E-encyclopedia of banking, stock exchange and finance

Selected letter: J


    Jensen’s Alphas is a "risk-adjusted" performance index and it measures the increased return or extra-return that a unit investment trust has achieved as compared to the expected return based on its systematic level of risk1.
    The quality of a fund is normally measured comparing its performance and its benchmark. In an actively managed fund, the investment manager tries to beat the fund’s benchmark by overweighing or underweighing certain stocks, which he/she believes to be over or under-rated, inside the fund’s portfolio, and consequently it disassociates the fund from its benchmark. If we take the systematic risk of a fund to be beta () and the correlation between the performance of a fund and its benchmark, the funds that have a high value for Jensen’s Alphas have achieved a greater return (or extra-return) as compared to what they would have obtained solely from their level of systematic risk.
    To calculate Jensen’s Alphas we need to know:
    - the average ratio between the observed fund and a risk-free fund;
    - the co-efficient beta () of the fund;
    - the average ratio between the performance of the benchmark and that of a risk-free operation.

    1Assogestioni, (2006), "Guida italiana al risparmio gestito", Milano.
    Editor: Mirko IORI
    © 2009 ASSONEBB


    JEREMIE (Joint European Resources for Micro to medium Enterprises) is a joint initiative of the European Commission, the European Investment Bank (EIB) and the European Investment Fund (EIF) launched in 2005 in order to promote increased access to finance for the business expansion of micro, small and medium-sized enterprises in the regions of the EU. JEREMIE allows Member States to use part of their EU Structural Funds to finance SMEs by means of equity, loans or guarantees, or through a revolving Holding Fund acting as an umbrella fund.

    Editor: Bianca GIANNINI
    © 2010 ASSONEB


    The Joint Implementation is a flexible mechanism (along with the CDM and the EU-ETS) provided by the Kyoto Protocol under Art. 6. It is a cost-efficient means of achieving the emission reduction targets. It offers to the emissions-capped countries, either industrialized or Economies In Transition (the Annex B Parties), the possibility of executing projects in other emissions-capped countries, in order to reduce the sources of carbon or to enhance the removals by sinks. With this approach, the country which implements the project earns Emission Reduction Units (ERUs), while the host Party can benefit from foreign investment and technology transfer.

    Editor: Melania MICHETTI
    © 2009 ASSONEBB

  • Joint Technology Initiatives

    Long-term public-private partnerships with the aim to coordinate a critical mass of national, European and private resources within a flexible and efficient legal framework. The legal basis of JTIs links to the article 171 of the EC Treaty, which recognizes the convenience for the European Commission in creating an instrument to improve effectiveness of research programmes and technological development. JTIs move from European Technology Platforms, gathering industry, research organizations, private societies, universities, civil society organizations and public sector, to define strategic research agendas in specific fields. During the operational period of a JTI, the rules of participation differ according to the specific nature of the JTI, but the general principle is that the research has to be developed within Europe.



    Juventus is a professional football club which is listed on the stock exchange and is one of the most famous and revered teams both in Italy and internationally.

    The club’s underlying purpose is to provide supporters with the highest level of enjoyment possible by continuing a winning tradition that has been established during a glorious history spanning over 100 years.

    This aim is pursued by following a series of precise rules which are outlined in the club’s code of ethics and followed by all employees and consultants.

    Among the main principles are the desire to promote ethics in sport and bridge the gap between the professional and business side of football, while maintaining the utmost respect towards fans and all sport enthusiasts.

    Juventus also strives to maintain stable relationships with its shareholders by creating profits through the development of the Juventus brand and enhancement of sporting organisation.

    The company’s core business model is based on participation in national and international competitions. The main sources of revenue emerge from the exploitation of sports events, the Juventus brand and the image of the first team. In fact, the most significant revenue stream comes from television and media licensing rights along with the sale of advertising space.

Selected letter: J English version

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