Stock Markets

This is the RAW DATA for a neural network price prediction system to be utilized for the prediction of stock prices on US markets.  To date the performances are doing well.

I have experiemented with multiple architectures and now am attempting a 4 day swing trade prediction network that has its results included here.
so far:

Neural net 1= average portfolio error .4627%
Neural net 2= average portfolio error 1.7%
and
4 day swing trade neural net = average portfolio error of 4.84%

This study explores the relationship between the stock market and the real estate market. Through the methodologies of cointegration and the Error Correction modeling and data from both the US and the UK stock and the real estate markets over the period 1985 through 2006 the results display that the two markets are considered highly integrated. The empirical findings have implications for managing property assets fund managers, for the pricing efficiency within the real estate market, and for policy makers regarding economic safety.

ABSTRACT.This paper investigates the relationship between stock prices, exchange rate and demand for money in India during the period of post liberalization in India. The objective of the paper is two-fold. First, the study aims to shed light on the co-integrating properties of different monetary aggregates, stock prices, exchange rate, interest rate, economic activity, and inflation in India. Specifically, the purpose is to determine whether there is a stationary long run relationship between demand for different monetary aggregates and their determinants. Secondly, the study investigates the stability of the long run money demand function with its determinants. For the analysis, monthly data from 1996:1 to 2010:8 is used. The study employs the Johansen and Juselius Co-integration (1990) approach for checking the long run integration among the variables along with VECM model. Further, Granger Causality test is carried out. The test results discloses the presence of more than two co-integrating vector for each money demand specification. The long run elasticity of demand for money reveals that money demand function is sensitive to inflation, stock prices and economic activity. Unidirectional causality is reported from stock prices and exchange rate to demand for money function.JEL Classification: C32, E41, E44, E51Keywords: demand for money, stock prices, monetary aggregates, exchange rate, co-integration, Granger Causality(ProQuest: ... denotes formulae omitted.)1. IntroductionDemand for money determination is one of the major issues in the field of monetary economics literature. The issue of demand for money has been the subject of vast empirical and theoretical investigation over the couple of decades by researchers. There are several motivations for this line of enquiry. Arguably, demand for money in simple terms is the people's desire to hold money. Demand for money has been studied in different dimensions in the past literature like determinants of demand for money and stability of demand for money over the period of time. There are different determinants identified by different economist which affects the demand for money. The determinants are output, interest rate, exchange rate, stock prices, and inflation etc. which can significantly affect the demand for money. Further the stability of demand for money implies that the quantity of money can be predictable related to various macroeconomic variables Friedman (1987). The stability of demand for money over the period is crucial for efficient monetary policy transmission. In the past various studies tried to identify the suitable determinants of demand for money and stability of demand for money which can be stable over the period for particular economy. In this context the present study examines the stable long run relationship between money demand, stock prices and exchange rate in India. Because, a consistent stable relationship between money demand and its determinants like stock prices and exchange rate is prerequisite for monitoring and targeting of monetary aggregates. The Central Bank has control over the money balance, which can affect the macroeconomic policy. The success of the monetary policy depends on whether there exists a stable relationship between money demand and its determinants.The literature on demand for money has been quite extensive both theoretically and empirically. From the theoretical perspective the early classical economist Fisher (1911) stated that real income determines the real demand for money. Theoretically high income of the people increases the transaction demand for money. Further, Keynes has assumed that there are different motives such as transaction, precautionary and speculative demand for money. According to this theory income and interest rate play a significant role for determination of demand for money. Income determines the transaction demand and interest rate determines the speculative demand for money. …

The objective of this study was to establish the effects of dividend announcement to current market prices at the Nairobi Securities Exchange, with four specific objectives; to determine the information content of dividend announcements, to determine the extent to which prices converge to new values after dividend announcements on a sector by sector basis, to establish the market reaction to announced information and also to establish whether investors can secure excess returns by acting on announced information. A 66 days event timeline was employed from 2005 to 2015 on daily closing stock prices. A sample of 179 dividend announcements from 22 listed companies in 8 sectors were drawn and analysed using an OLS Market Model. Findings of the research conclude that; dividend announcements do have an impact on stock prices for the Agricultural, Banking, Commercial, Construction, Manufacturing and Telecomm Sectors and not for the Energy Sector, Insurance Sector and the Nairobi Securities...

This research discusses mainly about the effect of the short sell ban on the performance of stocks. The performance is measured through the liquidity, overvalue, and price efficiency of the stocks. This research is conducted after the revocation of the short sell ban after the preceding crisis of 2008. The result of this research is the enactment of short sell will increase the liquidity of stocks. Besides that, it's also found that stocks undergo overvaluing when the ban was still enacted. Lastly, the enactment of short sell will increase the efficiency of stocks.

Apple Inc produce, designs and sells: mobile communication devices, software, service, networking solutions, portable digital music players, desktop computers and personal computers. It’s a worldwide company which sells its products in direct stores, retail stores, and online stores. Apple Inc. has easily become one of the most profitable companies in today’s technology sector. With a gross profit of over 25600 millions Apple Inc has taken over more sections of the market, breaching out of their main focus in the personal computers sector. Also Apple Ipad has the best touch screen monitor in the market, that gives the company a competitive advantage in this time of the touch screen revolution. In looking at their past performance and future outlook I would recommend purchasing Apple’s stock.

Inflation means a persistent change in the price level of goods and services in an economy. It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country's currency, as we need more units of currency over time to buy the same goods and services. The current empirical paper entitled “relationship between inflation and stock market evidence from selected global stock markets” have been undertaken with an intention to investigate the relationship between inflation and stock returns of the chosen economies. In order to realize the stated objectives, the researchers have collected the monthly data 2000 to 2017 for selected indices. In the first phase, log returns were computed and it has been tested for the existence of unit root in the distribution. In the second phase, we ran Pearson correlation coefficient for the collected data to find out the association between the inflation and stock returns. Majorit...

Sefi 2013. A brand new edition of this reference dictionary, every entry have been reviewed and many other words have been added. The format is now closer to pocket book to make it easier to handle as it has become much thicker. Please note that previous released are out of print.

The stock option strategy, double calendar spreads can be used for a variety of market scenarios. Calendar spreads or "time spreads" are made by selling a front month option, while buying a further-month option, using the same strike price. These are better used in lower volatility environments, or before an earnings release, looking for a rise in volatility. With an initial debit being taken to get into the trade, that would also be the max loss for the trade.

Predicting daily behavior of stock market is a serious challenge for investors and corporate stockholders and it can help them to invest with more confident by taking risks and fluctuations into consideration. In this paper, by applying linear regression for predicting behavior of S&P 500 index, we prove that our proposed method has a similar and good performance in comparison to real volumes and the stockholders can invest confidentially based on that.

The phenomenon of match-fixing can be found in any field of sport contests. Match fixing not only weakens the joy of watching sport competitions for the fans, but also causes financial losses for the investors. Match fixing affects many sports in many different ways,
but, within the confines of this study, the study will focus on the relationship between matchfixing activities and sport clubs’ stocks traded at the Istanbul Stock Exchange. In order to analyze the effects of football club related events caused by match-fixing activities on stock
prices, this paper uses event study methodology by Brown and Warner. The empirical findings in this paper suggest that there are statistically significant abnormal returns around the publication date.

RESUMO: Finanças Comportamentais continua a ser uma área de estudo que requer grandes incentivos à pesquisa. Mesmo havendo investigações já realizadas com consistências significativas, ainda há um longo caminho a ser percorrido para melhor entendimento e adaptação de comportamentos nas decisões financeiras. O objetivo principal deste trabalho foi obter esclarecimentos sobre a Falácia do Jogador (FJ) nas decisões financeiras de investidores formais e informais, percebendo o grau de volatilidade e imprevisibilidade dos mercados de ações brasileiras. FJ é de alguma forma, um esquecimento ou não compreensão de que os eventos aleatórios são independentes. Foram estudadas 39 respostas de investidores formais e informais, com questionário adaptado de Amjad (2009) e Montier (2003). Sendo que, 55% dos entrevistados compreendem e sabem usar as leis estatísticas em suas decisões. Porém, 35% dos entrevistados demonstraram instabilidade no conhecimento e 10% desconhecem completamente as leis estatísticas, ou seja, usam da irracionalidade para suas decisões. Os resultados, portanto, revelaram que FJ pode ser um dos fatores que contribuem para a decisão irracional por parte dos investidores.
PALAVRAS-CHAVE: Finanças Comportamentais, Falácia do Jogador, Mercado de ações.
ABSTRACT: Behavioral finance remains an area of study that requires major incentives for research. Despite previous research with relevant results, a long way must be coursed for a better understanding and adaptation of behaviors in financial decisions. The aim of this study was to obtain clarification on the Gambler’s Fallacy (GF) in the financial decisions of formal and informal investors, realizing the degree of volatility and unpredictability of the Brazilian stock markets. GF is somehow a forgetting or not understanding that random events are independent. 39 answers of formal and informal investors were studied, with adapted questionnaire from Amjad (2009) and Montier (2003). 55% of respondents understand and apply the statistical laws in their decisions. However, 35% of respondents showed instability of their use and 10% are completely unaware of the statistical laws, consequently, they use of irrationality to their decisions. The results therefore showed that GF can be one of the factors that contribute to irrational decision by investors.
KEY-WORDS:  Behavioral Finance, Gambler’s Fallacy, Stock Markets.

The article analyses Google search queries relevant to financial matters
in their dynamics against the background of financial market moods.
The author proposes a concept of the so called "fake`s capitalization"
which takes shape at the market when investor sentiment, wrong expectations, delusions, outsider disinformation, and fake news are priced in financial assets instead of the authentic information. The author puts forward
a hypothesis that the longer the period of fake's capitalization, the sharper the subsequent fluctuations in market trends, and the deeper the decline in certain assets price might be.

“Multiple Spread Trading” (MST) is the multidimensional evolution of the traditional “Pair Trading”, also known as “Spread Trading”.
MST is an investment strategy that does not depend on the market trend. It is based on quantitative algorithms that calculate the temporary misalignment between three or more correlated and cointegrated assets compared to their statistical relative trend, exploiting their intrinsic feature of return to “normal” values.
MST can be applied independently of the market conditions – bull, bear or sided market – and on different asset classes, such as futures, Forex, stocks or ETFs.
Due to its peculiarities, MST is an extremely protected approach from the market risks, and it is profitable, as many practical cases demonstrate.

Bu çalışmada, Borsa İstanbul 100 Endeksi (BIST) ile Dolar/TL Kuru (USD) ve Avro/TL Kuru (EUR) arasındaki dinamik ilişkinin belirlenmesi amaçlanmıştır. Çalışmada öncelikle Türkiye Ekonomisinin finansal yapısının dinamikleri tarihsel perspektifle açıklanmıştır. Bu çerçevede iki farklı ana eğilimin olduğu 2002-2015 döneminde, sermaye hareketleri, finansal getiri oranları ve borsanın genel yapısı incelenmiştir. Çalışmada, 2002-2015 dönemleri arasında aylık veriler kullanılarak seriler arasındaki ilişki Gregory ve Hansen (1996) eşbütünleşme testi ve Toda-Yamamoto (1995) Granger nedensellik testi ile analiz edilmiştir. Test sonuçlarına göre BIST ve USD kuru serileri arasında uzun dönem ilişkisinin olmadığı tespit edilmiş fakat aralarında tek yönlü Granger nedensellik ilişkisi olduğu belirlenmiştir. BIST100 endeksi ile EUR kuru arasında herhangi bir yönde Granger nedensellik ilişkisi tespit edilememiştir.

The aim of the article is to model a new formula that can calculate price corridor using the linear regression and standard deviation instead of the moving average. The research will check the possible application of the linear regression into the place of the standard moving average. The application of the linear regression instead of moving average and Bollinger Bands could give a better and closer estimated data about price trend, due to the mathematical nature of the linear regression that uses squares from variables instead of the normal arithmetical mean. The application of the linear regression could create a good analytical background for investors to omit jigsaws, bear and bull traps. Research question: How does the linear regression could improve predicting the price movement in the foreign exchange market?

The Dow Theory is one of the most popularly used concepts of charting & Technical Analysis. It happens to be one of the oldest technical analysis tools as well. Dow Theory days back to as early as 1900 to 1902 when Charles Dow laid the basic principles. The Theory named after him as Dow Theory. It helps investors in the stock market to understand the health of the trade condition. The father of Dow Theory, Mr. Charles Dow died in 1902 but after his death work of Dow Theory was continued by William Hamilton.

The Dow Theory helps investors to know how the stock market used to understand the business environment’s health. It was the first theory of technical analysis that explains the trends of market moves.

The aim of this study is to investigate whether or not there are any over-reactions to the positive and negative events of the Borsa Istanbul 100 index (BIST-100) in relation to the Dow Jones Industrial index (DJIA).  The daily stock indexes between January 2010 and June 2016 are used in this research. The research finding showed that BIST-100 reacts in the same way as DJIA up to 3.31% and the reaction decreases and was lost between 30 and 60 days against the positive changes. In case of adverse events the BIST 100 shows abnormal decline in protecting the efficient market hypothesis is valid for 30 days after the event, however, the decline is reversed until the 60’th days when all losses are compensated. This terminates the validity of the efficient market hypothesis. This study shows that the BIST 100 index does not comply with the efficient market hypothesis and demonstrate the validity of the overreaction hypothesis. Study results include stock investments, whose findings will h...

This essay aims at highlighting on how the Capital Markets System of Tanzania designed to finance the newly established companies. On doing that the author divides the essay into three major parts, the introduction part, the discussion part which will look into the ways a company can engage into security business, conditions and procedures of engagement, benefits thereof and lastly the work will end by concluding remarks from the author.

in: Chen, P. - Ippoliti, E. (eds). Methods and Finance. A Unifying View on Finance, Mathematics and Philosophy (2017), pp. 179-194.

The nature of the data in financial systems raises several theoretical and methodological issues, which not only impact finance, but have also philosophical and methodological implications, viz. on the very notion of data. In this paper I will examine several features of financial data, especially stock markets data: these features pose serious challenges to the interpretation and employment of stock markets data, weakening the ‘myth of data’. In particular I will focus on two issues: (1) the way data are produced and shared, and (2) the way data are processed. The first raises an internal issue, while the second an external one. I will argue that the process of construction and employment of the stock markets data exemplifies how data are
theoretical objects and that ‘raw data’ do not exist. Data are not light and ready-to-use objects, but have to be handled conceptually and technically very carefully and they are a kind of ‘dark matter’. Dark data, for the note.

Η Εταιρική Διακυβέρνηση σε όλη την ιστορική της διαδρομή αποτελεί το εργαλείο εκείνο διαμέσου του οποίου οι διοικούντες των οργανισμών προσελκύουν κεφάλαια και επενδυτές.
Tο τέλος του 2008 η Ελλάδα εισήλθε σε μια περίοδο σφοδρής και παρατεταμένης οικονομικής κρίσης με επιπτώσεις σε δομικά στοιχεία της οικονομίας της. Τα νέα δεδομένα οδήγησαν στο περιορισμό της πρόσβασης στην χρηματοδοτική γραμμή για τις επιχειρήσεις επηρεάζοντας καθοριστικά τις δραστηριότητες τους. Ο πολύχρονος εθισμός της Ελληνικής  επιχειρηματικότητάς να λειτουργεί σε περιβάλλον προστατευμένο και με ευνοϊκούς όρους χρηματοδότησης λειτούργησε ανασταλτικά στο να αναπτυχθούν τακτικές εξωστρέφειας και την οδήγησε στο να παραμένει αγκυλωμένη σε μικρομεσαίες πρακτικές και νοοτροπίες.
Η παρούσα μελέτη μέσα από μια ερευνητική διαδικασία στην οποία συλλέγει στοιχεία από δευτερογενείς πηγές, αναλύει δεδομένα από εξειδικευμένες μελέτες τεκμηριώνοντας τις ευκαιρίες χρηματοδότησης και ανάπτυξης που προκύπτουν στην Ελληνική Οικονομία από την ορθή εφαρμογή της εταιρικής διακυβέρνησης.
Απαντά καταφατικά στην δυνατότητα ενός οργανισμού που εφαρμόζει ορθά την εταιρική διακυβέρνηση να προσελκύσει χρηματοδότες – επενδυτές και τεκμηριώνει πως για τους οργανισμούς της αγοράς ενέργειας στην Ελλάδα η ΕΔ δημιουργεί το πλαίσιο εκείνο μέσω του οποίου μπορούν να τροφοδοτήσουν τις χρηματοδοτικές τους ανάγκες. Το συμπέρασμα αυτό αποκτά μεγαλύτερη αξία αν συνυπολογιστούν τα όσα προγραμματίζονται επενδυτικά στον συγκεκριμένο κλάδο για την επόμενη δεκαετία, την κοσμογονία που αναμένεται από την απελευθέρωση του ρυθμιστικού πλαισίου της αγοράς και τις περιβαλλοντικές προκλήσεις από την κλιματική αλλαγή.
Αποδεικνύει πως η εταιρική διακυβέρνηση είναι μετρήσιμη αναλύοντας  το πετυχημένο μοντέλο αξιολόγησης που εφαρμόζεται στην Τουρκία.
Τέλος προτείνει για την Ελλάδα, ένα μοντέλο εταιρικής διακυβέρνησης με πυρήνα το Ιαπωνικό μοντέλο, λαμβάνοντας υπόψη την κατάσταση του χρηματοπιστωτικού συστήματος και του ύψους των NPLs τονίζοντας τις δυνατότητες οικονομικής ανάπτυξης διαμέσου των συμπράξεων των τραπεζών και των επιχειρήσεων.

The book is addressed to professional traders, investors, and economists that would like to explore new possibilities in financial market trend analysis. The book elaborates on Complex Technical Analysis that bases on compound analysis of assets where standard technical analysis tools as Moving Average are influenced by more variables than the price of the single asset. The book delivers a new way of creating technical indicators and presents some of the new technical analysis tools as General Trend Indicator or Options Arbitrage Index.
Furthermore, the paper describes potential modifications for all of the existing technical analysis indicators focusing on new types of Moving Average – XMA and a new type of Relative Strength Index – XRSI that present enormous potential for application in trading and investing allowing to personalize both of the indicators.
What is more, the complex technical analysis theory, presented in the book, allows an investor to modify all of the technical tools he or she uses to reach more personalized goals. The modifications of standard technical analysis tools allow for the faster indication of buy/sell signals at once with fewer jigsaws creation. The presented modifications in RSI and Moving Averages enable using technical analysis in bigger scale examination of price trends, analyzing one particular economic sector, a country economy or even whole global economy patterns.
One of the most important new technical indicator introduced by the book the GTI - General Trend Indicator tracks the oversold and overbought levels in commodities, stocks, indices, bonds and currencies in the variety of scales, from one asset till global market analysis. The next indicator – The Arbitrage Index is the first technical indicator designed for Options trading that creates arbitrage in and out points, where options trading is profitable.
In outline, by introducing new technical indicators, the book focuses on a new way of creating technical analysis tools, and new applications for the technical analysis that goes beyond the single asset price trend examination.

Stock Market is also known as Stock Exchange or Share market in all over the World.
It is one of the important constituent of capital market. Stock market is an organized market
for the purchase and sale of industrial and financial security. Stock Exchange is convenient
place where trading in securities is conducted in systematic manner i.e. as per certain rules
and regulations. It is an investment intermediary and facilitates economic and industrial
development of any country in the world like India. In 12th centure France the Courretiers de
Change were concerned with managing and regulating the debts of agricultural communities
on behalf of the banks. Because these men also traded with debts, they could be called the
first brokers. A common misbelief is that in late 13th centure Bruges commodity traders
gathered inside the house of a man called Vander Beurz, and in 1409 they became the
"Brugse Beurse", institutionalizing what had been, until then, an informal meeting, but
actually the family Vander Beurze had a building in Antewerp where those gathering
occurred, the merchants of that period, as their primary place for trading. This idea quickly
spread around the world. There are now stock markets in virtually every developed and most
developing economics, with the world's largest markets being in the USA, U.K., Japan,
China, Canada, Germany, France, South Korea, Netherlands and India.

The Nigeria capital market has not witnessed obvious transformation over the years. The research aimed at Assessing Current Performance, Issues & Opportunities on the Nigeria capital market. An empirical survey based on secondary data & primary data procured from Lagos Stock Exchange, Central Bank of Nigeria (CBN) and Securities & Exchange Commission. A total number of one hundred and twenty (120) copies of questionnaire were administered to staff of financial regulatory sectors respectively for which (80) were used for analysis. After cleaning and sorting the copies of the accepted questionnaire they were fed into the statistical package for social science (SPSS). The questionnaire was structured in line with the research objectives, questions and hypothesis of the study. The Pearson product moment correlation coefficient was used to confirm formulated hypotheses. The findings indicate that the rate of capital market performance is low and has not contributed effectively to Nation gross domestic product (GDP). The capital market, stock market which are the major players in the Nigeria economy diminished as shown in Tables. The Nigeria stock exchange (NSE) All share index greatly collapsed. The study concluded that policies like improvement in the institutional quality, enhancement of Nigerian security challenges to make Nigeria an investorfriendly nation, encouragement of the local industries by supporting small and medium enterprises, and enhancement of international trade between Nigeria and other countries will be suggested to Nigerian government as a way to improve stock market performance.

The present work overviews the application of recom-mender systems in various financial domains. The relevant literature is investigated based on two directions. First, a domain-based cate-gorization is discussed focusing on those recommendation problems, where the existing literature is significant. Second, the application of various recommendation algorithms and data mining techniques is summarized. The purpose of this paper is providing a basis for further scientific research and product development in this field.

O presente artigo tem por objetivo analisar a responsabilidade dos administradores das companhias abertas pela implantação e manutenção de programas de compliance, à luz das novas regras estabelecidas na recém-publicada Lei 12.846/2013, a que alguns vêm chamando de Lei Anticorrupção.

To really be successful at Forex trading, you need to have it at the back of your mind that Forex will definitely pay you well if you'll only work hard with patience and consistency. The market may already be saturated with traders, but there is always room at the top if you're willing to pay the price. Find out the unique key that other successful Forex traders have been using! Forex is the largest market on earth, with a trade volume of over $4.5 trillion. That is a huge amount of money, but it's more or less expected when you consider that most currencies, if not all, are traded in the Forex market. People from different locations around the globe take part in it, and it has been in existence since the days of trade-by-batter, when it wasn't known as Forex. However, so much has changed since the inception of Forex. In the past, Forex trading was as simple as using gold and silver as a method of international payment (which were usually affected by global supply and demand). These days, prospective traders with the view of a successful Forex career will have to be more specific and familiar with the modern strategies of the Forex market. Here are questions you must ask yourself if you want to be a successful Forex trader. 1. HAVE YOU MADE UP YOUR MIND? Before you even register with a Forex broker to trade Forex, you need to make up your mind to do what it takes to be a successful trader; otherwise you'll just waste your time and eventually quit. You may think that your drive at the moment will see you through Forex ups and downs, but successful and experienced Forex traders beg to differ-human psychology is a major Forex demon. It is an established fact that human psychology, if not controlled, can ruin a trader. If you're not able to control your psychology, that means you allow your emotions to come into play all the time, controlling how you approach a trade. If trades are going well, emotions are high; you're happy, and willing to continue trading. If trades are not going well, you feel bad, and unwilling to continue. On the other hand, if you learn to control your emotions and not allow them to come in the way of trade, then you can leverage your psychology in trading. You know that there are bad times, but you also know that they will pass with time.

89 quản lý quỹ có nhiều lợi thế hơn. Vì vậy, pháp luật có nhiều quy định nhằm bảo vệ NĐT. Các quy định này thể hiện rõ trong Luật Chứng khoán, Thông tư số 212/2012/TT-BTC hướng dẫn về thành lập, tổ chức và hoạt động của công ty quản lý quỹ và các văn bản hướng dẫn khác với một số nội dung:-Công ty quản lý quỹ phải tuân thủ các quy định pháp luật và điều lệ công ty, hợp đồng quản lý đầu tư; tuân thủ các quy tắc về đạo đức nghề nghiệp, tự nguyện, công bằng, trung thực và vì lợi ích cao nhất của khách hàng ủy thác. Công ty cần cẩn trọng trong các quyết định đầu tư, tránh làm thất thoát tài sản của Quỹ Đầu tư do mình quản lý.-Công ty quản lý quỹ phải xây dựng và áp dụng thống nhất các quy trình nghiệp vụ, sổ tay định giá, chính sách kế toán phù hợp các quy định của pháp luật, có quy trình kiểm soát nội bộ chặt chẽ, quy tắc đạo đức nghề nghiệp chi tiết tới từng vị trí công tác. Đồng thời, phải xây dựng quy trình, thiết lập cơ cấu tổ chức, hệ thống quản trị rủi ro phù hợp với công ty và loại hình quỹ mà mình quản lý. Điều này là rất quan trọng giúp hoạt động của công ty quản lý quỹ trở nên rõ ràng, minh bạch, dễ kiểm soát và ngăn ngừa rủi ro cũng như các hành vi vi phạm; NĐT theo đó cũng dễ dàng theo dõi, kiểm soát các hoạt động của quỹ và công ty quản lý quỹ.-Trong quá trình thực hiện nghiệp vụ, công ty quản lý quỹ quản lý độc lập và tách biệt tài sản tới từng khách hàng ủy thác, tách biệt tài sản ủy thác và tài sản của chính công ty. Đây là quy định quan trọng để bảo vệ quyền lợi của NĐT, bởi nếu không có sự tách bạch giữa tài sản của khách hàng và công ty hay của các khách hàng với nhau sẽ dẫn đến tình Pháp luật về quản lý và giám sát Quỹ Đầu tư chứng khoán Hoạt động quản lý Quỹ Đầu tư chứng khoán Về mặt lý thuyết, trong mối quan hệ giữa công ty quản lý quỹ và nhà đầu tư (NĐT) đơn lẻ, công ty QUẢN LÝ, GIÁM SÁT QUỸ ĐẦU TƯ CHỨNG KHOÁN Ở VIỆT NAM HIỆN NAY NGUYỄN PHƯƠNG THẢO Quỹ Đầu tư chứng khoán là loại hình quỹ phù hợp với thị trường chứng khoán Việt Nam-một thị trường khá non trẻ, đa phần các nhà đầu tư trên thị trường là nhà đầu tư nhỏ lẻ, kiến thức chuyên môn và khả năng chịu đựng rủi ro còn thiếu và yếu. Tuy nhiên, xuất phát từ bản chất của các Quỹ Đầu tư chứng khoán, đó là nhà đầu tư-người góp vốn hình thành Quỹ lại không có quyền kiểm soát hàng ngày đối với việc ra quyết định đầu tư của Quỹ, do đó việc hoàn thiện các quy định pháp luật về quản lý và giám sát Quỹ Đầu tư chứng khoán nhằm bảo vệ quyền lợi của nhà đầu tư là rất cần thiết trong bối cảnh hiện nay. Từ khóa: Nhà đầu tư, quyền quản lý, quyền giám sát, công ty quản lý quỹ, ngân hàng giám sát MANAGING AND SUPERVISING SECURITIES INVESTMENT FUNDS IN VIETNAM Nguyen Phuong Thao Securities investment fund is defined as a type of fund suitable for the Vietnam's stock market-A relatively young market where most investors in the market are small and retailed investors with limited and vulnerable professional knowledge and ability to withstand risks. However, stemming from the nature of securities investment funds, it is investors-who are funds contributors but do not have daily control over investment decisions. Therefore, improving legal regulations on management and supervision of securities investment fund to protect the benefits of investors is essential.

ÖZET: Geleneksel finans beklenen fayda ve rasyonel tercih olmak üzere iki temel varsayıma dayalı olarak gelişim göstermiştir. Bununla birlikte bu varsayımların yeterince gerçekçi olmadığı ileri sürülerek yoğun bir şekilde eleştirilmiştir. Davranışsal finans alanının temeli ise beklenti teorisine dayanmaktadır. Bu teoriye göre bireyler tam rasyonel hareket edemezler ve kayıplara, aynı miktarda kazançlardan daha fazla anlam yüklerler, riskten ve kayıptan kaçınma davranışı gösterirler. Davranışsal finans bireylerin davranış ve duygusal kalıplarını karar verme süreçlerine dahil ederek finansal karar verme süreçlerinde kullandıkları akıl yürütme kalıplarının daha gerçekçi olarak anlaşılmasını amaçlamaktadır. Bu çalışmada, geleneksel finans ve davranışsal finans alanları ile bu iki alanın temelleri üzerinde durulmuş ve genel prensipler üzerinden karşılaştırılarak tartışılmıştır. Bu çalışma, konuya ilişkin geniş kapsamlı bir bakış açısı yansıtmaktadır. Çalışmanın hedefi, geleneksel ve davranışsal finans disiplinlerinin ortaya koydukları farklı bakış açılarının ve temellerinin bir bütün olarak daha iyi anlaşılmasını sağlamaktır. Bu çalışma ile ayrıca, daha sonra yapılacak çalışmalarda kullanılabilecek teorik alt yapıya veya kavramsal çerçeveye katkı sağlanması da amaçlanmıştır.
ABSTRACT: Traditional finance has developed based on two fundamental assumptions, including the expected utility theory and rational choice or decision. However, this hypothesis has been criticized heavily by put forward that are not realistic enough. The basis of behavioral finance theory is based on the " prospect theory ". According to this theory individuals cannot act fully rational, they install more sense to loses than at the same amount of profit and they exhibit risk and loss aversion behaviour. Behavioral finance is intended individuals' understanding of the reasoning patterns that used in their financial decision-making as a more realistic by including the behavioral and emotional patterns of individuals to the decision making processes. This study has focused on traditional finance and behavioral finance fields and the basics of these two fields. And also these fields are discussed and compared with general principles. This study reflects the terms of a comprehensive view on the subject. The goal of the study is to provide a better understanding of the different viewpoints that put forward by traditional and behavioral finance disciplines as a whole. Also with this study it is aimed to contribute to the theoretical background and conceptual framework that will be used in next studies.