Financial Market and Institutes

Question: Discuss about the Financial Market and Institutes. Answer: Introduction Section 1 Part A : a): The general rule of the timing providing financial service guide to the client when the entity providing financial guide becomes apparent that the service is likely to be provided to the client. However, there are cases which becomes critical to time and are accordingly provided to the needs of clients. If the clients gives instruction that they want the service to be provided immediately or when they specify the time. It is not reasonable to provide service to the client without any instruction. As such the entity provides the client with the statement that contain information relevant to the financial service provided. The guide regarding the financial service must be given to the client within five days after the statement is provided, or sooner if it is practicable (Ammer et al .2012). b): The financial service guide can be provided by way of financial advice and by providing investment solutions. c): Financial service guide is a document which has been designed to assist the client in deciding whether to buy any financial product or not. It contain information about the entity providing financial service, the financial services offered, the product and services provided by the entity, remuneration received by the entity and how the other person are paid in connection with the services provided by the entity. It also contains information about the way of dealing with the complaint which the client may have about the product and services and it should also contain the contact details of communicating the complain. The privacy policy of the entity providing financial advice (Andersen and Kunkel 2013). Part B : Several questions are asked by the financial service guide while some of the open ended questions to be asked from the client may include the total value of assets and the income earned by the client and if there would be any change in income in the recent years. Details of the current financial situations have to be asked for. Part C: The personal information about the client is asked directly from the client itself or from the third parties or any other sources. In order to update the contact details of the client, the entity relies on the publicly available information. Other information is exchanged through the legal advisors or other representatives. Several other information would be collected without notifying the client. In order to gather information about the insurance, the entity needs to contact the insurer. James seeks advice on his current investment strategy and he is actively engaged in share market. He has provided the entity with the portfolio of shares which he has bought and invested. The income statement is also provided by the client, the assets, other relevant information has also been provided. Using these information, the advisor and they would be able to administer and manager the product and service. Advisor will seek accurate information and the clients need to keep the advisor updated about any changes to ensure that the recommendation is made relevant to the personal needs and situations (Ennew and Waite 2013). Part D : The budget needs to be worked out. The estimates of surplus income every month needs to be asked which would be put towards saving. The questions need to ask from client is the income left after deducting the amount of tax. Any other income has also to be accounted for. The expenses needs to be taken into consideration Annual salary = $ 160000 Taxable income = $ 174500 Tax on taxable income = $ 52512 Income after tax = $ 121988 Dividend= $ 8500 Interest = $ 1800 Expense = $ 15000 for holidaying per year Toatal monthly income as per ANZ calculator = $ 10158 Total monthly expenses = $ 1250 Therefore, surplus = $ 8908 So, the estimated income and expenses should be asked from the client. The amount of funds he has lined up in cash account. If he has any other liability which he has to pay off, should also be taken into consideration. Section 2 Part A : James Macready has been investing in the shares since he was young and has a portfolio of shares of different companies listen on the Australian stock exchange. The charges, taxes ,fees and any other liability related to the portfolio has to be asked from the client. The cash holding, process payment, quarterly or annual report of the tax payment and the related documents need to be asked for. If the client wants the control of existing assets to the financial advisory, they need to supply them with the annual tax report for getting the details of tax information. In this case, James is holding a portfolio of shares, so the advisory needs to have access of having the leading research of the industry. The documents relating to the regular reporting and reviews of the portfolio the online access regarding the details of the portfolio and the printable annual reports should be provided to the advisory as well. This would help in eliminate g the day to day involvement in the portfolio, this would enable the client James in keeping the control on the selection of the investment strategy. There can be some fee related administrative issues which m ight hinder the performance of the portfolio. The method of paying the fees by the client has to be accounted for, whether the fees is paid by any third parties or there is any account for paying asset based fees and whether the client follow any fee structure that is bundled which means it includes both the expenses and fees. Such types of administrative issues needs to be accounted for so that the advisory body is able to make the recommendation accordingly (Brigham and Ehrhart 2013.). Part B: James Macready is keen to accumulate wealth for the future and along with that it wants to keep aside some amount of money attributing to the miscellaneous expenses. He expects to get return from his investment at the rate of 9 % per annum. He has been investing in the shares and is well acquainted with the market scenario and does the full research of the company before investing. He has understanding that the markets keeps on fluctuating the return from the portfolio keeps varying and different sectors has different characteristics of taxation and growth. He needs the portfolio to vary moderately and should not be exposed to wide fluctuations. Any fall in the return is seen him as the calculative risks and it waits for the market movements to have in its favor of the stocks. Macready wants to accumulate wealth for long term as he has surplus funds to do so. Considering the above facts the client could be concluded as an assertive investors seeking growth as he is able to park most of his surplus in the investment and has an interest in accumulating wealth for long term. He is willing to accept higher volatility with moderate risks. He wants to maximize the return by properly diversifying the portfolio. This could be done by applying some aggressive investment strategy which needs some aggressive stocks to be included in the portfolio which would maximize the return in the favorable scenario. The client cannot be concluded as aggressive investors because he does not want to be exposed to the risks and he cannot be a conservative investor also because he is willing to take moderate risks and seeking for growth and make its investment decision while keeping a watch on the market movements. He has a option of investing in wide range of assets classes. Section 2: Part C : The portfolio of James comprised of the shares of the ten companies which is listed on the Australian stock exchange. He is thinking that the performance of the companies is not up to expectation and the return of the companies is also not certain. So he is wanting to diversify the portfolio so that the return from the portfolio is maximized. One of the ways of diversifying the portfolio is including the risk free assets in the portfolio which is the government bonds, treasury bills which will give a fixed return. the client should in Australian government bonds which provides a stable and regular income as the interest and principal amount is paid by the Australian government and can be liquidated easily on the stock exchange. The client has a inclination towards investing in the international companies. He should be wise in choosing the recognized and reputed company so that the transactions are carried out at ease. The investment should be made in those country which currency value is more than the Australian dollar, so that the return can be maximized. Other thing is that the tax savings should also be taken into consideration. The advisory should recommend the client to invest in such shares of the company listed on the Australian stock exchange which pays franked dividend which means such company has franking credits attached to them, as such the company has already made the tax payment. This would protect the investors from paying additional tax thus saving the amount of tax paid. Companies having franking credits should be included and they should form a major part of the portfolio (Martellini et al, 2014). The high profile companies should form portfolio. Investing in the international equities wou ld be of benefit to the investors because it carries a high rate of interest and also the government of Australia wants the inflow of foreign currency into their, so it would be beneficial to invest in the international market carrying higher interest rate. Australian managed fund have been developed to the investors which are indifferent to the market which would help them in encompassing the international markets. It would provide the investors an opportunity to invest in a highly diversified market. The investor needs to look for the best performing mutual funds in Australia. And which has a potential for high growth . this would provide guarantee of capital as well as with additional security to the investors. There is a option of investing in the exchange traded or open ended and close ended funds which would provide the current income and capital appreciation for long term. Global depository receipt is another tool which could be used as an investment strategy by the investors as it allows them to sell and buy the shares of a foreign company or make the transactions without opening any brokerage accounts. These companies would help in diversify their portfolio. Moreover , when the stocks of home country are under performing , GDR helps in investing in the shares of other countries. Investments is not exposed to any risk and the valuation or the return from the investments is only due to the normal market risks. This would help in creating space in diversifying the investment portfolio. Part D : Mr. James Macready can consider for investing for investing in the aggressive shares of Australian company for short term. He can sell of the shares at the end of a particular year. Short term cash investment can be done . investor can opt for government treasury bills with the short term maturity . so that investment can be cashed easily. High quality treasury bills and money market funds are some of the appropriate investment strategy. Another short term investment is the certificates of deposits as it requires investors to commit the funds a period of time. Demand deposits and commercial paper are another investment strategies. Medium term investment strategies according to the needs of the investor could be long term instruments having maturity for more than a year or two. Medium term government can be purchased by the investors which comes along with coupon also. This would provide stable return and is free from any default. Corporate bonds could also be invested in. investing in shares of the company for medium term is also an option. Medium term investors look for investments with the moderate risk and which has a expected return of 6-7 % approximately. Such a type of balanced investment option is given by managed funds in which the money is pooled with other willing investors to buy and sell the shares of the company on the investors behalf. This would help in providing the better return and any negative return for a short period would grow back over the period of time which would offset the negative return. this investment strategy is considered appropriate for medium term investment for the investors . Part E : The portfolio of James Macready include the shares of mainly the banking sectors and the multinational mining corporations and one or few trusts. The mining sectors company forms a major part of the portfolio. Now, the portfolio needs to be diversified and ythis would be done by looking on the performance of the respective stocks. The stocks which are under performing should be sold and those whose performance is good. Here, the BHP billion limited was under performing but in the recent year , there has been an uptrend, expecting the share price to rise in the future. Boral limited has been performing well and is expected to be in uptrend in the future also. The CSL limited company is bullish and the prices are ever rising, for the lend lease Corp, though the price was in uptrend, in the recent year, the price fell indicating that the company is bearish. The Rio tinted ltd is also on a downfall and long term return is bearish. The share price of national Australia bank is also on a downfall. The Telstra Corp was on a rising trend but there was a fall in the recent year but the price is estimated to be stable. The share price of general property trust is ever rising and it is also expected to go up in the future. There has been a wide fluctuation and instability of share price of common wealth bank and the price is expected to fluctuate in the future also. We can see that the few of the stocks are n ot performing up to the expectation of the investors and needs to be sold for maximizing the long term return (Helpman 2014). Telstra Corp and lend lease Corp have been under performer for quite a long time and they should be sold off. Some of the stocks needs to be included in the portfolio having a good return over a considerable period of time. West Pac Banking Corp has a good long term return. if we assume that the portfolio comprised of 10 stocks each 50 shares . then 50 shares of Westpac needs to be included in the portfolio at the price of $ 30.37. another stock to be included in the portfolio is DEXUS property group which is bullish on its return and would provide beneficial in long generating long term return. so 50 shares of DEXUS group would be included at the current purchase price of $ 8.75. Part F : The recommendation has been made to diversify the portfolio and one stock of DEXUs property group has been included. This is because the stock is bullish in its return and is expected to perform well in the future which would maximize the portfolio return and has a dividend yield of 5.08 %. . the reason for recommending this particular stock is also that the sector is performing well which makes it reasonable to include. The stock which has been recommended to exclude from the portfolio is BHP billion limited, national Australian bank, Rio Tinto , Iiuka resources limited and the reason is that the stock is bearish on its return. the price of the share is expected to fall in the future. The share price declined by over 17 % in the past days bringing the price to a drastically low level. So this bearish behavior of the stock is the reason behind its exclusion from the portfolio. The stock is unexpectedly down and this would provide a negative return and hence should be excluded. The above three stocks has to be excluded from the portfolio and this is because the growth rate of all the above three stocks is negative and if it would be included then this would lead to a fall in the return of the investment. Bhp billion gives a negative return of 18.04 %, national Australian bank gives a negative return of 3.16%, Rio Tinto limited gives a negative return of 13.22 %, and iiuka limited yield a negative retu rn of 17.33 %. The stocks have been excluded and the same amount contributing to the above stocks have been allocated to the rest of the stocks so as to generate a positive return in future, the amount of the above stocks have been attributed to the rest of the stocks, and allocated according to the stocks which has performed the best in the recent current year. Part G : Summary of Current Situation and Objective : The client is single and is willing to accumulate wealth for long term and has a portfolio of shares of different stocks. He wants to make some investment in assets and wants to change its investment strategy suitable to the market scenario. He has a objective of diversifying the portfolio so as to maximize the returns. Summary of our strategy and recommendations : For Short Term treasury bills, certificate of deposits, commercial paper, short term cash investment and money market funds ahs to be opted for making the short term investment. For Medium Term- managed fund is a good option along with the corporate and government bonds with longer maturity. Summary of Expected Outcome If Advice is Implemented The recommendation is to buy the stock of two companies which are bullish and exclude the companies which are bearish . this would help in maximizing the return of the portfolio. Also if the client invests in government bonds, this would provide a stable and regular income. Risk in Advice : There might be some uncertainties related to the market performance which gets influenced by the macroeconomic variable and this could pose risk. Fees and Commission : The fees and commission would be payable in Australian dollars. The initial commission is a one off payment and is calculated as a percentage of the amount invested. For investment amount we charge 0 % to 5.6 % of the investment amount. Reasons For Seeking Advice : The client is not able to devote required time in handling the portfolio of shares which he possess and also the clients wants to accumulate the wealth for long term and is s seeking advice for appropriate investment strategies suitable to his situation. Objective of client as understood by the advisory: The financial service guide understands the profile of the client who has interest in investing the assets of classes and wants to generate wealth for long term. He has a tendency of moving with the market scenario and is risk and tax reasonable. Client 1 Client 2 First name(s) James Surname mavcready Date of birth 4 March , 1980 Current age 36 Marital status Single Health status Good Smoker status No Employment status Family owned business Employer name Macready parking Occupation Operations manager Annual salary $ 160000 Children and dependants details : Dependant- Mable and Jock Macready ( parent ) Existing Insurance : Personal insurance $ 1100 Car insurance 0 Home contents Insurance $ 500000 Health insurance $ 200000 Existing Estate Planning : James does not have any power of attorney and he has his parents as joint holders of his will and has nominated them and also informed that he does not seek any assistance regarding estate. Financial Information : Client 1 Client 2 Total Assessable income $ 175600 Income after tax $ 121988 Yearly expenses $ 73300 Estimated surplus $ 48688 Discussion Points : The clients wants to estimate the saving which he makes yearly. For this the income after tax has to be determined . the estimated expenditure also needs to be assessed. And then the surplus is estimated. Assets and Liabilities : Value Liability Net value Home $ 600000 0 $ 600000 Home contents 0 0 Motor vehicles $ 40000 0 $ 40000 PERSONAL ASSETS Employer superannuation $ 200000 0 Savings account $ 85000 0 INVESTMENT ASSETS Shares $ 245000 0 Net worth $ 1170000 Risk Profile : The client seeks to have investment strategy to accumulate the wealth and have long term return. the client is an assertive investor who has surplus income to invest in the growth funds. The client is aware of the market conditions and is willing to take moderate risks. He is willing to diversify the portfolio and is seeking asset allocation to maximize the return. he is advised to have risk free assets in its portfolio and also to invest via global depository receipts. The stocks which are to be included which is aggressive and is able to give more return in the market scenario. Strategy Recommendations : Recommendation 1 : The portfolio of the client should include a risk free assets which provides a stable and regular income as the client is seeking some fixed income. It would include government bonds, treasury bills which does not make any default in its payments. Recommendation 2: The client is seeking to make some investments in international equities. It is advised to invest in the shares of high profile company and in such country whose value of currency is more than that of home currency. Recommendation 3 The client is recommended to invest in the shares of the foreign companies through global depository receipt as it would allow to invest in the shares of foreign companies when the home county company is under performing. Recommendation 4 The portfolio of assets should include those companies listen on ASX which has been attached with franking credits as it would save the investors from double tax. Recommendation 5 The existing portfolio should exclude the stock which have been under performer for quite long time and include such stocks which are bullish in its performance and would yield maximum return. Things to Consider : Insurance : James has an insurance agent who look after the insurance matters and so he has not asked any assistance regarding the insurance matters. Estate Planning : The client also does not require any special assistance regarding the will as he feels that it is in place and he has already nominated the will to his parents. Taxation Issues : The client seeks for reasonable tax payment. Since the client is seeking some reasonable saving on tax , it is recommended to the client that he should invest in the shares of such companies which is listed on the Australian stock exchange which enjoys franking credit and this would allow his to avoid double taxation and thus would enjoy the amount of tax saved. Asset Allocation After Implementation of Recommendations : Asset allocation Weight Risk profile weight Variance (weight) Defensive assets Australian cash 0.1 0 0 Australian fixed interest 0.1 0 0 International fixed interest 0.1 0 0 Total for defensive assets 0.3 0 0 Growth assets Australian equities 0.3 0.4 0.4 Australian property 0.2 0.2 0.2 International equities 0.2 0.4 0.4 International property 0 0 0 Total for growth assets 0.7 10 10 Grand total 10 10 10 The projected superannuation amount is $ 2000000 calculated by using superannuation calculator. And this projected amount would be distributed among defensive assets and growth assets. If we evenly allocate the amount among defensive assets , then we would be assigning equal weight of 0.1 to each that is 10 % and the total would comprise of 30 % of the amount allocated. The rest would be allocated among growth assets. The risk profile for each of the defensive assets would be zero and this is because of the reason that defensive assets provide fixed interest rate which does not fluctuate. Section 3: Part A a): The investment product offered by the financial service guide suitable to the needs of the client is the Ventura managed funds which would provide a wide range of portfolio for managing investment portfolio. The supplement information which would be needed to explain the product which is being recommended is that the products offered is not directly provided by the advisory bodies and they are also linked to several banks , fund managers which can affect the service . so while recommending the product, the points should be made clear to the client. b): every type of investment has some risk associated with it. the risk associated with the solution is that some of the money might be lost as the share price will fluctuate because of many factors and the level of return may vary and the future and past return may differ. c): the probable question that James might ask to the advisory is that is it possible to liquid the invested money when required. The answer would be that it the fund invested would be liquidated but it may not be rebalanced in a timely manner and at fair price. It is quite possible that the liquidation is made on some unfavourable terms which might lead to loss of money. d): Mr. James is interested in investing in the assets class and he would probably ask question regarding the range of assets class which is included in the managed invest schemes. So the answer to Mr. James question is that the managed investment schemes can be invested in a wide range of assets classes that is equity, bond, cash or any property. Depending upon the investment option, the return will also differ. Part B : The two managed funds which the clients has been asked to invest into is the Australian share fund that is the Australian equities. The investment manager has core capabilities across the capital market and uses research in constructing and implementing the portfolio. The exposure to risks for such securities could be mitigated by using derivatives instruments and applying various investment strategies to manage the risks. The other is to invest the funds in multi asset portfolio which would include Australian shares, property , global shares, Australian fixed interest rate. The manager make timely research and insight to analyse the key factors which affect the outcome of the investors and accordingly adjust and create strategies to adjust them. This type of managed fund would provide growth over the long term by solely on the growth assets. And at the same time the fluctuations in the capital market is also adjusted for a medium term. Here , the risk profile of both the managed funds are at same level but the client is seeking growth and willing to invest for long term. So it would be wise on the part of the client to invest in the multi assets portfolio and this is because the risk of one the content of the portfolio would offset the other one and thus providing a better return over the long term. Part C : James is an assertive investor and he has surplus income and is inclined toward investing in the capital growth funds. He is not satisfied with his current portfolio and is thinking that the shares have not performed up to his expectation. So he wants his portfolio to be balanced and using the aggressive investment strategy to manage the risk and has favourable return. He is willing to accept high volatility but wants to accumulate the wealth for long term and is not interest in the short term. So James portfolio should consists of multi assets and this should include defensive as well as growth assets , whereas the proportion of growth assets in the portfolio would be more than that of defensive assets. He has a inclination towards revising the portfolio and investing in the assets class which would comprise of cash, property, equities. So he has been provided with the option of either have a multi assets portfolio or he should invest in wide range of assets class (Guide 2013). The solution to the client regarding having multi asset portfolio , such assets are managed by the fund manager after looking into the needs of investors . the market segment has to be viewed precisely. The asset class including the international shares is expected to have high return with volatility. The strategy is suitable to Mr. James because he is also seeking investment in the overseas shares which have a investment horizon of long term and is willing to accepts the market risks if emerges. This investment strategy might have a possibility of negative return for short to medium term but it would be appropriate to the client because he is seeking long term growth and wants to accumulate wealth for in the long term. He wants his investment strategy to be aggressive. He can also reduce the currency risks by investing in global shares. So the best choice for James would be invest in a well diversified portfolio comprising of assets classes of the aggressive investment options which would provide benefit of return in long term. SOA Appendix 1 Cash flow statement Client 1 Client 2 Notes Income from employment Salary 160000 Salary sacrifice 0 Salary after salary sacrifice 160000 Other income Rental income 0 0 Unfranked dividends 0 Franked dividends 39800 4 % Franking (imputation) credits 4200 9800 * 30 %/70% Interest 1600 2% Other income, e.g. taxable benefits 0 Capital gains 1year Capital gains 1year Tax-free component of capital gains Assessable income 175600 Deductible expenses Rental expenses, repairs etc. Taxable income 174500 Tax on taxable income 52512 Non-refundable tax offsets (e.g. LITO/SATO) 0 Medicare levy 3490 Medicare levy surcharge 0 Franking rebate 4200 Refundable rebates and offsets 0 Total tax 55108 Income after tax 121988 SOA Appendix 2: Account Balance Projections: Time period Current situation Proposed Investment Portfolio value (assume all income is reinvested) Portfolio value (assume all income is reinvested) Start 690082.20 690082.20 Year 1 651989.80 798906.80 Year 2 627748.31 928939.20 Year 3 617354.15 1084800.96 Year 4 621237.02 1272181.33 Year 5 640304.07 1498091.83 Year 6 676005.93 1771182.70 Year 7 730419.68 2102136.26 Year 8 806367.45 2504156.25 Year 9 907562.74 2993576.59 Year 10 1038800.26 3590619.02 Table 2 Assumptions Value Current situation Proposed strategy Return period (monthly or annual) annual Real rate of return: Capital growth 1.99 11.4 Real rate of return: Income 4% 4.04 % Other Section 4 : Part A : The proposal to Mr. James to make an investment in the portfolio containing the wide range of assets is that he is not sure about the return on the securities of the foreign companies and how he would be able to manage the funding and the administration issue by residing here in Australia. The financial service guide has link with various institution which provides the financial services according to the needs of the client and they focuses on delivering the consistent and risk adjusted return to the client. These bodies are registered and are liable to provide financial security and they provide the best thinking from the world to help the investors of all sizes. The concern of James would be resolved by making him assure that the investment decisions and all the activities are regulated as per the guidelines and it would not prove to be hassle (Park et al, 2015). Part B : The fee charged by the Frontier Pty ltd would cover preparation of plan and formulation of strategies, and implementing the planned strategies, and researching of available funds. Other items covered under the fee include general enquiries of the client, updating and reviewing the portfolio and administering investments. Initial fee is paid by the client after the implementation of the full financial plan. The disclosure of fee and its calculate on is as follows : Service Fee Financial plan 1.1 % of the clients initial portfolio For initial and $ 1100 per year ongoing advice statement of advice $ 3300 Consulting fee $ 200 per hour Review fee for first $ 500000 it would be 1.1 % and above that it would be 0.66 % Annual fee for 19000 per annum Private clients Part C : The documents need to be completed by the client and he has to complete the application form which contains various information regarding the financial product being advised , and also the required information about the client. This would help in assessing the personal situation, objective and goals of the clients. The personal information of the client is collected through the questionnaire which is completed with the financial planner. The identity and the source of fund has to be verified and this would require the client to present identification documents such as passport and driving licence. The client needs to disclose all the personal information in order to avail the service. Section 5 : Part A : The service provided by the financial guide can be outlined in the following points : The financial service provided to the client would involve making the financial plans Implementing the strategies and formulating analysing the risks and recommending the product Reviewing the portfolio and updating In order for the financial guide to ensure that the service is delivered to the client, the service should be provided at the proper time to ensure that there is no delay in assisting the clients. Part B : The ongoing service is essential for the client with direct share portfolio because the service involves reviewing and updating the portfolio. The client is willing to diversify the portfolio so that it is able to generate good return. The risk associated with the prior stocks in the portfolio needs to be analysed and accordingly the stocks ahs to be excluded and the portfolio should be well diversified by including various assets classes. The analysis has to be done to identify the risks associated with the stocks of portfolio. So the ongoing service has to be told to the client. Reference : Ammer, J., Holland, S.B., Smith, D.C. and Warnock, F.E., 2012. US international equity investment.Journal of Accounting Research,50(5), pp.1109-1139. Andersen, A.B. and Kunkel, C., 2013. The Asset Managers Guide to Sustainable Regulatory Advantage. InGlobal Asset Management(pp. 308-341). Palgrave Macmillan UK. Brigham, E. and Ehrhardt, M., 2013.Financial management: Theory practice. Cengage Learning. Ennew,C.and Waite, N., 2013.Financial Services Marketing: An International guide to Principles and Practice. Routledge. 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Estimation Risk versus Optimality Risk: AN EX-ANTE EFFICIENCY ANALYSIS OF ALTERNATIVE EQUITY PORTFOLIO DIVERSIFICATION STRATEGIES.Bankers, Markets Investors, (132), pp.26-42. Nilsson, Birger. International Asset Pricing, Diversification And Links Between National Stock Markets. Lund, Sweden: Distributed by the Dept. of Economics, Lund University, 2002. Print. Nilsson, Birger. International Asset Pricing, Diversification And Links Between National Stock Markets. Lund, Sweden: Distributed by the Dept. of Economics, Lund University, 2002. Print. Park, J.W., Kim, Y.H. and Kaizoji, T., 2015. Effects of the market factor on portfolio diversification: the case of market crashes.Investment Analysts Journal,44(1), pp.71-83. Report And Recommendation Of The President To The Board Of Directors On A Proposed Equity Investment In And Loan To Grameenphone Limited In The People's Republic Of Bangladesh For The Grameenphone Telecommunications Project. [Manila]: Asian Development Bank, 2013. Print.