative funds – equity ETFs and equity open-end funds clearly demonstrate that the process of “switching” from equity open-end funds into ETFs may be easily traced in both countries. Substitution processes were, however, gradual and reversals of the trajectories were noticed.