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25选5彩票开奖查询:mba essay范文:阿布扎比投資局的關于short selling和fixed income arbitrage

時間:2019-04-17 16:05來源:未知 作者:anne 點擊:
Abu Dhabi Investment Authority hereinafter called ADIA is dedicated to create investment for the country which they service in a long term. In the role of the role of the ADIA, it is planning for the investment in the share markets, real estate and fixed income instruments. In addition, the short selling and fixed income arbitrage are two main way in the investment of the ADIA.
Firstly, in the case of the short selling of ADIA,ADIA received regulatory approval in China market, in order to increase its distribution of China's a-share under the qualified foreign institutional investors (QFII) scheme for $500 million, to $500 million. Worldwide in 2015, the stock market into the background of gradually improving global growth, low inflation and still loose central bank policy. And strength of worries about global growth could continue in 2015, official interest rates in some countries are expected to drop, followed by the end of 2014. In others, especially in Europe and Japan, may be easing measures should support the stock market. At the end of the year, the stock valuation is still in the historical norms, despite the continued market returns. However, despite the monetary conditions support plus a benign growth and inflation is likely to continue, we believe that need strong earnings growth further if released in global stock markets raised strongly in the coming year. As a consequence, with the short selling activities in the Chinese market in the 2015, the security price declines, ADIS could gain more in theinvestment in China. 
Secondly, in the case of the fixed income arbitrage, the sample is for the investment activities in the investment of the interest in the foreign countries. In general, the fixed-income market surprisingly good overall revenue last year because of the extensive bond yields down. In spite of the popular, this inevitably reduces the future returns, and vulnerability to rise to higher yields in the level of economic growth and inflation back to monetary policy. For example, the European central bank (ECB) and the bank of Japan (BOJ) reacted positively, with the monetary tools of the novel. The European central bank relaxed lending standards for euro-zone Banks, the short-term interest rates below zero, offered to buy sovereign bonds in early 2015. At the same time, the bank of Japan greatly accelerates your bond purchase programmers, and said it would do more if inflation did not respond. Due to the low interest rate in the investment, it seems that the price would like to below to return in the investment of the ADIA. In addition, the combination of a stronger dollar, in oil prices in the second half of 2014, disastrous, emerges market sovereign debt (EM). Local currency emerging market sovereign debt this year started well but then suffered from a wave after wave of currency depreciation. Local sovereign bond yields initially are flexible, but in the end, and tighter monetary policy to defend the currency. The wider credit spreads also hurt their relative performance in foreign currency denominated debt.Similar trends in bond yields did not prevent a sharp reaction in the currency markets, which tend to reflect the influence of different economic conditions and policy. In this case, the relatively strong U.S. economic power is high dollar against other currencies.Therefore, the ADIA had done well in the performance of the fix-income investment in the foreign countries in 2014.
'Equity bias costs Abu Dhabi fund $125 billion' 2014, Global Investor, 278, p. 407, Business Source Premier, EBSCOhost, viewed 4 July 2016.

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