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福建体彩25选5开奖结果: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:
阿布扎比投資局(以下簡稱ADI)致力于為其長期服務的國家創造投資。在ADI的作用下,它正在計劃投資于股票市場、房地產和固定收益工具。此外,賣空和固定收益套利是ADI投資的兩種主要方式
阿布扎比投資局(以下簡稱ADI)致力于為其長期服務的國家創造投資。在ADI的作用下,它正在計劃投資于股票市場、房地產和固定收益工具。此外,賣空和固定收益套利是ADI投資的兩種主要方式。
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.
首先,在ADI賣空的情況下,ADI在中國市場獲得了監管機構的批準,以將其在合格境外機構投資者(QFII)計劃下中國A股的分配增加5億美元,達到5億美元。2015年,全球股市進入逐步改善全球經濟增長、低通脹、中央銀行政策依然寬松的大背景。對全球經濟增長的擔憂可能在2015年繼續加強,一些國家的官方利率預計將下降,隨后是2014年底。在其他國家,特別是歐洲和日本,寬松措施可能會支持股市。年末,盡管市場收益持續,但股票估值仍處于歷史規范之中。然而,盡管貨幣條件支持加上良性增長和通脹可能會繼續,但我們認為,如果全球股市在未來一年強勁上漲,則需要進一步強勁的盈利增長。因此,隨著2015年中國市場的賣空活動,證券價格下跌,ADIS可能在中國獲得更多的投資。
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. 
其次,在固定收益套利的情況下,樣本是針對投資活動中的外國利益進行的投資。總的來說,由于債券收益率大幅下降,去年固定收益市場的總收入出人意料地好。盡管受到歡迎,但這不可避免地會降低未來的回報,以及在經濟增長和通貨膨脹水平上升到更高收益率的脆弱性,使其回到貨幣政策。例如,歐洲央行(ECB)和日本央行(BOJ)對小說中的貨幣工具做出了積極的反應。歐洲央行放寬了歐元區銀行的貸款標準,即在2015年初提出購買主權債券的短期利率低于零。與此同時,日本銀行大大加快了你的債券購買程序,并表示如果通貨膨脹沒有反應的話,它會做得更多。由于投資利率較低,價格似乎要低于ADI的投資回報率。此外,美元走強,在2014年下半年的油價中,災難性地出現了市場主權債務(em)。本地貨幣新興市場主權債務今年開局良好,但隨后遭受了一波又一波的貨幣貶值。地方主權債券的收益率起初是靈活的,但最終會收緊貨幣政策來?;せ醣?。更廣泛的信貸利差也損害了它們在以外幣計價的債務中的相對表現。債券收益率的類似趨勢并未阻止貨幣市場的劇烈反應,這往往反映了不同經濟條件和政策的影響。在這種情況下,美國相對強大的經濟實力是美元對其他貨幣的高匯率,因此,ADIA在2014年對外國的固定收益投資表現良好。
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.
Reference 
'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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