The percentage rate at which a mutual fund or exchange-traded fund replaces its investment holdings on an annual basis. Turnover is meant to adjust for the inflows and outflows of cash and report on the level of trading activity in the fund. Annual turnover is a good way to inspect the average time horizon a fund employs. Higher turnover levels will generally add to the expense ratio of a fund and could increase capital gains distributions. Benchmark funds like the S&P 500-matching SPDRs have very low turnover, usually less than 10% per year. On the other end of the spectrum, some funds employ highly active trading strategies that push annual turnover past 100% per year (100% is a full turnover of the portfolio).
关闭基金(Closed fund) 目录 1 什么是关闭基金 2 关闭基金的特点 什么是关闭基金 共同基金不接受新的投资人申购，通常是因为基金规模太大，超出订定的上限，因规模太大可能使经理人在操作基金时运作不灵活以致于影响投资目标。在这种情况下，基金公司可能另外成立一个结构非常类似的同源基金，让投资人作为投资的选择。 关闭基金的特点 关闭基金的特点是基金内的总投资金额不变，基金投资者要购买基金，必须从其他投资者手上购买，同样，要出售手上的基金，也一定要卖给其他投资者。这种基金在交易所挂牌，就像股票一般在市场上买卖。
When a creditor forgives a debt without requiring consideration in return. The amount of debt that is forgiven by cancellation of debt is considered income to the debtor and must be reported as a result. In most cases, it is taxable as ordinary income and is known as cancellation-of-debt (COD) income. In some cases, this debt is from one country to another and is partially or fully wiped away to help rebuild the nation. |||If the cancellation of debt is taxable, the debtor will receive a 1099-C at year-end that reports the amount of debt forgiven as taxable income. For example, if a bank lent $10,000 to you and you pay back $6,000, then are unable to pay the remainder, the bank can forgive the $4,000 difference, which will be recorded as income for you. Cases in which debt forgiveness is not considered income include bankruptcies, insolvencies, certain farm loans and non-recourse loans.
长期以来，中国股票市场缺少一个广泛为国际社会所认可、并能够充分、全面地反映我国股票市场与国民经济走势的相关配套知名指数。2000年10月9日，新华指数正式向全球进行实时播报，添补了这一空白。新华指数实时版由新华社中国经济信息社、中国科学院等研制，能准确、全面、及时反映我国国民经济走势和沪深两市股票价格走势的股票价格指数。 新华指数严格依照国际规范编制，同时充分考虑到中国证券市场的现状和未来发展趋势，指数体系科学、细化、全面、合理，完全具备了世界一流指数所具备的代表性、投资性、标的性、简约性、稳定性、严肃性和完整性，从而更完整、准确地刻划出了我国证券市场的全貌。新华指数体系还充分考虑到市场扩容速度和市值增加速度对指数的影响，为了充分体现指数的指导意义和实用价值，新华指数选择的成份股数量为400只左右，流通市值将始终控制在55％左右，从而既强化了指数的代表性，又有效防止了指数被人为操纵的风险。 新华行业指数将新华指数样本股所覆盖的34类上市公司合并为17大类，即新华农林、新华采掘、新华纺织、新华石化、新华化工、新华地产、新华医药、新华商业、新华公交、新华金融、新华科技、新华纸业、新华制造、新华矿冶、新华能源、新华食品、新华综合等。 新华行业指数的推出，丰富了新华指数体系，进一步提高了新华指数对投资活动的指导、参考价值。通过对新华行业指数的波动状况的分析，可以及时、准确地发现活跃的行业板块和对于市场走势影响较大的板块，还可以将新华行业指数与该行业的其他指数进行比较，分析该行业在资本市场中的表现与其在国民经济中基本面状况的吻合度。 来自"http://wiki.mbalib.com/wiki/%E6%96%B0%E5%8D%8E%E6%8C%87%E6%95%B0"
Exchange-traded funds (ETFs) that invest in either the consumer services sector or financial services sector of an economy. A consumer services ETF seeks to derive investment results that correspond to an underlying index of companies that provide products and services to consumers. A financial services ETF aims to derive investment results that track an underlying index of financial service providers such as banks and credit-card issuers. Since consumer spending accounts for a major part of most economies, the investment returns from a consumer services ETF would depend on the prevailing level of consumer sentiment, and hence consumer spending, in an economy. A consumer services ETF would generally include a wide range of companies that provide consumer goods and services, from cable providers and drugstore chains to hotel and retailers (both online and bricks-and-mortar). The investment returns from a financial services ETF are dependent on the performance of the financial sector, which is also closely tied to the performance of the broad economy. Such an ETF would include banks, trusts companies, asset managers, credit-card issuers and other providers of financial services.
An act of self-infringement upon market share by corporations through the issuance of new products. Also known as "market cannibalization". Watch: Corporate Cannibalism Corporate cannibalism occurs when companies introduce new products into a market where these products are already established. In effect, the new products are competing against their own incumbent products.
什么是N股票 N股票是指当股票名称前出现了N字，表示这只股是当日新上市的股票，字母N是英语New(新)的缩写。 N股票的交易特点 看到带有N字头的股票时，投资者除了知道它是新股，还应认识到这只股票的股价当日在市场上是不受涨跌幅限制的，涨幅可以高于10％，跌幅也可深于10％。这样就较容易控制风险和把握投资机会。
目录 1什么是风格漂移 2基金风格漂移与现金流波动 3基金风格漂移的量化 什么是风格漂移 在基金投资管理过程中，经常出现所谓“风格漂移”现象，即基金投资风格在风险收益风格上发生了变化，如从风险较低的混合型基金漂移成了风险较高的股票型基金。风格漂移是指在某一特定的考察期间，基金的实际投资风格偏离基金招募说明书里宣称的投资风格的现象。 基金风格漂移与现金流波动 一般认为基金风格漂移的背后折射出基金投资策略的变化，其目的很可能是为了博取短期超额收益。但也有学者持不同看法，Kim等,Swinkels等就认为基金风格漂移也可能是源于其投资决策转变的副产品而已，或者源于资金流入后对基金管理所造成的影响。Cooper等通过实证研究表明基金通过变更名称在一定程度上可以吸引新的资金流入。Gallo等把基金风格漂移归因于基金经理的变更。Chen等研究了各种风格资产收益的周期性表现规律后认为，基金如果能适时把握风格资产的轮动节奏而采取相应的投资策略，尽管这会造成基金风格漂移，但从追求更高投资收益的目的来看，这种行为也是合理的。 基金风格漂移的量化 至今，学术界尚未就基金投资风格的定义形成共识;基于不同的投资风格定义就形成了不同的基金风格漂移量化方法。Buetow等认为基于基金收益的风格识别方法虽然具有一定的稳健性，但依然面临各种基准指数之间存在的共线性问题。Chan等采用包括规模和账面市值比这两个指标来构建三因素模型，通过这个模型来衡量基金投资风格的一致性; Wermers通过对比主动型基金和被动型基金的投资行为后发现是基金的主动型交易行为导致了基金风格漂移; Amenc:等提出可以根据Sharp。弱式风格模型的F统计值和Chow检验来分析基金两个相连时期是否发生风格漂移。在这些量化基金风格漂移的方法中，比较成熟的是由Idzorek等提出的SDS指标法。该方法通过计算基金在某个时期内投资组合结构的整体变化率，从而来衡量基金的风格漂移程度。该指标基于Sharpe强式风格模型的回归参数而来的，从计算原理上看，SDS值越大就表明基金的风格漂移程度越大。Carhar， Brown等，Bar等先后基于Carhart四因素模型的风格漂移量化方法，该方法主要通过综合考察四因素模型的误差项和拟合优度的变化来判断基金是否发生漂移，从而在一定程度上起到量化基金风格漂移的作用。
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