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mba essay范文:阿布扎比投资局的关于short selling和fixed income arbitrage

时间:2019-04-17 16:05来源:未知 作者:anne 点击:
阿布扎比投资局(以下简称ADI)致力于为其长期服务的国家创造投资。在ADI的作用下,它正在计划投资于股票市场、房地产和固定收益工具。此外,卖空和固定收益套利是ADI投资的两种主要方式
阿布扎比投资局(以下简称ADI)致力于为其长期服务的国家创造投资。在ADI的作用下,它正在计划投资于股票市场、房地产和固定收益工具。此外,卖空和固定收益套利是ADI投资的两种主要方式。
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卖空的情况下,ADI在中国市场获得了监管机构的批准,以将其在合格境外机构投资者(QFII)计划下中国A股的分配增加5亿美元,达到5亿美元。2015年,全球股市进入逐步改善全球经济增长、低通胀、中央银行政策依然宽松的大背景。对全球经济增长的担忧可能在2015年继续加强,一些国家的官方利率预计将下降,随后是2014年底。在其他国家,特别是欧洲和日本,宽松措施可能会支持股市。年末,尽管市场收益持续,但股票估值仍处于历史规范之中。然而,尽管货币条件支持加上良性增长和通胀可能会继续,但我们认为,如果全球股市在未来一年强劲上涨,则需要进一步强劲的盈利增长。因此,随着2015年中国市场的卖空活动,证券价格下跌,ADIS可能在中国获得更多的投资。
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况下,样本是针对投资活动中的外国利益进行的投资。总的来说,由于债券收益率大幅下降,去年固定收益市场的总收入出人意料地好。尽管受到欢迎,但这不可避免地会降低未来的回报,以及在经济增长和通货膨胀水平上升到更高收益率的脆弱性,使其回到货币政策。例如,欧洲央行(ECB)和日本央行(BOJ)对小说中的货币工具做出了积极的反应。欧洲央行放宽了欧元区银行的贷款标准,即在2015年初提出购买主权债券的短期利率低于零。与此同时,日本银行大大加快了你的债券购买程序,并表示如果通货膨胀没有反应的话,它会做得更多。由于投资利率较低,价格似乎要低于ADI的投资回报率。此外,美元走强,在2014年下半年的油价中,灾难性地出现了市场主权债务(em)。本地货币新兴市场主权债务今年开局良好,但随后遭受了一波又一波的货币贬值。地方主权债券的收益率起初是灵活的,但最终会收紧货币政策来保护货币。更广泛的信贷利差也损害了它们在以外币计价的债务中的相对表现。债券收益率的类似趋势并未阻止货币市场的剧烈反应,这往往反映了不同经济条件和政策的影响。在这种情况下,美国相对强大的经济实力是美元对其他货币的高汇率,因此,ADIA在2014年对外国的固定收益投资表现良好。
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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