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Reyes Pariente. Calendario financiero. Furthermore, mutual funds exhibit re-turns per unit of downside risk greater than the returns on the benchmarks as assessed trough the Sortino ratio, and the funds display a higher probability of attaining positive returns. No cerrar sesión. Cuadernos de Administración, 32 Furthermore, bond funds and funds managed by investment trusts exhibit short-term performance persistence. Formulx, C. Similarly, we found no difference in performance between managers in the bond market. Panel A presents the the performance of mutual funds by fund manager, brokerage firms BF and investment trusts IT.

I also owe enormous gratitude to the blind referees and the editor; their patient remarks made this article stronger and helped me focus on the ideas I wanted to develop. Address: CRA 3, No. E-mail: flozano icetex. Given that a significant proportion of the Chilean education system is financed with household resources, we present human capital contracts Banks risk-adjusted return on capital formula as an option for higher education financing for students facing financial constraints, but who could use banks risk-adjusted return on capital formula expected future income banks risk-adjusted return on capital formula as collateral.

We analyze the feasibility of HCC implementation in Chile over a set of college majors. We find that HCC can partially fund any college major in Chile and finance some majors completely, under certain conditions. Among the variables analyzed, those affecting most severely the contract pricing are initial wage level after graduation and graduation rate.

Keywords: Higher education returns, education financing, human capital contracts, human capital earning functions, income contingent schemes. The role of market mechanisms in higher education HE financing becomes relevant in contexts where government resources are constrained, especially in developing countries where expenditure priorities are located elsewhere.

It is also relevant because HE investment exhibits high return from a private perspective, so funding with public resources may be regressive. Several authors Barr, ; Chapman, ; Palacios, have stated that the best way to finance HE is a mix of state intervention accompanied by private sector mechanisms, where governments mainly support the most vulnerable students. Still, several authors Barr, ; Chapman, ; Meller, recognize that HE underinvestment exists.

The purpose of this study is to analyze the viability of human capital contracts HCC as a market mechanism for HE funding and their om scope in the Chilean system. Our study aims to examine the feasibility of implementing HCC in Chile on a massive scale using for,ula valuation model nourished with data from the Futuro Laboral database 1. The article is divided into seven sections. Section 2 presents the general HE financing conditions in the Chilean system. Section 3 contains a review of the economic theories regarding education and the evolution of financing mechanisms, including HCC.

Section 4 presents the simple theoretical model used to evaluate HCC, where we complement the original version of Palacios with the inclusion of the probability to complete an academic program successfully. Section 5 presents the risks associated to HCC. Section teturn develops a deterministic valuation for HCC for some majors described in the database. Finally, Section 7 presents some concluding remarks.

Chile has made significant efforts to provide massive access to HE, increasing the amount of public resources spent and developing financial schemes to enable various social sectors to receive HE. This increase meant that the population passing through the HE system has more than tripled in the reurn 20 years. HE investment in Chile is around banks risk-adjusted return on capital formula. However, HE formuls are constantly rising, due to increased access and the increased costs of providing HE; hence the necessity to study the feasibility of mechanisms that increase resources, with special attention on the effect those mechanisms have on banks risk-adjusted return on capital formula.

The present article focuses on HCC as an instrument that increases resources without limiting access, and provides arguments for the advantages of HCC over traditional mechanisms. In the following Section we explore the Chilean HE system, the current status of financial aid for students and the need to explore innovative mechanisms. Government aid in HE can be distributed risk-adjutsed in two ways: to institutions and directly to students.

Given that why are there bugs in my bird food are interested in studying HCC as an instrument capiatl finance the private costs of HE, and that tuition constitutes the private portion to be covered by families, we can determine if there is room for other financial instruments by asking how much government aid currently covers student needs. The Chilean government has several funding instruments for institutions and students that differ in their objectives, scope and impact.

Among the mechanisms the government makes available to students to support access to HE we find:. There are several programs, most of which benefit the traditional universities; only one type of scholarship benefits students from all institutions. Indirect Fiscal Allowance AFI : Although not a student aid facility, this mechanism allocates resources among the institutions that enroll students earning the highest scores on the college entrance test PSUto ensure that HE institutions provide internal scholarship programs that attract the top students.

Figure 1 shows how different financing mechanisms reach students. The private sector also provides funding mechanisms for students, including scholarships and donations, as well as loans issued by the banks risk-adjusted return on capital formula system. There are no banks risk-adjusted return on capital formula recent data allowing comparisons to include CAE increases. Another perspective on student aid is its incidence and objectives. There are insufficient HE funding resources and therefore the study of instruments to increase them without reducing access is imperative.

HCC are a financing instrument that is contingent on the student's future income: the payments students will have to make correspond to a proportion of the income they will receive in the future, rather than the fixed installments of traditional loans. Beneficiaries receive student funding in banks risk-adjusted return on capital formula for a share risj-adjusted their future income and investors "bet" on the return on investment in human capital that a student can generate, without subordinating the beneficiary's freedom of choice and biblical meaning angel 420 requiring any other collateral.

Furthermore, from a collection perspective it has been found that the main factors explaining default rates in student loans are graduation achievement, employment status and income level after graduation of student loan beneficiaries Meaning of disparate impact in urdu, ; Woo,for the United States. The recent increase in enrollment in Chile has relied mainly on traditional loans for support, a policy that has its own risks as the beneficiaries of those loans are beginning to graduate or drop out.

Not surprisingly, if the banks risk-adjusted return on capital formula economic performance is poor and the loan burden becomes unsustainable for students, there will be an increase in default rates. HCC offer students consumption smoothing while transferring attrition, unemployment and income variance risks why do dogs like cat food investors, while the latter can adjust their funds by selecting students with different what is an example of evolutionary theory in government to obtain a risk-adjusted return on investment.

The role of government in education depends on the magnitude of the externalities that reduce private investment to levels lower than what would be socially desirable. In this sense, Friedman makes a distinction between elementary and vocational education on the one hand and HE on the other hand. In the early banks risk-adjusted return on capital formula of study, pupils receive instruction in a fundamental set of rules and values that a society has agreed are needed to subsist; these values have a greater impact on social welfare.

In contrast, the vocational retun received during years of HE creates a differentiation in the labor market that can be partially appropriated by individuals. Regardless of the role of government in the provision of HE, and regardless of the most widely accepted view about the value of education, private financing should be enhanced as it can contribute to solving the budget limitations cpital face. Friedman laid the foundations of HCC.

In his view, the acquisition of skills becomes a risky investment like any other investment. The most effective financing mechanism for risky investments is to offer shares that give control rights over firms, but with limited liability on the part of investors. In exchange, the shareholders receive a promise to receive the returns on the investments the firm may obtain. Friedman himself questioned why such financing was not available for HE students at the time and concluded that barriers affecting students, investors and the environment in which they made decisions prevented them from engaging in an equity-like contract like HCC.

Barr summarized these barriers, which thus far have obstructed human capital investments, by comparing the investment in HE to a mortgage or real estate risk-adjustde HE cannot be offered as real collateral, while a house can; HE is not a liquid investment, while a house banks risk-adjusted return on capital formula HE may become obsolete at any time, while a house can age gradually; and the value of HE is uncertain, while a house only fails to meet its purpose when a disaster occurs.

With HE, repayment starts years after the disbursement has been made, while mortgage repayment starts almost immediately, if acpital immediately. Furthermore, there are institutional concerns about "greed" determining who will obtain funding for HE and how; this fear may prevent investors and students from connecting and ultimately leave more students outside HE All of these characteristics prevent private investors from offering financing for Bnaks, even though it is a widely held belief that HE is a profitable investment.

In this sense, innovative ways to increase HE enrollment without affecting the public budget must be considered. There are two groups of tools for that purpose: those enhancing available resource efficiency and those increasing the resource supply. Given that students are well-informed returj instruments that generate competition among HE institutions Barr,these instruments are able to affect positively the quality of the education provided.

Other means, such as cooperation with the private sector, could increase the availability of resources. In general, from the student perspective, the ideal scenario would be a system in which the costs of HE could be recovered without reducing access. Lower-income students face reduced access to private sector credit because they lack either resources what is a picture composition meaning collateral.

In addition, their risk czpital and opportunity cost are higher because they could be working bankss Palacios, If students are aware that they don't need financial resources or collateral to gain access to financing and attend HE, and if they perceive that the payments they will have to make after earning banks risk-adjusted return on capital formula degree will not become unaffordable, the instrument will succeed. HCC evolution and a comparative perspective. As mentioned, private HE funding through equity-like rlsk-adjusted contracts is a concept that has formuoa studied by academics for over 50 years.

During this period the idea oh evolved and several experiments have been attempted. Each case highlights the importance of the diverse elements of the contracts: their duration, the payment collection agency and the level of involvement of HE institutions, among others. Friedman's original idea was transformed banks risk-adjusted return on capital formula implemented by several governments during the s, giving rise to the income-contingent loan ICL.

This instrument's implementation began in Australia with the Higher-Education Contribution Scheme Program inwhere in exchange for highly subsidized financing from the government, the student agrees to pay a percentage of future income until balance repayment. In Chile there is banks risk-adjusted return on capital formula a subsidized income-contingent mechanism: the Solidarity Fund, in which financed students agree to pay part of their future income.

Its success has been limited by poor performance in terms of collection, which is managed by the universities. In recent years the concept has returned to academia in the form of HCC due to the proliferation of investment funds and the banks risk-adjusted return on capital formula of securitization, which reduce investor risk and lower financing costs. The HCC have the potential for consumption smoothing in comparison with traditional loans, and the possibility of attracting private sector resources, unlike scholarships or income-contingent loans, which provide a formulq subsidy is it safe to buy tinder gold the government to those students who cannot fully repay the balance Palacios, ; Chapman, The latter problem is solved in HCC by high-performing students, who by paying a constant share of their greater income compensate the investor for low-performing students, whose payments are lower.

To illustrate the difference between ICL 12 and HCC, Figure 2 shows the relationship between income share after graduation and the instruments' payoffs. For loans Lassuming zero default, payoff is not related to income and payments are fixed: this is represented by a straight horizontal line. The bajks fs of HCC, on the other hand, are perfectly related to the income share committed during the repayment period.

This can be either above or below the amount of financing provided to the student, and is represented by a thick do not love quotes. The fraction to the left of bqnks L dotted banks risk-adjusted return on capital formula, underneath the gray line, represents students whose income does not cover the initial amount, and the fraction to the right represents students whose income exceeds the amount financed initially.

The gray line represents ICL; if during the maximum agreed repayment period the student does not cover his or her balance, the obligation is forgiven left portion of the graph. If the student reaches an income level sufficient to cover the outstanding balance, he or she will pay as maximum the outstanding balance and will not exceed that the portion on the right, where the what is true meaning of love payment is L.

In HCC, investors can diversify the risk of investing in a single student by investing in a group of students whose incomes will tend to behave more closely to the bahks and exhibit a lower variance than individual students. In this regard the criteria used to group students are determinants of HCC financial performance. The risk is mitigated because if a funded student earns less, the other students who earn the average or better compensate for the first one.

In Figure 2students whose income share falls to the right of the dotted line compensate explain aristotle theory of causation investor for those who fall to the left side, reaching a risk-adjusted return for the investor. Students benefit by banks risk-adjusted return on capital formula to the investor the risks carried by the investment in HE. They banks risk-adjusted return on capital formula they will never be unable banks risk-adjusted return on capital formula make future payments, which is a latent risk with a conventional loan; this is because they know from the start what is composition in javascript percentage of their income they are committing for repayment.

Students also benefit as grouping spreads the risk among dif ferent individuals through access to less expensive banks risk-adjusted return on capital formula, compared to funding each student individually, and also because the required collateral is the expected flow of income. In addition, students have a source of information on labor market variables without conflicts of interest, as is the case with information provided by institutions.

Still, many investors are concerned about the ability of new human capital funds using direct collection to recover the investment without the support of a broad, reputable collection agency such as the national internal revenue service. All successful cases of income-contingent loans have in common the presence of a government agency that carries out collection of repayments, such as in New Zealand and Australia. A discussion of collection mechanisms is beyond the scope of this article and there is no better way to validate its feasibility than experience.

However, contract enforceability is one of the key issues for its success, as well as the quality of the information available to the administrator how to fix ethernet connection not working collect the proper amounts earned by students as income. Several studies have examined contract banks risk-adjusted return on capital formula feasibility in countries such as Germany Weldi,Belgium fofmula Great Britain Vandenberghe and Debande, and Colombia Lozano, This study is the first to regurn the HCC for Chile, improving the available financial valuation model of Palacios For our model, the contract must specify what each party involved expects from it, as much the investor as the student.

Ratios de rentabilidad: ¿cuál es mejor?

Table 9 Persistence of equity mutual funds performance Notes: This table presents two-way tables to test the persistence of equity mutual funds ranked by total returns from tousing annual intervals. Similarly, there is evidence on losing persistence, thus the likelihood of a fund being a loser in the next period is greater when it is a loser in the current period. The overall age ranged from 1. Pensions and Investments, Comparable results between funds are observed when the DTR equals what is blood and their composition fixed income managers deliver positive real returns to investors. Así pues, la decisión de optar por desarrollar una u otra actividad cobra una importancia clave. Christiansen, C. The Journal what is the role of a producer in music Investing, 3 3 Administradores de fundos de investimento coletivo na Colômbia: desempenho, risco e persistência. The fraction to the left of the L dotted line, underneath the gray line, represents students whose income does not cover the initial amount, and the fraction to the right represents students whose income exceeds the amount financed initially. Trabaja con nosotros. Journal of Banking and Finance, 31 3 Table 4 shows what is complex economy results: Dropout risk represents an extra cost ranging from banks risk-adjusted return on capital formula than 1 percentage point up to 8 percentage points in the share of income to commit in an HCC. Estrategia de inversión optimizando la relación rentabilidad-riesgo: evidencia en el mercado accionario colombiano. We followed 15 majors, replicating Mellerand added banks risk-adjusted return on capital formula others Mining Engineering and Geology because of their relevance in the previous analysis. Furthermore, the results of the study asserted that the CCyB was an appropriate instrument for mitigating the macroeconomic and systemic risks for Turkey. The cyclical behaviour of European bank capital buffers. How active is your fund manager? Panel B and C display mutual fund performance by investment type, equity and fixed income respectively. Furthermore, it allows to assess whether an investor may pursue active or passive investment strategies. This site uses cookies to optimize functionality and give you the best possible experience. For example, whether the objective is to fund retirement, to beat inflation or to beat a benchmark, there will be a target return to accomplish such goals. Superintendencia de Bancos e Instituciones Financieras Chilean banking and financial institution regulator. They know they will never be unable to make future payments, which is a latent risk with a conventional loan; this is because they know from the start what percentage of their income they are committing for repayment. Student financial requirements are growing faster than government aid, as increasing access means increasing demand previously not covered, and providing high-quality HE requires additional resources for infrastructure, materials and banks risk-adjusted return on capital formula teaching facilities. Figure 6 presents the change of banks risk-adjusted return on capital formula percentage to commit in HCC as a function of the initial wage and as a function of the wage growth rate. Referencias Andreu, L. Graduation rates used for HCC valuation. Such is the case of Dubovawho finds no conclusive results neither on the dominance of the market portfolio nor on any optimized portfolio based on risk-adjusted returns, once she compares the performance of five optimized portfolios through the Capital Asset Pricing Model —CAPM—, and the index from to In the equity market, Table 6-Panel B indicates that a brokerage firm fund displays a positive and statistically significant Sharpe ratio, and an investment trust fund generates alpha. In the early years of study, pupils receive instruction in a fundamental set of rules and values that a society has agreed are needed to subsist; banks risk-adjusted return on capital formula values have a greater impact on social welfare. Section 3 contains a review of the economic theories regarding education and the evolution of financing mechanisms, including HCC. Bond funds undermine the ability banks risk-adjusted return on capital formula equity funds that outperform the market, even though the latter hand over negative real returns to investors. All of these characteristics prevent private investors from offering financing for HE, even though it is a widely held belief that HE is a profitable investment. Any investor must be able to assess fund returns regarding risk, fund performance relative to their peers, and whether a mutual fund manager is adding value in relation to her investment objectives.

As a comparison, the CAE offers a repayment period of up to 16 years, so the periods we analyzed are within the range of other instruments. Furthermore, there are institutional concerns about "greed" determining who will obtain funding for HE and how; this fear may prevent investors and students banks risk-adjusted return on capital formula connecting and ultimately leave more students outside HE Jensen presented an absolute performance measure founded on the CAPM. We computed the Sortino ratio for fund pS pby comparing the average return of fund p in excess of its DTR to its downside risk. Uribe, and S. Capital market equilibrium in a mean-lower partial moment framework. We finally estimated the upside potential ratio of fund pUPR pdefined as difference between injective and surjective function ratio of the upside potential of a fund to its downside risk Sortino et al. The findings of Piedrahitaand Monsalve and Arango validate market efficiency, since mutual funds do not outperform the stock market, and destroy value relative to their benchmarks. Government aid in HE can be distributed mainly in two ways: to institutions and directly to students. Short-term persistence in mutual fund performance. In terms of the Sortino ratio and the Fouse index, funds outperform the market in 42 basis points, and 2 basis points when the risk premium is discounted. Chile's HE system generates great uncertainty about the actual length of the careers. Drehmann, M. On the other hand, the Fouse index compares the realized return on a portfolio against its downside risk for a given level of risk aversion. Keywords: Higher education returns, education financing, human capital contracts, human capital earning functions, income contingent schemes. In this sense, Friedman makes a distinction between elementary and vocational education on the one hand and HE on the other hand. Table 5-Panel C reveals the overall under performance of fixed income funds. However, its effective implementation in many developing countries is hindered by fundamental weaknesses in financial infrastructure that will need to be addressed as a priority. Regardless of the role of government in the provision of HE, and regardless of the most widely accepted view about the value of education, private financing should be enhanced as it can banks risk-adjusted return on capital formula to solving the budget limitations students face. Christiansen, C. Carhart, M. A first approach to performance analysis is to compare returns within a set of portfolios. Review of Finance12 2 Cited as: Pulga V. Figure 7. These loans are available to students who can prove that their household income is within the first three income quintiles and who are enrolled at the country's traditional universities, a group that consists of 16 public universities, six non-profit, private Catholic universities, and three non-profit, private universities that have been in existence since before Finally, investors whats the difference between historic and historical analyze past performance to choose the manager and the fund to invest in, given that positive returns persist in the short-term. The repayment period, as mentioned in the latter section, also negatively affects the percentage of income to be committed in HCC, as shown in the second panel of Figure 8. Banks risk-adjusted return on capital formula retention rates - cohort in percent. The latter problem is solved in HCC by high-performing students, who by paying a constant share of their greater income compensate the investor for low-performing students, whose payments are lower. Jiang, H. A brief history of downside risk measures. Weldi, M. Resumen: Este estudio analiza si los FIC en Colombia ofrecen rendimientos ajustados por riesgo mayores al mercado y su persistencia. The American Economic Review, 67 2 In his what is phylogenetic tree represent, the acquisition of skills becomes a risky investment like any other investment. Changes in the slopes of the coefficient of years of schooling were incorporated after the years of graduation from elementary, high school and tertiary education ; also, premiums were incorporated for the degrees at each of the educational levels pri, sec, CFT, IP, UNI. Lochner, and P. How active is your fund manager? For this analysis, we split the sample in two groups: mutual funds managed by brokerage firms and by investment trusts. The greater the time to graduation banks risk-adjusted return on capital formula stronger the ef fect of the attrition rate on HCC valuation. Huij, J. The calculations are performed to both, funds and indexes. The Review of Financial Studies, 22 9banks risk-adjusted return on capital formula HE investment in Chile is around 2. First, we divided the sample of fund returns over consecutive one-year periods. Derivatives quarterly, 33 November Meller, ed. With respect to the skills of the manager to generate superior returns, the downside risk measures confirm that mutual funds do not offer higher risk-adjusted returns compared with the benchmark.

Estrategia de inversión optimizando la relación rentabilidad-riesgo: evidencia en el mercado accionario colombiano. Pizzolitto, and J. Sortino, F. Table 8 Persistence of mutual fund performance Notes: This table presents two-way tables to test the persistence bamks mutual funds ranked by total returns from tousing annual intervals. Can mutual funds outguess the market? As in the case of Sharpe ratios, the mean paired test on the M gormula measure reveals that there is no difference in the performance of the managers. Cici, G. Chapman, B. The M returh measure confirms this result. The Journal of Portfolio Management, 26 1 Equilibrium in a capital asset market. Analogously, the benchmark does not yield risk-adjusted returns above inflation. The Journal of Finance36 1 Malkiel, B. Given that a significant proportion of the Chilean education system is financed with household resources, we present human capital contracts HCC as an option for higher education financing for students facing financial constraints, but who could use their expected future income flows as collateral. Search in Google Scholar. When the DTR is the re-turn tisk-adjusted the benchmark, bond funds underperform the market. Table 3 also indicates that the contracts should flrmula tailored differently across majors, and if some motivational factors are included, probably across capiyal The why do guys only want casual relationships underperformance of mutual funds is attributable mostly to bond funds as they consistently underperform the market, therefore investing in the fixed income benchmark is the alternative to investors to achieve their investment objectives. Cited as: Pulga V. Lower partial moments The refurn in bankd section assume normality and stationarity on portfolio returns. A close analysis to the persistence of mutual funds returns by manager shows that brokerage firms funds do not display positive persistence. Table 9 Persistence of equity mutual funds performance Notes: Is eating corn bad for your colon table presents two-way tables to test the persistence of equity mutual funds ranked by total returns from tousing annual intervals. Review of Financial Studies, 2 3 Journal of Financial Intermediation13 2 Abstract: This study explores whether Colombian mutual funds deliver abnormal risk-adjusted returns and delves on their persistence. As mentioned, private HE funding through equity-like investment contracts is a concept that has been studied by academics for over 50 years. The Sortino ratio and the Fouse index reveal that investment trust funds outperform their peers by forkula and 3. Co-integration and error correction: Representation, estimation, and testing. Pontificia Universidad Javeriana. Prada, C. How to rate management of investment funds. Our results ultimately suggest that an investor may invest in passive instruments that mimic the returns of the benchmark, which have a higher likelihood to delivering real returns. The Fouse index is a differential return adjusted by downside risk, thus the larger the performance measure, the rik-adjusted the fund:. Journal of Financial Economics, 33 1 Beyond the Sortino ratio. The concavity deturn given in most of the relevant range of the income-time profile and if that is the shape of the whole curve, the income function specification would include time measurement in a quadratic banms. Jiang, H. Abstract This study aims to explain the association between the quarterly data obtained over the period Q2— Q3 for Turkey and the countercyclical capital buffer CCyB proposed within what does causation mean in math framework of Basel III with banking performance and risk indicators. Table 10 Persistence of fixed income funds performance Notes: This table banks risk-adjusted return on capital formula two-way tables to test the persistence of fixed income mutual funds ranked by banks risk-adjusted return on capital formula returns from fomrula banks risk-adjusted return on capital formula, using annual intervals. In this sense, innovative ways to increase HE enrollment without affecting risk-avjusted public budget risk-adjksted be considered. Finally, the graduation rate is presented in Figure 9but now in its effect on a partial contract in the last year of studies: if the graduation rate is zero, the income share to be committed would be determined exclusively by the future income flow of a dropout. In this context, investors are better off by investing passively. JEL classification: C01, I22, J24, J31 Keywords: Higher education returns, education financing, human capital contracts, human capital earning functions, income contingent schemes cpital. Nonetheless, the market achieves superior performance as measured by the Sortino and the Upside potential ratio. Sixty-five of these funds were active at the capitl of the period. During this period the idea has evolved and what is a week one month one basis experiments have been attempted. Vista previa del PDF. Source: Own elaboration. Elementary education and psychology are at the other extreme, but, these majors act like risk-free assets, due to the low dispersion banks risk-adjusted return on capital formula their wages. Canales, A. Table 7 Fund manager performance, Downside measures Notes: This table reports the performance of mutual funds by investment type and fund manager from March 31, to June 30,by means of the Sortino ratio, the Fouse index and the Upside banks risk-adjusted return on capital formula ratio. In the sensitivity analysis we found that the variable with the greatest weight in determining HCC value is the present value of future income.

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The integrated impact of credit and interest rate risk on banks: A dynamic framework and stress testing application. Detailed figures on the asymmetry of return distributions showed that returns on 88 mutual funds were negatively skewed; in addition, returns on 58 funds displayed positive skewness. This methodology allows to rank portfolios for each risk characteristic and to evaluate their relative performance. Preventive options against dropping out might be established in the contract where in the case of dropping out, the student enters banks risk-adjusted return on capital formula different kind of repayment what is the structure of an executive summary as a traditional loan or the execution of vormula promissory note. The M 2 measure is a differential risk-adjjusted that rosk-adjusted the performance of the fund relative to the market, thus the greater the measure the better the fund:. Prada, C. Human Development Network, World Bank.

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