FINC3017 Review of Financial Studies 代写
Journal of Finance• Journal of Financial Economics• Review of Financial Studies• Journal of Financial and Quantitative Analysis• Financial Analysts Journal• Journal of Portfolio Management
FINC3017 Investments and Portfolio ManagementEssay: The Hunt for YieldDue: 4pm, 3 rd October 2017Word limit: 1,500 (excluding reference list at the end of the document)Weight: 16.5%Interest rates are at record lows. Superannuation funds are finding this low yield environmentparticularly challenging, due to their large allocations to fixed income securities. To counter this andmaintain their return benchmarks, many funds are “hunting for yield” through a combination of non-traditional, riskier and/or innovative investment strategies.You are required to write an essay discussing investment strategies that perform well in a low interestrate environment as well as their risks. You will need to justify which investment approach you wouldadvise a superannuation fund to follow.Your essay should address the following points:1. Describe what is meant by a “low yield environment” and the possible macroeconomiccircumstances that have caused it.
FINC3017 Review of Financial Studies 代写2. Identify how a low interest rate environment particularly affects superannuation funds.3. Discuss at least two investment strategies that are expected to perform well in a low interest rateenvironment. Specifically, consider the implementation of the strategy, what the research saysabout the effectiveness of the strategy, and the risks specific to the strategy.4. Your essay should conclude by providing your own opinion about the best strategy forsuperannuation funds in a low yield environment, based on the evidence presented.Other information• The majority of the marks will come from point 3.• Marks will be awarded for the depth of discussion, as well as the clarity and structure of youressay.• Your essay should include both academic AND high-quality, non-academic references.• Your essay can discuss any asset class/es (i.e. equity, fixed income, etc) and/or investmentstrategy, but should be based on a well-supported argument.There are many finance journals that you can reference. To help you identify relevant articles thefollowing journals are of higher quality and are likely to be most relevant:• Journal of Finance• Journal of Financial Economics• Review of Financial Studies• Journal of Financial and Quantitative Analysis• Financial Analysts Journal• Journal of Portfolio ManagementYou can refer to articles from other journals too. I am just using the above journals as a guide. Inaddition to published articles, you can also refer to unpublished working papers (often available onSSRN (https://www.ssrn.com/en/). There is no minimum number of articles but you should present arigorous and detailed survey of the literature in your essay to support your arguments.The best approach to surveying the academic literature is to use Google Scholar(https://scholar.google.com.au/). You can click (or tap) on ‘Settings’ and you should find a link on theleft hand side labelled ‘Library links’. After clicking (or tapping) on this link you can search for theUniversity of Sydney Library. Check the box for ‘University of Sydney Library – @ University ofSydney’ and click (or tap) save. Now when you search in Google Scholar you’ll be able to log indirectly to the University of Sydney Library to access the article. This is really useful if you are off-campus.Please use 12pt font with 2cm margins and include all references in a bibliography. Students shouldadhere to the Business School Student Policy regarding referencing style (link available via BlackboardLMS). For this assessment only, the word limit does not include the reference list at the end of thedocument. Essays should be submitted as either a Word document or a PDF via the Turnitin linklabelled ‘Essay’. Please ensure you receive an email receipt from Turnitin that you have successfullysubmitted your report otherwise you could lose all your marks from a late submission penalty.FINC3017 Review of Financial Studies 代写
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