We consider a complete financial market with deterministic parameters where an investor and a fund manager have mean-variance preferences. The investor is allowed to borrow with risk-free rate and dynamically allocate his wealth in the fund provided his holdings stay nonnegative. The manager gets proportional fees instantaneously for her management services. We show that the manager can elimina...

Sovereign wealth funds (SWFs) are state-owned investment vehicles intended to pursue national objectives. Their nature as long-term investors combined with their political mandate could make SWFs an instrument suited promote sustainability. As essential precondition, it is important for commit sustainability criteria part of overarching strategy. In the article, we present disclosure index (SDI...

Son zamanlarda hızla gelişerek yaygınlaşan ve ülkelerin makroekonomik hedeflerine ulaşmasında bir araç olan varlık fonları bugünkü anlamda ilk örneklerini 1950’li yıllarda vermeye başlamıştır. Küreselleşme olgusuyla birlikte günkü örneklerinden kaynak bakımından ayrışmaya başlayan bugün azımsanmayacak sayıya ulaşmıştır. Türkiye ile diğer fonlar arasındaki en belirgin fark, gerek petrol gerekse ...

Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. How...