Yatırım ortaklıkları
Başlık çevirisi mevcut değil.
- Tez No: 36379
- Danışmanlar: PROF.DR. ÖZDEMİR AKMUT
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1993
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 241
Özet
Özet yok.
Özet (Çeviri)
225 SUMMARY The prospective investor, faced with thousands of stocks and bonds to choose from may find the task bewildering. It is virtually impossible for a single individual to learn about all of the different firms and investment prospects associated with their securities. If one also wishes to consider goverment securities of various types and international securities, the task becomes even more hopeless. How is one to intelligently form a portfolio faced with such information overload? One possible answer for many investors is to place funds in an investment company, a firm that collects funds from a wide group of investors. These collected funds are then invested in a portfolio of securities, and each of the investors in the fund has title to a fractional share of all of the investments in the company's portfolio. The investment company staff manages the portfolio, and hopefully, places the funds where they will earn a high return for the level of risk. Investment companies are usually subclassified as; 1) Closed-end companies, 2) Open-end companies, with three characteristics of operation serving to differentiate between them. These characteristics refer to their means and methods for;226 a) Capitalization, b) Determining current market prices for their shares, and c) Redeeming shares previously issued. Capitalization: A closed-end company obtains substantially all its capital through a one-time public offering of its shares. Although it is not precluded from occasional future offerings, such offerings are not a general practice and certainly cannot compare with the capitalization activities of the open-end companies. An open-end company acquires capital from an initial public offering similar to that made by a closed-end company but then proceeds to offer additional shares continuously and perpetually. It may issue as many shares as necessary to meet current demand. Current Market Prices: After an initial offering has been completed at a fixed price, the shares of a closed-end company will fluctuate in value, reflecting the aggressiveness of the forces of supply and demand. The current market price of an open-end company is not determined in this manner, however. The very nature of its capitalization process reveals its unlimited supply abilitiy, and so price structures founded upon competitive forces are impractical. Instead, the current market price of an open-end company is dependent upon, and determined by, its net asset value per share. Net asset value per share is derived by adding the valuation of securities in the portfolio to all other assets, subtracting total liabilities from227 this sum, and then dividing the difference by the number of shares outstanding at that moment. Redemption Characteristics: Once the initial offering has been completed, the closed-end company does not redeem shares held by its owners. Persons interested in liquidating their holdings must go into the marketplace, find a buyer, and negotiate a price acceptable to both parties. An open-end company always stands ready, willing, and able to redeem its shares within terms and conditions described in the offering prospectus. Most open-end companies' distributors redeem those shares from the stockholder at net asset value without further expense. In this work, the closed-end investment companies are examined. One of the most important benefits of closed-end companies is the fact that they provide a ready-made portfolio for the investor. Small investors do not have enough funds to construct their own portfolio without incurring very large transaction costs on a percentage basis. Providing a diversified portfolio to very small investors is probably the main benefit that closed-end companies provide. The second clear benefit provided by closed-end companies is the clerical and management function. The closed-end company achieves important economies of scale in this function that benefit the228 individual investor. A third possible benefit, and one that is often claimed by closed-end company managers, is the provision of professional investment advice. It is argued that the first closed-end company was founded in Belgium at the beginning of XVIII. century. Later, they began to operate in England and the United States. Today, there are many closed- end companies in various countries, especially in the United States. In the United States, closed-end companies are regulated under the Investment Company Act of 1940. This Act provides a regulatory framework within so-called companies must operate. Under the Act, the activities of closed-end companies are subject to certain statutory prohibitions and the Securities and Exchange Commission regulation. The Act has two main purposes. First, it aims at disclosure of information to prospective investors and second, it attempts to curb some potential abuses on the part of the management of the company. In Turkey, howover, the regulation and foundation of closed-end companies is rather new. After the various efforts, that began in the 1960s, to regulate closed-end companies the Capital Market Law was enacted in 1981. Under the Law, the activities of closed-end companies were restricted with only securities and the Capital Market Board was authorized to make detailed regulations. According to this authorization the Board issued Directives Serial VI and Numbers 1,2,229 and 3. In 1992, the Capital Market Law was amended and the operation area of closed-end companies broadened to other capital market instruments, real estates and precious metals, besides securities. Detailed regulations were left to the Capital Market Board again. The Board issued the Directive Serial VI and Number 4 which regulated the closed-end companies other than the real estate companies and abolished previous Directives. The main features of Turkish closed-end companies are as follows: - Closed-end companies could be founded only in the joint stock company structure. - In order to found a closed-end company, various requirements regarding the company and its founders must be met. - Closed-end companies may manage a portfolio formed securities, other capital market instruments and precious metals. On the other hand, the rate of precious metals cannot exceed the 10 % of the portfolio. Real estate portfolio formation will be possible after the Capital Market Board regulation. - There are management principles in order to ensure diversification, preservation of assets and prevention of management buyouts.230 - In order to meet short term requirements closed-end companies could issue debt securities of which maturities are less then one year and borrow money from credit institutions as much as 20 % of their paid-up capitals plus reserves. - Closed-end companies' securities must be kept in a bank or Istanbul Stock Exchange Clearing and Settlement Inc.. - Closed-end companies cannot interested in lending money, collecting deposits or trading, manufacturing, farming and brokerage activities. - The members of board of directors and managers of closed-end company must meet certain educational and experience requirements. - Closed-end companies may hire other companies which deal with professional advice. - Closed-end companies are subject to minimum dividend distribution requirement as other public joint stock companies. - Closed-end companies are subject to tax at a rate of ranging from 0 % to 10 % according to the nature of portfolio. On the other hand, the stockholders pay tax at a rate of ranging from 0 % to 35 % according to the class of the stockholders. - Closed-end companies must prepare certain financial statements according to the Generally Accepted Accounting Principles and these statements must be audited by an independent auditing231 company. Also, the financial statements and auditing reports must be transmited to public by publishing on newspapers at specific intervals. At present, there are two closed-end investment companies in Turkey. These companies' portfolios are formed especially with fixed- rate securities and they do not show sufficient performance. So, certain measures have to be taken in order to develope closed-end companies. Also, detailed regulations about real estate and venture capital investment companies shold be made. k
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