https://www.um.edu.mt/library/oar/handle/123456789/111158 Tue, 28 Apr 2026 02:21:27 GMT 2026-04-28T02:21:27Z https://www.um.edu.mt/library/oar/handle/123456789/112005 Title: A periodic analysis : hedge funds during bull and bear market periods Abstract: Hedge funds should, in principle, continuously deliver absolute returns that outperform market indexes due to their adaptability in taking advantage of any economic environment and the fact that they attract the brightest financial wits. Accordingly, in order to accomplish the aforementioned, this research empirically examines hedge funds monthly returns over a twenty-year period from 2000 till 2020. The data covers both periods of bearish and bullish market conditions. Different hedge fund strategies will be utilized to assess whether the funds are able to deliver consistent absolute returns. The findings suggest ways which need to be considered by a portfolio investor who want to diversify their risk and maximize their returns. Description: B.Com.(Melit.) Sat, 01 Jan 2022 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/112005 2022-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/111971 Title: The impact of corporate governance regulations on delistings in Europe and North America Abstract: Within the last decade, corporate governance regulations have been amended and restructured in order to further protect the investor from market abuse. Such regulation can have secondary effects upon the financial market, apart from its principal objective of protecting the investor. This study attempts to determine whether a relationship exists between corporate governance policies and delistings in European Stock Exchanges and American Stock Exchanges from 2011 to 2020. The aim of this study is to determine whether a relationship exists between corporate governance policies and delistings within the European Stock Exchanges and the American Stock Exchanges from 2011 to 2020. This is done through the implementation of a regression analysis. Two sets of null hypothesis and alternative hypothesis were tested, and the results concluded that there is a statistical significance between the value of WGI and the number of delistings, suggesting that the level of corporate governance within a country set by the regulations impacts the number of delistings in that same country. The second hypothesis test examined that the overall regression model is statistically significant. Description: B.Com.(Melit.) Sat, 01 Jan 2022 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/111971 2022-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/111970 Title: A study into quantitative algorithmic trading and its ability to generate abnormal returns in equity investing Abstract: This study looks at the field of Algorithmic Trading (AT), which is the practice of employing pre-programmed software tools to automate trade-related tasks that would otherwise be done manually. This growing tool uses sophisticated equations and mathematical models to buy and sell assets faster and more effectively than ever imagined possible, thanks to high-frequency trading technology. This paper used in-depth analysis to compare the performance of various trading strategies to the market. This was accomplished by backtesting the chosen strategies and comparing them to the average market return of a buy-and-hold strategy, using Microsoft Excel and using financial historical data derived from Yahoo Finance. It analysed two different trading models, a ‘Swing Trading Strategy’, using the EMA crossover, ATR stop-loss, and RSI divergence as indicators, and the second strategy following a ‘Volatility Retracement Strategy’, which was modelled using the EMA, standard deviation, linear regression channels, and Fibonacci retracements. Results for both the Swing Trading strategy as well as the Volatility Retracement strategy were compared with the market’s traditional buy and hold model, using the S&P500 index as a base. The performance of each method is measured through the cumulative return on investment (ROI). The observations used were daily closing prices from 1st January 2011 till 31st December 2020. The initial investment was set at €1,000. The buy and hold model realised a net profit of €1,848.90, falling short of the swing trader model, which resulted in a €3,223.05 net profit, equivalent to a 74% increase over and above the buy and hold returns. It had a larger win trade ratio, larger profitable trade, and smaller losing trades. On the other hand, the hold and buy outperformed the volatility retracement strategy, with a net profit of €1,867.97 and €1,803.97 respectively (3.4% lower). Although the hold and buy strategy had bigger wins, it also had bigger losses, and the volatility retracement strategy obtained a slight better win rate ratio. The testing shows that although trading strategies might not always return an abnormal profit, they can be used to influence portfolio value. In all cases, there were smaller losses when using active trading following the set rules, and in the case of the swing trading strategy, this led to generous returns with minimized losses and larger gains. Description: B.Com.(Melit.) Sat, 01 Jan 2022 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/111970 2022-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/111957 Title: The impact of FATF greylisting on banks and asset managers in Malta Abstract: On the 23rd of June 2021, Malta was greylisted by the world’s money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF). Several stakeholders voiced their opinion on the consequences that may lie ahead for the Maltese economy, including contractions in GDP and capital flows. The purpose of this dissertation has been to identify the impact of FATF greylisting on two major pillars of the Maltese financial services sector and at the very heart of the Maltese economy, banks and asset managers. Towards this aim, the researcher adopted a qualitative approach whereby 5 semi-structured interviews and 1 questionnaire were conducted with representatives from 4 core domestic banks and 2 non-core domestic banks. In addition, 19 survey responses from practitioners in the asset management industry were collected. The main findings of the study indicate that the threat of greylisting itself had already impacted both sectors in particular from a regulatory perspective. Moreover, impacts are related to external effects rather than internal effects. Except for the loss of credibility and the increased scrutiny by correspondent banks, the already set up and advanced systems, policies and procedures coupled with a conservative risk appetite have seen the impact on banks mostly contained. The same cannot be said for asset managers with findings suggesting a heavier impact, in particular issues with service provider relationships and difficulty in attracting new clients. Significantly worse impacts are expected should there be a prolonged greylisting, however, there is substantial optimism for Malta’s delisting in the next FATF plenary in June 2022. Description: B.Com.(Melit.) Sat, 01 Jan 2022 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/111957 2022-01-01T00:00:00Z