Browsing by Subject "arvopaperisijoitukset"

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  • Finanssivalvonta; Markkina- ja menettelytapavalvonta, Sijoituspalvelut ja -tuotteet (2017)
    Finanssivalvonta lähetti 17.5.2016 aktiivista salkunhoitoa koskevan kyselyn niille rahastoyhtiöille, joilla on tuotevalikoimassa Suomeen rekisteröityjä osakerahastoja, joiden pääasiallinen sijoituskohde ovat suomalaiset osakkeet. Selvityksen kohderyhmä käsitti 15 rahastoyhtiötä. Selvityksen havaintoja arvioitaessa on tärkeää huomata, että kohderyhmään sisältyy erilaisella sijoituspolitiikalla toimivia rahastoja.
  • Huhtala, Heli (2008)
    Bank of Finland Research Discussion Papers 5/2008
    It is well known that under certain assumptions the strategy of an investor maximizing his expected utility coincides with the mean-variance optimal strategy. In this paper we show that the two strategies are not equal in general and find the connection between a utility maximizing and a mean-variance optimal strategy in a continuous semimartingale model. That is done by showing that the utility maximizing strategy of a CARA investor can be expressed in terms of expectation and the expected quadratic variation of the underlying price process. It coincides with the mean-variance optimal strategy if the underlying price process is a local martingale. Keywords: mean-variance portfolios, utility maximization, dynamic portfolio selection, quadratic variation JEL classification numbers: G11, C61
  • Kuussaari, Harri; Turkkila, Anne (2000)
    Suomen Pankin tilasto-osaston työpapereita; Bank of Finland statistics department working papers 4/2000
  • Tissari, Päivi (1997)
    Suomen Pankin tietopalveluosaston työpapereita 2/97
  • Savolainen, Eero (2008)
    Bank of Finland. Financial market report 2
    Developments in households' financial assets were mixed in 2007. In the first part of the year, rising share prices boosted the value of equity and fund holdings. In the second part of the year, increased uncertainty in the financial markets and falling share prices induced households to transfer a large amount of funds into deposit accounts.
  • Lehtoranta, Antti (2014)
    Bank of Finland Research Discussion Papers 30/2014
    Using data from the Panel Study of Income Dynamics (PSID), I document that childhood experience of father's job loss decreases the propensity to own stocks as an adult. If this experience takes place at the age of 5–10 years, the probability of owning stocks decreases by 2.9 percentage points in a sample with mean stock market participation rate of 17%. This finding is robust to alternative definitions of age ranges and controlling for random unobserved effects. I also find an effect of similar magnitude in the Health and Retirement Study (HRS) data. Keywords: stock market participation, personal experience, job loss
  • Pylkkönen, Pertti (2009)
    Bank of Finland. Financial market report 1
    As a result of the financial market crisis and exceptionally sharp fall in equity prices, employee pension insurers return on investments and total results plummeted in 2008.
  • Pylkkönen, Pertti (2005)
    Bank of Finland. Financial market report 2
    The proportion of unit-linked pension insurance in life-insurance corporations' total premium income is growing rapidly. The weight of equity investment in pension insurers' investments is gradually increasing.
  • Pylkkönen, Pertti (2011)
    Bank of Finland. Financial market report 2
    The markets for exchange traded investment funds in the international investment market is growing rapidly. In Finland, the start-up has been sluggish.
  • (2002)
    Bank of Finland. Bulletin 76 ; 2
  • Salminen, Elina (2009)
    Bank of Finland. Financial market report 4
    In 2009, there was a considerable shift in households deposits, from fixed-term to transaction accounts. The decline in deposit interest rates has eroded the popularity of fixed-term deposits. Investment funds have since spring 2009 attracted a considerable amount of new capital.
  • Faria, Gonçalo; Verona, Fabio (2020)
    Bank of Finland Research Discussion Papers 2/2020
    We assess the benefits of using frequency-domain information for active portfolio management. To do so, we forecast the bond risk premium and equity risk premium using a methodology that isolates frequencies (of the predictors) with the highest predictive power. The resulting forecasts are more accurate than those of traditional forecasting methods for both asset classes. When used in the context of active portfolio management, the forecasts based on frequency-domain information lead to better portfolio performances than when using the original time series of the predictors. It produces higher information ratio (0.57 vs 0.45), higher CER gains (1.12% vs 0.81%), and lower maximum drawdown (19.1% vs 19.6%).
  • Pylkkönen, Pertti (2009)
    Bank of Finland. Financial market report 3
    The outflow of capital from Finnish mutual funds, triggered by the financial market crisis, ended in the spring. So far this year, they have attracted EUR 2.7 billion of new capital.
  • Pylkkönen, Pertti (2008)
    Bank of Finland. Financial market report 1
    Fund investors have withdrawn EUR 5.5 billion from domestic funds since July 2007 fund assets have declined by nearly EUR 10 billion since the peak in summer 2007.
  • Savolainen, Eero (2015)
    Bank of Finland. Bulletin 2/2015
    Insurance companies promote economic activity by offering savings products and protection against risks. At the same time, insurance companies themselves are also investors. The reliability of insurance business is important for the economy as a whole. The low level of interest rates weakens insurance companies’ investment returns and increases the market value of liabilities in the sector; when protracted, this poses problems, particularly for life insurers. Systemic risks in the insurance business have begun to attract attention, especially in consideration of insurance companies’ importance as significant institutional investors.
  • Vajanne, Laura (2006)
    Bank of Finland. Financial market report 4
    Households' fund investments have increased rapidly in the current decade. Another saving channel which has rapidly gained popularity is personal life and pension insurance. By contrast, net purchases of equities have remained modest, and changes in equity wealth are mainly due to changes in share prices.
  • Medvedev, Alexei (2001)
    BOFIT Discussion Papers 6/2001
    The paper provides detailed empirical assessment of the role of non-residents in the development of Russian financial crisis in 1997-1998.It is established that non-residents behaved differently during the period of crisis and significantly contributed to the collapse of the state bonds market.In particular, we found that sharp downturn in May 1998 was caused by contagious selling on the part of foreign investors following Indonesian crisis.At the same time, we question the common view that non-residents were largely responsible for market pressures at the initial stage of the crisis.In this paper we go a little beyond the discussion of Russian crisis and propose alternative explanation of contagious outflow of foreign capital.We combine CAPM and findings of Forbes and Rigobon (2001) to show that international portfolio investors are more sensitive to pure external shocks and less sensitive to pure domestic ones.
  • Bank of Finland; Financial Stability and Statistics (2014)
    1 Summary 4 2 Aggregated balance sheet 5 3 Investment funds' returns 8 4 Investment funds' liabilities 10 Box 1. Growth units account for 95% of investment fund capital 14 5 Investment funds' assets 15 Box 2. Number of non-UCITS funds decreased significantly during the past year 20 6 Reporting entities 22
  • Bank of Finland; Financial Stability and Statistics (2015)
    1 Summary 4 2 Fund capital continued to increase favourably 5 3 Finnish investment funds increased their investments in the United States and repatriated capital from Russia 8 Box 1. About half of households' fund investments channeled to Finnish investments 12 4 Reporting entities 14 Appendix 1. Charts 20