Browsing Norges Bank Investment Management by Issue Date

Now showing items 41-60 of 121

    • Time-Varying Expected Returns and Investor 

      Unknown author (Discussion note;1/2012, Others, 2012)
      What is the optimal rebalancing policy for a portfolio’s equity and bond holdings? The classical answer, building on the seminal contributions by Mossin (1968), Merton (1969, 1971), Samuelson (1969) and others, is that ...

    • Statens pensjonsfond utland : Årsrapport 2011 

      Unknown author (Årsrapport;2011, Report, 2012)

    • Government Pension Fund Global : Annual Report 2011 

      Unknown author (Report, 2012)

    • The Structure of Inflation-Linked Bond Markets 

      Unknown author (Discussion note;9/2012, Others, 2012)
      We describe the market structure of global inflation-linked bonds to evaluate to what degree they constitute an investable and homogeneous asset class. In particular, we discuss the market’s growth, size and composition ...

    • Corporate Governance 

      Unknown author (Discussion note;14/2012, Others, 2012)
      In this discussion note, NBIM’s expectations on corporate governance are presented. Expectations directed at boards are discussed, as is the rationale for focusing on board accountability and equal treatment of shareholders. ...

    • Well-Functioning Financial Markets 

      Unknown author (Discussion note;13/2012, Others, 2012)
      In this note we discuss the theoretical foundation for well-functioning financial markets and why well-functioning financial markets are essential to reach the objective for the management of the Fund. Against this background ...

    • Economic Growth and Equity Returns 

      Unknown author (Discussion note;5/2012, Others, 2012)
      We study the links between economic growth and equity market returns to evaluate whether structural changes to global growth composition have implications for longer-term strategic allocations. In particular, we assess ...

    • The History of Rebalancing of the Fund 

      Unknown author (Discussion note;4/2012, Others, 2012)
      In this note we dig deeper into the rebalancing question and examine how the Fund’s rebalancing rules have impacted overall risks and returns. We find that the rules for rebalancing have served the fund well and contributed ...

    • Board Appointment Practices - an International Overview 

      Unknown author (Discussion note;11/2012, Others, 2012)
      Shareholders receive return on their invested equity only after the company has ensured the fulfilment of obligations to all other parties. Shareholders are therefore rightly given prerogatives to influence the company, ...

    • High Frequency Trading – an Asset Manager's Perspective 

      Unknown author (Discussion note;1/2013, Others, 2013)
      In this note we review the rapidly expanding literature in the area of market microstructure, high frequency and computer-based trading. On the back of this and based on our own investment and trading experiences, we ...

    • Statens pensjonsfond utland : Årsrapport 2012 

      Unknown author (Årsrapport;2012, Report, 2013)

    • Government Pension Fund Global : Annual Report 2012 

      Unknown author (Annual report;2012, Report, 2013)

    • Infrastructure Investments 

      Unknown author (Discussion note;2/2013, Others, 2013)
      In this note we look closer at infrastructure investments. Our objective is to provide an overview of the opportunity set, key risks and return drivers.

    • Momentum in Futures Market 

      Unknown author (Discussion note;1/2014, Others, 2014)
      In this note, we survey the academic literature and provide empirical evidence related to time-series momentum strategies in the futures markets. We find that this phenomenon is remarkably consistent across 47 diverse ...

    • Free Float Adjustments in Global Equity Portfolios 

      Unknown author (Discussion note;5/2014, Others, 2014)
      Free float represents the portion of a company’s shares that is publicly traded as opposed to locked-in shares held by strategic investors. In this note, we compare the rationale and various implications of using full ...

    • Currency Carry Trade 

      Unknown author (Discussion note;3/2014, Others, 2014)
      The carry trade in currency markets means that an investor buys a high-yielding currency and finances this by borrowing money in a currency with a low interest rate. The empirical literature on the carry trade indicates ...

    • Syndicated Loans 

      Unknown author (Discussion note;4/2014, Others, 2014)
      Investments in private debt may provide attractive investment opportunities for a large investor able and willing to commit funds to illiquid instruments. In this note we look closer at one particular type of private debt ...

    • Benchmark Design for an Active Investment Process 

      Unknown author (Discussion note;6/2014, Others, 2014)
      Most equity funds are benchmarked to market capitalisation weighted indices. A large investor may wish to design nonmarket capitalisation weighted benchmarks to maximise the benefit to the investor of the stock picking ...

    • Statens pensjonsfond utland : Årsrapport 2013 

      Unknown author (Årsrapport;2013, Report, 2014)

    • Government Pension Fund Global : Annual Report 2013 

      Unknown author (Annual report;2013, Report, 2014)