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After the financial crisis of 2008, it was clear that investors were craving more transparency, liquidity and protection. Hedge fund managers saw an opportunity in the UCITS directive to launch UCITS compliant hedge funds and hedged mutual funds under the Investment Company Act of 1940. Previous studies have shown that the performance of funds drives the capital flows but no research has yet discovered whether the flows of liquid hedge funds and pure hedge funds are driven by their respective past performance. Using two different asset pricing models and a panel regression, this research suggests that liquid hedge funds are more sensitive to hedge funds' performance while hedge fund investors do not appear to react to positive liquid hedge funds' performance.

hedge fund --- mutual fund --- performance --- flow --- manager skills --- alternative investments --- UCITS --- panel regression --- Sciences économiques & de gestion > Finance

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This master thesis tries to investigate the dependence of the distribution of extreme positive
returns of US equity mutual funds. The aim is to identify the determinants of extreme positive
returns. We investigated a sample of 11,373 US equity mutual funds and covered a time interval
from January 2001 to December 2019. Our set of explanatory variables includes financial, macroeconomic
and fund – specific variables. We modeled the extreme positive returns by using the EVT
and the POT approach. We assume that the distribution of extreme positive returns follows a Generalized
Pareto distribution where the scale and shape parameters depend on the covariates. The
selection of the optimal and relevant set of explanatory variables is performed by a regularization
procedure based on a penalized – likelihood estimation. This regularization procedure is proposed
by Hambuckers, Groll, and Kneib (2018). Lastly, we assessed the robustness of our model by
comparing our results to models using a time - varying threshold to define the extreme positive
returns or a different time interval.

Mutual Fund, Extreme Performance, Extreme Value Theory, Peak – Over – Threshold approach, Generalized Pareto Distribution --- Sciences économiques & de gestion > Finance

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Le nouveau Code des sociétés et des associations, introduit par la loi du 23 mars 2019, va modifier considérablement la vie de l'ensemble des sociétés et des associations constituées en Belgique. Vous trouverez dans le présent ouvrage les différents thèmes abordés lors de ce colloque, organisé sous le patronage du Forum Financier belge, de l'AEDBF et de Febelfin. Ceux-ci ont été regroupés en deux parties. La première est consacrée aux règles du Code susceptibles de modifier la structure de gouvernance des institutions financières (établissements de crédit, entreprises d'assurance ou d'investissement, sociétés de gestion d'OPC, établissements de paiement ou de monnaie électronique) et la seconde aborde certaines transactions financières qui ne se présenteront plus tout à fait de la même façon suite à l'entrée en vigueur du Code. Tel est notamment le cas du financement des sociétés, en distinguant celles qui sont cotées et celles qui ne le sont pas. La disparition du capital dans les sociétés privées sera évidemment aussi abordé. On l'aura compris, par son approche originale, cet ouvrage se démarque nettement des nombreuses contributions qui ont déjà été consacrées à la réforme du droit des sociétés

Company law. Associations --- Financial law --- Belgium --- vennootschapsrecht --- kredietinstelling --- verzekeringsmaatschappij --- beleggingsmaatschappij --- governance --- bedrijfsleiding --- financiering --- financim --- финансирање --- finanszírozás --- finansavimas --- finanțare --- maoiniú --- finanzjament --- финансиране --- financovanie --- financement --- Finanzierung --- finansowanie --- finansiering --- financing --- rahoitus --- financiamento --- finantseerimine --- financiranje --- financiación --- finanziamento --- financování --- χρηματοδότηση --- finansējums --- кредитирање --- maoiniúchán --- rahastamine --- финансиски инструменти --- menaxhim shoqërie tregtare --- haldusnõukogu --- vállalatvezetés --- управа предузећа --- riadenie spoločnosti --- uzņēmējsabiedrības pārvaldība --- virksomhedsledelse --- direção de empresa --- vodenje družbe --- board of management --- yritysjohto --- vedení společnosti --- επιχειρηματική στρατηγική --- kierowanie przedsiębiorstwem --- upravni odbor --- direzione aziendale --- Unternehmensleitung --- управување трговски друштва --- maniġment korporattiv --- conseil de direction --- dirección de la empresa --- bord bainistíochta --- företagsledning --- managementul întreprinderii --- bendrovės valdymas --- ръководство на предприятие --- деловна стратегија --- poslovodstvo društva --- bolagsledning --- vállalkozás vezetősége --- upravljanje društvom --- Vorstand --- direktion --- directieraad --- Betriebsleitung --- consiglio di direzione --- management team --- consiliul director --- direction d'entreprise --- consejo de dirección --- conselho de direção --- menadžment društva --- directie --- Комитет на управителите --- company management --- vadovų valdyba --- johto --- ettevõtte juhtimine --- direcção de empresa --- Geschäftsleitung --- equipo de dirección --- διεύθυνση επιχείρησης --- management společnosti --- vállalkozási stratégiai terv --- менаџмент на претпријатија --- διευθύνον συμβούλιο --- gruppo dirigente --- gerencia --- bord i drejtimit --- bendrovės vadovybė --- rialachas --- valdīšana --- vladanje --- διακυβέρνηση --- valdžia --- gouvernance --- gobernanza --- správa věcí veřejných --- kormányzás --- владеење --- styrelseskick --- guvernare --- governanza --- държавно управление --- valitsemistava --- izvršavanje vlasti --- Governance --- styreformer --- rządzenie --- výkon riadenia --- governação --- qeverisje --- hallintotapa --- управљање --- modernes Regieren --- rialú --- e-pārvaldība --- е-демократија --- e-governance --- styrelseformer --- добро владеење --- behoorlijk bestuur --- elektronikus kormányzás --- governanza elettronica --- qeverisje elektronike --- e-demokrácia --- styrelsesätt --- ηλεκτρονική διακυβέρνηση --- obnašanje vlasti --- političko upravljanje --- valitsemiskorraldus --- Regierungsstil --- E-Governance --- e-styreformer --- e-gobernanza --- e-gouvernance --- e-kormányzás --- elektroninė valdžia --- société d'investissement --- investiční společnost --- sociedade de investimento --- befektetési társaság --- sociedad de inversión --- investmentbolag --- towarzystwo funduszy inwestycyjnych --- investicijsko društvo --- εταιρεία επενδύσεων --- investeerimisühing --- инвестиционо друштво --- sijoitusyhtiö --- investicijska družba --- investeringsselskab --- investment company --- ieguldījumu sabiedrība --- società d'investimento --- investicinė bendrovė --- Kapitalanlagegesellschaft --- инвестиционно дружество --- инвестициска компанија --- kumpanija ta' investiment --- investičná spoločnosť --- shoqëri investimesh --- societate de investiții --- cuideachta infheistíochta --- αμοιβαία κεφάλαια κλειστού τύπου  --- investeringsforening --- spółka zarządzania aktywami --- kopējais investīciju uzticības fonds --- združený fond --- eszközkezelő --- lepinguline investeerimisfond --- zatvoreni investicijski fond --- atklāts investīciju fonds --- kaubanduse ja tööstuse kinnisvaraühing --- värdepappersfond --- closed-end beleggingsfonds --- Investmentfonds --- инвестициони фонд --- uzavřený investiční fond --- usaldusfond --- fond mutual --- FIM --- gepoold fonds --- investment fund --- друштво за колективно инвестирање --- Vermögensverwaltungsgesellschaft --- äriühinguna asutatud fond --- investiční společnost s proměnným základním kapitálem --- SICAV-bolag --- società di gestione degli investimenti --- cuideachta bhainistíochta sócmhainní --- gesloten fonds --- ömsesidig fond --- investeringsfond --- collectief deposito --- savitarpio investicinis fondas --- closed-end investment company --- investointirahasto --- družba s spremenljivim delniškim kapitalom --- spoločný investičný fond --- administrator de fonduri --- kapitalforvalter --- closed-end fonds --- varainhoitaja --- upravitelj fonda --- investicijski sklad --- boliginvesteringsselskab for handel og industri --- pooled fund --- fond mutwu --- kereskedelmi és ipari ingatlanvállalat --- fælles midler --- fondo valdytojas --- cuideachta infheistithe --- fondi valitseja --- ieguldījumu fonds --- empresa de investimento --- geschlossene Kapitalanlagegesellschaft --- società d'investimento a capitale variabile --- aktīvu pārvaldītājs --- sluten fond --- vaihtelevapääomainen sijoitusyhtiö --- open beleggingsfonds --- átváltható értékpapírokba kollektív alapon befektető vállalkozás --- investment trust --- sociedade de investimento coletivo --- fondo comune d'investimento --- fondo de inversión colectiva --- kaupan ja teollisuuden alan kiinteistöyhtiö --- Investmentgesellschaft mit veränderlichem Kapital --- fond reciprok --- kockázati tőketársaság --- gestor de fundos --- podielový fond --- sociedade de investimento renovável --- fundo comum de investimento --- gestionnaire de fonds --- vermogensbeheerder --- sociedade de investimento de capital variável --- fond de plasament colectiv --- sociedad de gestión de activos --- Anlagefonds --- fundusz zbiorowego inwestowania --- società d'intermediazione mobiliare --- fundusz inwestycyjny --- maniġer tal-assi --- družba za upravljanje --- инвестициска фирма --- αμοιβαία κεφάλαια --- sijoitusrahasto --- fondy kolektivního investování --- инвестиционно дружество с променлив капитал --- savitarpio fondas --- επενδυτικός οργανισμός κλειστού τύπου --- fondo de inversión mobiliaria --- fondförvaltning --- investeringsselskab med fast kapital --- összevont források --- fond cu donatori multipli --- otevřený investiční fond --- vaihtuvapääomainen sijoitusyhtiö --- fund manager --- fond de investiții --- investicijsko poduzeće --- колективна инвестиционна схема --- sociedad de inversiones --- ieguldījumu trests --- sociedad de inversión de capital variable --- investicinė kintamojo kapitalo bendrovė --- investičný podnik --- investīciju fonds ar mainīgu pamatkapitālu --- varahaldur --- společnost spravující fondy kolektivního investování --- Anlagegesellschaft mit veränderlichem Kapital --- společnost spravující aktiva --- investeerimisfond --- fastighetsbolag --- shoqëri investimi me kapital fiks --- sukauptos lėšos --- sociedad de inversión de capital fijo --- επιχείρηση επενδύσεων --- titoli trasferibbli --- дружество за управление на активи --- kapitalforvaltningsselskab --- investeringsselskab med variabel kapital --- fondo aperto --- slēgta ieguldījumu sabiedrība --- лице, което управлява активи --- εταιρεία διαχείρισης --- kumpanija ta' investiment b'kapital mingħajr limitu --- upravitelj premoženja --- uždaro tipo investicinė bendrovė --- varahaldusettevõtja --- fondo di investimento --- ühisrahastu --- sociedade de gestão de ativos --- инвестиционен посредник --- befektetési alap --- spółka inwestycyjna o zmiennym kapitale --- SIM --- Investmentgesellschaft --- Investmentfonds mit variablem Grundkapital --- kiinteäpääomainen sijoitusyhtiö --- investicijsko podjetje --- Sicav --- dépôt collectif --- investičný fond --- nekustamā īpašuma sabiedrība tirdzniecībai un rūpniecībai --- fondo de inversión --- Εταιρία επενδύσεων μεταβλητού κεφαλαίου --- tőketársaság --- odprta investicijska družba --- eszközkezelő társaság --- investīciju sabiedrība --- compañía de inversiones --- fondu pārvaldnieks --- fonds commun de placement --- realitní společnost pro obchod a průmysl --- fondsbeheerder --- upravljavec skladov --- întreprindere de investiții --- fondo mancomunado --- société d’investissement à capital fixe --- fundo de investimento variável --- gemeenschappelijk beleggingsfonds --- société immobilière pour le commerce et l'industrie --- fundo de investimento --- Immobiliengesellschaft für Handel und Industrie --- kumpanija ta' investiment b'kapital limitat --- колективно инвестиционно дружество --- fundo de investimento renovável --- investiční podnik --- societate de administrare a investițiilor --- Investmentgesellschaft mit festem Kapital --- trust investimi --- kopējais fonds --- impresa di investimento --- podílový fond --- administrator de active --- инвестиционно дружество от затворен тип --- fond investimesh --- spoločnosť kolektívneho investovania --- договорен фонд --- обединен фонд --- cuideachta infheistíocht --- друштво за управување со инвестициски фондови --- fondsforvalter --- Offene Investmentgesellschaft --- ieguldījumu trasts --- befektetési cég --- societate de investiții cu capital variabil --- vzajemni sklad --- muutuva põhikapitaliga investeerimisühing --- gestor de activos --- placeringsfond --- εταιρεία επενδύσεων χαρτοφυλακίου με μεταβαλλόμενο κεφάλαιο --- zaprta investicijska družba --- société d’investissement fermée --- odprti investicijski sklad --- investiční fond --- société de placement collectif --- εταιρεία επενδύσεων χαρτοφυλακίου, κυμαινόμενου κεφαλαίου --- sociedad de imposición colectiva --- investicinis trestas --- správca fondu --- VABT --- asset manager --- spółka inwestycyjna --- fondo congiunto --- kopieguldījumu fonds --- investicinis fondas --- sijoituspalveluyritys --- porteføljeforvalter --- beleggingsfonds --- OEIC --- fundusz inwestycyjny zamknięty --- pajinis investicinis fondas --- deposito collettivo --- správce aktiv --- változó alaptőkéjű befektetési társaság --- SICAF --- společnost kolektivního investování --- дружество за частни капиталови инвестиции --- société de gestion d'actifs --- towarzystwo inwestycyjne --- Kapitalverwaltungsgesellschaft --- fundusz inwestycyjny typu otwartego --- gesloten beleggingsfonds --- beleggingstrust --- rahoituspooli --- επενδυτικό ταμείο --- επιχείρηση παροχής επενδυτικών υπηρεσιών --- fondo mutuo --- fondförvaltare --- investicinė įmonė --- open-end beleggingsmaatschappij --- società di investimento a capitale variabile --- fondos de inversión en activos del mercado monetario --- Anlagegesellschaft mit festem Kapital --- fond kollettiv --- omaisuudenhoitaja --- gestionnaire d'actifs --- εταιρεία επενδύσεων χαρτοφυλακίου --- központi értékpapír-letétkezelő --- società d'investimento a capitale fisso --- επιχείρηση διαχείρισης κεφαλαίων --- предузеће за заједничко инвестирање у преносиве хартије од вредности --- Gemeinschaftsdepot --- fonds d'investissement --- società di investimento --- podjetje za poslovanje z nepremičninami --- arvopaperien yhteissijoitusyritys --- uzavretý investičný fond --- CEF --- compagnie d'investissement --- fondo d'investimento a capitale variabile --- инвестициски фонд --- sociedade de investimento variável --- arvopapereihin kohdistuvaa yhteistä sijoitustoimintaa harjoittava yritys --- trust investimi me kapital të ndryshueshëm --- société d'investissement à capital variable --- investeerimisfirma --- otvorený investičný fond --- alapkezelő --- fondos de inversión --- asset management company --- SICOMI --- osakerahasto --- взаимен фонд --- κτηματομεσιτική εταιρεία για εμπορική και βιομηχανική χρήση --- fondo común de inversión --- sociedade de investimentos fechados --- инвестициско претпријатие --- fonds de placement à capital fixe --- лице, управляващо фонд --- organism de plasament colectiv --- skupni skrbniški račun --- societate de investiții cu capital fix --- podjetje za kolektivne naložbe --- subjekt kolektívneho investovania --- befektetési vállalkozás --- kinnine investeerimisfond --- società d'investimento collettivo --- fælles investeringsfond --- societate de plasament colectiv --- depósito coletivo --- gestore di patrimoni --- open-ended investment company --- rahastoyhtiö --- sluten värdepappersfond --- investiční společnost s proměnlivým akciovým kapitálem --- αμοιβαίο κεφάλαιο --- kinnine fond --- συλλογική κατάθεση --- επενδυτικές ενώσεις (trusts) --- closed-end beleggingsmaatschappij --- správce fondu --- open-end beleggingsfonds --- gestore di fondi --- investicijski fond --- fond de investiții cu capital variabil --- ZIF --- kumpanija maniġerjali tal-assi --- open-ended investment trust --- дружество със специална инвестиционна цел за секюритизиране на недвижими имоти --- fondihaldur --- beleggingsonderneming --- unit trust --- mutual fund --- maniġer ta' fond --- otvoreni investicijski fond --- investmentföretag --- инвестиционно дружество от отворен тип --- rahastonhoitaja --- spółka inwestycyjna typu otwartego --- SHIKF --- investičná spoločnosť s premenlivým základným imaním --- SICAV --- societate imobiliară pentru comerț și industrie --- investeringsinstitut --- atklāta ieguldījumu sabiedrība --- keskinäinen rahasto --- FIAMM --- savstarpējo ieguldījumu fonds --- turto valdytojas --- kumpanija ta' investiment b'kapital fiss --- portföljförvaltningsbolag --- Sicomi --- ieguldījumu uzņēmums --- investment firm --- gestor de fondos --- investeringsbolag --- firmë investimesh --- инвестициско друштво --- vzájemný fond --- správca aktív --- firma inwestycyjna --- osiguravajuće društvo --- осигурително друштво --- försäkringsbolag --- kindlustusselts --- societate de asigurări --- companhia de seguros --- compagnie d'assurances --- draudimo bendrovė --- biztosítótársaság --- Versicherungsgesellschaft --- ασφαλιστική εταιρεία --- zavarovalnica --- осигуравајуће друштво --- vakuutusyhtiö --- shoqëri sigurimi --- pojišťovna --- insurance company --- kumpanija tal-assigurazzjoni --- apdrošināšanas sabiedrība --- compagnia d'assicurazioni --- poisťovacia spoločnosť --- cuideachta árachais --- застрахователна компания --- towarzystwo ubezpieczeniowe --- compañía de seguros --- forsikringsselskab --- società d'assicurazioni --- biztosító --- sociedade de seguros --- société d'assurances --- insurance enterprise --- apdrošināšanas firma --- insurance firm --- empresa de seguros --- poisťovací podnik --- kindlustusasutus --- firmë sigurimi --- biztosítóegyesület --- entidad aseguradora --- Versicherungskasse --- draudimo firma --- insurance undertaking --- Versicherungsverein --- impresa assicurativa --- pojišťovací společnost --- sociedad de seguros --- draudimo įmonė --- osiguravajuća tvrtka --- verzekeringsfonds --- caisse d'assurances --- osiguravajuće poduzeće --- Versicherungsanstalt --- försäkringsrörelse --- ασφαλιστική επιχείρηση --- forsikringsanstalt --- försäkringsföretag --- ταμείο ασφαλίσεων --- entreprise d'assurances --- осигурителна компанија --- empresa aseguradora --- poisťovacia firma --- önkéntes kölcsönös biztosító pénztár --- Versicherungsunternehmen --- vakuutusalan yritys --- sipërmarrje sigurimi --- biztosítóintézet --- draudimo įstaiga --- companie de asigurări --- poisťovňa --- ente assicurativo --- försäkringskassa --- firmă de asigurări --- verzekeringsbank --- verzekeringsinstelling --- kredītiestāde --- entidad de crédito --- úvěrová instituce --- kreditna institucija --- кредитна установа --- kredito įstaiga --- krediidiasutus --- istituto di credito --- établissement de crédit --- instituții de credit --- istituzzjoni ta' kreditu --- institut kreditimi --- kreditna ustanova --- hitelintézet --- Kreditinstitut --- foras creidmheasa --- instituição de crédito --- úverová inštitúcia --- πιστωτικό ίδρυμα --- kreditinstitut --- instytucja kredytowa --- кредитна институција --- credit institution --- кредитна институция --- luottolaitos --- πιστωτικός οργανισμός --- посебна кредитна институција --- azienda di credito --- kredietinrichting --- credit establishment --- istituzione di credito --- istituto di credito speciale --- banca ordinaria di credito --- instituto de crédito --- confirmare de credit --- otvorenie úveru --- institution de crédit --- stabiliment kreditimi --- droit des societes --- Droit des societes. --- Corporation law --- Financial institutions --- Sociétés --- Institutions financières --- Droit