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Bulgaria and European Union: A research report

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none
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General public
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economics
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IU

About the document

Marieta M.
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documents in English
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research papers
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22 pages
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  1. Abstract
  2. Introduction and rationale
  3. Objectives and research questions
  4. Literature review
    1. The main sources of information
    2. The discussion about the ability of the various portfolio investment strategies to predict the market performance
    3. The EMH (Efficient market hypothesis)
    4. The active investment strategies
    5. The prophesy-like concept
    6. The passive investment strategies
    7. The two main investment techniques that reap the benefits of the efficient market
    8. The new hybrid version of the known investment strategies
  5. Methodology
    1. The choice of the deductive approach
    2. The research strategy
  6. Introduction to active and passive investment strategies
    1. Passive and active portfolio management
  7. Historical performance of major US and BG mutual funds and the validity of the efficient market hypothesis
    1. Performance of major US and BG mutual funds
    2. Passive portfolio management and the BG mutual funds
  8. Analysis
    1. Active and passive mutual funds performance
    2. Historical performance of major US and BG mutual funds and the validity of the Efficient Market Hypothesis
    3. Passive portfolio management and the BG mutual funds
  9. Conclusion

The development of a global financial market transforms the individual countries' and domestic capital markets into connected single financial environment, where investors can take advantage of numerous investment opportunities. The dynamic growth and gradual integration of the Bulgarian capital market to the rest of the financial world has posed some important issues about the investment policies of the domestic investors and financial intermediaries. The current dissertation examines the possibilities that the investors can exploit in accordance with the evidences derived from the best practices enhanced by the Western financial world. The performance of some US mutual funds is compared to that of the Bulgarian ones and the relevant investment strategies employed by them are discussed. The major outcomes of this project are related to the efficient market hypothesis and its applicability to the Bulgarian Stock Exchange. In addition, it introduces some reasons for the relative unpopularity of the passive portfolio management and the factors that would turn it into more attractive investment strategy in the near future.

Tags: Transition to democracy in Bulgaria, EU and Bulgaria accession, Bulgaria and EU, Bulgaria EU membership, EU funds to Bulgaria

[...] With the present dissertation, I am going to make a research of the historical performance of some major US and Bulgarian mutual funds. As I proceed with this research I will try to explain the validity of the following hypothesis: How does the typical performance of actively managed mutual funds compare to the performance of a passively managed portfolio that simply replicates the composition of a broad index of the stock market? The mutual funds are relatively a new industry in Bulgaria that offers a chance to the small investors to benefit from the stock market through collective investment schemes. [...]


[...] As far as the research approach is concerned the most suitable one for the present dissertation would be a deductive approach in which a theory is first developed and hypothesis and a proper strategy is designed in order to test the validity of the hypothesis. It involves the development of a theory that is subjected to a rigorous empirical test. Moreover it is characterized as highly structured methodology in order to facilitate replication (Gill and Johnson, 1997), an important issue to ensure reliability and validity. [...]


[...] Finally, the third section provides the implications of my primary research from Bulgarian mutual funds' perspective and a discussion about the responses in the questionnaire. Active and passive mutual funds performance A great number of the researches carried out about the evaluation of mutual fund performance predict either zero or negative abnormal performance. Bodie et al, (2006) is of the opinion that mutual funds that perform well tend to charge higher fees from their investors, thereby reaping the benefits. ?hus, most of the investors do not benefit from investing in actively managed funds. [...]

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