Evaluating the Impact of Performance Funding in Ohio and Tennessee

Science.gov (United States)

Hillman, Nicholas W.; Hicklin Fryar, Alisa; Crespín-Trujillo, Valerie

2018-01-01

Today, 35 states use performance-based funding models tying appropriations directly to educational outcomes. Financial incentives should induce colleges to improve performance, but there are several well-documented reasons why this is unlikely to occur. We examine how two of the most robust performance funding states--Tennessee and Ohio--responded…

Danish mutual fund performance

DEFF Research Database (Denmark)

Christensen, Michael

2013-01-01

This article provides the first independent performance analysis of Danish mutual funds. We analyse selectivity and market timing abilities for 71 mutual funds that have been in operation from 2001 to 2010. The results show great fund performance diversity. Half the funds have performed neutrally......, whereas 42% of the funds have shown significantly negative performance and only 7% of the funds have over-performed their benchmark. Furthermore, 14% of the funds analysed possess market timing abilities, but for 8 out of 10 funds, their market timing ability has been unsuccessful....

An Empirical Study of Mutual Fund Performance and Its Relation with Fund Size

OpenAIRE

Lu, Daofen

2007-01-01

The increasing popularity of mutual fund investment is a remarkable phenomenon of recent decades. Mutual funds have been among the largest investors and played an important role in the financial market worldwide. The evaluation of mutual fund performance has been achieving a great deal of academic interest since the 1960s. This study employed a time-series data to examine the performance of sixty actively-managed equity growth funds of the United States during the period of July, 2002 to June...

An Intricate Multiple-Factor Approach To Evaluate Performance Of Indian Mutual Fund

OpenAIRE

Suyash Bhatt

2013-01-01

This research paper examines performance of top twelve Indian mutual funds by Asset Under Management (AUM).  We use seven portfolio performance measurement parameters like Alpha, Beta, Standard Deviation, R Squared, Sharpe Ratio, Treynor Ratio and Jensen’s Alpha. The study reveals which amongst these mutual fund is the best performer based on all these parameters and the benchmark taken for this is NIFTY Index. The mutual funds selected are HDFC Top 200 Fund, Franklin India Bluechip Fund, ICI...

Performance of Mutual Funds in India: (2002-2006)

OpenAIRE

Saboo, Manish

2006-01-01

There has been many studies in the past on performance of Mutual Funds in comparison to the market. These studies might differ in time and the market under study but most of them concluded that on an average, Mutual Funds have failed to outperform the market and thus the Efficient Market Hypothesis holds good. This research was based on performance of 25 mutual funds for a period of almost 5 years on monthly basis. Funds were evaluated using measures like Sharpe ratio, Treynor ratio, Jense...

Mutual Fund Performance: Evidence From South Africa

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Ömer Faruk Tan

2015-11-01

Full Text Available This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen's alpha (1968 methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966 regression analysis method is applied for market timing ability of fund managers.

Performance-Based Funding Brief

Science.gov (United States)

Washington Higher Education Coordinating Board, 2011

2011-01-01

A number of states have made progress in implementing performance-based funding (PFB) and accountability. This policy brief summarizes main features of performance-based funding systems in three states: Tennessee, Ohio, and Indiana. The brief also identifies key issues that states considering performance-based funding must address, as well as…

Another Look at the Performance of Actively Managed Equity Mutual Funds

NARCIS (Netherlands)

D.C. Blitz (David); J.J. Huij (Joop)

2012-01-01

textabstractIn this study we evaluate the performance of actively managed equity mutual funds against a set of passively managed index funds. We find that the return spread between the best performing actively managed funds and a factor-mimicking portfolio of passive funds is positive and as large

A PERFORMANCE COMPARISON OF HEDGE FUNDS, HEDGED MUTUAL FUNDS AND HEDGE FUND ETFS

OpenAIRE

Shenyan Gu; Tina Zhang

2015-01-01

Hedged mutual funds and hedge fund ETFs are new entrants to the market thatallow individual investors to invest in funds using hedge fund strategies.   In this paper, we study the performance of these two funds relative to the traditional hedge funds to see if the three asset classes are comparable investments. We use four performance measurement models, including CAPM, Fama French three factor model, Carhart four factor model and Fung and Hsieh eight factor model, to test the fund...

Another Look at the Performance of Actively Managed Equity Mutual Funds

OpenAIRE

Blitz, David; Huij, Joop

2012-01-01

textabstractIn this study we evaluate the performance of actively managed equity mutual funds against a set of passively managed index funds. We find that the return spread between the best performing actively managed funds and a factor-mimicking portfolio of passive funds is positive and as large as 3 to 5 percent per annum. Our findings are inconsistent with the view that active funds have little or no incremental economic value over low-cost index funds.

45 CFR 2522.530 - May I use the Corporation's program grant funds for performance measurement and evaluation?

Science.gov (United States)

2010-10-01

... PARTICIPANTS, PROGRAMS, AND APPLICANTS Evaluation Requirements § 2522.530 May I use the Corporation's program... 45 Public Welfare 4 2010-10-01 2010-10-01 false May I use the Corporation's program grant funds for performance measurement and evaluation? 2522.530 Section 2522.530 Public Welfare Regulations...

Return Persistence and Fund Flows in the Worst Performing Mutual Funds

OpenAIRE

Jonathan B. Berk; Ian Tonks

2007-01-01

We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only performed poorly in the current year have a significantly larger (out)flow of funds/return sensitivity and consequently show...

Measuring the performance of mutual funds: A case study

Directory of Open Access Journals (Sweden)

Jakšić Milena

2015-01-01

Full Text Available In this paper we evaluate the performance of eight open-end mutual funds in the Republic of Serbia for the period 2009-2012, with the aim of testing the justification of active portfolio management of mutual funds, and determining the selection capability of Serbian portfolio managers. Risk-weighted returns of mutual funds are compared with the risk-weighted return of the leading Belgrade Stock Exchange index, Belex15, whereas the following are used as performance measures: Sharpe ratio (Si, Treynor ratio (Ti, and Jensen's or Alpha index (αi. The results suggest that the portfolio of Serbian mutual funds has inferior performance compared to the market portfolio, which indicates the lack of selection capabilities of domestic portfolio managers.

HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

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Nor Hadaliza ABD RAHMAN

2011-07-01

Full Text Available The growth of the hedge fund industry over the decades has brought an interesting form of performance contract between the portfolio managers and their investors. The contractual relation has given an impact to the performance of the hedge fund industry, which benefited both fund managers and investors. Furthermore, it has created more investors and fund managers to participate in this high risk and high return investment. Currently, many issues on fee structures and performancebased incentives have been discussed. Do these issues affect the performance of the hedge fund in the market? This paper will investigate the issues in Australian market. It will empirically analyze the hedge fund performance in relation to the market performance and whether managerial incentives and discretions associated with better fund performance.

CURRENT APPROACHES IN PERFORMANCE EVALUATION OF INVESTMENT FUND AND A PROPOSAL FOR TURKEY FOR THE PERIOD AFTER THE TEFAŞ PLATFORM

Directory of Open Access Journals (Sweden)

Fatih Temizel

2016-01-01

Investment Fund Industry, data sets and periods of the studies in Turkey and the world are analyzed. From those analysis we try to discover the advantages/disadvantages of different approaches. Thus, arecent performance evaluation of investment funds traded on Turkey will be recommended.

A review of behavioural and management effects in mutual fund performance

OpenAIRE

Cuthbertson, Keith; Nitzsche, Dirk; O'Sullivan, Niall

2016-01-01

This paper surveys and critically evaluates the literature on the role of management effects and fund characteristics in mutual fund performance. First, a brief overview of performance measures is provided. Second, empirical findings on the predictive power of fund characteristics in explaining future returns are discussed. Third, the paper reviews the literature on fund manager behavioural biases and the impact these have on risk taking and returns. Finally, the impact of organizational str...

Comparative Analysis of A, B Type and Exchange Traded Funds Performances with Mutual Fund Performance Measures, Regression Analysis and Manova Technique.

Directory of Open Access Journals (Sweden)

Mehmet Arslan

2010-06-01

Full Text Available The objective of the study is to evaluate risk- reward relationship and relative performances of the 4 different groups of mutual funds. To this end, daily return data of these 12 mutual funds (3 type variable fund; 3 B type variable fund; 3 A type stock fund and 3 A type Exchange traded fund together with daily market index (imkb100 return and daily return of riskless rate for the period from January 2006 to Feb 2010. The 180-day maturity T-Bill has been selected to represent riskless rate. To determine performances of mutual funds; Sharpe ratio, M2 measure, Treynor index, Jensen index, Sortino ratio, T2 ratio, Valuation ratio has been applied and these indicators produced conflicting results in ranking mutual funds. Then timingand selection capability of the fund manager has been determined by applying simple regression and Quadratic regression. Interestingly all funds found to have positive coefficient, indicating positive election capability of managers; but in terms of timing capability only one fund managers showed success. Finally, to determine extent to which mean returns are differs between mutual funds, market index (imkb100 and riskless rate (180 day TBill results of the analysis revealed that mean returns of individual security returns differs at P≤0,01 level. That shows instability in returns and poor ex-ante forecast modeling capability.

Evaluation of the Teacher Incentive Fund: Implementation and Impacts of Pay-for-Performance after Two Years

Science.gov (United States)

Chiang, Hanley; Wellington, Alison; Hallgren, Kristin; Speroni, Cecilia; Herrmann, Mariesa; Glazerman, Steven; Constantine, Jill

2016-01-01

Recent efforts to attract and retain effective educators and to improve teaching practices have focused on reforming evaluation and compensation systems for teachers and principals. In 2006, Congress established the Teacher Incentive Fund (TIF), which provides grants to support performance-based compensation systems for teachers and principals in…

Mutual fund performance: A synthesis of taxonomic and methodological issues

Directory of Open Access Journals (Sweden)

S.G. Badrinath

2010-12-01

Full Text Available This paper provides a comprehensive taxonomy of mutual funds and discusses the relative importance of these fund types. While most academic research focuses on US equity funds, we provide results for many more asset classes with this taxonomy—fixed income, balanced, global, International, sector, market-neutral and long-short funds. For each, we start by reporting statistics on the number of funds and their total net asset values at different intervals over the last four decades. We then identify short and long-term patterns in annual returns to mutual funds. We study the cross-sectional and time-series properties of the distribution of investor flows into different types of mutual funds, describe the relationship between flows and performance and discuss its implications for the strategic behaviour of managers and investors. We estimate and interpret fund performance alphas using both the single-factor and four-factor Fama-French models for each taxonomy type. Finally we describe the state of academic research on portfolio performance evaluation tilted towards an applied audience.

The performance of Norwegian investment grade bond funds

OpenAIRE

Berge, Hjalmar Laudal; Kamalanathan, Sayanthan

2016-01-01

The following thesis examines the performance of Norwegian investment grade bond mutual funds in the period from January 2011 to January 2016. In this study we addresstwo important issues. Firstly, by applying a CAPM model framework, we examine whether funds are able to outperform passive portfolios. Due to the lack of appropriate benchmarks for evaluation in the Norwegian market, we construct and include a bond index in our analysis. Across several different model specifi...

Performance control of Chinese investment funds

NARCIS (Netherlands)

Cao, X.

2002-01-01

The performance control of investment funds has long been a discussed focal point by both academics and practitioners because of the ready availability of fund data and the importance of fund performance in attracting investors. Unfortunately, this area was still an almost blank space in the Chinese

The Persistence of Mutual Fund Performance.

OpenAIRE

Grinblatt, Mark; Titman, Sheridan

1992-01-01

This paper analyzes how mutual fund performance relates to past performance. These tests are based on a multiple portfolio benchmark that was formed on the basis of securities characteristics. The authors find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn abnormal returns. Copyright 1992 by American Finance Association.

Understanding artistic performance in its context: A case study of the practice of evaluation in a publicly funded opera company

NARCIS (Netherlands)

Chiaravalloti, F.

2015-01-01

This paper shows how the different groups of managers (administrative, artistic, and technical) of a publicly funded opera company evaluate the artistic performance of their organization. Performance information of varied nature is exchanged between the internal and external stakeholders of the

The Performance-based Funding Scheme of Universities

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Juha KETTUNEN

2016-05-01

Full Text Available The purpose of this study is to analyse the effectiveness of the performance-based funding scheme of the Finnish universities that was adopted at the beginning of 2013. The political decision-makers expect that the funding scheme will create incentives for the universities to improve performance, but these funding schemes have largely failed in many other countries, primarily because public funding is only a small share of the total funding of universities. This study is interesting because Finnish universities have no tuition fees, unlike in many other countries, and the state allocates funding based on the objectives achieved. The empirical evidence of the graduation rates indicates that graduation rates increased when a new scheme was adopted, especially among male students, who have more room for improvement than female students. The new performance-based funding scheme allocates the funding according to the output-based indicators and limits the scope of strategic planning and the autonomy of the university. The performance-based funding scheme is transformed to the strategy map of the balanced scorecard. The new funding scheme steers universities in many respects but leaves the research and teaching skills to the discretion of the universities. The new scheme has also diminished the importance of the performance agreements between the university and the Ministry. The scheme increases the incentives for universities to improve the processes and structures in order to attain as much public funding as possible. It is optimal for the central administration of the university to allocate resources to faculties and other organisational units following the criteria of the performance-based funding scheme. The new funding scheme has made the universities compete with each other, because the total funding to the universities is allocated to each university according to the funding scheme. There is a tendency that the funding schemes are occasionally

Evaluating Selection and Timing Ability of a Mutual Fund

Directory of Open Access Journals (Sweden)

Duguleană L.

2009-12-01

Full Text Available The paper presents the methodology and a case study to evaluate the performance of a mutual fund by taking a look at the timing and selection abilities of a portfolio manager. Separating the timing and selection abilities of the fund manager is taken into consideration by two major models. The data about the mutual fund chosen for study is the German blue chip fund “DWS Deutsche Aktien Typ O”, which includes most of the DAX 30 companies. The data consists of 117 monthly observations of the fund returns from January 1999 to September 2008. We used EViews to analyse the data.

Do firm characteristics influence mutual fund performance? An empirical study for European mutual funds

NARCIS (Netherlands)

de Jong, F.C.J.M.; Wingens, L.

2013-01-01

This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public

Understanding the performance and impact of public knowledge translation funding interventions: protocol for an evaluation of Canadian Institutes of Health Research knowledge translation funding programs.

Science.gov (United States)

McLean, Robert K D; Graham, Ian D; Bosompra, Kwadwo; Choudhry, Yumna; Coen, Stephanie E; Macleod, Martha; Manuel, Christopher; McCarthy, Ryan; Mota, Adrian; Peckham, David; Tetroe, Jacqueline M; Tucker, Joanne

2012-06-22

The Canadian Institutes of Health Research (CIHR) has defined knowledge translation (KT) as a dynamic and iterative process that includes the synthesis, dissemination, exchange, and ethically-sound application of knowledge to improve the health of Canadians, provide more effective health services and products, and strengthen the healthcare system. CIHR, the national health research funding agency in Canada, has undertaken to advance this concept through direct research funding opportunities in KT. Because CIHR is recognized within Canada and internationally for leading and funding the advancement of KT science and practice, it is essential and timely to evaluate this intervention, and specifically, these funding opportunities. The study will employ a novel method of participatory, utilization-focused evaluation inspired by the principles of integrated KT. It will use a mixed methods approach, drawing on both quantitative and qualitative data, and will elicit participation from CIHR funded researchers, knowledge users, KT experts, as well as other health research funding agencies. Lines of inquiry will include an international environmental scan, document/data reviews, in-depth interviews, targeted surveys, case studies, and an expert review panel. The study will investigate how efficiently and effectively the CIHR model of KT funding programs operates, what immediate outcomes these funding mechanisms have produced, and what impact these programs have had on the broader state of health research, health research uptake, and health improvement. The protocol and results of this evaluation will be of interest to those engaged in the theory, practice, and evaluation of KT. The dissemination of the study protocol and results to both practitioners and theorists will help to fill a gap in knowledge in three areas: the role of a public research funding agency in facilitating KT, the outcomes and impacts KT funding interventions, and how KT can best be evaluated.

Current Developments in Community College Performance Funding

Science.gov (United States)

D'Amico, Mark M.; Friedel, Janice N.; Katsinas, Stephen G.; Thornton, Zoë M.

2014-01-01

Since the initiation of performance funding in Tennessee in the late 1970s, approximately 30 states have, at some point, attempted a funding model that includes performance on a set of indicators. The purpose of the present study was to capture the current status of performance funding in public statewide community college systems and to assess…

PERFORMANCE MEASUREMENT OF UCITS INVESTMENT FUNDS IN CROATIA

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Marko Curkovic

2017-03-01

Full Text Available UCITS investment funds represent an important investment opportunity for retail, as well for institutional investors in the European Union. The aim of this paper is to analyse the performance of the UCITS investment funds in Croatia and to detect relatively homogeneous groups among the UCITS funds based on its performance. The analysis includes 55 UCITS, in the period from the beginning of 2011 until the end of 2014, and it is conducted on daily data of share prices, available from Bloomberg terminal. Analysis is performed separately within the groups of different investment fund by investment strategy. The research methodology is based on the calculation of various indicators of absolute and relative risk-adjusted performance and riskiness of the funds. In general, based on analysis of performance measures, it can be concluded that funds with higher values of net assets were more successful compared to the funds with below-average asset values. Also, funds with below-average values of net assets were more volatile. At the same time, funds run by foreign own management companies were more successful by the absolute performance measures, compared to funds run by management companies with domestic ownership. On the other hand, those funds were more volatile, as well.

Statistical analyses of the performance of Macedonian investment and pension funds

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Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

The peer performance ratios of hedge funds

NARCIS (Netherlands)

Ardia, David; Boudt, Kris

2018-01-01

We define the outperformance (resp. underperformance) of an investment fund as the percentage of funds in the peer universe for which the true performance of the focal fund is higher (resp. lower). We show that the p–values of the pairwise tests of equal performance can be used to obtain estimates

Performance Persistence of Dutch Pension Funds

NARCIS (Netherlands)

Huang, Xiaohong; Mahieu, R.

2012-01-01

This paper studies the investment performance of pension funds with a focus on their ability in implementing their intended investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score.

Performance Persistence of Dutch Pension Funds

NARCIS (Netherlands)

Huang, Xiaohong; Mahieu, Ronald

2010-01-01

This paper studies the investment performance of pension funds with a focus on their ability in implementing the investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score. The z-score

Analysis of the mutual funds and pension funds in Spain: evolution and performance

Directory of Open Access Journals (Sweden)

Mercedes Alda García

2012-06-01

Full Text Available Mutual funds and pension funds are the most important investment products in Spain. Nonetheless, it should not be confused with each other, or take them as equivalent; since the latter have also the characteristic of a long-term savings product, in order to obtain additional funds for retirement. These differences may influence the investor when deciding on one of these instruments, but also the manager, developing different management strategies.Therefore, on this paper we examine the main magnitudes of both markets in Spain. Moreover, we analyze the performance of two Spanish fund samples (one with global equity mutual funds and another with global equity pension funds with the purpose of showing if their performance is efficient, and if there are differences on their management.

Importance of the fund management company in the performance of socially responsible mutual funds

OpenAIRE

Belghitar, Yacine; Clark, Ephraim; Deshmukh, Nitin

2017-01-01

We compare the performance of a sample of U.K.-based socially responsible investment (SRI) funds with similar conventional funds using a matched-pair analysis based on size, age, investment universe, and fund management company (FMC). We find that both the SRI and conventional funds outperform the market index about 50% of the time, even after fees. Subsample tests show that the SRI funds in our sample perform better in the pre- and postfinancial crisis periods but underperform during the fin...

Pension Fund Performance in East Asia: A Comparative Study

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Zamri Ahmad

2015-06-01

Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.

Performance evaluation and financial market runs

NARCIS (Netherlands)

Wagner, W.B.

2013-01-01

This paper develops a model in which performance evaluation causes runs by fund managers and results in asset fire sales. Performance evaluation nonetheless is efficient as it disciplines managers. Optimal performance evaluation combines absolute and relative components in order to make runs less

THE PERFORMANCE OF MUTUAL FUNDS IN SLOVAKIA

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F. Tudorache

2016-11-01

Full Text Available A good indicator for the financial markets performance in different countries is the evolution of mutual funds in terms of their inflows and outflows. The goal of the present paper is to analyse the performance of the mutual funds in Slovakia. The research objectives are twofold: to study the flows of funds into and out of mutual funds from Slovakia during the period 2007-2014 and to analyse how investors in Slovakian mutual funds behave in terms of their investment choice. The analysis focuses on identifying patterns in investors' decision making process and on examining the similarity of their behavioural patterns with the ones identi¬fied at international level.

Cash Holdings and Mutual Fund Performance

OpenAIRE

Mikhail Simutin

2014-01-01

Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

Further Evidence on Hedge Funds Performance

DEFF Research Database (Denmark)

Christiansen, Claus Bang; Madsen, Peter Brink; Christensen, Michael

2003-01-01

In this analysis we identify dynamic hedge fund strategies quantitatively pursuing a Principal Component Analysis following Fung and Hsieh (1997). We extract five dominant hedge fund strategies each representing similar investment styles and analyse the performance of each strategy by employing...... a multi-factor model comprising both market indices and passive option strategies among the lines of Agerwal and Naik (2000). We find that the majority of five homogenous strategies show superior performance. However, correcting for survivorship bias this superior performance disappears....

Profitability recent open stock funds in Brazil: analysis of the performance of a management Funds Group active in relation to management fees charged for resource managers

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Sergio Ricardo Mendes Vasconcelos

2016-10-01

Full Text Available This paper aimed to evaluate the performance of a specific group of active management equity investments funds relating it to the management fees charged by managers in order to answer the following research problem: open equity funds with active management, that charge higher management fees, are those that provide the best returns for the investor? The objective was to test the hypothesis under which it is evident that the funds that charged the highest rates are those with the best performances evaluated according to the average yield of the last five years. To achieve this objective, a study of descriptive nature was carried out with a quantitative approach having as object of study the profitability of Brazilian Equity Fund ranked by the Brazilian Association of Financial and Capital Markets (Anbima as IBX Active Equity Funds in the period 2010 to 2014. The analyzed returns were calculated from the Information ratio index, which measures the risk-adjusted return of the asset class. The study found no correlation between the performance of the funds and charged management fees.

The Performance of Indian Equity Funds in the Era of Quantitative Easing

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Ömer Faruk Tan

2015-10-01

Full Text Available This study aims to evaluate the performance of Indian equity funds between January 2009 and October 2014. This study period coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced. After the global financial crisis of 2008 came a period of quantitative easing (QE, creating an increase in the money supply and leading to a capital flow from developed countries to developing countries. During this 5-year 10-month period, in which the relevant quantitative easing continued, Indian CNX500 price index yielded approximately 21% compounded on average, per annum. In this study, Indian equity funds are examined in order to compare these funds’ performance within this period. Within this scope, 12 Indian equity funds are chosen. In order to measure these funds’ performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen’s alpha (1968 methods are used. Jensen’s alpha is also used in identifying selectivity skills of fund managers. Additionally, the Treynor & Mazuy (1966 regression analysis method is applied to show the market timing ability of fund managers.

The Analysis of Mutual Fund Performance: Evidence from U.S. Equity Mutual Funds

NARCIS (Netherlands)

D.P. Budiono (Diana)

2010-01-01

textabstractWe study the mutual fund performance for about 45 years. There are several key points that we can withdraw from this dissertation. First, to study the persistence of mutual fund performance, it is important to consider time-varying exposures because when they are ignored, the persistence

Patentometrics As Performance Indicators for Allocating Research Funding to Universities

DEFF Research Database (Denmark)

Mortensen, Peter Stendahl

This paper is part of a preliminary investigation of potential indicators on the performance of universities and other public research institutions to be used for allocating general and other research funding. The paper will describe and discuss potential patentometrics and how they can be used...... in different types of analyses and evaluations in general and relating to universities and other public research institutions. Further, the relevance and possibility of including some patentometrics in the allocation of research funding is discussed. Also, other metrics regarding academic linkages...

Funding Ohio Community Colleges: An Analysis of the Performance Funding Model

Science.gov (United States)

Krueger, Cynthia A.

2013-01-01

This study examined Ohio's community college performance funding model that is based on seven student success metrics. A percentage of the regular state subsidy is withheld from institutions; funding is earned back based on the three-year average of success points achieved in comparison to other community colleges in the state. Analysis of…

Style Analysis: Asset Allocation & Performance Evaluation of Indonesian Equity Funds, April 2004 – March 2009

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Boniarga Mangiring

2014-08-01

Full Text Available This paper explores investment styles and risk exposures of mutual funds in Indonesia using Sharpe's return-based style analysis, a quadratic optimization of an asset class factor model,  proposed  by  William  F.  Sharpe  in  1992.  The  research  observes  nine  sectoral  asset class indexes and ifteen survivor Indonesian equity funds within April 2004 - March 2009. The  results  suggest  that  the  infrastructure  sector  has  the  biggest  exposure  on  average. This  study  also  measures  the  relative  performance  of  the  funds  with  respect  to  their  style benchmarks.  The  results  indicate  that  the  nine  funds  have  been  able  to  beat  their  style benchmarks on average. From all funds, Fortis Ekuitas is the best fund based on its average monthly selection return. ";} // -->activate javascript

Performance of Mutual Funds in India 2003-2008

OpenAIRE

Raizada, Shantanu

2008-01-01

Many studies have been conducted in the past on the performance of Mutual Funds in comparison to the market index. These studies may differ in their time period, but most of them concluded that on an average the Mutual Funds failed to outperform the market thus the Efficient Market Hypothesis holds good. This research was based on the performance of 20 open ended equity diversified growth Mutual Funds for a period of 5 years from April 2003 to March 2008 and was compared to the BSE 500. Funds...

PERFORMANCE PERSISTENCE OF TURKISH A AND B TYPE MUTUAL FUNDS: THE PARAMETRIC AND NONPARAMETRIC APPROACH

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VELİ AKEL

2013-06-01

Full Text Available In this study, single index models are applied to a free survivorship bias database of 51 A and 51 B Types Turkish mutual funds using monthly returns over 5 years from 2000 to 2004. Then, it has been investigated whether mutual fund managers have market timing ability. Turkish Institutional Investment Managers’ Association A and B Type Fund Indexes are firstly used as benchmark portfolios. The challenging question is whether Turkish mutual funds have performance persistency over the short and long term or not. This study uses both parametric and non-parametric techniques to examine performance persistence. The overall conclusion is that Type A mutual funds managers do not have stock selection and market timing ability. However, Type B mutual funds managers do have stock selection ability. Type A mutual funds show evidence of relative and absolute persistence in the short term while Type B mutual funds show significant results of relative and absolute persistence in both of the terms. Although there are various results in performance persistence of mutual funds, the repeat winner phenomenon is stronger over shorter periods of evaluation. Consequently, it seems that Turkish mutual funds have performance persistency at least for the short term.

A Portrait of Hedge Fund Investors: Flows, Performance and Smart Money

NARCIS (Netherlands)

G. Baquero; M.J.C.M. Verbeek (Marno)

2005-01-01

textabstractWe explore the flow-performance interrelation by explicitly separating the investment and divestment decisions of hedge fund investors. The results show that different determinants and evaluation horizons underlie both decisions. While money inflows are sensitive to past long-run

Performance persistence in institutional investment management: The case of Chinese equity funds

Directory of Open Access Journals (Sweden)

Zia-ur-Rehman Rao

2016-09-01

Full Text Available This paper investigates the performance and persistence in performance of equity funds in China. We apply the capital asset pricing model (CAPM and the Carhart four-factor model to examine 520 equity funds for an eleven-year period with 39,449 observations. To investigate persistence, the entire sample is divided into ten portfolios (deciles on the basis of lagged one-year performance and then observed over the next 12 months. We find that equity funds in China outperform their benchmark market but do not find any evidence of persistence in the performance of equity funds. Top-performing (worst-performing funds do not continue to perform well (worse in the following year. Top-performing funds are younger and have lower expense ratios than the worst-performing funds. However, the size of the top-performing funds and the worst-performing funds show no significant difference. Our results suggest that past performance of equity funds is not predictive of future fund performance.

PERFORMANCE AND CHARACTERISTICS OF MUTUAL FUNDS: EVIDENCE FROM THE PORTUGUESE MARKET

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Júlio Lobão

2015-12-01

Full Text Available In this paper we aim to study the relation between fund performance and fund attributes in the Portuguese market. The sample includes 124 equity funds, bond funds and money market funds that traded in the 2004-2011 period. A comprehensive set of fund-specific characteristics, never used before in conjunction in the literature, was considered. The methodology which was adopted had two distinct phases. Firstly, we compared the returns of each category of funds with the appropriate reference markets. Secondly, the fund performance, measured by the Jensen’s alpha, was used in a multi-factor model with panel data in which the independent variables were the fund attributes. The results show that Portuguese funds were, in general, not able to beat the benchmarks which is consistent with the existence of efficient financial markets. Only the fixed income mutual funds performed well. Moreover, it is possible to conclude that, for each category of mutual funds, their characteristics are useful to the investor in the moment of choosing the best funds. For example, in the case of funds that invest in Portuguese stocks, the best performance occurs among older and larger funds, funds with higher costs, funds with good past performance and funds whose trading activity is low.

The Performance-Based Research Fund, Gender and a Cultural Cringe

Science.gov (United States)

Curtis, Bruce

2016-01-01

This article explores ways the Performance-based Research Fund (PBRF) produces gendered results and expresses a cultural cringe. It is argued that the research evaluation is fixated with being "world-class" at the expense of academic practice that focuses on New Zealand. In this context, disadvantage faced by female academics under the…

RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

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Apriyanto Gaguk

2017-08-01

Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

Behavioural aspects influencing the performance of Turkish fund managers

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Bruno S. Sergi

2009-11-01

Full Text Available Using original survey data collected by the authors in 2005 we investigate the determinants of Turkish fund managers’ performance as measured by the number of clients that a fund manager has, the number of investment funds that the manager is responsible for and the size of the manager’s portfolio. All three measures of Turkish fund manager performance systematically vary with fund manager characteristics. This is consistent with Chevalier and Ellison’s (1999 finding for the USA that some managers are better than others. Further, the number of training courses attended by a manager and years of experience (in a particular organisation and/or as a fund manager are found to positively influence all three measures of performance. This may suggest that senior managers and those with more training are given more responsibility than less experienced and less trained managers.

The Environmental Performance of Dutch Government Bond Funds

NARCIS (Netherlands)

Scholtens, B.

2010-01-01

We investigate the implications of using different indicators to assess the sustainability performance of investment funds. In particular, we look into the environmental performance of Dutch government bond funds. We find that it does matter a lot which particular indicator is used. This suggests

The Persistence of Risk-Adjusted Mutual Fund Performance.

OpenAIRE

Elton, Edwin J; Gruber, Martin J; Blake, Christopher R

1996-01-01

The authors examine predictability for stock mutual funds using risk-adjusted returns. They find that past performance is predictive of future risk-adjusted performance. Applying modern portfolio theory techniques to past data improves selection and allows the authors to construct a portfolio of funds that significantly outperforms a rule based on past rank alone. In addition, they can form a combination of actively managed portfolios with the same risk as a portfolio of index funds but with ...

Performance of mutual funds in european countries

OpenAIRE

Γκογκάκη, Ελεωνόρα

2012-01-01

In this thesis, the performance of 220 open-end domestic equity mutual funds of european countries (from 'weak' and 'strong' economies) is analyzed for an eight- year period from 1st January 2004 until 31st December 2011, which is then split in two four-year sub periods in order to examine their performance prior to the global financial crisis and after its burst in 2008. In order to compare the mutual funds' performance to that of each country's market, it used as benchmarks the countries' m...

Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns.

OpenAIRE

Grinblatt, Mark; Titman, Sheridan

1993-01-01

This article introduces a new measure of portfolio performance and applies it to study the performance of a large sample of mutual funds. In contrast to previous studies of mutual fund performance, the measure used in this study employs portfolio holdings and does not require the use of a benchmark portfolio. It finds that the portfolio choices of mutual fund managers, particularly those that managed aggressive growth funds, earned significantly positive risk-adjusted returns in the 1976-85 p...

Explaining the performance of Chinese equity funds

NARCIS (Netherlands)

Huang, Xiaohong; Shi, Qiqiang

2013-01-01

This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and

Danish Mutual Fund Performance - Selectivity, Market Timing and Persistence

DEFF Research Database (Denmark)

Christensen, Michael

Funds under management by Danish mutual funds have increased by 25% annually during the last 10 years and measured per capita Denmark has the third largest mutual fund industry in Europe. This paper provides the first independent performance analysis of Danish mutual funds. We analyse selectivity...

Corporate Governance and Pension Fund Performance

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Oskar Kowalewski

2012-03-01

Full Text Available This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation for this weakness is the potential conflict between the pension beneficiaries and the fund’s owner, which depends on who bears the investment risk in the pension plan. Hence, different governance factors are found to be important for pension fund return on invested assets and also for its economic performance. Consequently, the overall policy conclusion is that more focus should be put on the governance of the pension funds, taking into account the different interests of the beneficiaries and owners as it may determine their performance.

Aspects of manager, portfolio allocation, and fund performance in Brazil

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Cláudia Olímpia Neves Mamede Maestri

Full Text Available ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

EVALUATION OF THE PERFORMANCE OF TURKISH EQUITY UMBRELLA FUNDS USING THE MORNINGSTAR RATING SYSTEM

OpenAIRE

Gul, Yavuz; Altinirmak, Serpil

2018-01-01

Purpose - Different types of funds exist depending on the assetsthe portfolio is composed of. The main types of funds include; bond umbrellafunds, equity umbrella funds, precious metal umbrella fund, fund basketumbrella funds, money market umbrella funds, participation umbrella fund,balanced umbrella funds, free umbrella funds, guaranteed umbrella fund,umbrella fund for protection purposes.The subject of our study is equityumbrella funds. These kinds of funds receive at least 80% of the share...

Do mutual fund performance and the abilities of fund managers in Slovenia deviate from those in developed markets?

OpenAIRE

Markovič-Hribernik, Tanja; Vek, Uroš

2015-01-01

Up until the beginning of the financial crisis, Slovenia was marked by exceptionally high growth rates in the mutual fund industry. The reason for this were in the performance of the Slovenian stock market index, which was one of the best performing in 2007. In this paper we analyzed mutual funds performance in Slovenia to discover the quality of fund managers in the market. The focus was on funds with selected sectoral investment policy. We analyzed different risk adjusted measures such as t...

Stock investment funds in Brazil: performance and management expertise

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Paulo Rogério Faustino Matos

2012-01-01

Full Text Available This article analyzes the stock investment fund market in Brazil and proposes dynamic rankings constructed from different risk-return metrics, during the period from 1998 to 2009. We find an uncommon level of persistence, mainly among the best performing funds, due to the expertise of the managers. The quadrimestral rebalancing of the portfolios based on these rankings permits inferring that in scenarios characterized as economic booms or recovery of financial markets, the strategies with equal participation in winner funds provides significantly higher average monthly gains, reduction of risk associated with diversification and consequently enhanced performance in relation to market or sector benchmarks. This evidence is robust to the use of different performance metrics for fund selection, indicating that active investors in winning funds demand good performance not only in terms of the Sharpe ratio, but also with respect to other metrics, such as the Treynor, Calmar and Sortino ratios. In these optimistic scenarios, only the industrial sector index (INDX provided returns compatible with those of these fund’s portfolios. However, during periods of crisis, no strategy involving the funds managed to provide hedge levels characteristic of the electric energy sector index (IEE, so it can be said that the majority of investing strategies are dominated in gain-risk criteria by sector or market indexes, with the exception of value-weighted portfolios composed of losing funds, a signal that the usual passive investors in large funds indexed to the Ibovespa can be presenting a greater level of inertia.

The effect of management team characteristics on performance and style extremity of mutual fund portfolios

Directory of Open Access Journals (Sweden)

Liu Qiong

2014-01-01

Full Text Available Purpose: Along with mutual funds’ scale and quantity expanding for our country, it is common for fund management companies hiring new managers or the original fund managers mobilizing from one to another. The high liquidity of fund managers makes different managers regroup to manage the funds that belong to the same fund management company in each fund year. The characteristics of these different management team will influence the fund performance, and also affect the earnings of the fund management company and portfolio investors. The purpose of this paper is as follows. First, evaluating the effect of management team characteristics on portfolio characteristics: risk, performance, and extremity. Second, testing the hypothesis that the ranking of mid-year performance have effect on investment style extremity and research what relationship exists between this phenomenon and management team characteristics in depth.Design/methodology/approach: On the analysis of the relationships between the management team characteristics and portfolio characteristics, a series of OLS regressions is run where the time series regression model (the factor model and cross-sectional regression are included based on using the STATA, EVIEWS and MATLAB. The validity and practicability of the model will be verified in the paper. All of the above are aimed at achieving portfolio optimization and realizing the maximization of the interests of fund management companies and investors.Findings: The main findings are as follows. Teams with more doctors or MBA (CPA and CFA hold more risky portfolios, while teams with long team tenure hold less. More members and large gender diversity have negative effect on performance, and the opposite is age diversity. Teams with more members and long tenure tend to hold less extreme style decisions, but age diversity is related to more. Besides, tournament hypothesis does exist in China investment funds industry especially when the

Performance clustering and incentives in the UK pension fund industry

OpenAIRE

David Blake; Bruce N. Lehmann; Allan Timmermann

2002-01-01

Despite pension fund managers being largely unconstrained in their investment decisions, this paper reports evidence of clustering in the performance of a large cross-section of UK pension fund managers around the median fund manager. This finding is explained in terms of the predominance of a single investment style (balanced management), the fee structures and incentives operating in the UK pension fund industry to maximise relative rather than absolute performance, the high concentration i...

Mandatory portfolio disclosure, stock liquidity, and mutual fund performance

OpenAIRE

Agarwal, Vikas; Mullally, Kevin Andrew; Tang, Yuehua; Yang, Baozhong

2014-01-01

We examine the impact of mandatory portfolio disclosure by mutual funds on stock liquidity and fund performance. We develop a model of informed trading with disclosure and test its predictions using the SEC regulation in May 2004 requiring more frequent disclosure. Stocks with higher fund ownership, especially those held by more informed funds or subject to greater information asymmetry, experience larger increases in liquidity after the regulation change. More informed funds, especially thos...

Predictive power of Brazilian equity fund performance using R2 as a measure of selectivity

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Marcelo dos Santos Guzella

2017-03-01

Full Text Available ABSTRACT This paper aimed to investigate the impact of levels of selectivity on the performance of equity funds using a methodology applied for the first time ever (as far as we know in the Brazilian market. As an indicator of the activity level of a fund, we proposed the coefficient of determination (R2 of the regression of its returns over market returns. In total, 867 funds were analyzed in the period between November 2004 and October 2014. The hypothesis tested is that more selective funds perform better to compensate for their higher operating costs. This hypothesis was confirmed in the Brazilian market. Dynamic equally-weighted portfolios of funds were simulated, according to their past R2 and alphas, with monthly rebalancing and 12-month moving windows. The portfolio of the most selective funds had a Sharpe ratio of 0.0494, on a monthly basis, while the portfolio of the least selective funds had a Sharpe ratio of -0.0314. Performance was also higher in evaluations involving excess returns, Jensen’s alpha, and accumulated returns, as well as when compared to randomly selected portfolios. Moreover, past performance (as measured by Jensen’s alpha was also a predictor of future performance. Particularly, the portfolio composed by funds with a higher past alpha and lower past R2 presented a Sharpe ratio of 0.1483 and a Jensen’s alpha of 0.87% (significant at 1%, while the one composed of funds with a lower past alpha and lower activity level presented a Sharpe ratio of -0.0673 and an alpha of -0.32% (also significant at 1%.

Performance Persistence of Equity Funds in Hungary

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Dariusz Filip

2011-03-01

Full Text Available This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term persistence in the total horizon of the study (from the beginning of 2000 to the end of 2009, and in several sub-periods. The 1-year persistence was also found in the tested sample and, in general, depended on the measure applied. Furthermore, I observed performance reversal, which can be partly explained by trend changes in the financial markets. The persistence of equity funds performance in Hungary is shaped by market factors rather than the diversity of managerial characteristics.

Indicators measuring the performance of malaria programs supported by the global fund in Asia, progress and the way forward.

Directory of Open Access Journals (Sweden)

Jinkou Zhao

Full Text Available INTRODUCTION: In 2010, the Global Fund provided more than 75% of external international financing for malaria control. The Global Fund uses performance based funding in the grants it finances. This paper analyses the indicators used to measure the performance of Global Fund supported malaria grants in Asia. METHODS: Indicators used in the performance frameworks for all Global Fund supported malaria grants in Asia were retrieved from grant database and grouped into impact, outcome, output and input categories and categorized by service delivery areas. Indicators of each group were compared over rounds. Indicators used in performance frameworks were compared with internationally adopted indicators included in the Monitoring and Evaluation Toolkit developed by the Global Fund and international technical agencies. RESULTS: Between 2002 and 2010, 1,434 indicators were included in the performance frameworks of the 48 malaria grants awarded in Asia, including 229 impact and 227 outcome indicators, 437 output and 541 input indicators, with an average of 29.9 indicators per grant. The proportion of impact and outcome indicators increased over rounds, with that of input indicators declining from 44.1% in Round 1 to 22.7% in Round 9. CONCLUSIONS: Input indicators, which have predominated the performance frameworks of the Global Fund supported malaria programs in Asia have declined between Rounds 1 and 9. However, increased alignment with internationally adopted indicators included in the Monitoring and Evaluation Toolkit is needed to improve the validity of reported results.

The performance of mutual funds : evidence from Turkey

OpenAIRE

Parlak, Deniz

2014-01-01

In academic world much controversy exists regarding the performance of pension and mutual funds. Some studies have concluded that actively managed funds on average, underperform their passively managed counterparts whereas other studies have shown just the reverse. Another important debate centers on the persistence of under- and over-performance of portfolios. Still evidence from emerging markets which are characterized by high volatility in terms of terms of stock returns is scarce. Hence t...

Performance of mutual equity funds in Brazil – A bootstrap analysis

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Marco Antonio Laes

2014-09-01

Full Text Available This article reports a study on the performance of mutual equity funds in Brazil from January 2002 to August 2012. For the analyses, Carhart's four-factor model is used as the benchmark for performance, and bootstrap procedures are applied to separate skill from luck. The results show that returns of the best performers are more due to luck than skill of their managers. For the bottom ranked funds, on the contrary, there is statistical evidence that their poor performance is caused mainly by bad management, rather than by bad luck. It is also showed that the largest funds perform better than the small or middle-sized funds.

Mutual fund performance: dividends do matter

OpenAIRE

De Mingo López, Diego Víctor; Matallín Sáez, Juan Carlos

2015-01-01

This article studies the bias in mutual fund performance when a nondividend-reinvesting benchmark is used. Our empirical findings show how performance worsens when using a benchmark that includes reinvestment dividends. We also find that inferences about managers’ ability related to economic states are biased by the effect of omitting dividends when selecting a benchmark.

PECULIARITIES OF PERFORMANCE MEASUREMENT IN SOVEREIGN WEALTH FUNDS

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M. Onopko

2014-01-01

Full Text Available Sovereign wealth funds as the subjects of economic relations are analyzed and the main approaches to the assessment of their activities are discussed. The dependence of the performance measurement system and the strategic objectives of the funds and economic policy objectives of the government is indicated.

PERSISTENCE IN PERFORMANCE FOR MUTUAL FUNDS IN PERIODS OF CRISIS

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Theodoros KARGIDIS

2012-09-01

Full Text Available The study investigates the persistence in performance for a sample of South European funds, domiciled in Portugal, Italy, Greece and Spain. Employing the Sharpe ratio, risk adjusted performance is measured in an attempt to judge the influence of the 2008 crisis and the current debt crisis on funds’ inclination to persist in their previous returns record. Examination period extends from January 2004 to December 2010 incorporating stages of relative stability in the stock and bond markets while also capturing the early stages of the eurozone crisis. We categorize funds as winners and losers in consecutive 6-monthly periods, thus being able to judge persistence in the short run, while our results suggest that the identification of winners and losers could enable us to investigate the possibility to gain investment advantages through this finding. Overall results suggest evidence of persistent results, whether positive or negative, both during the 2008 crisis and the current debt crisis, leading us to deduce that factors leading to performance persistence are not affected by market changes, since medium to long term persistence bypasses any temporary market mischief. This finding could be of use for fund managers aiming at establishing viable investment strategies, at their epicenter being the exploitation of such clues, suggesting persistence in returns. A fund of funds manager employing funds both in equities and fixed income could potentially choose to invest exclusively or more heavily in the winners of previous periods and avoid accordingly poor performers, thus achieving higher returns on average. For this purpose simple investment strategies are employed where we test the outcome of an investment strategy that would invest on fixed income securities by choosing those funds that were winners in the distribution of returns in the previous 6-monthly period, while disinvesting from poor performers and funds switching sides in performance

Mutual Fund Performances of Polish Domestic Equity Fund Managers

OpenAIRE

Tan, Ömer Faruk; Ünal, Gözde

2015-01-01

Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE), thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Pol...

Performance indicators for SMEs accessing EU funds

OpenAIRE

Popa Adina-Simona

2013-01-01

Being the best supporters of national economies Small and Medium Sized Enterprises are actively searching alternative sources of finance for sustaining their goals and their performances. European Union is sustaining the SMEs access to finance by direct funding: grants from the European Commission and indirect funding: financial intermediaries in the SMEs origin country. Considering the importance of SMEs for national and European economy we will analyze the relationship between the EU fundin...

State Higher Education Performance Funding: Data, Outcomes, and Policy Implications

Science.gov (United States)

Tandberg, David A.; Hillman, Nicholas W.

2014-01-01

As states explore strategies for increasing educational attainment levels, attention is being paid to performance funding. This study asks, "Does the introduction of performance funding programs affect degree completion among participating states?" Utilizing a quasi-experimental research design we find limited evidence that performance…

Mid-term evaluation of the Climate Change Action Fund : foundation analysis block

International Nuclear Information System (INIS)

2001-11-01

From September 2000 to January 20, 2001, an evaluation was conducted into the Climate Change Action Fund (CCAF). Established in February 1998 by the Government of Canada, the CCAF was intended to help Canada meet its commitments under the Kyoto Protocol for the reduction of greenhouse gas (GHG) emissions. Over three years, the CCAF Program provided 150 million dollars, and the Foundation Block received 34 million dollars from these funds. In order to lay the groundwork for a National Implementation Strategy along with the provinces, industry and shareholders, the Foundation Analysis Block supported several initiatives such as the Issue Tables process, the development of analysis and modelling tools to be used for options, examination of cross-cutting options, and the required mechanisms within the department and with other stakeholders. The performance to date was evaluated and the results described in this report. It was concluded that the objectives were met, that progress was made and was well managed overall. Funding was deemed sufficient. Some of the recommendations made included: setting realistic time targets that take into account the complexity of deriving common sectoral/cross-sectoral modelling results, performance targets and ways for monitoring the progress must be established in the case of all major activities. 4 tabs., 1 fig

A STUDY ON THE RISK-ADJUSTED PERFORMANCE OF MUTUAL FUNDS INDUSTRY IN INDIA

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Shivangi Agarwal

2017-04-01

Full Text Available Investing through mutual funds has gained interest in recent years as it offers optimal risk adjusted returns to investors. The Indian market is no exception and has witnessed a multifold growth in mutual funds over the years. As of 2016, the Indian market is crowded with over two thousand mutual fund schemes, each promising higher returns compared to their peers. This comes as a challenge for an ordinary investor to select the best portfolio to invest making it critical to analyse the performance of these funds. While understanding and analysing the historical performance of mutual funds do not guarantee future performance, however, this may give an idea of how the fund is likely to perform in different market conditions. In this research we address multiple research issues. These include measuring the performance of selected mutual schemes on the basis of risk and return and compare the performance of these selected schemes with benchmark index to see whether the scheme is outperforming or underperforming the benchmark. We also rank funds on the basis of performance and suggest strategies to invest in a mutual fund and therefore, our findings have significant relevance for investing public.

Persistent Performance of Fund Managers: An Analysis of Selection and Timing Skills

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Bilal Ahmad Pandow

2017-11-01

Full Text Available The persistence in manager’s ability to select stocks and to time risk factors is a vital issue for accessing the performance of any asset management company. The fund manager who comes out successful today, whether the same will be able to sustain the performance in the future is a matter of concern to the investors and other stake holders. More than the stock picking ability of fund managers, one would be interested in knowing whether there is consistency in selectivity and timing performance or not. If a fund manager is able to deliver better performance consistently i.e. quarter-after-quarter or year-after-year, then the mangers’ performance in selecting the right type of stocks for the portfolio would be considered satisfactory. This paper has attempted to analyze the persistence in both stock selection and timing performance of mutual fund managers in India through Henriksson & Morton; Jenson, and Fama’s model over a period of five years. It is found that the fund managers present persistence in selection skills however, the sample funds haven’t shown progressive timing skills in Indian context.

Liquidity risk and the performance of UK mutual funds

OpenAIRE

Foran, Jason; O'Sullivan, Niall

2014-01-01

We examine the role of liquidity risk, both as a stock characteristic as well as systematic liquidity risk, in UK mutual fund performance for the first time. Using four alternative measures of stock liquidity we extract principal components across stocks in order to construct systematic or market liquidity factors. We find that on average UK mutual funds are tilted towards liquid stocks (except for small stock funds as might be expected) but that, counter-intuitively, liquidity as a stock cha...

Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance

NARCIS (Netherlands)

G. Baquero; J.R. ter Horst (Jenke); M.J.C.M. Verbeek (Marno)

2005-01-01

textabstractWe analyze the performance persistence in hedge funds taking into account look-ahead bias (multi-period sampling bias). We model liquidation of hedge funds by analyzing how it depends upon historical performance. Next, we use a weighting procedure that eliminates look-ahead bias in

Comparison of the performance of Islamic, Sri and green mutual funds

OpenAIRE

Paradinovic, Ivana

2017-01-01

This paper measures and compares performance of Islamic, SRI and Green mutual equity funds worldwide in the period from 1 January 2001 to 31 December 2015. The sample consists of 611 mutual equity funds and their performance was assessed by using traditional risk-adjusted measures, namely Sharpe ratio, Modified Sharpe Ratio, Adjusted Sharpe Ratio, Treynor measure, Information ratio and Jensen’s alpha. The main findings show that Green mutual equity funds, on average, outperform both SRI and I...

A causality between fund performance and stock market

Science.gov (United States)

Kim, Ho-Yong; Kwon, Okyu; Oh, Gabjin

2016-02-01

We investigate whether the characteristic fund performance indicators (FPI), such as the fund return, the Net asset value (NAV) and the cash flow, are correlated with the asset price movement using information flows estimated by the Granger causality test. First, we find that the information flow of FPI is most sensitive to extreme events of the Korean stock market, which include negative events such as the sub-prime crisis and the impact of QE (quantitative easing) by the US subprime and Europe financial crisis as well as the positive events of the golden period of Korean Composite Stock Price Index (KOSPI), except for the fund cash flow. Second, both the fund return and the NAV exhibit significant correlations with the KOSPI, whereas the cash flow is not correlated with the stock market. This result suggests that the information resulting from the ability of the fund manager should influence stock market. Finally, during market crisis period, information flows between FPI and the Korean stock market are significantly positively correlated with the market volatility.

Hedge Fund Performance Attribution Under Various Market Conditions

OpenAIRE

Stafylas, Dimitrios; Anderson, Keith Philip; Uddin, Muhammad Moshfique

2018-01-01

We investigate US hedge funds’ performance. Our proposed model contains exogenous and endogenous break points, based on business cycles and on a regime switching process conditional on different states of the market. During difficult market conditions most hedge fund strategies do not provide significant alphas. At such times hedge funds reduce both the number of their exposures to different asset classes and their portfolio allocations, while some strategies even reverse their exposures. Dir...

Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance

NARCIS (Netherlands)

Baquero, G.; Ter Horst, J.R.; Verbeek, M.J.C.M.

2002-01-01

Hedge funds databases are typicall subject to high attrition rates because of fund termination and self-selection.Even when all funds are included up to their last available return, one cannot prevent that ex post conditioning biases affect standard estimates of performance persistence.In this paper

Do Higher Fees Imply Better Performance? An Insight to Fee-performance Relationship in the US Mutual Fund Industry.

OpenAIRE

FAN, YI

2008-01-01

Recent studies propose that equity mutual fund managers generally do not have ability to generate abnormal returns to outperform the market, and their performance bear negative relationship with the expenses charged when investors invest in mutual funds. This study employs a data set including monthly returns from sixty equity mutual funds existing throughout the examined period from January 1998 to December 2007. These data are used to examine performance of actively managed mutual funds and...

Investigating the Performance of Closed-end Funds in Mainland China.

OpenAIRE

Yu, Wenting

2007-01-01

A closed-end fund is a type of professionally managed investment company that provides investors lots of benefits unique in the investment world. As the largest emerging market in the world, China market attracts the focus of the global investors. Many foreign investors are especially interested in the China closed-end fund market because of the persistent large discounts in the past few years. This empirical research evaluated 23 Chinese closed-end funds during the period June 2003 to June 2...

Performance measurement of the gas tax and public transit funds : final report

International Nuclear Information System (INIS)

2007-01-01

Federal funding for the gas tax fund and public transit fund are provided through Infrastructure Canada for municipal infrastructure across Canada in a broad range of municipal service projects. In order to identify appropriate outcomes that would meet reporting requirements for the gas tax fund and public transit fund, this report outlined a performance measurement approach that would allow for the reporting of projects under both funds and provide a structured methodology for multiple year analysis of benefits. The report discussed the performance measures process review and outcomes approach logic model. It also provided an outline of information sourcing strategies including an overview of the project types and expenditures; information sourcing strategy; typical municipal information sources by project type; performance measurement framework assumptions and limitations; and modeling of outcomes from outputs. Conclusions and recommendations were also offered. It was concluded that based on a comprehensive review of ancillary benefits and outcomes of various historic funding programs, there are 3 foundational outcomes that should be considered to assess all initial program outcomes. These include cleaner air, cleaner water and reduced greenhouse gas emissions. tabs., figs

Commercialization issues and funding opportunities for high-performance optoelectronic computing modules

Science.gov (United States)

Hessenbruch, John M.; Guilfoyle, Peter S.

1997-01-01

Low power, optoelectronic integrated circuits are being developed for high speed switching and data processing applications. These high performance optoelectronic computing modules consist of three primary components: vertical cavity surface emitting lasers, diffractive optical interconnect elements, and detector/amplifier/laser driver arrays. Following the design and fabrication of an HPOC module prototype, selected commercial funding sources will be evaluated to support a product development stage. These include the formation of a strategic alliance with one or more microprocessor or telecommunications vendors, and/or equity investment from one or more venture capital firms.

MUTUAL FUND PERFORMANCE ANALYSIS PRE AND POST FINANCIAL CRISIS OF 2008

OpenAIRE

Asadov, Elvin; Dinger, Tim

2017-01-01

Using a sample of 955 mutual funds, free of survivorship bias, we analyse the performance of diversified equity mutual funds in the United States of America that invest solely in stocks listed on the U.S. stock exchanges before and after the financial crisis of 2008. We categorize all mutual funds into their respective strategy including value, growth, and blend in order to see any relationship with respect to their strategic focus.We find that mutual funds were not able to provide a positive...

Structural equation model for the evaluation of national funding on R&D project of SMEs in consideration with MBNQA criteria.

Science.gov (United States)

Sohn, S Y; Gyu Joo, Yong; Kyu Han, Hong

2007-02-01

Financial support on the R&D in Science & Technology for SMEs at the governmental level plays a crucial role on the improvement of the national competitiveness. Korea Science & Engineering Foundation (KOSEF) has supported the R&D projects of SMEs with the competitive technology ability by way of the Science and Technology Promotion Fund. In this paper, we propose a structural equation model (SEM) to evaluate the performance of such a funding program in terms of three aspects: output, outcome and impact under given funding inputs, R&D environment of a recipient company, and external evaluation programs of funding organization. We adopt Malcolm Baldrige National Quality Award (MBNQA) criteria to assess the R&D environmental factors of recipient companies. In addition, we test the effect of interim evaluation of the funded project. The proposed model is applied to the real case and is used to identify the best practices as well as to provide feedback information for the improvement of the government funding programs of the R&D projects of SMEs.

Conditional selectivity performance of Indian mutual fund schemes: An empirical study

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Subrata Roy

2015-06-01

Full Text Available The present study seeks to examine the stock-selection performance of the sample open-ended equity mutual fund schemes of Birla Sun Life Mutual Fund Company based on traditional and conditional performance measures. It is generally expected that inclusion of some relevant predetermined public information variables in the conditional CAPM provides better performance estimates as compared to the traditional measures. The study reports that after inclusion of conditioning public information variables, the selectivity performances of the schemes have dramatically improved relative to the traditional measure and also found that conditional measure is superior to traditional measure in statistical test.

Evaluation of funding gastroenterology research in Canada illustrates the beneficial role of partnerships

Science.gov (United States)

Sherman, Philip M; Hart, Kimberly Banks; Rose, Keeley; Bosompra, Kwadwo; Manuel, Christopher; Belanger, Paul; Daniels, Sandra; Sinclair, Paul; Vanner, Stephen; Buret, André G

2013-01-01

BACKGROUND: Funders of health research in Canada seek to determine how their funding programs impact research capacity and knowledge creation. OBJECTIVE: To evaluate the impact of a focused grants and award program that was cofunded by the Canadian Institutes of Health Research Institute of Nutrition, Metabolism and Diabetes, and the Canadian Association of Gastroenterology; and to measure the impact of the Program on the career paths of funded researchers and assess the outcomes of research supported through the Program. METHODS: A survey of the recipients of grants and awards from 2000 to 2008 was conducted in 2012. The CIHR Funding Decisions database was searched to determine subsequent funding; a bibliometric citation analysis of publications arising from the Program was performed. RESULTS: Of 160 grant and award recipients, 147 (92%) completed the survey. With >$17.4 million in research funding, support was provided for 131 fellowship awards, seven career transition awards, and 22 operating grants. More than three-quarters of grant and award recipients continue to work or train in a research-related position. Combined research outputs included 545 research articles, 130 review articles, 33 book chapters and 11 patents. Comparative analyses indicate that publications supported by the funding program had a greater impact than other Canadian and international comparators. CONCLUSIONS: Continuity in support of a long-term health research funding partnership strengthened the career development of gastroenterology researchers in Canada, and enhanced the creation and dissemination of new knowledge in the discipline. PMID:24340317

Performance of Exchange-traded Fund in the Nordic Market

OpenAIRE

Huynh, Son

2016-01-01

Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

The Demise of Higher Education Performance Funding Systems in Three States. CCRC Brief. Number 41

Science.gov (United States)

Dougherty, Kevin J.; Natow, Rebecca S.

2009-01-01

Performance funding in higher education ties state funding directly to institutional performance on specific indicators, such as rates of retention, graduation, and job placement. One of the great puzzles about performance funding is that it has been both popular and unstable. Between 1979 and 2007, 26 states enacted it, but 14 of those states…

An Evaluation of the Children's Scholarship Fund.

Science.gov (United States)

Peterson, Paul E.; Campbell, David E.

This paper presents first-year results of an evaluation of a Children's Scholarship Fund (CSF) program which provided scholarships enabling low-income families nationwide to send their K-8 children to private schools of their choice. Families won scholarships through a lottery. Telephone surveys of parents/caretakers of children who took advantage…

The cost of homogeneity in life cycle pension funds: An explanation to demand's inelasticity of Mexican pension funds with a performance attribution test

Directory of Open Access Journals (Sweden)

Oscar V. De la Torre Torres

2018-05-01

Full Text Available In the present paper we study the lack of alpha generation in the main defined contribution pension funds (SIEFORES in Mexico and we compare the performance of each fund against the one of their life-cycle profile peers (SIEFORE type. As we expected, we found underperformance due to management costs and, more specifically, due to a homogeneous performance that we suggest it is induced by the actual investment policy. We also found that the observed betas have values closer to 1, especially in the case of the “all” SIEFORES system benchmark, a result that proves the observed homogeneous performance in all the SIEFORES. With our results we also prove that the return paid by Mexican Public pension funds is due to factors different than portfolio manager skills, supporting the proofs given in the related literature of pension fund demand inelasticity in Mexico, due to a noisy and uninformed pension fund selection. Keywords: Simulation modeling, Alpha generation, Pension funds, Informed decision, Portfolio selection, Competitiveness, Life cycle investment.

Risk management, financial evaluation and funding for wastewater and stormwater reuse projects.

Science.gov (United States)

Furlong, Casey; De Silva, Saman; Gan, Kein; Guthrie, Lachlan; Considine, Robert

2017-04-15

This paper has considered risk management, financial evaluation and funding in seven Australian wastewater and stormwater reuse projects. From the investigated case studies it can be seen that responsible parties have generally been well equipped to identify potential risks. In relation to financial evaluation methods some serious discrepancies, such as time periods for analysis, and how stormwater benefits are valued, have been identified. Most of the projects have required external, often National Government, funding to proceed. As National funding is likely to become less common in the future, future reuse projects may need to be funded internally by the water industry. In order to enable this the authors propose that the industry requires (1) a standard project evaluation process, and (2) an infrastructure funders' forum (or committee) with representation from both utilities and regulators, in order to compare and prioritise future reuse projects against each other. Copyright © 2017 Elsevier Ltd. All rights reserved.

PERFORMANCE OF TRADITIONAL INVESTMENT FUNDS AND ETFs LINKED TO SUSTAINABILITY AND CORPORATE GOVERNANCE

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Elisângela de Magalhães Soares

2015-12-01

Full Text Available The objective of this study is to compare the performance of traditional investment funds and Exchange traded funds (ETFs, which benchmarks are Ibovespa, IBrX and Sustainability Indexes, as well as free funds using daily frequency data covering the period from 20 June 2012 to 31 October 2013. The survey is descriptive with a quantitative approach. Analyses were performed using the Capital Asset Pricing Model (CAPM and the Sharpe Ratio (1966. In order to obtain an index of ETFs linked to sustainability, the nomenclature and prospectus of each ETF were analyzed to see which ones were linked to this sector. Then the average return of these funds was calculated, weighted by its Net Asset Value, generating a series of the same period and frequency of others. The results show that the funds linked to sustainability and corporate governance indices are one of the best investment options, surpassed only by free funds.

Popular but Unstable: Explaining Why State Performance Funding Systems in the United States Often Do Not Persist

Science.gov (United States)

Dougherty, Kevin J.; Natow, Rebecca S.; Vega, Blanca E.

2012-01-01

Background/Context: Performance funding in higher education ties government funding to institutional performance on indicators such as retention, graduation, and job placement. Performance funding can also be found in state K-12 funding policies and higher education quality assurance programs abroad. One of the puzzles about higher education…

Mid-term evaluation of the Climate Change Action Fund: Science, Impacts and Adaptation (SIA) block

International Nuclear Information System (INIS)

2001-11-01

In 1998, the Climate Change Action Fund was established by the Government of Canada. Its budget represented 150 million dollars over a three year period, and was an additional 625 million dollars in the federal budget of February 2000 was allocated for climate change initiatives, of which 150 million dollars were earmarked over a three year period to the Climate Change Action Fund. To provide input for Treasury Board Submissions looking for funding approval in the future, it was necessary to conduct a mid-term evaluation focused on program performance to date. The period covered by the evaluation was September 2000 to the end of January 2001. This report examined the performance of the Science, Impact and Adaptation Block (SIA). Based on a series of interviews with representatives of Block managers, Technical and Executive Policy Committees, successful applicants, unsuccessful applicants and peer reviewers, as well as a review of the documentation maintained by SIA, it addressed the following issues: Block relevance, progress/success to date, and effectiveness in meeting the objectives. It was determined that the objectives displayed relevance to the climate change agenda of the federal government, progress to date was considered satisfactory, and most of the objectives should be met in a timely fashion. A summary of the findings was included in this document along with recommendations pertaining to the findings. 3 tabs., 1 fig

Organizational characteristics, financial performance measures, and funding sources of faith based organizations.

Science.gov (United States)

Lampkin, Lynne; Raghavan, Kamala

2008-01-01

This study examined the impact of organizational characteristics and financial performance measures of faith based organizations (FBOS) in Pennsylvania and Ohio on the decisions of the funding sources. Organizational characteristics of size, age, and type of service, and financial performance measures such as expense, liquidity, and solvency ratios were gathered from the data on IRS form 990 for 97 FBOS for the period of 1995 to 2004. The study found that the 1996 Charitable Choice provisions and the 2001 Office of Faith-Based and Community Initiatives have led to increased government funding for FBOS. The results showed that government funding of FBOS is affected positively by age of the FBO, and negatively by its size. For smaller FBOS, savings ratio had a negative relationship to government funding and a positive relationship to direct public support. For social service FBOS government funding was positively affected by age and negatively affected by size and debt ratio, while days-cash-on-hand had a negative impact on direct public support. All of the above relationships were statistically significant.

Performance Funding Policy Effects on Community College Outcomes: Are Short-Term Certificates on the Rise?

Science.gov (United States)

Li, Amy Y.; Kennedy, Alec I.

2018-01-01

Objective: Performance funding (PF) policies allocate a portion of state funding to colleges based on student outcomes. This study is the first to account for policy type and design differences, and explores the impact of performance funding on three levels of credential completions: short-term certificates, medium-term certificates, and…

Proposed Performance-Based Metrics for the Future Funding of Graduate Medical Education: Starting the Conversation.

Science.gov (United States)

Caverzagie, Kelly J; Lane, Susan W; Sharma, Niraj; Donnelly, John; Jaeger, Jeffrey R; Laird-Fick, Heather; Moriarty, John P; Moyer, Darilyn V; Wallach, Sara L; Wardrop, Richard M; Steinmann, Alwin F

2017-12-12

Graduate medical education (GME) in the United States is financed by contributions from both federal and state entities that total over $15 billion annually. Within institutions, these funds are distributed with limited transparency to achieve ill-defined outcomes. To address this, the Institute of Medicine convened a committee on the governance and financing of GME to recommend finance reform that would promote a physician training system that meets society's current and future needs. The resulting report provided several recommendations regarding the oversight and mechanisms of GME funding, including implementation of performance-based GME payments, but did not provide specific details about the content and development of metrics for these payments. To initiate a national conversation about performance-based GME funding, the authors asked: What should GME be held accountable for in exchange for public funding? In answer to this question, the authors propose 17 potential performance-based metrics for GME funding that could inform future funding decisions. Eight of the metrics are described as exemplars to add context and to help readers obtain a deeper understanding of the inherent complexities of performance-based GME funding. The authors also describe considerations and precautions for metric implementation.

An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

OpenAIRE

Fang, Jieyan

2012-01-01

In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

Evaluating Nonclinical Performance of the Academic Pathologist

Directory of Open Access Journals (Sweden)

Austin Blackburn Wiles MD

2018-02-01

Full Text Available Academic pathologists perform clinical duties, as well as valuable nonclinical activities. Nonclinical activities may consist of research, teaching, and administrative management among many other important tasks. While clinical duties have many clear metrics to measure productivity, like the relative value units of Medicare reimbursement, nonclinical performance is often difficult to measure. Despite the difficulty of evaluating nonclinical activities, nonclinical productivity is used to determine promotion, funding, and inform professional evaluations of performance. In order to better evaluate the important nonclinical performance of academic pathologists, we present an evaluation system for leadership use. This system uses a Microsoft Excel workbook to provide academic pathologist respondents and reviewing leadership a transparent, easy-to-complete system that is both flexible and scalable. This system provides real-time feedback to academic pathologist respondents and a clear executive summary that allows for focused guidance of the respondent. This system may be adapted to fit practices of varying size, measure performance differently based on years of experience, and can work with many different institutional values.

The Demise of Higher Education Performance Funding Systems in Three States. CCRC Working Paper No.17

Science.gov (United States)

Dougherty, Kevin J.; Natow, Rebecca S.

2009-01-01

Performance funding in higher education ties state funding directly to institutional performance on specific indicators, such as rates of retention, graduation, and job placement. One of the great puzzles about performance funding is that it has been both popular and unstable. Between 1979 and 2007, 26 states enacted it, but 14 of those states…

The structure, regulation, and performance of pension funds in nine industrial countries

OpenAIRE

Davis, E.P.; DEC

1993-01-01

The author offers an overview of issues relating to the development of funded pension schemes in industrial countries. The analysis applies the economic theory of pension regulation to experience with the structure, regulation, and performance of funds in nine countries - Canada, Denmark, Germany, Japan, Netherlands, Sweden, Switzerland, the United Kingdom, and the United States - seeking to shed light on the finance of old age security in developing countries and the reform of pension funds ...

The Evaluation of Higher Education Expenditure Performance and Investment Mechanism Reform

Science.gov (United States)

Wang, De; Fu, Meiying

2009-01-01

Along with the reform of Chinese Government public finance, higher education belongs to the public product, gradually changes from "fund investment management" to the "expenditure performance management". The evaluation of expenditure performance system becomes the key point of higher education investment mechanism reform. This…

Evaluating Innovations in Home Care for Performance Accountability.

Science.gov (United States)

Collister, Barbara; Gutscher, Abram; Ambrogiano, Jana

2016-01-01

Concerns about rising costs and the sustainability of our healthcare system have led to a drive for innovative solutions and accountability for performance. Integrated Home Care, Calgary Zone, Alberta Health Services went beyond traditional accountability measures to use evaluation methodology to measure the progress of complex innovations to its organization structure and service delivery model. This paper focuses on the first two phases of a three-phase evaluation. The results of the first two phases generated learning about innovation adoption and sustainability, and performance accountability at the program-level of a large publicly funded healthcare organization.

An Analysis of Performance-Based Funding Policies and Recommendations for the Florida College System

Science.gov (United States)

Balog, Scott E.

2016-01-01

Nearly 30 states have adopted or are transitioning to performance-based funding programs for community colleges that allocate funding based on institutional performance according to defined metrics. While embraced by state lawmakers and promoted by outside advocacy groups as a method to improve student outcomes, enhance accountability and ensure…

Mutual Fund Flows and Performance in Rational Markets

OpenAIRE

Jonathan B. Berk; Richard C. Green

2004-01-01

We develop a simple rational model of active portfolio management that provides a natural benchmark against which to evaluate observed relationship between returns and fund flows. Many effects widely regarded as anomalous are consistent with this simple explanation. In the model, investments with active managers do not outperform passive benchmarks because of the competitive market for capital provision, combined with decreasing returns to scale in active portfolio management. Consequently, p...

An Analysis of the Correlation between Size and Performance of Private Pension Funds

Directory of Open Access Journals (Sweden)

Vasile ROBU

2011-03-01

Full Text Available Using present performance measures, we find that inflation rate is barely covered by Romanian private pension funds strategies. The paper looks at effects of scale on performance. This issue is investigated empirically using data from Romanian private pension funds. We find results consistent with prior literature in that size, measured as total net assets, erodes performance. The highly regulated Romanian private pension environment gives rise to various interpretations for size detracting performance that do not sprout from the “asymmetric information” theory. We explain the empirical results as an effect of “perfect scaling”.

Japanese Mutual Funds before and after the Crisis Outburst: A Style- and Performance-Analysis

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Stephanos Papadamou

2017-03-01

Full Text Available This paper investigates how mutual funds performed in Japan before and after the 2008 outburst of the global financial crisis, that is during the extension of an extraordinary unconventional monetary policy by the Bank of Japan. Style and performance analyses are employed in order to investigate whether active or passive management has been affected by unconventional times and to what extent. Evidence indicates that in four out of eight funds, asset selection presents a significant contribution to returns. The Selection Sharpe Ratios for sectoral and style analyses exhibit positive values added per unit of risk due to active management for the majority of our funds in the pre-Lehman default period. Nevertheless, none of them presents statistical significance according to the t-statistic. Moreover, over the post-Lehman default, only two out of eight funds achieved lower volatility levels and higher returns due to active management. A style drift to big capitalization stocks with low values of book to market ratio is to be held responsible for the outperformance. Overall, our findings imply that active management in a monetary easing environment does not add significant value to the mutual fund performance.

The Relation between Past Flows and Future Performance: Simple Investment Strategies in the Mutual Fund Sector

Directory of Open Access Journals (Sweden)

Martin Rohleder

2015-02-01

Full Text Available In the mutual fund literature, it is an established fact that investors “chase past performance”. However, the opposite impact of flows on performance is widely discussed. Mainly, liquidity costs are held responsible for short-term erosion of performance, while high inflows enhance performance over longer horizons. I investigate this relation for various groups of equity, bond, and money market funds and find significant outperformance in high inflow funds over several months, especially for specific bond fund groups. In addition, I test whether this information can be exploited using simple investment strategies but find that the abnormal returns are too low to offset associated costs.

Performance Evaluation and Market Timing: the Skill Index

Directory of Open Access Journals (Sweden)

Ney Roberto Otoni de Brito

2003-01-01

Full Text Available MERTON (1981 examines the creation of value by fund managers selecting between stocks and fixed income instruments through market timing. HENRIKSON and MERTON (1981 proceed to propose empirical tests of funds and manager performance in market timing. BRITO, BONA and TACIRO (2003 generalize the results of MERTON (1981 and HENRIKSON and MERTON (1981 for actively managed funds with a clearly defined benchmark portfolio. In the generalized context of active portfolio management, this paper proposes a new index – the Skill Index of Brito (SIB – to measure the performance and efficiency in market timing of actively managed funds. The paper proceeds to test the performance and skill of hedge funds in Brazil using the SIB. A representative sample of 32 hedge funds with a window of 90 trading days on October 31, 1999 was obtained. The empirical tests of performance and skill use the interbank borrowing and lending rate as the passive benchmark. The results indicate the significance at the 5% level of the SIB for ten hedge funds in the sample. Among them seven funds also have shown significance at the 1% level. In sum the results indicate a majority of hedge funds with no significant skill in the Brazilian market in the examined period.

Longitudinal analysis of mutual fund performance

NARCIS (Netherlands)

Ter Horst, J.R.

1998-01-01

Many different motivations for investing in mutual funds have been provided in the literature, including the claim that managers of mutual funds have special abilities that can be used to outperform the market. Testing of the validity of these claims is complicated by two facts. First, the expected

International funding agencies: potential leaders of impact evaluation in protected areas?

Science.gov (United States)

Craigie, Ian D; Barnes, Megan D; Geldmann, Jonas; Woodley, Stephen

2015-11-05

Globally, protected areas are the most commonly used tools to halt biodiversity loss. Yet, some are failing to adequately conserve the biodiversity they contain. There is an urgent need for knowledge on how to make them function more effectively. Impact evaluation methods provide a set of tools that could yield this knowledge. However, rigorous outcome-focused impact evaluation is not yet used as extensively as it could be in protected area management. We examine the role of international protected area funding agencies in facilitating the use of impact evaluation. These agencies are influential stakeholders as they allocate hundreds of millions of dollars annually to support protected areas, creating a unique opportunity to shape how the conservation funds are spent globally. We identify key barriers to the use of impact evaluation, detail how large funders are uniquely placed to overcome many of these, and highlight the potential benefits if impact evaluation is used more extensively. © 2015 The Author(s).

Leaders' experiences and perceptions implementing activity-based funding and pay-for-performance hospital funding models: A systematic review.

Science.gov (United States)

Baxter, Pamela E; Hewko, Sarah J; Pfaff, Kathryn A; Cleghorn, Laura; Cunningham, Barbara J; Elston, Dawn; Cummings, Greta G

2015-08-01

Providing cost-effective, accessible, high quality patient care is a challenge to governments and health care delivery systems across the globe. In response to this challenge, two types of hospital funding models have been widely implemented: (1) activity-based funding (ABF) and (2) pay-for-performance (P4P). Although health care leaders play a critical role in the implementation of these funding models, to date their perspectives have not been systematically examined. The purpose of this systematic review was to gain a better understanding of the experiences of health care leaders implementing hospital funding reforms within Organisation for Economic Cooperation and Development countries. We searched literature from 1982 to 2013 using: Medline, EMBASE, CINAHL, Academic Search Complete, Academic Search Elite, and Business Source Complete. Two independent reviewers screened titles, abstracts and full texts using predefined criteria. We included 2 mixed methods and 12 qualitative studies. Thematic analysis was used in synthesizing results. Five common themes and multiple subthemes emerged. Themes include: pre-requisites for success, perceived benefits, barriers/challenges, unintended consequences, and leader recommendations. Irrespective of which type of hospital funding reform was implemented, health care leaders described a complex process requiring the following: organizational commitment; adequate infrastructure; human, financial and information technology resources; change champions and a personal commitment to quality care. Crown Copyright © 2015. Published by Elsevier Ireland Ltd. All rights reserved.

The Dynamics of the Impact of Past Performance on Mutual Fund Flows

NARCIS (Netherlands)

Goriaev, A.P.; Nijman, T.E.; Werker, B.J.M.

2002-01-01

This study reconsiders the determinants of flows into US growth funds, focusing in particular on the dynamics of the impact of past performance on flows.We model the flow-performance relationship at the monthly frequency, allowing for dependence of the sensitivity of flows to past performance on

E-Commerce New Venture Performance: How Funding Impacts Culture.

Science.gov (United States)

Hamilton, R. H.

2001-01-01

Explores the three primary methods of funding for e-commerce startups and the impact that funding criteria have had on the resulting organizational cultures. Highlights include self-funded firms; venture capital funding; corporate funding; and a table that compares the three types, including examples. (LRW)

Ambiguity Towards Multiple Historical Performance Information Signals: Evidence From Indonesian Open-Ended Mutual Fund Investors

OpenAIRE

Haris Pratama Loeis; Ruslan Prijadi

2015-01-01

This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sen...

The Impact of Portfolio Disclosure on Hedge Fund Performance, Fees and Flows

OpenAIRE

Zhen Shi

2011-01-01

This study investigates the impact of portfolio disclosure on hedge fund performance. Using a regression discontinuity design, I investigate the effect of the disclosure requirements that take effect when an investment company's assets exceed $100 million; when that occurs, a fund is required by the U.S. Securities and Exchange Commission to submit form 13F disclosing its portfolio holdings. Consistent with the argument that portfolio disclosure reveals 'trade secrets' and also raises front r...

A method for evaluating the funding of components of natural resource and conservation projects

International Nuclear Information System (INIS)

Wellington, John F.; Lewis, Stephen A.

2016-01-01

Many public and private entities such as government agencies and private foundations have missions related to the improvement, protection, and sustainability of the environment. In pursuit of their missions, they fund projects with related outcomes. Typically, the funding scene consists of scarce funding dollars for the many project requests. In light of funding limitations and funder's search for innovative funding schemes, a method to support the allocation of scarce dollars among project components is presented. The proposed scheme has similarities to methods in the project selection literature but differs in its focus on project components and its connection to and enumeration of the universe of funding possibilities. The value of having access to the universe is demonstrated with illustrations. The presentation includes Excel implementations that should appeal to a broad spectrum of project evaluators and reviewers. Access to the space of funding possibilities facilitates a rich analysis of funding alternatives. - Highlights: • Method is given for allocating scarce funding dollars among competing projects. • Allocations are made to fund parts of projects • Proposed method provides access to the universe of funding possibilities. • Proposed method facilitates a rich analysis of funding possibilities. • Excel spreadsheet implementations are provided

Importance of funding in decommissioning cost estimates

International Nuclear Information System (INIS)

Mingst, B.C.

1987-01-01

Decommissioning cost estimates have been made by several study groups for the decommissioning of pressurized-water and boiling-water nuclear power stations. The results of these studies are comparable when corrected for inflation and the differences in contingency factors applied by the study groups. The estimated dismantling costs differ far less than a factor of 2 in all cases, despite the design differences found in the plants that were studied. An analysis of the different methods available for funding the dismantling of these facilities shows the much stronger effect that the choice of funding methods has on the net cost of decommissioning. The total cost of dismantling may vary more than a factor of 4 from one funding method to another, assuming current or recent historical inflation rates. The funding methods evaluated include sinking funds, deposits, negative-salvage value depreciation, and insurance. These funding methods are taken from the NRC's Notice of Proposed Rulemaking description of acceptable funding methods. The funding analysis for this study was performed using the DECOST-86 computer code. The evaluation of funding options for a nuclear facility, and the appropriate choice of the funding method best for that facility, are found to be more important than detailed engineering studies in determining the net cost of decommissioning during the early portions of the plant's operating lifetime

Ambiguity towards Multiple Historical Performance Information Signals: Evidence from Indonesian Open-Ended Mutual Fund Investors

Directory of Open Access Journals (Sweden)

Haris Pratama Loeis

2015-10-01

Full Text Available This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sensitivity towards past performance information signals, but also have additional sensitivity towards the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions. Normal 0 false false false EN-US X-NONE X-NONE

EGYPTIAN MUTUAL FUNDS ANALYSIS: HISTORY, PERFORMANCE, OBJECTIVES, RISK AND RETURN

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Petru STEFEA

2013-10-01

Full Text Available The present research aims to overview the mutual fund in Egypt. The establishment of the first mutual funds was achieved in 1994. Nowadays, the total mutual funds reached 90 funds , approximately. The income funds represent the largest share of the Egyptian mutual funds (40%, growth funds (25% and the private equity funds is at least (1%. The total population of the Egyptian mutual funds reached 22. Finally, the study proved that the Egyptian mutual funds have an impact on fund return , total risk and systemic; when analysis relationship between risk and return. The study found influencing for mutual fund's objectives on Sharpe and Terynor ratios.

Stock Market Performance and Pension Fund Investment Policy: Rebalancing, Free Float, or Market Timing

NARCIS (Netherlands)

Bikker, J.A.; Broeders, D.W.G.A; de Dreu, J.

2007-01-01

This paper is the first that examines the impact of stock market performance on the investment policy of pension funds. We find that stock market prices influence the asset allocation of Dutch pension funds in two ways. In the short term, outperformance of equities over bonds and other investment

The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System

Directory of Open Access Journals (Sweden)

Petr Kupčík

2016-01-01

Full Text Available This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerland and the Netherlands were added to the analysis because we wanted to show the differences between a developed and less developed fully funded system. The last part of this article presents the main causes of the differences in investment performance of pension funds. Conclusions of the paper are focused on a comparison of the results of the Sharpe ratio and the Sortino ratio of pension funds from selected countries and recommendations for the Czech pension system. The article proposes a mechanism for determining the order of the negative Sharpe ratio and the Sortino ratio.

A method for evaluating the funding of components of natural resource and conservation projects

Energy Technology Data Exchange (ETDEWEB)

Wellington, John F., E-mail: welling@ipfw.edu [Indiana University – Purdue University Fort Wayne (IPFW), Doermer School of Business, 203 Stonegate Drive Erie, PA 16505 (United States); Lewis, Stephen A., E-mail: lewis.sa07@gmail.com [Mongrel Works, LLC., Columbus, OH 43209 (United States)

2016-02-15

Many public and private entities such as government agencies and private foundations have missions related to the improvement, protection, and sustainability of the environment. In pursuit of their missions, they fund projects with related outcomes. Typically, the funding scene consists of scarce funding dollars for the many project requests. In light of funding limitations and funder's search for innovative funding schemes, a method to support the allocation of scarce dollars among project components is presented. The proposed scheme has similarities to methods in the project selection literature but differs in its focus on project components and its connection to and enumeration of the universe of funding possibilities. The value of having access to the universe is demonstrated with illustrations. The presentation includes Excel implementations that should appeal to a broad spectrum of project evaluators and reviewers. Access to the space of funding possibilities facilitates a rich analysis of funding alternatives. - Highlights: • Method is given for allocating scarce funding dollars among competing projects. • Allocations are made to fund parts of projects • Proposed method provides access to the universe of funding possibilities. • Proposed method facilitates a rich analysis of funding possibilities. • Excel spreadsheet implementations are provided.

GOVERNING BOARD OF THE PENSION FUND

CERN Document Server

2001-01-01

The Governing Board met on 4 September in its first session since the summer break. On this occasion, the Board invited the two actuaries entrusted with the three-yearly actuarial review of the Fund, MP Actuaires SA (Geneva) and AON Consulting (Brussels), to present their results. Although the two studies were conducted independently and simultaneously, the Governing Board noted that the underlying methodology was remarkably similar in both cases. Both actuaries adopted a stochastic approach, both performed analyses based on the closed-fund method and on the open-fund method, and both made an evaluation of the risks for the appreciation of the Fund's financial position. This methodology produced consistent results which, while not always identical, are superimposable in terms of their order of magnitude. Under the closed-fund method, which involves assessing the Fund's financial situation as if it were closed on the date of calculation without any new members being admitted, both actuaries conclude that the s...

EVALUATION OF THE STRUCTURAL FUNDS ABSORPTION RATE BY MEANS OF THE HERMIN MODEL

Directory of Open Access Journals (Sweden)

Opritescu Elena Madalina

2012-07-01

Full Text Available The main objective of this article is to highlight the main method that could quantify the impact of the structural funds on the Gross Domestic Product. I also presented the regional disparities situation and the European funds absorption rate. The HERMIN model has been designed considering the evolution of macro-variables throughout transition and pre-accession process, as well as out of the need to analyze the gradual alignment of Romania’s economic policies to those of EU. The fact that, initially, the HERMIN model was designed for the European Union’s less developed economies represented the cornerstone in choosing it, as it was the case for Romania, too. However, the quantitative evaluation must always be accompanied by a qualitative evaluation, in order to comprise factors which cannot be measured by the econometrical modeling. For this purpose, when the results of econometrical model based evaluation are used, it is important to be aware of the fact that models simplify reality, no matter the impressive mathematical calculations they employ. Also, we must not omit the fact that Romania’s major development needs and the current economic context imperatively demand a high as possible level of structural funds absorption, as well as their efficient use, meant to generate a significant impact at a national, regional and local level. One of the main instruments employed to sustain economic growth, while also reducing disparities between regions is represented by the structural funds. These funds, consisting in financial contributions of the member states, according to their level of development, are redistributed in compliance with an extremely complex regulating and procedural frame, to those EU states of regions which are fallen behind from a social and economical development perspective Nevertheless, when absorption capacity of a member state is evaluated, the used percentage from the allocated funds is not the only

The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System

OpenAIRE

Petr Kupčík; Pavel Gottwald

2016-01-01

This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerl...

Science as Knowledge, Practice, and Map Making: The Challenge of Defining Metrics for Evaluating and Improving DOE-Funded Basic Experimental Science

Energy Technology Data Exchange (ETDEWEB)

Bodnarczuk, M.

1993-03-01

Industrial R&D laboratories have been surprisingly successful in developing performance objectives and metrics that convincingly show that planning, management, and improvement techniques can be value-added to the actual output of R&D organizations. In this paper, I will discuss the more difficult case of developing analogous constructs for DOE-funded non-nuclear, non-weapons basic research, or as I will refer to it - basic experimental science. Unlike most industrial R&D or the bulk of applied science performed at the National Renewable Energy Laboratory (NREL), the purpose of basic experimental science is producing new knowledge (usually published in professional journals) that has no immediate application to the first link (the R) of a planned R&D chain. Consequently, performance objectives and metrics are far more difficult to define. My claim is that if one can successfully define metrics for evaluating and improving DOE-funded basic experimental science (which is the most difficult case), then defining such constructs for DOE-funded applied science should be much less problematic. With the publication of the DOE Standard - Implementation Guide for Quality Assurance Programs for Basic and Applied Research (DOE-ER-STD-6001-92) and the development of a conceptual framework for integrating all the DOE orders, we need to move aggressively toward the threefold next phase: (1) focusing the management elements found in DOE-ER-STD-6001-92 on the main output of national laboratories - the experimental science itself; (2) developing clearer definitions of basic experimental science as practice not just knowledge; and (3) understanding the relationship between the metrics that scientists use for evaluating the performance of DOE-funded basic experimental science, the management elements of DOE-ER-STD-6001-92, and the notion of continuous improvement.

Grading the Metrics: Performance-Based Funding in the Florida State University System

Science.gov (United States)

Cornelius, Luke M.; Cavanaugh, Terence W.

2016-01-01

A policy analysis of Florida's 10-factor Performance-Based Funding system for state universities. The focus of the article is on the system of performance metrics developed by the state Board of Governors and their impact on institutions and their missions. The paper also discusses problems and issues with the metrics, their ongoing evolution, and…

Performance Evaluations and Victim Satisfaction With State Compensation for Violent Crime: A Prospective Study.

Science.gov (United States)

Kunst, M J J; Koster, N N; Van Heugten, J

2015-07-29

Satisfaction with a particular good or service represents an affective state in response to an individual's evaluation of the performance of that good or service. This evaluation involves a comparison between perceived actual performance and prior expectations. The current study used this theoretical idea to study violent crime victims' levels of satisfaction with services provided by a Dutch state compensation scheme. One hundred and seventy-seven victims of violent crime who had applied for compensation from the Dutch Violent Offences Compensation Fund (DVOCF) participated in two brief telephone interviews: one before receipt of the fund's decision upon their request for compensation and one after receipt of that decision. Based on the theories of distributive and procedural justice, measurement of prior expectations was differentiated in expectations about receipt of compensation, treatment by fund workers, and information provision. Results suggested that satisfaction with the DVOCF depended on fulfillment of expectations about treatment by fund workers and information provision, but not on fulfillment of expectations about receipt of compensation. Other predictors of victim satisfaction were as follows: duration of the application procedure, approval upon request for compensation, and satisfaction assessed during the first interview. Results were discussed in light of theory, policy implications, study limitations, and future research. © The Author(s) 2015.

Performance of sustainable investments : a comparison of sustainable and conventional mutual funds in emerging markets

OpenAIRE

Christensson, Lars Stefan Bjerke; Skagestad, Ole Jakob

2017-01-01

This thesis compares the performance and risk factor exposure of sustainable and conventional mutual funds in emerging markets from January 2012 to July 2017. We use the latest sustainability ratings provided by Morningstar to define sustainable funds, and apply CAPM, Fama-French and Carhart models to control for the market, size, book-to-market and momentum factors. Additionally, we add a dummy to compare the risk-adjusted returns of the funds, and examine if the difference is...

Economics and the evaluation of publicly funded energy R and D

Energy Technology Data Exchange (ETDEWEB)

Jones, D.W.; Paik, I.K.

1998-10-19

There are three major areas in which economics can contribute to the evaluation of federal R and D: assessment of net benefits, ex ante expected as well as ex post realized; tailoring of R and D portfolios to policy goals; and guiding the contractual organization of R and D production. Additionally, evaluation of R and D and scientific activity tend to be distinctly retrospective, principally because of the long lags between the initial production activity and the observability of consequences. Extending the purview of economic evaluation of R and D, they find ample opportunity for evaluation that can inform current R and D management practice. The conduct of R and D is organized through a series of explicit and implicit contracts designed to elicit long-term commitments by some agents while attempting to limit the commitment by others. It is natural to consider the efficiency with which R and D is conducted as a subject for economic inquiry, although in practice such inquiries generally are restricted to accounting exercises. In evaluating the efficiency with which R and D is done, the current ordinary practice is to look at labor rates and equipment and materials prices while considering quantities of those items as the principal instrument variables in an optimization problem (the authors conceptualization, not that of the typical review of an R and D project). The authors recommend the contractual structure and other elements of the incentive structure (pay and promotion) of R and D production as prime focal points for managerially useful economic evaluation. Non-economic motivations for funding public R and D, including energy R and D, are well known. The US will consider spending several billion dollars on an international space station, partly if not largely, to fund the peaceful employment of scientists from the Former Soviet Union. Nonetheless, it will be useful to understand the economics of the R and D programs even if other considerations play important

Funding Public Higher Education in Colorado: How Has the College Opportunity Funding Model Impacted Educational Funding and Performance?

Science.gov (United States)

Middlemist, George Edward

2017-01-01

During the 2004 legislative session, the Colorado General Assembly enacted Senate Bill 189 (SB189), which established the first system of college vouchers in the United States. The supporters of SB189 hoped that the voucher system, called the College Opportunity Fund (COF), would: 1) stabilize the flow of state funding to higher education; 2)…

Performance Funding in Higher Education: Do Financial Incentives Impact College Completions?

Science.gov (United States)

Hillman, Nicholas W.; Tandberg, David A.; Gross, Jacob P. K.

2014-01-01

In 2000, the Pennsylvania State System of Higher Education introduced a performance-based funding model aimed at increasing degree productivity among the state's public colleges. This study examines how the new policy affected undergraduate degree completions. Using a difference-in-differences estimation strategy, results suggest the policy has…

Managerial multitasking in the mutual fund industry

OpenAIRE

Agarwal, Vikas; Ma, Linlin; Mullally, Kevin

2015-01-01

We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the acquired funds improves. Multitasking increases the assets of fund companies but results in a wealth transfer from shareholders ...

Design and Construction for Community Health Service Precision Fund Appropriation System Based on Performance Management.

Science.gov (United States)

Gao, Xing; He, Yao; Hu, Hongpu

2017-01-01

Allowing for the differences in economy development, informatization degree and characteristic of population served and so on among different community health service organizations, community health service precision fund appropriation system based on performance management is designed, which can provide support for the government to appropriate financial funds scientifically and rationally for primary care. The system has the characteristic of flexibility and practicability, in which there are five subsystems including data acquisition, parameter setting, fund appropriation, statistical analysis system and user management.

Mutual funds : Management styles, social responsibility, performance and efficiency

NARCIS (Netherlands)

Barkó, Tamás; Renneboog, Luc; Baker, H.; Filbeck, G.; Kiymaz, H.

2015-01-01

The mutual fund industry represents a substantial part of global financial markets with approximately 20 percent invested in mutual funds. Mutual funds offer a simple and easy-to-understand way to invest either into stocks or fixed income products, both for retail and institutional investors. This

The Impact of Hedge Fund Activism on Target Firm Performance, Executive Compensation and Executive Wealth

Directory of Open Access Journals (Sweden)

Andrew Carrothers

2017-10-01

Full Text Available This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm executives’ wealth is more sensitive to changes in share price after hedge fund activism events suggesting that the executive team experiences changes to their compensation structure that provides incentive to take action to improve returns to shareholders. The top executives reap rewards for increasing firm value but not for increased risk taking.

Multi-objective portfolio optimization of mutual funds under downside risk measure using fuzzy theory

OpenAIRE

M. Amiri; M. Zandieh; A. Alimi

2012-01-01

Mutual fund is one of the most popular techniques for many people to invest their funds where a professional fund manager invests people's funds based on some special predefined objectives; therefore, performance evaluation of mutual funds is an important problem. This paper proposes a multi-objective portfolio optimization to offer asset allocation. The proposed model clusters mutual funds with two methods based on six characteristics including rate of return, variance, semivariance, turnove...

Evaluation of the Higher Education Active Community Fund Project in Bournemouth

OpenAIRE

Apostolakis, Christos

2005-01-01

This report evaluates the Higher Education Active Community Fund (HEACF) Project from its first year in September 2002 to May 2005.The principle objective of the study was to evaluate the implementation of the HEACF project, its impact and its capacity to achieve the aims during this time. Based on research evidence the HEACF project introduced a holistic and systematic way of organising and developing volunteer activity at Bournemouth University. In addition to this, the project provided an ...

Evaluation of the Electricity Saving Fund in Basel, Switzerland

International Nuclear Information System (INIS)

Iten, R.; Vettori, A.; Schmidt, N.; Vaterlaus, S.; Wild, J.

2003-09-01

This comprehensive report for the Swiss Federal Office of Energy (SFOE) presents the results of an evaluation made concerning the Electricity Saving Fund operated in Basel, Switzerland. The aims of the fund, which is based on the imposition of a steering levy on electricity consumption, are presented and discussed. It is noted that the political policies behind this promotional scheme differ greatly from those of other Swiss Cantons. This study examines the direct and indirect effects of the steering levy and the resulting bonus for energy-saving consumers and takes a look at possibilities for transferring the idea to other Swiss Cantons. Questions asked include the degree to which the aims were fulfilled, were negative side-effects noted, is the implementation efficient, can the know-how gained be transferred to other communities and Cantons and which general experience was gained in the application of steering levies. Details on the implementation of the Electricity Saving Bonus are presented and discussed. Results of a survey on the perception of the scheme both in the commercial and private sectors are discussed. Also, the results of evaluations made concerning the degree to which the scheme's aims were fulfilled and their usefulness from the national economics point of view are discussed. Suggestions for improvements are presented. The report is concluded with an a selection of annexes on the topics dealt with in the report

Evaluation of the Electricity Saving Fund in Basel, Switzerland; Evaluation des Stromsparfonds Basel

Energy Technology Data Exchange (ETDEWEB)

Iten, R; Vettori, A; Schmidt, N [Infras, Zuerich (Switzerland); Vaterlaus, S; Wild, J [Plaut (Schweiz) Consulting AG, Bern (Switzerland)

2003-09-15

This comprehensive report for the Swiss Federal Office of Energy (SFOE) presents the results of an evaluation made concerning the Electricity Saving Fund operated in Basel, Switzerland. The aims of the fund, which is based on the imposition of a steering levy on electricity consumption, are presented and discussed. It is noted that the political policies behind this promotional scheme differ greatly from those of other Swiss Cantons. This study examines the direct and indirect effects of the steering levy and the resulting bonus for energy-saving consumers and takes a look at possibilities for transferring the idea to other Swiss Cantons. Questions asked include the degree to which the aims were fulfilled, were negative side-effects noted, is the implementation efficient, can the know-how gained be transferred to other communities and Cantons and which general experience was gained in the application of steering levies. Details on the implementation of the Electricity Saving Bonus are presented and discussed. Results of a survey on the perception of the scheme both in the commercial and private sectors are discussed. Also, the results of evaluations made concerning the degree to which the scheme's aims were fulfilled and their usefulness from the national economics point of view are discussed. Suggestions for improvements are presented. The report is concluded with an a selection of annexes on the topics dealt with in the report

Evaluation of the Electricity Saving Fund in Basel, Switzerland; Evaluation des Stromsparfonds Basel

Energy Technology Data Exchange (ETDEWEB)

Iten, R.; Vettori, A.; Schmidt, N. [Infras, Zuerich (Switzerland); Vaterlaus, S.; Wild, J. [Plaut (Schweiz) Consulting AG, Bern (Switzerland)

2003-09-15

This comprehensive report for the Swiss Federal Office of Energy (SFOE) presents the results of an evaluation made concerning the Electricity Saving Fund operated in Basel, Switzerland. The aims of the fund, which is based on the imposition of a steering levy on electricity consumption, are presented and discussed. It is noted that the political policies behind this promotional scheme differ greatly from those of other Swiss Cantons. This study examines the direct and indirect effects of the steering levy and the resulting bonus for energy-saving consumers and takes a look at possibilities for transferring the idea to other Swiss Cantons. Questions asked include the degree to which the aims were fulfilled, were negative side-effects noted, is the implementation efficient, can the know-how gained be transferred to other communities and Cantons and which general experience was gained in the application of steering levies. Details on the implementation of the Electricity Saving Bonus are presented and discussed. Results of a survey on the perception of the scheme both in the commercial and private sectors are discussed. Also, the results of evaluations made concerning the degree to which the scheme's aims were fulfilled and their usefulness from the national economics point of view are discussed. Suggestions for improvements are presented. The report is concluded with an a selection of annexes on the topics dealt with in the report

Report on the Audit of the Joint Civilian Orientation Conference Fund

Science.gov (United States)

1991-01-31

This is our final report on the audit of the Joint Civilian Orientation Conference (JCOC) Fund (the Fund). We performed the audit from June to July...1990. The Director, Budget and Finance, Washington Headquarters Services, requested the audit because a new Treasurer had been appointed. The overall...Instruction No. 48, Joint Civilian Orientation Conference Fund, May 31, 1983, and with DoD policy and guidelines. In addition, the audit evaluated

Governance of pension funds: interlocking and compensation of Australian superannuation fund boards

OpenAIRE

Ooi, Elizabeth Meishan

2017-01-01

This thesis documents the incidence and determinants of board interlocking (where directors simultaneously sit on multiple boards) in pension funds and examines its effect on fund performance. It also investigates the determinants of pension fund director compensation. The motivation to examine these issues stems from the distinctive interlocking and compensation practices in pension funds. Data on a sample of 249 Australian pension funds from 2004 to 2011 is collected from fund documents ...

PERFORMANCE OF SELECT MUTUAL FUNDS IN INDIA

OpenAIRE

Manoj Kumar Dash*

2018-01-01

Mutual funds is one of the major instruments for wealth creation and wealth saving in the current years. It is a financial instrument which gives positive result and satisfactory return to its investors. The mutual industries in have undergone a most successful phase in the last 15 years. The AUM has shown tremendous growth since inception from Rs. 25 crore in 1965 to Rs. 22,36,717 crore in December 2017. But this tremendous growth in the mutual fund industries in India is still lacking for b...

Hedge Fund Contagion and Liquidity

OpenAIRE

Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

2008-01-01

Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

Market timing and selectivity performance of mutual funds in Ghana

Directory of Open Access Journals (Sweden)

Abubakar Musah

2014-07-01

Full Text Available The growing interest in mutual funds in Ghana has been tremendous over the last decade as evidenced by the continuous increases in number and total funds under management. However, no empirical work has been done on the selectivity and timing ability of the mutual fund managers. Using monthly returns data hand-collected from the reports of the mutual fund managers for the period January 2007-December 2012, this paper examines the market timing and selectivity ability of mutual fund managers in Ghana using the classic Treynor-Mazuy (1966 model and Henriksson- Merton (1981 model. The results suggest that, in general mutual fund managers in Ghana are not able to effectively select stocks and also are not able to predict both the magnitude and direction of future market returns. More specifically, all of the sample mutual fund managers attain significant negative selectivity coefficients and also most of them attain insignificant negative timing coefficients.

Peer Evaluation of Teachers in Maricopa County's Teacher Incentive Fund Program

Science.gov (United States)

Milanowski, Anthony; Heneman, Herbert G., III; Finster, Matthew

2015-01-01

This case study describes the peer evaluation system the Maricopa County Educational Services Agency (MCESA) is using in the districts participating in its Teacher Incentive Fund (TIF) 3 and 4 grants. Maricopa County's TIF districts cover much of the Phoenix, Arizona, metropolitan area. Including both TIF 3 and 4 cohorts, 12 districts with a total…

Performance Funding in Illinois Higher Education: The Roles of Politics, Budget Environment, and Individual Actors in the Process

Science.gov (United States)

Blankenberger, Bob; Phillips, Alan

2016-01-01

The completion agenda is the dominant theme in higher education policy in the United States today, and one of the primary strategies advocated in the agenda is performance funding in budgeting for public institutions. Illinois is one example of a state that has attempted to implement performance funding as a means of directing the behavior of…

ADVERTISING ON FACEBOOK: THE EFFECT ON FUND FLOWS OF FUND FAMILY

OpenAIRE

Kang, Jiaqi

2017-01-01

Using data for the top 100 US mutual fund families for the period between Jan 2009 to Jun 2016, this paper studies the relationship between mutual fund families’ advertising on Facebook and their fund flow. In particular, I examine whether advertising via social media helps mutual funds to attract new fund flow. I also include the number of followers to proxy for visibility and past returns to control for performance. In line with previous research, I find that large part of the variation in ...

Rating mutual funds

DEFF Research Database (Denmark)

Bechmann, Ken L.; Rangvid, Jesper

2007-01-01

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund's peers. Within each investment category, the rating assigns...... the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

Metrics, Dollars, and Systems Change: Learning from Washington State's Student Achievement Initiative to Design Effective Postsecondary Performance Funding Policies. A State Policy Brief

Science.gov (United States)

Jenkins, Davis; Shulock, Nancy

2013-01-01

The Student Achievement Initiative (SAI), adopted by the Washington State Board for Community and Technical Colleges in 2007, is one of a growing number of performance funding programs that have been dubbed "performance funding 2.0." Unlike previous performance funding models, the SAI rewards colleges for students' intermediate…

Quasi-markets targets and the evaluation of nursing-home funding in the Valencian Region

OpenAIRE

Fuenmayor Fernández, Amadeo; Granell Pérez, Rafael; Tortosa Chuliá, María Ángeles

2016-01-01

Spanish long term care is in danger, therefore we propose a change in the nursing home funding system. We use as an example the extremely complex nursing home financing system of Valencian Region. In this region, there are many funding mechanisms: two types of public subsidies, two different accessibility plans, a voucher scheme and a cash benefit approach related to residential service. We evaluate these methods through the quasi-market theory. We find that these approaches have negative imp...

Hanford Site performance summary: EM funded programs

International Nuclear Information System (INIS)

Edwards, C.

1995-09-01

Hanford performance at fiscal year end reflects a three percent unfavorable schedule variance ($46.3 million*) which was an improvement over August 1995 ($46.3 million for September versus $65.9 million for August) and is below established reporting thresholds (greater than 3 percent). The majority of the behind schedule condition (53 percent) is attributed to EM-40 (Office of Environmental Restoration [ER]) and is a result of late receipt of funds, procurement delays, and US Army Corps of Engineers (USACE) work planned but not accomplished. Other primary contributors to the behind schedule condition are associated with tank farm upgrades, high-level waste disposal and work for others (support to the US Department of Energy-Headquarters [DOE-HQ]). The remaining behind schedule condition is distributed throughout the remaining Hanford programs and do not share common causes. A breakdown of individuals listed on page 8

Rating Mutual Funds

DEFF Research Database (Denmark)

Bechmann, Ken L.; Rangvid, Jesper

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns......, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

25 CFR 1200.17 - What special criteria will be used to evaluate management plans for judgment or settlement funds?

Science.gov (United States)

2010-04-01

... 25 Indians 2 2010-04-01 2010-04-01 false What special criteria will be used to evaluate management... FOR AMERICAN INDIANS, DEPARTMENT OF THE INTERIOR AMERICAN INDIAN TRUST FUND MANAGEMENT REFORM ACT Withdrawing Tribal Funds From Trust § 1200.17 What special criteria will be used to evaluate management plans...

The Massachusetts Community College Performance-Based Funding Formula: A New Model for New England?

Science.gov (United States)

Salomon-Fernandez, Yves

2014-01-01

The Massachusetts community college system is entering a second year with funding for each of its 15 schools determined using a new performance-based formula. Under the new model, 50% of each college's allocation is based on performance on metrics related to enrollment and student success, with added incentives for "at-risk" students…

Investor Attrition and Fund Flows in Mutual Funds

DEFF Research Database (Denmark)

Christoffersen, Susan E. K.; Xu, Haoyu

2017-01-01

We explore the properties of equity mutual funds that experience a loss of assets after poor performance. We document that both inflows and outflows are less sensitive to performance, because performance-sensitive investors leave or decide not to invest after bad performance. Consistent with the ...

Transaction-cost Expenditures and the Relative Performance of Mutual Funds

OpenAIRE

John M.R. Chalmers; Roger M. Edelen; Gregory B. Kadlec

1999-01-01

We directly estimate annual trading costs for a sample of equity mutual funds and find that these costs are large and exhibit substantial cross sectional variation. Trading costs average 0.78% of fund assets per year and have an inter-quartile range of 0.59%. Trading costs, like expense ratios, are negatively related to fund returns and we find no evidence that on average trading costs are recovered in higher gross fund returns. We find that our direct estimates of trading costs have more exp...

Picking Funds with Confidence

DEFF Research Database (Denmark)

Grønborg, Niels Strange; Lunde, Asger; Timmermann, Allan

We present a new approach to selecting active mutual funds that uses both holdings and return information to eliminate funds with predicted inferior performance through a sequence of pair-wise comparisons. Our methodology determines both the number of skilled funds and their identity, funds...... identified ex-ante as being superior earn substantially higher risk-adjusted returns than top funds identified by conventional alpha ranking methods. Importantly, we find strong evidence of variation in the breadth of the set of funds identified as superior, as well as fluctuations in the style and industry...... exposures of such funds over time and across different volatility states....

Mid-term evaluation of the Climate Change Action Fund : Public education and outreach (PEO) Block

International Nuclear Information System (INIS)

2001-11-01

In February 1998, the Government of Canada established the Climate Change Action Fund (CCAF) to assist Canada in meeting its commitments under the Kyoto Protocol for the reduction of greenhouse gas emissions. The CCAF managed a budget of 150 million dollars over three years, and the Public Education and Outreach (PEO) Block was allocated 30 million dollars of that total for its operations. Its mandate was to increase public awareness and understanding on the topic of climate change, as well as providing the required information to effect reductions in the emissions of greenhouse gases and adapt to climate change. An evaluation into this program was conducted, and it covered the period September 2000 to January 20, 2001. To date, 152 projects have been approved, which represents an investment of approximately 17.5 million dollars. Approximately 6 million dollars have been spent on the awareness component, while government communication activities used approximately 3.1 million dollars. Staff and project management fees in support of the program account for the remaining funds. This report addressed the performance to date in meeting the objectives, and also included recommendations for improved effectiveness. PEO files and records, a report entitled Interim review of the Climate Change Action Fund PEO Program, interviews with Departmental representatives, and interviews with external stakeholder groups formed the basis for the findings and recommendations. It was determined that future direction represents the most critical issue facing the PEO block. 1 tab

Funding strategies for wilderness management

Science.gov (United States)

Carolyn Alkire

2000-01-01

Funding wilderness protection will continue to be a challenge for public land managers. With continuing competition for federal funds and balanced budget goals, other sources of funds may be necessary to supplement annual federal appropriations. This paper identifies and evaluates five potential funding strategies and provides examples of each that are currently in use...

A STUDY ON THE PERFORMANCE OF ICICI-US PURDENTIAL EQUITY FUND

OpenAIRE

Dr. D. S. Selvakumar*

2016-01-01

The first introduction of mutual fund in India occurred in 1963, when the government of India launched Unit Trust of India (UTI). In 1996, SEBI (stock exchange board of India) the regulator of mutual fund in India, formulated the mutual fund regulation which is comprehensive regulatory framework. And the income of the mutual fund takes in two forms they are dividends and capital gain. Mutual fund means a group of people collecting the money putting together and investing to buy shares stocks...

Does it pay to pay performance fees? Empirical evidence from Dutch pension funds

NARCIS (Netherlands)

Broeders, Dirk; van Oord, Arco; Rijsbergen, David

2017-01-01

We analyze the relation between investment returns and performance fees for 218 Dutch occupational pension funds with an average total of 985 billion euro in assets under management from 2012 to 2015. Our dataset is free from self-reporting biases and includes total return, excess return and

Comparing the determinants of fund flows in domestically managed Malaysian Islamic and conventional equity funds.

OpenAIRE

Othman, J.; Asutay, M.; Jamailan, N.

2018-01-01

Purpose: This paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) investors in comparison with conventional equity funds (CEF) investors. Design/methodology/approach: By using panel data, the sample of Malaysian domestic managed equity funds are considered comprised of 20 individual funds from IEF a...

Evidence of active management of private voluntary pension funds in Colombia: a performance analysis using proxy ETFs

Directory of Open Access Journals (Sweden)

Edgardo Cayón Fallón

2010-04-01

Full Text Available The purpose of this study is to find evidence that shows that either active management of private pension funds in Colombia actually adds value to the investors or, on the contrary, investors would achieve better results if they invested in passively managed products such as, for example, an ETF (Exchange Trade Fund. After conducting a review of data available from 30 different private pension funds in Colombia and 30 ETFs that had similar investment goals to these portfolios, our findings reveal that, using common performance indicators, a Colombian investor would have a better ROI by investing in passively managed products (ETFs than in portfolios currently offered by voluntary pension funds in Colombia

THE POLITICS OF EVALUATION IN CO-FINANCED PROJECTS: THE CASE OF THE SCOTTISH EXECUTIVE AND THE EVALUATION OF THE STRUCTURAL FUNDS

Directory of Open Access Journals (Sweden)

Delia M. Costân

2009-06-01

Full Text Available This paper combines an analysis of the different theories expressed in the literature in relation to the process of evaluation and their empirical application to the case of a project evaluation undertaken by the Scottish Executive. The evaluation undertaken by the Scottish Executive is analysed in the context of the various theories and hypotheses expressed in the evaluation literature. Insight into the activity undertaken by the Scottish Executive and access to primary documents used, was facilitated by the author’s participation in a six week internship within the Structural Funds Division of the Scottish Executive. The analysis of the evaluation of the co-financed projects in Scotland revealed that the challenges to the process of evaluation in Scotland resulted in part from the existence of different understandings by the various stakeholders involved in the setting of the goals of the evaluation process. The author’s findings on the application of Article 4 in Scotland are that the different interpretations of Article 4 come from the European Commissions’ general approach to evaluation;, the Scottish Executives’ emphasis on meeting the absorption requirements of the Structural Funds and less on detailed evaluation, and the Programme Management Executives’ focus on supporting the project beneficiaries and less on evaluating the projects.

A Comparison of Measures of Abnormal Performance on a Sample of Monthly Mutual Fund Returns, formerly titled; The Evaluation of Mutual Fund Performance: An Analysis of Monthly Returns

OpenAIRE

Grinblatt, Mark

1989-01-01

This paper empirically examines the Jensen Measure, the Positive Period Weighting Measure, developed in Grinblatt and Titman (1987a), measures developed from the Treynor-Mazuy (1966) quadratic regression on a sample 179 mutual funds, using a variety of benchmark portfolios. We find that the measures generally yield similar inferences when using the same benchmark and that inferences can vary, even from the same measure, when using different benchmarks. Several benchmarks, developed here, appe...

Evaluation of Portfolio Performance of Turkish Investment Funds = Türk Yatırım Fonlarında Portföy Performanslarının Değerlendirilmesi

Directory of Open Access Journals (Sweden)

Y. Ömer ERZURUMLU

2001-06-01

Full Text Available This article attempts to measure performances of Type A and Type B funds relative to T-Bill rates and ISE-100 index in Turkey over the period of January 1998-June 2000 using Sharpe, Treynor, Jensen, and Graham&Harvey indices. 55 Type A, and 77 Type B Funds were included in the analysis. In order to test whether four different indices make similar ranking, Spearman rank correlation analysis was utilized. Secondly, Wilcoxon Signed-Rank test was applied to test the significance of the differences in Sharpe indices of alternative investment instruments included in the analysis. Analysis revealed that different criteria rank the portfolios similarly. But more importantly it was found that, the best investment over the entire analysis period as well as in the sub-periods was T-Bills, which was followed by ISE-100 index, Type B Funds, and Type A funds respectively. This finding makes the merits of the efforts spent by funds managers, over the analysis period, to outperform the market highly questionable

Tennessee and Florida: Continuity and Change in Long-Lasting State Performance Funding Systems for Higher Education. CCRC Brief. Number 43

Science.gov (United States)

Dougherty, Kevin J.; Natow, Rebecca S.

2010-01-01

This study analyzes changes over time in long-lasting state performance funding systems for higher education. It addresses two research questions: First, in what ways have long-lasting systems changed over time in funding levels, indicators used to allocate funds, and measures used for those indicators? Second, what political actors, actions, and…

Does the South African Pension Funds Adjudicator perform an ...

African Journals Online (AJOL)

HP27975994114

the Mouton Committee argued that “a binding decision will have to be a legal decision ... ruling of the ombudsman could have binding effect where both (or all) parties to the .... the Promotion of Administrative Justice Act 3 of 2000 (PAJA) apply. .... in Orion Money Purchase Pension Fund (SA) v Pension Funds Adjudicator 47 ...

The Impacts of State Performance Funding Systems on Higher Education Institutions: Research Literature Review and Policy Recommendations. CCRC Working Paper No. 37

Science.gov (United States)

Dougherty, Kevin J.; Reddy, Vikash

2011-01-01

Over the past three decades policymakers have been seeking new ways to secure improved performance from higher education institutions. One popular approach has been performance funding, which involves use of a formula to tie funding to institutional performance on specified indicators. This report reviews findings from studies on performance…

Funding a smoking cessation program for Crohn's disease: an economic evaluation.

Science.gov (United States)

Coward, Stephanie; Heitman, Steven J; Clement, Fiona; Negron, Maria; Panaccione, Remo; Ghosh, Subrata; Barkema, Herman W; Seow, Cynthia; Leung, Yvette P Y; Kaplan, Gilaad G

2015-03-01

Patients with Crohn's disease (CD) who smoke are at a higher risk of flaring and requiring surgery. Cost-effectiveness studies of funding smoking cessation programs are lacking. Thus, we performed a cost-utility analysis of funding smoking cessation programs for CD. A cost-utility analysis was performed comparing five smoking cessation strategies: No Program, Counseling, Nicotine Replacement Therapy (NRT), NRT+Counseling, and Varenicline. The time horizon for the Markov model was 5 years. The health states included medical remission (azathioprine or antitumor necrosis factor (anti-TNF), dose escalation of an anti-TNF, second anti-TNF, surgery, and death. Probabilities were taken from peer-reviewed literature, and costs (CAN$) for surgery, medications, and smoking cessation programs were estimated locally. The primary outcome was the cost per quality-adjusted life year (QALY) gained associated with each smoking cessation strategy. Threshold, three-way sensitivity, probabilistic sensitivity analysis (PSA), and budget impact analysis (BIA) were carried out. All strategies dominated No Program. Strategies from most to least cost effective were as follows: Varenicline (cost: $55,614, QALY: 3.70), NRT+Counseling (cost: $58,878, QALY: 3.69), NRT (cost: $59,540, QALY: 3.69), Counseling (cost: $61,029, QALY: 3.68), and No Program (cost: $63,601, QALY: 3.67). Three-way sensitivity analysis demonstrated that No Program was only more cost effective when every strategy's cost exceeded approximately 10 times their estimated costs. The PSA showed that No Program was the most cost-effective system money over No Program. Health-care systems should consider funding smoking cessation programs for CD, as they improve health outcomes and reduce costs.

Monitoring and evaluating transition and sustainability of donor-funded programs: Reflections on the Avahan experience.

Science.gov (United States)

Bennett, Sara; Ozawa, Sachiko; Rodriguez, Daniela; Paul, Amy; Singh, Kriti; Singh, Suneeta

2015-10-01

In low and middle-income countries, programs funded and implemented by international donors frequently transition to local funding and management, yet such processes are rarely evaluated. We reflect upon experience evaluating the transition of a large scale HIV/AIDS prevention program in India, known as Avahan, in order to draw lessons about transition evaluation approaches and implementation challenges. In terms of conceptualizing the transition theory, the evaluation team identified tensions between the idea of institutionalizing key features of the Avahan program, and ensuring program flexibility to promote sustainability. The transition was planned in three rounds allowing for adaptations to transition intervention and program design during the transition period. The assessment team found it important to track these changes in order to understand which strategies and contextual features supported transition. A mixed methods evaluation was employed, combining semi-structured surveys of transitioning entities (conducted pre and post transition), with longitudinal case studies. Qualitative data helped explain quantitative findings. Measures of transition readiness appeared robust, but we were uncertain of the robustness of institutionalization measures. Finally, challenges to the implementation of such an evaluation are discussed. Given the scarceness of transition evaluations, the lessons from this evaluation may have widespread relevance. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

Mutual Fund Competition and Stock Market Liquidity

OpenAIRE

Massa, Massimo

2004-01-01

We study how competition in the mutual fund industry affects stock market liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds and sharing common research facilities. The family-based organization generates economies of scale in information that induce a trade off between performance and number of funds. The presence of more and relatively less-informed funds impacts the market, increasing stock liquidity. This in...

Namibia - Vocational Training Grant Fund

Data.gov (United States)

Millennium Challenge Corporation — The impact evaluation of the Vocational Training Grant Fund (VTGF) subactivity in Namibia used a random assignment design to determine the effects of VTGF-funded...

Teacher Evaluation, Pay for Performance, and Learning around Instruction: Between Dissonant Incentives and Resonant Procedures

Science.gov (United States)

Mintrop, Rick; Ordenes, Miguel; Coghlan, Erin; Pryor, Laura; Madero, Cristobal

2018-01-01

Purpose: The study examines why the logic of a performance management system, supported by the federal Teacher Incentive Fund, might be faulty. It does this by exploring the nuances of the interplay between teaching evaluations as formative and summative, the use of procedures, tools, and artifacts obligated by the local Teacher Incentive Fund…

Impact of Competition on Mutual Fund Marketing Expenses

Directory of Open Access Journals (Sweden)

Sitikantha Parida

2018-03-01

Full Text Available In this paper, I study the impact of market competition on mutual fund marketing expenses. In a sample of US domestic equity mutual funds, I find that marketing expenses decrease with the competition. This effect is stronger for top-performing funds. These results are counterintuitive, as one would ordinarily expect funds to incur more marketing expenses in response to pressure from competing funds. However, these results support the narrative that mutual funds employ marketing to draw attention to their performance in a tournament-like market, where the top-performing funds (the winners are rewarded with disproportionately high new investments. Higher competition decreases the chances of each fund to outperform the others and adversely affect their ability to attract new investments, and the funds respond by decreasing marketing expenses. Thus, competition appears to have implications for investor search cost.

Government Performance and Results Act Reporting on Defense Working Capital Funds Net Operating Results

National Research Council Canada - National Science Library

2001-01-01

.... The overall objective of the audit was to determine whether the net operating results for the activity groups of the Defense Working Capital Fund were consistently and accurately compiled. We also assessed internal controls to determine whether management complied with the Government Performance and Results Act of 1993.

The potential economic and environmental impact of a Public Benefit Fund in Louisiana

International Nuclear Information System (INIS)

Kaiser, M.J.; Pulsipher, A.G.; Baumann, R.H.

2004-01-01

Public Benefit Fund programs are one approach to provide energy assistance to low-income households placed at risk in a competitive electric industry. The purpose of this paper is to assess the potential economic and environmental impact of a proposed Public Benefit Fund for the state of Louisiana. The 'best available' model to estimate the relationship between the cost of Public Benefit Fund programs and the benefits delivered by its implementation would be based on an evaluation of existent energy conservation and weatherization programs in the state, but unfortunately, such an evaluation has not been previously performed and so the 'next best' analytic model was employed. The impact of a Public Benefit Fund on energy savings and environmental consequences is assessed through a simulation model and input-output analysis. The model developed is based on publicly available data and infer results under a reasonable assumption set. The model structure and system assumptions of the Public Benefit Fund program are described, realistic policy alternatives are examined--including cost-ceiling, variable funding, and target group strategies--and the limitations of the analysis are outlined

The potential economic and environmental impact of a Public Benefit Fund in Louisiana

International Nuclear Information System (INIS)

Kaiser, Mark J.; Pulsipher, Allan G.; Baumann, Robert H.

2004-01-01

Public Benefit Fund programs are one approach to provide energy assistance to low-income households placed at risk in a competitive electric industry. The purpose of this paper is to assess the potential economic and environmental impact of a proposed Public Benefit Fund for the state of Louisiana. The 'best available' model to estimate the relationship between the cost of Public Benefit Fund programs and the benefits delivered by its implementation would be based on an evaluation of existent energy conservation and weatherization programs in the state, but unfortunately, such an evaluation has not been previously performed and so the 'next best' analytic model was employed. The impact of a Public Benefit Fund on energy savings and environmental consequences is assessed through a simulation model and input-output analysis. The model developed is based on publicly available data and infer results under a reasonable assumption set. The model structure and system assumptions of the Public Benefit Fund program are described, realistic policy alternatives are examined, including cost-ceiling, variable funding, and target group strategies, and the limitations of the analysis are outlined. (Author)

Pension Fund

CERN Multimedia

2003-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

Analysis of the performance and cost effectiveness of nine small wind energy conversion systems funded by the DOE small grants program

Energy Technology Data Exchange (ETDEWEB)

Kay, Joshua [Univ. of California, Berkeley, CA (United States)

1982-04-01

This report presents an analysis of the technical performance and cost effectiveness of nine small wind energy conversion systems (SWECS) funded during FY 1979 by the U.S. Department of Energy. Chapter 1 gives an analytic framework with which to evaluate the systems. Chapter 2 consists of a review of each of the nine projects, including project technical overviews, estimates of energy savings, and results of economic analysis. Chapter 3 summarizes technical, economic, and institutional barriers that are likely to inhibit widespread dissemination of SWECS technology.

Evaluation of medical research performance--position paper of the Association of the Scientific Medical Societies in Germany (AWMF).

Science.gov (United States)

Herrmann-Lingen, Christoph; Brunner, Edgar; Hildenbrand, Sibylle; Loew, Thomas H; Raupach, Tobias; Spies, Claudia; Treede, Rolf-Detlef; Vahl, Christian-Friedrich; Wenz, Hans-Jürgen

2014-01-01

The evaluation of medical research performance is a key prerequisite for the systematic advancement of medical faculties, research foci, academic departments, and individual scientists' careers. However, it is often based on vaguely defined aims and questionable methods and can thereby lead to unwanted regulatory effects. The current paper aims at defining the position of German academic medicine toward the aims, methods, and consequences of its evaluation. During the Berlin Forum of the Association of the Scientific Medical Societies in Germany (AWMF) held on 18 October 2013, international experts presented data on methods for evaluating medical research performance. Subsequent discussions among representatives of relevant scientific organizations and within three ad-hoc writing groups led to a first draft of this article. Further discussions within the AWMF Committee for Evaluation of Performance in Research and Teaching and the AWMF Executive Board resulted in the final consented version presented here. The AWMF recommends modifications to the current system of evaluating medical research performance. Evaluations should follow clearly defined and communicated aims and consist of both summative and formative components. Informed peer reviews are valuable but feasible in longer time intervals only. They can be complemented by objective indicators. However, the Journal Impact Factor is not an appropriate measure for evaluating individual publications or their authors. The scientific "impact" rather requires multidimensional evaluation. Indicators of potential relevance in this context may include, e.g., normalized citation rates of scientific publications, other forms of reception by the scientific community and the public, and activities in scientific organizations, research synthesis and science communication. In addition, differentiated recommendations are made for evaluating the acquisition of third-party funds and the promotion of junior scientists. With the

ARGICULTURAL LAND PROTECTION FUND AND FOREST FUND AS ECOLOGICAL FUNDS

OpenAIRE

Bartosz Bartniczak

2009-01-01

Funds for environmental protection and water management, Agricultural Land Protection Fund and Forest Fund make up the Polish system of special fund in environment protection. The main aim of this article is to analyze the activity of two latest funds. The article tries to answer the question whether that funds could be considered as ecological funds. The author described incomes and outlays of that funds and showed which reform should be done in Polish special funds system.

[Evaluating the impact of the United Nations funding act].

Science.gov (United States)

1987-01-01

Representatives of the principal donors supporting population assistance in India are concerned about the impact of the cuts in funds given by the US to the United Nations Fund for Population Activities (UNFPA). The suppression of US aid to the UNFPA will definitely affect the largest programs, including those in South Asia. India is the country receiving the most assistance from the UNFPA. The UNFPA contributed 63 million dollars for the current 5 year plan which began in April 1985. US spokesmen stated that UNFPA funding was cut off because of that organization's support for coercive family planning programs in China.

The rise of Asian sovereign wealth funds

OpenAIRE

Borst, Nicholas

2015-01-01

This Asia Focus provides an overview of sovereign wealth funds, evaluates the structure and activities of major funds in Asia, and compares the transparency of Asian funds relative to international best practices.

The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds

Directory of Open Access Journals (Sweden)

Luminiţa NICOLESCU

2016-12-01

Full Text Available The non-banking sector has an important place in financial markets. Therefore, the performance of financial markets can be looked at in different countries by analyzing the evolution of mutual funds, in terms of their inflows and outflows. This is even more important in the recent period, due to the recent global financial distress. Numerous studies, most of them conducted in the US, illustrate that flows are highly dependent on the previous performance and that a common behavior of investors is rather to look for highly performing funds than to give up the poorly performing ones. This paper studies the flows of funds into and out of Hungarian mutual funds during the period 2007-2014. The evolution of the mutual funds market depends on investor’s behavior and the paper analyzes the behavior of investors. The paper also tries to evaluate if and how the financial crisis affected the investing behavior of Hungarian investors. The main findings of the research illustrate that there are a number of factors that influence the way investors make their decisions. Among those fund flows in the previous month is the factor that influences the most the current flows, illustrating that Hungarians invest only in funds that attracted previously more new money. Other factors with a significant influence on the investors’ behavior are the size of the fund (measured through the net assets and the risk (measured through the standard deviations of returns. The factor that surprisingly seems to have less influence on Hungarian inv estors’ decisions is the performance either measured as the evolution of the fund category or the rank and the square rank of the fund in its category. Another important finding was that data proved that the financial crisis had an impact on the capital market in Hungary, as investments decreased in that particular period and mutual funds performances were lower.

A Fund of Wisdom

DEFF Research Database (Denmark)

Seabrooke, Leonard; Broome, André

2006-01-01

The International Monetary Fund spends most of its time monitoring its member states' economic performance and advising on institutional change. While much of the literature sees the Fund as a policy enforcer in "emerging market" and "frontier" economies, little attention has been paid to exploring...... for change on the basis of like-characteristics among economies. Many Western states, particularly small open economies, consider the Fund's advice as important not only for technical know-how, but because Fund assessments are significant to international and domestic political audiences. This article traces...... the Fund's advice on taxation and monetary reform to two coordinated market economies, Denmark and Sweden, and two liberal market economies, Australia and New Zealand from 1975 to 2004. It maps how the Fund advocated "policy revolutions" and "policy recombinations" during this period, advice that coincided...

Value-Added Funding: A Simple, Easy-to-Understand Model to Reward Performance. DO THIS!

Science.gov (United States)

Complete College America, 2012

2012-01-01

The mere mention of so-called "performance funding" makes college presidents and the higher education community nervous. It's an understandable reaction to a concept that too often results in an overly complex outcome. Still, the basic principle of "investing the limited resources states have in the results they want" is fundamentally sound--and…

GPRA (Government Performance and Results Act) and research evaluation for basic science

International Nuclear Information System (INIS)

Takahashi, Shoji

2002-08-01

The purpose of the Government Performance and Results Act of 1993 (GPRA) is to ask federal agencies for evaluating their program performance especially from cost-efficiency aspect and to report to Congress. GPRA is to hold agencies accountable for their programs by requiring that they think strategically (in most cases every 5 years) and set, measure and report goals annually. The agencies which have responsibilities for enhancing basic science like Department of Energy (DOE) and National Science Fund (NSF) are not excluded by reasons of the difficulties of economic evaluations. In Japan, based on 'the Rationalization program for the public corporations' of 2001, the research developing type corporations should make a cost-performance evaluation in addition to the conventional ones. They have same theme as US agencies struggles. The purpose of this report is to get some hints for this theme by surveying GPRA reports of DOE and NSF and analyzing related information. At present, I have to conclude although everybody accepts the necessities of socio-economic evaluations and investment criteria for basic research, studies and discussions about ways and means are still continuing even in the US. (author)

Application of data envelopment analysis in measuring the efficiency of mutual fund

Science.gov (United States)

Nik, Marzieh Geramian; Mihanzadeh, Hooman; Izadifar, Mozhgan; Nik, Babak Geramian

2015-05-01

The growth of mutual fund industry during the past decades emphasizes the importance of this investment vehicle particularly in prosperity of financial markets and in turn, financial growth of each country. Therefore, evaluating the relative efficiency of mutual funds as investment tool is of importance. In this study, a combined model of DEA (data envelopment analysis), and goal programming (GoDEA) approaches contributes widely to analyze the return efficiency of Mutual Funds in an attempt to separate efficient and inefficient Funds as well as identifying the inefficiency resources. Mixed asset local funds, which are managed jointly by CIMB and Public Mutual Berhad, have been selected for the purpose of this paper. As a result, Public Small Cap Fund (P Small Cap) is regarded as the most efficient mutual fund during the period of study. The integrated model aims to first guide investors to choose the best performing fund among other mutual funds, secondly provides the realistic and appropriate benchmark in compare to other classic method, and finally confirms the utility of data envelopment analysis (DEA) as decision-making tool.

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

Interactions between Energy Efficiency Programs funded under the Recovery Act and Utility Customer-Funded Energy Efficiency Programs

Energy Technology Data Exchange (ETDEWEB)

Goldman, Charles A.; Stuart, Elizabeth; Hoffman, Ian; Fuller, Merrian C.; Billingsley, Megan A.

2011-02-25

Since the spring of 2009, billions of federal dollars have been allocated to state and local governments as grants for energy efficiency and renewable energy projects and programs. The scale of this American Reinvestment and Recovery Act (ARRA) funding, focused on 'shovel-ready' projects to create and retain jobs, is unprecedented. Thousands of newly funded players - cities, counties, states, and tribes - and thousands of programs and projects are entering the existing landscape of energy efficiency programs for the first time or expanding their reach. The nation's experience base with energy efficiency is growing enormously, fed by federal dollars and driven by broader objectives than saving energy alone. State and local officials made countless choices in developing portfolios of ARRA-funded energy efficiency programs and deciding how their programs would relate to existing efficiency programs funded by utility customers. Those choices are worth examining as bellwethers of a future world where there may be multiple program administrators and funding sources in many states. What are the opportunities and challenges of this new environment? What short- and long-term impacts will this large, infusion of funds have on utility customer-funded programs; for example, on infrastructure for delivering energy efficiency services or on customer willingness to invest in energy efficiency? To what extent has the attribution of energy savings been a critical issue, especially where administrators of utility customer-funded energy efficiency programs have performance or shareholder incentives? Do the new ARRA-funded energy efficiency programs provide insights on roles or activities that are particularly well-suited to state and local program administrators vs. administrators or implementers of utility customer-funded programs? The answers could have important implications for the future of U.S. energy efficiency. This report focuses on a selected set of ARRA-funded

Investible benchmarks & hedge fund liquidity

OpenAIRE

Freed, Marc S; McMillan, Ben

2011-01-01

A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this misattribution. Using an option-based model, we find evidence that the value of liquidity options that investors implicitly grant managers when they invest may account for part or even all hedge fund returns. C...

Performance-based evaluation of graphic displays for nuclear-power-plant control rooms

International Nuclear Information System (INIS)

Petersen, R.J.; Banks, W.W.; Gertman, D.I.

1982-01-01

This paper reports several methodologies for evaluating the perceptual and perceptual/decision making aspects of displays used in the control rooms of nuclear power plants. This NRC funded study focuses upon the Safety Parameter Display System (SPDS) and relates the utility of the display to objective performance and preference measures obtained in experimental conditions. The first condition is a traditional laboratory setting where classical experimental methodologies can be employed. The second condition is an interactive control room simulation where the operator's performance is assessed while he/she operates the simulator. The third condition is a rating scale designed to assess operator preferences and opinions regarding a variety of display formats. The goal of this study is the development of a cost-efficient display evaluation methodology which correlates highly with the operator's ability to control a plant

Neuropsychological performance and integrated evaluation for disabled people using Virtual Reality: integrated VR profile.

Science.gov (United States)

Piccini, PierAntonio

2002-01-01

This chapter describes a Virtual Reality (VR) based innovative model of evaluation of the performance and potentiality of young mentally/psychically disabled subjects with learning difficulties. Using an immersive PC-based VR system, the study investigated the characteristics of 150 disabled subjects in the EU funded project "Horizon O.D.A.--Catania-1998--2000". The result is the definition of an individual neuropsychological "Integrated Profile", based on VR performance, that allows an objective functional benchmark between different subjects. This model can be used to investigate the possibility of job integration for mentally/psychically disabled subjects.

Mutual Fund Flight-to-Liquidity

DEFF Research Database (Denmark)

Rzeznik, Aleksandra

This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio – often referred to as a ‘flight-to-liquidity.’ In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

Mutual Fund Flight-to-Liquidity

DEFF Research Database (Denmark)

Rzeznik, Aleksandra

This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio { often referred to as a `flight-to-liquidity.' In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

Incentive Contracts and Hedge Fund Management

OpenAIRE

Jens Carsten Jackwerth; James E. Hodder

2005-01-01

This paper investigates dynamically optimal risk-taking by an expected-utility maximizing manager of a hedge fund. We examine the effects of variations on a compensation structure that includes a percentage management fee, a performance incentive for exceeding a specified highwater mark, and managerial ownership of fund shares. In our basic model, there is an exogenous liquidation barrier where the fund is shut down due to poor performance. We also consider extensions where the manager can vo...

INDEXING AND INDEX FUNDS

Directory of Open Access Journals (Sweden)

HAKAN SARITAŞ

2013-06-01

Full Text Available Proponents of the efficient market hypothesis believe that active portfolio management is largely wasted effort and unlikely to justify the expenses incurred. Therefore, they advocate a passive investment strategy that makes no attempt to outsmart the market. One common strategy for passive management is indexing where a fund is designed to replicate the performance of a broad-based index of stocks and bonds. Traditionally, indexing was used by institutional investors, but today, the use of index funds proliferated among individual investors. Over the years, both international and domestic index funds have disproportionately outperformed the market more than the actively managed funds have.

What is a good eco or energy fund? - A checklist for investors

International Nuclear Information System (INIS)

Knoerzer, A.

2002-01-01

This article examines the factors that should be taken into account when making decisions on the purchase of shares in so-called eco-investment funds. Apart from the basic characteristics relevant to this type of financial instrument - sustainability, economics, environmental and social aspects - the author examines the financial competence of the investment fund provider and the management organisations involved. Also, the availability of know-how in the environmental and social sectors is considered to be an important point when judging the quality and research concepts of the institution offering the funds. The author makes further recommendations on factors that should be checked out including interdisciplinarity of the investment fund's management team, the methods used for evaluation and - particularly for investment funds in the energy area - the number and range of companies invested in. The article is concluded with a table giving details on a selection of 'eco'-investment funds, their management and performance

Visegrad Four countries: evaluation in R&D sectors of performance

Directory of Open Access Journals (Sweden)

Nina Bočková

2013-01-01

Full Text Available Competitiveness is currently being studied by many economic analyses. Generalization of the countries’ competitiveness definition as a measure of understanding of the performance evaluation economies is important. Visegrad Four countries: Hungary, the Czech Republic, Slovakia and Poland were admitted to the European Union in May 2004. EU Member States must respect the common EU objectives. The European Union, as expressed in the strategy Europe 2020, is obliged to increase competitiveness, innovation, by introduction of modern technology and especially the growth R&D investment. Limited data to evaluate R&D expenditure: inconsistencies in the R&D support, the absence of data concerning the other means of financing in the sector BERD, limitations of statistical data on the number of innovations only to firms with R&D activities. The aim of this paper is to evaluate the development of R&D expenditures by sector of funding in the Visegrad Four countries in comparison with the values of the EU-27 and countries of Visegrad Four together.

PENSION FUND

CERN Multimedia

2002-01-01

The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

Evaluating Nonclinical Performance of the Academic Pathologist: A Comprehensive, Scalable, and Flexible System for Leadership Use.

Science.gov (United States)

Wiles, Austin Blackburn; Idowu, Michael O; Clevenger, Charles V; Powers, Celeste N

2018-01-01

Academic pathologists perform clinical duties, as well as valuable nonclinical activities. Nonclinical activities may consist of research, teaching, and administrative management among many other important tasks. While clinical duties have many clear metrics to measure productivity, like the relative value units of Medicare reimbursement, nonclinical performance is often difficult to measure. Despite the difficulty of evaluating nonclinical activities, nonclinical productivity is used to determine promotion, funding, and inform professional evaluations of performance. In order to better evaluate the important nonclinical performance of academic pathologists, we present an evaluation system for leadership use. This system uses a Microsoft Excel workbook to provide academic pathologist respondents and reviewing leadership a transparent, easy-to-complete system that is both flexible and scalable. This system provides real-time feedback to academic pathologist respondents and a clear executive summary that allows for focused guidance of the respondent. This system may be adapted to fit practices of varying size, measure performance differently based on years of experience, and can work with many different institutional values.

The balancing role of evaluation mechanisms: cases of publicly funded research institutions: MPG, HGF, and CAS

NARCIS (Netherlands)

Luo, Junwen

2016-01-01

Evaluation has been designed and used as an instrument of organisational governance for publicly funded research institutions (PRIs). Such an instrument can justify external public support and provide internal evidence for decision-making and organisational learning. Under given national and

Towards Reliable Evaluation of Anomaly-Based Intrusion Detection Performance

Science.gov (United States)

Viswanathan, Arun

2012-01-01

This report describes the results of research into the effects of environment-induced noise on the evaluation process for anomaly detectors in the cyber security domain. This research was conducted during a 10-week summer internship program from the 19th of August, 2012 to the 23rd of August, 2012 at the Jet Propulsion Laboratory in Pasadena, California. The research performed lies within the larger context of the Los Angeles Department of Water and Power (LADWP) Smart Grid cyber security project, a Department of Energy (DoE) funded effort involving the Jet Propulsion Laboratory, California Institute of Technology and the University of Southern California/ Information Sciences Institute. The results of the present effort constitute an important contribution towards building more rigorous evaluation paradigms for anomaly-based intrusion detectors in complex cyber physical systems such as the Smart Grid. Anomaly detection is a key strategy for cyber intrusion detection and operates by identifying deviations from profiles of nominal behavior and are thus conceptually appealing for detecting "novel" attacks. Evaluating the performance of such a detector requires assessing: (a) how well it captures the model of nominal behavior, and (b) how well it detects attacks (deviations from normality). Current evaluation methods produce results that give insufficient insight into the operation of a detector, inevitably resulting in a significantly poor characterization of a detectors performance. In this work, we first describe a preliminary taxonomy of key evaluation constructs that are necessary for establishing rigor in the evaluation regime of an anomaly detector. We then focus on clarifying the impact of the operational environment on the manifestation of attacks in monitored data. We show how dynamic and evolving environments can introduce high variability into the data stream perturbing detector performance. Prior research has focused on understanding the impact of this

The Association Between NIMH Funding and h-index in Psychiatry.

Science.gov (United States)

Saraykar, Smita; Saleh, Ayman; Selek, Salih

2017-08-01

Academic productivity is measured under many domains: number of high impact publications, objective bibliometrics, securing extra-mural funding, etc. Citation impact is measured by an objective bibliometric called h-index. Securing funding from the National Institute of Mental Health (NIMH) is considered prestigious in the field of psychiatry. It is unknown if NIMH takes into consideration the author's h-index during the grant review process. The goal of this study was to determine the correlation between a principal investigator's (PI's) h-index and the NIMH funding. Correlational analysis was conducted on publicly available 2012 NIMH funding data to assess the relationship between NIMH funding and a PI's h-index. A simple linear regression was calculated to predict the h-index based on the amount of funding offered to the PI. A total of 139 PIs and their corresponding h-index and NIMH funding (direct, indirect, and total cost) were included. A strong correlation was found between h-index and NIMH funding: direct cost (r = 0.632, p h-index, β = 0.821, t (2.599), p h-index, R 2  = 0.410, F (3, 119) = 27.59, p h-index and securing NIMH funding. Thus, h-index stands out as a reliable measure for assessing the impact of scholarly contributions in academic psychiatry and can be used as an adjunct for performance evaluations, appointment, and promotions in academia.

Building High-Performing and Improving Education Systems. Systems and Structures: Powers, Duties and Funding. Review

Science.gov (United States)

Slater, Liz

2013-01-01

This Review looks at the way high-performing and improving education systems share out power and responsibility. Resources--in the form of funding, capital investment or payment of salaries and other ongoing costs--are some of the main levers used to make policy happen, but are not a substitute for well thought-through and appropriate policy…

Securing decommissioning funds. Why organization matters?

International Nuclear Information System (INIS)

Tchapga, F.

2005-01-01

Full text: Securing decommissioning funds requires that the financial resources set aside for the purpose of decommissioning be managed prudently. Decommissioning of nuclear power plant is prescribed by National Atomic Laws or by other nuclear legislation. It is a mandatory operation. The operators of nuclear power plants set money aside for that purpose. This is known as 'Decommissioning reserve fund'. Decommissioning implies costs very distant in time. Thus, it is obvious, from an economic point of view, that the funds set aside should be managed. As decommissioning is mandatory, the funds accumulated should be secured. In others words, they should be available when needed. Availability of funds is influenced by endogenous and exogenous factors. Endogenous factors are a matter of design of the reserve funds. They include the management of the funds, its monitoring and control... Availability of funds is influenced by these factors, depending on the rules to which the behaviour of the manager of the funds is subjected. In contrast, exogenous factors deal with the energy context. These factors are mainly the electricity sector organisation and/or the overall economic situation. They are decisive factors of the economic performance of the reserve fund for a given design. Therefore, the requirement of availability of funds, when needed, is a matter of compatibility between the design of the decommissioning funds and the electricity context. Put differently, reserve fund's design need to be consistent with the electricity context's features in respect of the availability of funds. Current reserve funds were designed in a context of monopoly regime. In this context, availability of decommissioning funds was not questionable. At least, as far as the design of the reserve funds is concerned. This is because nuclear generator didn't confront any competition pressure. Electricity prices were set trough rate base mechanism, and all the business risks were borne by the

Bureaucracy blights funding in Europe

Science.gov (United States)

Banks, Michael

2009-04-01

The process of applying for money from the Framework programme of the European Union (EU) is a "stain" on the EU's reputation and a "radical overhaul" of the administration is needed. That is the view of an independent panel of scientists charged with evaluating the €18bn Sixth Framework programme, which lasted from 2002 to 2006 and funded collaborative research performed within more than one country. The panel says that grants handed out by the programme take, on average, over a year to get approved, with a quarter of proposals taking more than 450 days before being signed.

On the Importance of Mutual Fund Families in Emerging Markets

OpenAIRE

Ekholm, Anders; Pasternack, Daniel; Sandvall, Thomas

2000-01-01

This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund fami...

An evaluation of the International Monetary Fund's claims about public health.

Science.gov (United States)

Stuckler, David; Basu, Sanjay; Gilmore, Anna; Batniji, Rajaie; Ooms, Gorik; Marphatia, Akanksha A; Hammonds, Rachel; McKee, Martin

2010-01-01

The International Monetary Fund's recent claims concerning its impact on public health are evaluated against available data. First, the IMF claims that health spending either does not change or increases with IMF-supported programs, but there is substantial evidence to the contrary. Second, the IMF claims to have relaxed strict spending requirements in response to the 2008-9 financial crisis, but there is no evidence supporting this claim, and some limited evidence from the Center for Economic Policy Research contradicting it. Third, the IMF states that wage ceilings on public health are no longer part of its explicit conditionalities to poor countries, as governments can choose how to achieve public spending targets; but in practice, ministers are left with few viable alternatives than to reduce health budgets to achieve specific IMF-mandated targets, so the result effectively preserves former policy. Fourth, the IMF's claim that it has increased aid to poor countries also seems to be contradicted by its policies of diverting aid to reserves, as well as evidence that a very small fraction of the Fund's new lending in response to the financial crisis has reached poor countries. Finally, the IMF's claim that it follows public health standards in tobacco control contrasts with its existing policies, which fail to follow the guidelines recommended by the World Bank and World Health Organization. The authors recommend that the IMF (1) become more transparent in its policies, practices, and data to allow improved independent evaluations of its impact on public health (including Health Impact Assessment) and (2) review considerable public health evidence indicating a negative association between its current policies and public health outcomes.

A systematic evaluation of payback of publicly funded health and health services research in Hong Kong

Directory of Open Access Journals (Sweden)

Chong Doris SY

2007-07-01

Full Text Available Abstract Background The Health and Health Services Research Fund (HHSRF is dedicated to support research related to all aspects of health and health services in Hong Kong. We evaluated the fund's outcomes and explored factors associated with the translation of research findings to changes in health policy and provider behaviour. Methods A locally suitable questionnaire was developed based on the "payback" evaluation framework and was sent to principal investigators of the completed research projects supported by the fund since 1993. Research "payback" in six outcome areas was surveyed, namely knowledge production, use of research in the research system, use of research project findings in health system policy/decision making, application of the research findings through changed behaviour, factors influencing the utilization of research, and health/health service/economic benefits. Results Principal investigators of 178 of 205 (87% completed research projects returned the questionnaire. Investigators reported research publications in 86.5% (mean = 5.4 publications per project, career advancement 34.3%, acquisition of higher qualifications 38.2%, use of results in policy making 35.4%, changed behaviour in light of findings 49.4%, evidence of health service benefit 42.1% and generated subsequent research in 44.9% of the projects. Payback outcomes were positively associated with the amount of funding awarded. Multivariate analysis found participation of investigators in policy committees and liaison with potential users were significantly associated with reported health service benefit (odds ratio [OR]participation = 2.86, 95% confidence interval [CI] 1.28–6.40; ORliaison = 2.03, 95% CI 1.05–3.91, policy and decision-making (ORparticipation = 10.53, 95% CI 4.13–26.81; ORliaison = 2.52, 95% CI 1.20–5.28, and change in behavior (ORparticipation = 3.67, 95% CI 1.53–8.81. Conclusion The HHSRF has produced substantial outcomes and compared

Ways to Evaluate the Success of Your Teacher Incentive Fund Project in Meeting TIF Goals

Science.gov (United States)

Milanowski, Anthony; Finster, Matthew

2016-01-01

This brief outlines some simple methods that Teacher Incentive Fund grants could add to their local evaluations to find out how well they are promoting attainment of the four overall TIF goals. The methods described in this brief can help grantees determine if they are moving toward improving effectiveness, student achievement, and equity.…

Indian mutual fund industry: Opportunities and challenges

OpenAIRE

Jayant R. Kale; Venkatesh Panchapagesan

2012-01-01

This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other is...

Comparison of investment opportunities in mutual funds

OpenAIRE

NOVÁKOVÁ, Petra

2012-01-01

This thesis deals with the comparison of selected mutual funds in the Czech Republic. The main aim of this thesis is to evaluate the situation on the securities market of mutual funds and help to the investor with right choice of mutual fund. Work is initially devoted to the characteristics and history of collective investment. The following section describes mutual funds their characteristics, classification, creation and termination. Conclusion of the theoretical part is devoted to investme...

76 FR 30286 - Community Development Revolving Loan Fund

Science.gov (United States)

2011-05-25

... Revolving Loan Fund AGENCY: National Credit Union Administration (NCUA). ACTION: Proposed rule. SUMMARY..., evaluates, and acts on credit union applications seeking loans and technical assistance grants from the Community Development Revolving Loan Fund (CDRLF or Fund). The proposed changes update the current rule to...

The Imprecise Science of Evaluating Scholarly Performance: Utilizing Broad Quality Categories for an Assessment of Business and Management Journals

Science.gov (United States)

Lange, Thomas

2006-01-01

In a growing number of countries, government-appointed assessment panels develop ranks on the basis of the quality of scholarly outputs to apportion budgets in recognition of evaluated performance and to justify public funds for future R&D activities. When business and management journals are being grouped in broad quality categories, a recent…

Funding oil and gas ventures

International Nuclear Information System (INIS)

Billingsley, L.T.

1992-01-01

This paper is addressed to geologists who must raise external funds for prospect acquisition, exploratory and development drilling, or to a limited extent, production acquisition. In the ranks of independent geologists, external funding is what separates a dreamer with a good idea from a successful oil and gas producer who gets ideas evaluated on a regular basis. The quantity of external funding usually dictates the level of drilling activity for independent geologists and small companies. Companies or individuals with high levels of internal cash flow set budgets to determine their drilling activity. The purpose of this paper is to provide an independent geologist with an overview of raising external funding. The scope is purposely general. The real motivation behind this paper is not to provide a cookbook for selling prospects. Instead, the author hopes to stimulate geologists to become students of salesmanship and thereby increase the effectiveness of their fund

Creative partnerships for funding nursing research.

Science.gov (United States)

McCann, Judith J; Hills, Elizabeth Blanchard; Zauszniewski, Jaclene A; Smith, Carol E; Farran, Carol J; Wilkie, Diana J

2011-02-01

The Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer Research (STTR) program are two federal funding mechanisms that some nurses in academic positions have used to support research and development of innovative nursing products or services. Both the SBIR and STTR mechanisms are excellent sources of funding for nurse researchers who want to capitalize on relationships with small businesses or obtain seed money to fund high-risk projects with potential to attract new venture capital. This article provides an overview of National Institutes of Health (NIH)-funded SBIR and STTR programs and summarizes similarities and differences between the programs. The article also describes unique features of NIH SBIR and STTR funding mechanisms that differentiate them from other R-series funding mechanisms, reviews evaluation criteria for SBIR and STTR projects, and discusses critical partners and resources for proposal development. Finally, the article describes characteristics of successful partnerships and provides examples of SBIR/STTR-funded projects.

40 CFR 63.2354 - What performance tests, design evaluations, and performance evaluations must I conduct?

Science.gov (United States)

2010-07-01

... evaluations, and performance evaluations must I conduct? 63.2354 Section 63.2354 Protection of Environment... tests, design evaluations, and performance evaluations must I conduct? (a)(1) For each performance test... procedures specified in subpart SS of this part. (3) For each performance evaluation of a continuous emission...

Examining the Performance of Indian Exchange Traded Funds (ETFs

Directory of Open Access Journals (Sweden)

Naman SETHI

2016-11-01

Full Text Available Exchange traded funds (ETFs are known to be a highly attractive mean of investment in today’s financial markets. The present study is an attempt to explain the risk and return features of Indian ETFs and their trading and expense characteristics. The performance of ETFs is measured and compared with their underlying indices. It is found that they underperformed the indices, the reasons being they load their investors with extra risk than their underlying indices. Further, it is found that tracking error is having a positive relationship with expenses and risk of ETFs. Interestingly, the average number of trades and the lagged return of previous day do not affect the volume of shares. The study uses daily closing prices, intraday high and low prices and the volume of the traded shares of 10 ETFs listed on the National Stock Exchang for the period 1st July, 2010 to 30th June, 2015. The non-included ETFs suffer from the restrictions of non-availability of historical prices for at least five years.

PENSION FUND ACCOUNTING: AN EVALUATION OF THE PERCEPTION OF ACCOUNTANTS, CONSULTANTS AND AUDITORS ON BRAZILIAN ACCOUNTING STANDARDS APPLICABLE

Directory of Open Access Journals (Sweden)

Carlos Augusto Pacheco Pereira

2016-03-01

Full Text Available The objective of the study is to verify the perception of accountants, auditors and consultants in relation to Brazilian accounting standards for pension funds. For this a questionnaire was prepared and sent to accountants, auditors and accounting of pension fund consultants. 132 were returned, of which 110 worked as an accountant in any entity, 8 rendering services as external auditors and 14 as consultants. The results obtained indicate that, in general, these professionals know the accounting standards for pension funds used in Brazil and believe that such standards are adequate, except for the period of addressing the deficit, provision for doubtful accounts, contingency reserve boundary and evaluation of real estate investments, in which the perception of the professionals is that the procedures in the international standard are more suitable.

An alternative mechanism for international health aid: evaluating a Global Social Protection Fund.

Science.gov (United States)

Basu, Sanjay; Stuckler, David; McKee, Martin

2014-01-01

Several public health groups have called for the creation of a global fund for 'social protection'-a fund that produces the international equivalent of domestic tax collection and safety net systems to finance care for the ill and disabled and related health costs. All participating countries would pay into a global fund based on a metric of their ability to pay and withdraw from the common pool based on a metric of their need for funds. We assessed how alternative strategies and metrics by which to operate such a fund would affect its size and impact on health system financing. Using a mathematical model, we found that common targets for health funding in low-income countries require higher levels of aid expenditures than presently distributed. Some mechanisms exist that may incentivize reduction of domestic health inequalities, and direct most funds towards the poorest populations. Payments from high-income countries are also likely to decrease over time as middle-income countries' economies grow.

[Prioritization and Consentation of Criteria for the Appraisal, Funding and Evaluation of Projects from the German Innovationsfonds: A multi-perspective Delphi study].

Science.gov (United States)

Schmitt, J; Petzold, T; Nellessen-Martens, G; Pfaff, H

2015-09-01

The German Innovationsfonds provides the chance for evidence-based developments of the German healthcare system. Prioritization of recommendations for an effective, efficient, fair, transparent, and sustainable granting of funds through a transparent, evidence-driven consensus-process involving all relevant stakeholder groups. Representatives from health and research policy, payers, patient representatives, healthcare providers, and scientists were invited to nominate participants for an electronic 3 round iterative Delphi-study to prioritize the thematic focus, requirements concerning study methods, the team of applicants, evaluation, utilization of study results, and for the selection of reviewers. Criteria considered as relevant by at least 60% of the panel (consensus definition) in the first 2 Delphi rounds were rated as facultative, preferable, or obligatory criteria for project funding. Data were analyzed descriptively. ( Datenbank Versorgungsforschung Deutschland VfD_15_003561). All invited stakeholder groups except payers participated. 34 (85%) of 40 nominated representatives participated in the Delphi-study. A total of 64 criteria were consented as relevant for project review and funding concerning the thematic focus (n=28), methodological requirements (n=13), requirements for applicants (n=4), for the evaluation (n=4), utilization (n=6), and selection of peer reviewers (n=9). It is the collective responsibility of all stakeholders to spend the designated funds as efficient and sustainable as possible. The consented recommendations shall serve decision makers as a resource for the granting of funds and the evaluation of the Innovationsfonds. © Georg Thieme Verlag KG Stuttgart · New York.

Evaluating the Student Loan Fund of Thailand

Science.gov (United States)

Tangkitvanich, Somkiat; Manasboonphempool, Areeya

2010-01-01

The Thai higher education sector has expanded quickly during the past decade, making a transition from an elitist to a mass institution. A driving force behind the expansion was believed to be the Student Loan Fund (SLF), introduced in 1996. During the first 10 years of its operation, the SLF has lent to more than 2.6 million students, with the…

Investable hedge fund indices: how expensive is liquidity ?

OpenAIRE

D. Maspero

2006-01-01

The paper reviews the performance of investable hedge fund indices compared to traditional noninvestable hedge fund indices. While investable indices are characterized by a higher level of liquidity they seem to lag the performance on a risk-adjusted basis of noninvestable indices

QUALITY-RELATED FUNDING IN ROMANIAN HIGHER EDUCATION THROUGHOUT 2003 – 2011: A GLOBAL ASSESSMENT

Directory of Open Access Journals (Sweden)

Gabriel-Alexandru Vîiu

2015-12-01

Full Text Available The article explores quality-related funding and its global outcomes in the context of Romanian higher education by focusing on the funding allocations provided to public universities throughout a period of nine years based on their institutional performance on the quality indicators integrated in the funding algorithm. Global funding allocations between universities are analysed and a summative appraisal for the entire nine-year window is provided. The article also explores the relation between quality- related funding, institutional disciplinary profiles and the results of a comprehensive evaluation conducted in 2011 by the Ministry of Education to complete a classification of the universities. The main findings indicate a low overall impact of qualityrelated funding for many institutions, but also a clear pattern in which universities focused on science, technology, engineering and mathematics overwhelmingly outperformed mixed institutions, as well as those focused on humanities, arts and social sciences. Furthermore, the global quality-related funding outcomes of the 2003 – 2011 period studied in the paper are shown to be significantly associated with the results of the 2011 classification

Casemix funding in Australia.

Science.gov (United States)

Braithwaite, J; Hindle, D; Phelan, P D; Hanson, R

1998-06-01

Casemix funding for hospitals with the use of diagnosis-related groups (DRGs), which organise patients' conditions into similar clinical categories with similar costs, was introduced in Australia five years ago. It has been applied in different ways and to a greater or lesser extent in different Australian States. Only Victoria and South Australia have implemented casemix funding across all healthcare services. Attempts have been made to formally evaluate its impact, but they have not met the required scientific standards in controlling for confounding factors. Casemix funding remains a much-discussed issue. In this Debate, Braithwaite and Hindle take a contrary position, largely to stimulate policy debate; Phelan defends the casemix concept and advocates retaining its best features; and Hanson adds a plea for consumer input.

Downside Risk Timing by Mutual Funds

OpenAIRE

Bodnaruk, Andriy; Chokaev, Bekhan; Simonov, Andrei

2015-01-01

We study whether mutual funds systematically manage downside risk of their portfolios in ways that improve their performance. We find that actively managed mutual funds on average possess positive downside risk timing ability. Funds investing in large-cap and value stocks have stronger downside risk timing skills. Managers adjust funds’ downside risk exposure in response to macroeconomic information. The economic value of downside risk timing is comparable to that of market timing.

7 CFR 282.2 - Funding.

Science.gov (United States)

2010-01-01

... of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE FOOD STAMP AND FOOD DISTRIBUTION PROGRAM DEMONSTRATION, RESEARCH, AND EVALUATION PROJECTS § 282.2 Funding. Federal financial participation may be made available to demonstration, research, and evaluation...

Evaluating the benefits of government funded R & D aimed at the private sector

Science.gov (United States)

Greenberg, J. S.

1977-01-01

Federal funding of technological research and development is discussed with regard to the procedures for an economic analysis with the goals of (1) determining when the public sector should invest in a research and development program, (2) evaluating the likelihood of private sector participation in terms of public sector participation, and (3) considering the major factors in the formulation of a research and development program in terms of defining initiatives. Public sector investments are evaluated, noting procedures for determining whether benefits exceed costs. The role of the public sector research and development planning is described, considering the procedure for private sector implementation decisions and a methodology for evaluating the possibility of private sector commercialization. The economic value of the public sector research and development program is presented with attention given to a specific case of NASA-sponsored research and development aimed toward the commercialization of new public communications services.

Indian mutual fund industry: Opportunities and challenges

Directory of Open Access Journals (Sweden)

Jayant R. Kale

2012-12-01

Full Text Available This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other issues, including the challenges posed by poor financial literacy, the equity culture in the country, and the weakly supportive regulatory environment.

A Continuous Improvement Capital Funding Model.

Science.gov (United States)

Adams, Matt

2001-01-01

Describes a capital funding model that helps assess facility renewal needs in a way that minimizes resources while maximizing results. The article explains the sub-components of a continuous improvement capital funding model, including budgeting processes for finish renewal, building performance renewal, and critical outcome. (GR)

75 FR 52010 - Land and Water Conservation Fund Description and Notification, Performance Reports, Agreements...

Science.gov (United States)

2010-08-24

... DEPARTMENT OF THE INTERIOR National Park Service Land and Water Conservation Fund Description and.... SUPPLEMENTARY INFORMATION: The Land and Water Conservation Fund Act of 1965 (LWCF Act) (16 U.S.C 4601-4 et seq... for this program: 1. Description and Notification Form Title: Land and Water Conservation Fund...

The role of the European Structural and Investment Funds in Financing Health System in Lithuania: Experience from 2007 to 2013 funding period and implications for the future.

Science.gov (United States)

Murauskiene, Liubove; Karanikolos, Marina

2017-07-01

European Structural and Investment Funds (ESIF) are a major source of investments in the newer EU member states. In Lithuania's health sector, the amount for the 2007-2013 funding period reached more than €400 million. In this paper we aim to (i) identify the key areas in the health sector which were supported by ESIF, (ii) determine the extent to which ESIF assisted the implementation of the ongoing health system reform; and (iii) assess whether the use of funds has led to expected improvements in healthcare. We review the national strategic documents and legislation, and perform calculations to determine funding allocations by specific area, based on the available data. We analyse changes according to a set of selected indicators. We find that implementation of programmes funded by the ESIF lacks formal evaluation. Existing evidence suggests that some improvement has been achieved by 2013. However, there are persisting challenges, including failure to reach a broad agreement on selection of health and healthcare indicators, lack of transparency in allocations, and absence of coherent assessment measures of healthcare quality and accessibility. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

Trust Fund Support for Development : An Evaluation of the World Bank's Trust Fund Portfolio

OpenAIRE

Independent Evaluation Group

2011-01-01

In the changing global environment of development cooperation, trust funds have emerged as a significant pillar of the global aid architecture, used to address limitations in bilateral aid and fill perceived gaps in the operations of existing multilateral institutions. They currently account for about 11 percent of official development assistance (ODA), and they finance a substantial part ...

Performance Evaluation of Banks Using DEA (Case study: Guilan Saderat Bank Branches

Directory of Open Access Journals (Sweden)

K. Shahroudi

2010-03-01

Full Text Available Performance evaluation has been developed in the form of management schools along by managerial thought development. Banks and financial institutes are one of the most important economic sections to each country which by receipts and payments directing and organizing facilitate business and commercial transactions and develop markets and economic growth and as the main pillars in directing and managing dispersed funds toward production units and regulate cash flow, have specific place in economic growth and inflation control. Therefore, it is necessary for banks to be aware about their branches efficiency and take revision techniques into account for their future planning. In this paper BCC and CCR models (output-oriented have been used to evaluate the efficiency of 29 sample Saderat bank branches in Guilan Province.

Performance Evaluation of Banks Using DEA (Case study: Guilan Saderat Bank Branches

Directory of Open Access Journals (Sweden)

K. Shahroudi

2012-07-01

Full Text Available Performance evaluation has been developed in the form of management schools along by managerial thought development. Banks and financial institutes are one of the most important economic sections to each country which by receipts and payments directing and organizing facilitate business and commercial transactions and develop markets and economic growth and as the main pillars in directing and managing dispersed funds toward production units and regulate cash flow, have specific place in economic growth and inflation control. Therefore, it is necessary for banks to be aware about their branches efficiency and take revision techniques into account for their future planning. In this paper BCC and CCR models (output-oriented have been used to evaluate the efficiency of 29 sample Saderat bank branches in Guilan Province.

Aging evaluation of active components by using performance evaluation

International Nuclear Information System (INIS)

Jung, S. K.; Jin, T. E.; Kim, J. S.; Jung, I. S.; Kim, T. R.

2003-01-01

Risk analysis and performance evaluation methodology were applied to the aging evaluation of active components in the periodic safety review of Wolsung unit 1. We conclude that evaluation of performance is more effective to discriminate the aging degradation of active component than the evaluation of aging mechanism. It is essential to analyze the common cause failures of low performance components to evaluate the properness of present maintenance system. Past 10 years failure history is used for establishing the performance criteria. Past 2 years failure history is used for the evaluating the recent performance condition. We analyze the failure mode of the components to improve the maintenance system. Performance evaluation methodology is useful for the quantitative evaluation of aging degradation of active components. Analysis on the repeated failures can be useful for the feedback to maintenance plan and interval

An evaluation of health benefit modification in Taft-Hartley health and welfare funds: implications for encouraging tobacco-cessation coverage.

Science.gov (United States)

Au-Yeung, Caroline M; Weisman, Susan R; Hennrikus, Deborah J; Forster, Jean L; Skoog, Rodney; Luneburg, Wade; Hesse, Bernie

2010-12-01

An estimated one fifth of all U.S. adult smokers receive health benefits through insurance plans administered by Taft-Hartley Health and Welfare Funds. Most funds do not offer comprehensive tobacco-cessation services to fund participants despite evidence that doing so would be cost effective and save lives. This paper examines the decision-making processes of Minnesota-based fund trustees and advisors to identify factors that influence decisions about modifications to benefits. Formative data about the process by which funds make health benefit modifications were collected in 2007-2008 from 25 in-depth key informant interviews with fund trustees and a cross-section of fund advisors, including administrators, attorneys, and healthcare business consultants. Analyses were performed using a general inductive approach to identify conceptual themes, employing qualitative data analysis software. The most commonly cited factors influencing trustees' decisions about health plan benefit modifications-including modifications regarding tobacco-cessation benefits-were benefit costs, participants' demand for services, and safeguarding participants' health. Barriers included information gaps, concerns about participants' response, and difficulty projecting benefit utilization and success. Advisors wielded considerable influence in decision-making processes. Trustees relied on a small pool of business, legal, and administrative advisors to provide guidance and recommendations about possible health plan benefit modifications. Providing advisors with evidence-based information and resources about benefit design, cost/return-on-investment (ROI), effectiveness, and promotion may be an effective means to influence funds to provide comprehensive tobacco-cessation benefits. Copyright © 2010 American Journal of Preventive Medicine. Published by Elsevier Inc. All rights reserved.

On the behavior of mutual fund investors and managers

OpenAIRE

Goriaev, A.P.

2002-01-01

This thesis investigates empirically and theoretically the behavior of mutual fund investors and managers. These two aspects are closely related to each other. Investors try to select funds that follow an optimal investment policy from their point of view, while fund managers are typically interested in maximizing net fund inflows. In the first part of the thesis, we analyze the determinants of mutual fund flows, concentrating on the impact of past performance on fund flows. In particular, we...

Neoliberalism, Performativity and Research

Science.gov (United States)

Roberts, Peter

2007-07-01

This paper provides a critical analysis of New Zealand's Performance Based Research Fund (PBRF). The first section sketches the development and implementation of the PBRF. The second section evaluates the scheme, concentrating on three themes: the relationship between privatization, competition and research performance; the standardization of research; and motivations for research. The paper acknowledges the thorough work completed by the Tertiary Education Advisory Commission and other policy groups in laying the foundation for the adoption of performance-based research funding in New Zealand. It is argued, however, that when viewed in its larger context, the PBRF constitutes a continuation of neoliberal trends already well established in New Zealand's tertiary education system.

Innovative funding solution for special projects: Crowd funding

Directory of Open Access Journals (Sweden)

Sentot Imam Wahjono

2015-06-01

Full Text Available The aim of this paper is to examine the influence of crowd funding knowledge, applica-tion, platform, and project initiator toward successful crowd funding. This study conducted by quantitative approach, data have been collected with web-based ques-tionnaires via Kickstarter.com direct message and e-mail to 200 successful crowd funding project initiators as a sample and as much 152 sets questionnaire returned by a complete answer and should be analyzed further. Deployment and data collection take 3 month from October to December 2013. This study found evidence that crowd funding knowledge, crowd funding application, crowd funding platform, and project initiator has positive and significant relationship toward the success of crowd funding. The implication from this research is crowd funding can be a source of capital to finance the projects, not just rely on traditional sources of financing just like banking and capital markets. Crowd funding can be innovative funding solution.

Funding in Spain

International Nuclear Information System (INIS)

Santiago, Juan Luis

2006-01-01

billing throughout the entire electricity sector. For other producers, tariffs for services rendered. General Radioactive Plan (June 2004 Rev.), Economic and Financial Aspects: The total amount obtained electricity tariff, plus the corresponding financial yield, shall cover the following costs: The management of radioactive wastes generated during electricity production by nuclear means from the origin. The management of radioactive wastes arising from research activities that, in the opinion of the Ministry of Economy, have been directly related to electricity production by nuclear means. The D and D of nuclear electricity generating facilities, as well as management of the resulting radioactive wastes. The D and D operations carried out as a result of uranium mining and milling activities performed prior to the constitution of ENRESA Other costs to be incurred by ENRESA for the performance of its missions in relation to the activities set out above. Financial Parameters: The Fund has to be provided during the operating lifetime of the nuclear power plants. The Fund includes provisions for waste/spent fuel management and decommissioning. The Fund required is based on Discounted Costs (Base Year: 1999, Inflation Rate: 2%, Discount Rate: 2.5%)

EVALUATION OF FINANCIAL PERFORMANCE OF UNIVERSITY HOSPITALS BY RATIO ANALYSIS METHOD

Directory of Open Access Journals (Sweden)

Ferda BÜLÜÇ

2017-09-01

Full Text Available This study aims to evaluate the financial performances of public university hospitals in Turkey; make contribution to the related literature in accordance with the findings and develop recommendations for the decision makers. Within the scope of the study, financial statements of revolving fund of the 43 public university hospitals for the years of 2013, 2014 and 2015 were obtained from the Ministry of Finance General Directorate of Public Accounts. Financial statements were evaluated by ratio analysis method. After analysing, it has been reached that the burden of debt of the hospitals were high,  they have been experiencing the problem of paying short term debts, stock turnover rates and turnover rates were low and the incomes of the hospitals can not cover their expenses. It is recomended that hospitals should use resources more efficiently and decision makers should consider education and research activities in budget allocation to university hospitals.

Multi-objective portfolio optimization of mutual funds under downside risk measure using fuzzy theory

Directory of Open Access Journals (Sweden)

M. Amiri

2012-10-01

Full Text Available Mutual fund is one of the most popular techniques for many people to invest their funds where a professional fund manager invests people's funds based on some special predefined objectives; therefore, performance evaluation of mutual funds is an important problem. This paper proposes a multi-objective portfolio optimization to offer asset allocation. The proposed model clusters mutual funds with two methods based on six characteristics including rate of return, variance, semivariance, turnover rate, Treynor index and Sharpe index. Semivariance is used as a downside risk measure. The proposed model of this paper uses fuzzy variables for return rate and semivariance. A multi-objective fuzzy mean-semivariance portfolio optimization model is implemented and fuzzy programming technique is adopted to solve the resulted problem. The proposed model of this paper has gathered the information of mutual fund traded on Nasdaq from 2007 to 2009 and Pareto optimal solutions are obtained considering different weights for objective functions. The results of asset allocation, rate of return and risk of each cluster are also determined and they are compared with the results of two clustering methods.

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

OpenAIRE

Clemens Sialm; Hanjiang Zhang

2015-01-01

Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’ investors. Such tax avoidance strategies constrain the investment opportunities of the mutual funds and might reduce their before-tax performance. Our paper empirically investigates the costs and benefits of...

ELECTIONS PENSION FUND CANDIDATE NO 2

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARDFirst Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you...

The Relationship of State Funding of Education to Student Performance on State Mandated Assessments in South Dakota

Science.gov (United States)

Price, Joel Philip

2012-01-01

This study determined the relationship of state funding to student performance on state mandated assessments in South Dakota between the years of 2003-2009. A cohort group of 40 school districts between 200 ADM and 600 ADM who had not reorganized were selected. Data was collected using the Dakota STEP assessment portal on the South Dakota…

Foster Youth Evaluate the Performance of Group Home Services in California

Science.gov (United States)

Green, Rex S.; Ellis, Peter T.

2008-01-01

In 2003 foster youth employed by a foster youth advocacy organization suggested that an evaluation of group home services to foster youth be conducted in Alameda County, California. This report presents the development and conduct of this evaluation study; how funding was obtained; and how foster youth were hired, trained, and employed to produce…

Pension fund excellence creating value for stakeholders

CERN Document Server

Ambachtsheer, Keith P.

1998-01-01

Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

Do social factors influence investment behavior and performance? Evidence from mutual fund holdings

NARCIS (Netherlands)

Borgers, Arian; Derwall, J.M.M.; Koedijk, Kees; ter Horst, Jenke

2015-01-01

We study the economic significance of social dimensions in investment decisions by analyzing the holdings of U.S. equity mutual funds over the period 2004-2012. Using these holdings, we measure funds' exposures to socially sensitive stocks in order to answer two questions. What explains

Decentralised Portfolio Management: Analysis of Australian Accumulation Funds

OpenAIRE

Hazel Bateman; Susan Thorp

2005-01-01

In Australia, pension fund trustees choose investment managers on behalf of members. We investigate the structure and performance of delegated investment choice in the Australian retirement incomes sector. We find that funds where trustees employ many managers generate higher risk-adjusted returns over the 3 year sample than those with few, but funds with 13 or fewer managers show no improvement over funds with a single diversified manager. All do worse than a benchmark portfolio of asset cla...

48 CFR 436.604 - Performance evaluation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Performance evaluation... Performance evaluation. Preparation of performance evaluation reports. (a) In addition to the requirements of FAR 36.604, performance evaluation reports shall be prepared for indefinite-delivery type contracts...

Research funding systems in Australia, New Zealand and the UK

DEFF Research Database (Denmark)

Lewis, Jenny; Ross, S

2011-01-01

The funding of research in universities is increasingly based on direction of resources in support of 'excellence'. Funding decisions are linked to evaluation through research funding systems, but there has so far been little comparative empirical research on the perceived effects of these system...

Investing for Impact: The Global Fund Approach to Measurement of AIDS Response.

Science.gov (United States)

Jain, Suman; Zorzi, Nathalie

2017-07-01

The Global Fund raises and invests nearly US$4 billion a year to support programs run in more than 140 countries. The Global Fund strategy 2012-2016 is focused on "Investing for Impact". In order to accomplish this, timely and accurate data are needed to inform strategies and prioritize activities to achieve greater coverage with quality services. Monitoring and evaluation is intrinsic to the Global Fund's system of performance-based funding. The Global Fund invests in strengthening measurement and reporting of results at all stages of the grant cycle. The Global Fund approach to measurement is based on three key principles-(1) simplified reporting: the Global Fund has updated its measurement guidance to focus on impact, coverage and quality with the use of a harmonized set of indicators. (2) Supporting data systems-based on a common framework developed and supported by partners, it promotes investment in five common data systems: routine reporting including HMIS; Surveys-population based and risk group surveys; Analysis, reviews and transparency; Administrative and financial data sources; and, Vital registration systems. (3) Strengthen data use: the Global Fund funding encourages use of data at all levels-national, subnational and site level. Countries do not automatically prioritize M&E but when guidance, tools and investments are available, there is high level utilization of M&E systems in program design, planning, implementation, and results reporting. An in-depth analysis of the available data helps the Global Fund and countries to direct investments towards interventions where impact could be achieved and focus on target population groups and geographic areas that are most affected.

Asset Management Costs and Financial Performance of Dutch Pension Funds in 2011-2014

NARCIS (Netherlands)

Hollanders, David

2016-01-01

The costs of Dutch pension funds have increased in the last decades. The costs, as a percentage of assets invested, doubled between 1992-2009. In 2014 total costs equalled 6.3 billion euro, or 19.6% of annual contributions. Asset management is the largest component of costs. Pension funds claim that

The Global Fund's paradigm of oversight, monitoring, and results in Mozambique.

Science.gov (United States)

Warren, Ashley; Cordon, Roberto; Told, Michaela; de Savigny, Don; Kickbusch, Ilona; Tanner, Marcel

2017-12-12

The Global Fund is one of the largest actors in global health. In 2015 the Global Fund was credited with disbursing close to 10 % of all development assistance for health. In 2011 it began a reform process in response to internal reviews following allegations of recipients' misuse of funds. Reforms have focused on grant application processes thus far while the core structures and paradigm have remained intact. We report results of discussions with key stakeholders on the Global Fund, its paradigm of oversight, monitoring, and results in Mozambique. We conducted 38 semi-structured in-depth interviews in Maputo, Mozambique and members of the Global Fund Board and Secretariat in Switzerland. In-country stakeholders were representatives from Global Fund country structures (eg. Principle Recipient), the Ministry of Health, health or development attachés bilateral and multilateral agencies, consultants, and the NGO coordinating body. Thematic coding revealed concerns about the combination of weak country oversight with stringent and cumbersome requirements for monitoring and evaluation linked to performance-based financing. Analysis revealed that despite the changes associated with the New Funding Model, respondents in both Maputo and Geneva firmly believe challenges remain in Global Fund's structure and paradigm. The lack of a country office has many negative downstream effects including reliance on in-country partners and ineffective coordination. Due to weak managerial and absorptive capacity, more oversight is required than is afforded by country team visits. In-country partners provide much needed support for Global Fund recipients, but roles, responsibilities, and accountability must be clearly defined for a successful long-term partnership. Furthermore, decision-makers in Geneva recognize in-country coordination as vital to successful implementation, and partners welcome increased Global Fund engagement. To date, there are no institutional requirements for

Pension Fund - ELECTIONS - Guillermo de la FUENTE

CERN Multimedia

2002-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: de la FUENTE First Name : Guillermo As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order to maximize Fund's y...

Active role of Finnish allocation fund managers:is your manager eating your savings?

OpenAIRE

Maharjan, S. (Sachendra)

2017-01-01

Abstract Many literatures conducted on mutual fund define its popularity among investors and financial analyst. The literatures can be basically summarized in three groups; Test of fund manager’s skills and stock selection, Analysis of fund characteristic and its performance, and lastly on the persistence of fund performance. From the balanced mutual fund data domiciled in Finland, this thesis study the role of active alloc...

Comparison of ETF´s performance related to the tracking error

Directory of Open Access Journals (Sweden)

Michaela Dorocáková

2017-12-01

Full Text Available With the development of financial markets, there is also immediate expansion of fund industry, which is a representative issue of collective investment. The purpose of index funds is to replicate returns and risk of underling index to the largest possible extent, with tracking error being one of the most monitored performance indicator of these passively managed funds. The aim of this paper is to describe several perspectives concerning indexing, index funds and exchange-traded funds, to explain the issue of tracking error with its examination and subsequent comparison of such funds provided by leading investment management companies with regard to different methods used for its evaluation. Our research shows that the decisive factor for occurrence of copy deviation is fund size and fund´s stock consolidation. In addition, performance differences between exchange-traded fund and its benchmark tend to show the signs of seasonality in the sense of increasing in the last months of a year.

Performance analysis of portuguese equity mutual funds: indexing vs active portfolio management

OpenAIRE

Ribeiro, Alexandra João Santana

2011-01-01

Master in Finance The present thesis was done with the objective of analyzing the portfolio management strategies followed by managers of Portuguese Equity Funds, using the PSI Geral as the benchmark. Thus, the quarter returns and compositions of portfolio were used. The market timing ability and the variables that may have influenced tracking error (vs. PSI Geral) were also analyzed. The main conclusion was that just 1 fund managed to put successfully into practice the active portfolio...

Theory of constraints for publicly funded health systems.

Science.gov (United States)

Sadat, Somayeh; Carter, Michael W; Golden, Brian

2013-03-01

Originally developed in the context of publicly traded for-profit companies, theory of constraints (TOC) improves system performance through leveraging the constraint(s). While the theory seems to be a natural fit for resource-constrained publicly funded health systems, there is a lack of literature addressing the modifications required to adopt TOC and define the goal and performance measures. This paper develops a system dynamics representation of the classical TOC's system-wide goal and performance measures for publicly traded for-profit companies, which forms the basis for developing a similar model for publicly funded health systems. The model is then expanded to include some of the factors that affect system performance, providing a framework to apply TOC's process of ongoing improvement in publicly funded health systems. Future research is required to more accurately define the factors affecting system performance and populate the model with evidence-based estimates for various parameters in order to use the model to guide TOC's process of ongoing improvement.

An Evaluation of Twenty Years of EU Framework Programme-funded Immune-mediated Inflammatory Translational Research in Non-human Primates

Directory of Open Access Journals (Sweden)

Krista Geraldine Haanstra

2016-11-01

Full Text Available Ageing western societies are facing an increasing prevalence of chronic inflammatory and degenerative diseases for which often no effective treatments exist, resulting in increasing health care expenditure. Despite high investments in drug development, the number of promising new drug candidates decreases. We propose that preclinical research in non-human primate can help to bridge the gap between drug discovery and drug prescription.Translational research covers various stages of drug development of which pre-clinical efficacy tests in valid animal models is usually the last stage. Pre-clinical research in non-human primates may be essential in the evaluation of new drugs or therapies when a relevant rodent model is not available. Non-human primate models for life-threatening or severely debilitating diseases in humans are available at the Biomedical Primate Research Centre (BPRC. These have been instrumental in translational research for several decades.In order to stimulate European health research and innovation from bench to bedside, the European Commission (EC has invested heavily in access to non-human primate research for more than 20 years. BPRC has hosted European users in a series of transnational access programs covering a wide range of research areas with the common theme being immune-mediated inflammatory disorders. We present an overview of the results and give an account of the studies performed as part of European Union Framework Programme (EU FP-funded translational non-human primate research performed at the BPRC. The data illustrate value of translational non-human primate research for the development of new therapies and emphasize the importance of EU FP funding

Critical success factors influencing the performance of development projects: An empirical study of Constituency Development Fund projects in Kenya

OpenAIRE

Debadyuti Das; Christopher Ngacho

2017-01-01

The present work attempts to identify critical success factors (CSFs) influencing the performance of development projects based on their key performance indicators (KPIs). It has considered the case of Constituency Development Fund (CDF) projects constructed between 2003 and 2011 in Kenya and secured the perceptions of 175 respondents comprising clients, consultants and contractors involved in the implementation of CDF projects on 30 success variables. Findings reveal that individual items co...

Human Performance Evaluation System

International Nuclear Information System (INIS)

Hardwick, R.J. Jr.

1985-01-01

Operating nuclear power plants requires high standards of performance, extensive training and responsive management. Despite our best efforts inappropriate human actions do occur, but they can be managed. An extensive review of License Event Reports (LERs) was conducted which indicated continual inadequacy in human performance and in evaluation of root causes. Of some 31,000 LERs, about 5,000 or 16% were directly attributable to inappropriate actions. A recent analysis of 87 Significant Event Reports (issued by INPO in 1983) identified inappropriate actions as being the most frequent root cause (44% of the total). A more recent analysis of SERs issued in 1983 and 1984 indicate that 52% of the root causes were attributed to human performance. The Human Performance Evaluation System (HPES) is a comprehensive, coordinated utility/industry system for evaluating and reporting human performance situtations. HPES is a result of the realization that current reporting system provide limited treatment of human performance and rarely provide adequate information about root causes of inappropriate actions by individuals. The HPES was implemented to identify and eliminate root causes of inappropriate actions

Exchange traded funds (etf): evaluation and portfolio building from etf’s

OpenAIRE

Valukonis, Mantas

2010-01-01

As the global financial crisis is started, investors are trying to look for new investment methods. During the meltdown of most shares, share investments are becoming unattractive, it decreases the liquidity of the exchange itself. As bears are dominating in share markets, more and more investors choose various alternatives of investments. One of them is Exchange Traded Funds, therefore a closer acquaintance with the management, features and advantages of these funds is needed. In order to ch...

An algorithm for calculating exam quality as a basis for performance-based allocation of funds at medical schools.

Science.gov (United States)

Kirschstein, Timo; Wolters, Alexander; Lenz, Jan-Hendrik; Fröhlich, Susanne; Hakenberg, Oliver; Kundt, Günther; Darmüntzel, Martin; Hecker, Michael; Altiner, Attila; Müller-Hilke, Brigitte

2016-01-01

The amendment of the Medical Licensing Act (ÄAppO) in Germany in 2002 led to the introduction of graded assessments in the clinical part of medical studies. This, in turn, lent new weight to the importance of written tests, even though the minimum requirements for exam quality are sometimes difficult to reach. Introducing exam quality as a criterion for the award of performance-based allocation of funds is expected to steer the attention of faculty members towards more quality and perpetuate higher standards. However, at present there is a lack of suitable algorithms for calculating exam quality. In the spring of 2014, the students' dean commissioned the "core group" for curricular improvement at the University Medical Center in Rostock to revise the criteria for the allocation of performance-based funds for teaching. In a first approach, we developed an algorithm that was based on the results of the most common type of exam in medical education, multiple choice tests. It included item difficulty and discrimination, reliability as well as the distribution of grades achieved. This algorithm quantitatively describes exam quality of multiple choice exams. However, it can also be applied to exams involving short assay questions and the OSCE. It thus allows for the quantitation of exam quality in the various subjects and - in analogy to impact factors and third party grants - a ranking among faculty. Our algorithm can be applied to all test formats in which item difficulty, the discriminatory power of the individual items, reliability of the exam and the distribution of grades are measured. Even though the content validity of an exam is not considered here, we believe that our algorithm is suitable as a general basis for performance-based allocation of funds.

An algorithm for calculating exam quality as a basis for performance-based allocation of funds at medical schools

Directory of Open Access Journals (Sweden)

Kirschstein, Timo

2016-05-01

Full Text Available Objective: The amendment of the Medical Licensing Act (ÄAppO in Germany in 2002 led to the introduction of graded assessments in the clinical part of medical studies. This, in turn, lent new weight to the importance of written tests, even though the minimum requirements for exam quality are sometimes difficult to reach. Introducing exam quality as a criterion for the award of performance-based allocation of funds is expected to steer the attention of faculty members towards more quality and perpetuate higher standards. However, at present there is a lack of suitable algorithms for calculating exam quality.Methods: In the spring of 2014, the students‘ dean commissioned the „core group“ for curricular improvement at the University Medical Center in Rostock to revise the criteria for the allocation of performance-based funds for teaching. In a first approach, we developed an algorithm that was based on the results of the most common type of exam in medical education, multiple choice tests. It included item difficulty and discrimination, reliability as well as the distribution of grades achieved. Results: This algorithm quantitatively describes exam quality of multiple choice exams. However, it can also be applied to exams involving short assay questions and the OSCE. It thus allows for the quantitation of exam quality in the various subjects and – in analogy to impact factors and third party grants – a ranking among faculty. Conclusion: Our algorithm can be applied to all test formats in which item difficulty, the discriminatory power of the individual items, reliability of the exam and the distribution of grades are measured. Even though the content validity of an exam is not considered here, we believe that our algorithm is suitable as a general basis for performance-based allocation of funds.

Comparative Analysis of Risk, Return and Diversification of Mutual Fund

Directory of Open Access Journals (Sweden)

Rais Ahmad

2015-01-01

Full Text Available Mutual Funds have become a widely popular and effective way for investors to participate in financial markets in an easy, low-cost fashion, while muting risk characteristics by spreading the investment across different types of securities, also known as diversification. It can play a central role in an individual's investment strategy. With the plethora of schemes available in the Indian markets, an investors needs to evaluate and consider various factors before making an investment decision. The present investigation is aimed to examine the performance of safest investment instrument in the security market in the eyes of investors. Five mutual fund large cap scheme have been selected for this purpose. The examination is achieved by assessing various financial tests like Sharpe Ratio, Standard Deviation, Alpha, and Beta. Furthermore, in-depth analysis also has been done by considering return over the period of last five years on various basis, expenses ratio, corpus-size etc. The data has been taken from various websites of mutual fund schemes and from www.valueresearch.com. The study will be helpful for the researchers and financial analysts to analyze various securities or funds while selecting the best investment alternative out of the galaxy of investment alternatives.

The performance indicators of model projects. A special evaluation

International Nuclear Information System (INIS)

1995-11-01

As a result of the acknowledgment of the key role of the Model Project concept in the Agency's Technical Co-operation Programme, the present review of the objectives of the model projects which are now in operation, was undertaken, as recommended by the Board of Governors, to determine at an early stage: the extent to which the present objectives have been defined in a measurable way; whether objectively verifiable performance indicators and success criteria had been identified for each project; whether mechanisms to obtain feedback on the achievements had been foreseen. The overall budget for the 23 model projects, as approved from 1994 to 1998, amounts to $32,557,560, of which 45% is funded by Technical Co-operation Fund. This represents an average investment of about $8 million per year, that is over 15% of the annual TC budget. The conceptual importance of the Model Project initiative, as well as the significant funds allocated to them, led the Secretariat to plan the methods to be used to determine their socio-economic impact. 1 tab

48 CFR 2936.604 - Performance evaluation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Performance evaluation... Performance evaluation. (a) The HCA must establish procedures to evaluate architect-engineer contractor... reports must be made using Standard Form 1421, Performance Evaluation (Architect-Engineer) as prescribed...

Allocating Scarce Resources Strategically - An Evaluation and Discussion of the Global Fund's Pattern of Disbursements

Science.gov (United States)

McCoy, David; Kinyua, Kelvin

2012-01-01

Background The Global Fund is under pressure to improve its rationing of financial support. This study describes the GF's pattern of disbursements in relation to total health expenditure (THE), government health expenditure (GHE), income status and the burden of HIV/AIDS, TB and malaria. It also examines the potential for recipient countries to increase domestic public financing for health. Methods This is a cross-sectional study of 104 countries that received Global Fund disbursements in 2009. It analyses data on Global Fund disbursements; health financing indicators; government revenue and expenditure; and burden of disease. Findings Global Fund disbursements made up 0.37% of THE across all 104 countries; but with considerable country variation ranging from 0.002% to 53.4%. Global Fund disbursements to government amounted to 0.47% of GHE across the 104 countries, but again with considerable variation (in three countries more than half of GHE was based on Global Fund support). Although the Global Fund provides progressively more funding for lower income countries on average, there is much variation at the country such that here was no correlation between per capita GF disbursements and per capita THE, nor between per capita GF disbursement to government and per capita GHE. There was only a slight positive correlation between per capita GF disbursement and burden of disease. Several countries with a high degree of 'financial dependency' upon the Fund have the potential to increase levels of domestic financing for health. Discussion The Global Fund can improve its targeting of resources so that it better matches the pattern of global need. To do this it needs to: a) reduce the extent to which funds are allocated on a demand-driven basis; and b) align its funding model to broader health systems financing and patterns of health expenditure beyond the three diseases. PMID:22590496

Allocating scarce resources strategically--an evaluation and discussion of the Global Fund's pattern of disbursements.

Directory of Open Access Journals (Sweden)

David McCoy

Full Text Available BACKGROUND: The Global Fund is under pressure to improve its rationing of financial support. This study describes the GF's pattern of disbursements in relation to total health expenditure (THE, government health expenditure (GHE, income status and the burden of HIV/AIDS, TB and malaria. It also examines the potential for recipient countries to increase domestic public financing for health. METHODS: This is a cross-sectional study of 104 countries that received Global Fund disbursements in 2009. It analyses data on Global Fund disbursements; health financing indicators; government revenue and expenditure; and burden of disease. FINDINGS: Global Fund disbursements made up 0.37% of THE across all 104 countries; but with considerable country variation ranging from 0.002% to 53.4%. Global Fund disbursements to government amounted to 0.47% of GHE across the 104 countries, but again with considerable variation (in three countries more than half of GHE was based on Global Fund support. Although the Global Fund provides progressively more funding for lower income countries on average, there is much variation at the country such that here was no correlation between per capita GF disbursements and per capita THE, nor between per capita GF disbursement to government and per capita GHE. There was only a slight positive correlation between per capita GF disbursement and burden of disease. Several countries with a high degree of 'financial dependency' upon the Fund have the potential to increase levels of domestic financing for health. DISCUSSION: The Global Fund can improve its targeting of resources so that it better matches the pattern of global need. To do this it needs to: a reduce the extent to which funds are allocated on a demand-driven basis; and b align its funding model to broader health systems financing and patterns of health expenditure beyond the three diseases.

Evaluation of Energy Efficiency Performance of Heated Windows

Science.gov (United States)

Jammulamadaka, Hari Swarup

The study about the evaluation of the performance of the heated windows was funded by the WVU Research Office as a technical assistance award at the 2014 TransTech Energy Business Development Conference to the Green Heated Glass company/project owned by Frank Dlubak. The award supports a WVU researcher to conduct a project important for commercialization. This project was awarded to the WVU Industrial Assessment Center in 2015. The current study attempted to evaluate the performance of the heated windows by developing an experimental setup to test the window at various temperatures by varying the current input to the window. The heated double pane window was installed in an insulated box. A temperature gradient was developed across the window by cooling one side of the window using gel based ice packs. The other face of the window was heated by passing current at different wattages through the window. The temperature of the inside and outside panes, current and voltage input, room and box temperature were recorded, and used to calculate the apparent R-value of the window when not being heated vs when being heated. It has been concluded from the study that the heated double pane window is more effective in reducing heat losses by as much as 50% than a non-heated double pane window, if the window temperature is maintained close to the room temperature. If the temperature of the window is much higher than the room temperature, the losses through the window appear to increase beyond that of a non-heated counterpart. The issues encountered during the current round of experiments are noted, and recommendations provided for future studies.

48 CFR 236.604 - Performance evaluation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Performance evaluation... Architect-Engineer Services 236.604 Performance evaluation. (a) Preparation of performance reports. Use DD Form 2631, Performance Evaluation (Architect-Engineer), instead of SF 1421. (2) Prepare a separate...

Evaluating the impact of public space investments with limited time and funds: (methodological) lessons from a Swiss case study

Energy Technology Data Exchange (ETDEWEB)

Barjak, F.

2016-07-01

The paper suggests a methodology for evaluating innovation support policies and funding in the space sector. Previous evaluations have suggested methodologies which require considerable time and resources. Our approach combines a data collection at organisational level through standardised interviews and at project level through an online survey which are relatively quick to implement and less costly. We demonstrate that valid results can be obtained with such an approach. (Author)

Funding models for outreach ophthalmology services.

Science.gov (United States)

Turner, Angus W; Mulholland, Will; Taylor, Hugh R

2011-01-01

This paper aims to describe funding models used and compare the effects of funding models for remuneration on clinical activity and cost-effectiveness in outreach eye services in Australia. Cross-sectional case study based in remote outreach ophthalmology services in Australia. Key stake-holders from eye services in nine outreach regions participated in the study. Semistructured interviews were conducted to perform a qualitative assessment of outreach eye services' funding mechanisms. Records of clinical activity were used to statistically compare funding models. Workforce availability (supply of ophthalmologists), costs of services, clinical activity (surgery and clinic consultation rates) and waiting times. The supply of ophthalmologists (full-time equivalence) to all remote regions was below the national average (up to 19 times lower). Cataract surgery rates were also below national averages (up to 10 times lower). Fee-for-service funding significantly increased clinical activity. There were also trends to shorter waiting times and lower costs per attendance. For outreach ophthalmology services, the funding model used for clinician reimbursement may influence the efficiency and costs of the services. Fee-for-service funding models, safety-net funding options or differential funding/incentives need further exploration to ensure isolated disadvantaged areas prone to poor patient attendance are not neglected. In order for outreach eye health services to be sustainable, remuneration rates need to be comparable to those for urban practice. © 2011 The Authors. Clinical and Experimental Ophthalmology © 2011 Royal Australian and New Zealand College of Ophthalmologists.

Using Stepwise Reality Check to Analyze Open-end Fund Investors’Herding Redemption in Taiwan

OpenAIRE

Nan-Yu Wang; Chih-Jen Huang; Ying-Lin Hsu; Shian-Chang Huang

2015-01-01

This study aims to examine whether funds with illiquid assets exhibit stronger sensitivity of redemption outflows to bad past performance than funds with liquid assets. An important aspect of our study is whether large outflows should damage future fund performance in illiquid funds more than in liquid funds. When redeemed in a large scale, the liquidity risk of open-end funds will increase, which in turn leads to a vicious circle between fund redemption and the net asset value decline. Accor...

13 CFR 304.4 - Performance evaluations.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Performance evaluations. 304.4... ECONOMIC DEVELOPMENT DISTRICTS § 304.4 Performance evaluations. (a) EDA shall evaluate the management... of at least one (1) other District Organization in the performance evaluation on a cost-reimbursement...

75 FR 33857 - DWS Advisor Funds, et al.; Notice of Application

Science.gov (United States)

2010-06-15

...''). Applicants state that the DWS Funds of Funds will offer investors a range of investment objectives generally... investment objectives and policies of the Unaffiliated Fund; (b) how the performance of securities purchased... Advisor Funds, et al.; Notice of Application June 9, 2010. AGENCY: Securities and Exchange Commission...

Does our Pension Fund take too many risks?

CERN Multimedia

Association du personnel

2012-01-01

An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, take...

Does our Pension Fund take too many risks?

CERN Multimedia

Staff Association

2012-01-01

An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, tak...

Pension Fund - ELECTIONS - Guillermo de la FUENTE

CERN Multimedia

2002-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: de la FUENTE First Name : Guillermo  As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order...

The Importance of Asset Allocation and Active Management for Canadian Mutual Funds

OpenAIRE

Zhao, Yuefeng; Zhang, Fan

2010-01-01

Several different factors, including asset allocation policy, active portfolio management and market movements affect the return of a mutual fund. Existing studies test the relative importance of asset allocation policy and active management in explaining the variability of performance. In this paper, we use data for the period 2000-2010 to test the factors' role in determining performance of Canadian equity funds, balanced funds and international funds. The results show that asset allocation...

Performance of Existing Hydrogen Stations

Energy Technology Data Exchange (ETDEWEB)

Sprik, Samuel [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Kurtz, Jennifer M [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Ainscough, Christopher D [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Saur, Genevieve [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Peters, Michael C [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-12-01

In this presentation, the National Renewable Energy Laboratory presented aggregated analysis results on the performance of existing hydrogen stations, including performance, operation, utilization, maintenance, safety, hydrogen quality, and cost. The U.S. Department of Energy funds technology validation work at NREL through its National Fuel Cell Technology Evaluation Center (NFCTEC).

Performance evaluation in the arts : From the margins of accounting to the core of accountability

NARCIS (Netherlands)

Chiaravalloti, Francesco

2016-01-01

Due to the policies introduced by many European governments since the rise of New Public Management in the 1990s, performance measurement has become the dominant means of government control of publicly funded organizations. As a result, publicly funded organizations have been increasingly asked to

Fund choice behavior and estimation of switching models: an experiment*

NARCIS (Netherlands)

Anufriev, M.; Bao, T.; Tuinstra, J.

2013-01-01

We run a laboratory experiment that contributes to the finance literature on "return chasing behavior" studying how investors switch between mutual funds driven by past performance of the funds. The subjects in this experiment make discrete choices between several (2, 3 or 4) experimental funds in

Mutual Fund Tournament: Risk Taking Incentives Induced by Ranking Objectives

OpenAIRE

Goriaev, A.P.; Palomino, F.A.; Prat, A.

2000-01-01

There is now extensive empirical evidence showing that fund managers have relative performance objectives and adapt their investment strategy in the last part of the calendar year to their performance in the early part of the year. However, emphasis was put on returns in excess of some exogenous benchmark return.In this paper, we investigate whether fund managers have ranking objectives (as in a tournament).First, in a two-period model, we analyze the game played by two risk-neutral fund mana...

48 CFR 36.604 - Performance evaluation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Performance evaluation. 36.604 Section 36.604 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION SPECIAL... Performance evaluation. See 42.1502(f) for the requirements for preparing past performance evaluations for...

Performance Evaluations in Audit Firms

DEFF Research Database (Denmark)

Riise Johansen, Thomas; Christoffersen, Jeppe

2017-01-01

Previous research has only minimally examined the association between the behaviour and performance evaluations of individual auditors beyond the use of efficiency-focused evaluations. We examine the association between dysfunctional auditor behaviour and three evaluation foci: an efficiency focus......, a client focus and a quality focus. Our results, which are based on questionnaire responses from 196 auditors, demonstrate that an efficiency focus is not associated with dysfunctional behaviour. A client focus is found to be associated with dysfunctional behaviour. Finally, and perhaps most importantly......, our results show that it seems possible to limit dysfunctional behaviours through a quality focus in performance evaluations. Our results provide insights of use to practitioners and regulators on how performance evaluations may not only induce but also reduce dysfunctional auditor behaviours....

The Purposefulness and Effectiveness of Supporting Entrepreneurship with Public Funds – EU Funds for the Development of Self-Employment and Startups

Directory of Open Access Journals (Sweden)

Dominika Wojtowicz

2013-12-01

Full Text Available Purpose: The paper discusses issues associated with using funds that support the development of entrepreneurship – the purpose of the paper is to answer questions regarding the purposefulness and effectiveness of financial instruments from EU funds aimed at the development of emerging businesses (startups. Methodology: The paper analyzes previously conducted research studies in the fi eld of the discussed topic, it systematizes and describes the fi nancial instruments from EU funds supporting self- employment and startups in their early stages of activity. It also provides an overview of evaluation reports concerning these instruments. The paper also contains a case study: an analysis of the effectiveness of a selected project supporting the development of entrepreneurship (co-fi nanced from EU funds, in which the method of evaluating the net effect of the support in the short term has been used. Findings: An analysis of previously conducted research studies has shown that properly designed State aid targeted at those starting up their own business is sensible, as it provides them with seed capital and it helps them survive the most diffi cult period of the so-called “startup”. However, there is a lack of comprehensive studies to confirm the positive impact of business support interventions carried out using EU funds. The methodology of evaluating the net effect used by the Author in the conducted study has made it possible to identify the actual size of the – positive – impact of the selected project on the growth of self-employment. Limitations: The study revealed some limitations – the method and time of the study allow to capture the phenomenon on a micro-scale, in the short term. The institutions that are involved in the process of allocating funds should develop a comprehensive methodology that implements the idea of evaluating the net effect, allowing to assess the effectiveness of the support at regional and national level

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching, Germany (near Munich) on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in...

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching (near Munich), Germany on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in Chile. The Director-General receiv...

Sources of Funding and Academic Performance in Economics Principles Courses

Science.gov (United States)

Faulk, Dagney; Srinivasan, Arun K.; Bingham, Jon

2012-01-01

The authors examine two factors that may affect student achievement in economics principles courses: working for pay and the primary source of funds (employer tuition reimbursement, loans, scholarships, financial aid, self-financing, parental transfers, other) used to pay for college for a sample of students in economics principles classes at a…

Funding breakthrough therapies: A systematic review and recommendation.

Science.gov (United States)

Hanna, E; Toumi, M; Dussart, C; Borissov, B; Dabbous, O; Badora, K; Auquier, P

2018-03-01

Advanced therapy medicinal products (ATMPs) are innovative therapies likely associated with high prices. Payers need guidance to create a balance between ensuring patient access to breakthrough therapies and maintaining the financial sustainability of the healthcare system. The aims of this study were to identify, define, classify and compare the approaches to funding high-cost medicines proposed in the literature, to analyze their appropriateness for ATMP funding and to suggest an optimal funding model for ATMPs. Forty-eight articles suggesting new funding models for innovative high-cost therapies were identified. The models were classified into 3 groups: financial agreement, health outcomes-based agreement and healthcoin. Financial agreement encompassed: discounts, rebates, price and volume caps, price-volume agreements, loans, cost-plus price, intellectual-based payment and fund-based payment. Health outcomes-based agreements were defined as agreements between manufacturers and payers based on drug performance, and were divided into performance-based payment and coverage with evidence development. Healthcoin described a new suggested tradeable currency used to assign monetary value to incremental outcomes. With a large number of ATMPs in development, it is time for stakeholders to start thinking about new pathways and funding strategies for these innovative high-cost therapies. An "ATMP-specific fund" may constitute a reasonable solution to ensure rapid patient access to innovation without threatening the sustainability of the health care system. Copyright © 2017 Elsevier B.V. All rights reserved.

Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

The Governing Board of the Pension Fund held its 142nd meeting on 14 March 2006. As an introduction to the meeting, the Administrator underlined that, at 12.4%, the performance achieved by the Fund on its assets had been excellent and had taken the Fund's assets at the end of the year to 4,209 MCHF, which was well above the 4 billion Swiss franc mark. The Chairman of the Governing Board, Professor Ferrini, reported on the Board's closed session on 7 March to examine the nominations received for the election of the Vice-Chairmen of the Governing Board of the Pension Fund. The Governing Board had unanimously agreed to recommend the CERN Council to appoint Mr A. J. Naudi and Dr J.-P. Matheys. At its session on 16 March 2006, the Council had followed the recommendation of the Governing Board by re-appointing J.-P. Matheys and A. J. Naudi Vice-Chairmen of the Board until the end of their respective terms of office as members of the Governing Board. Regarding the comparison with other European pension funds launc...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats.C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch) SOME ASPECTS OF THE FU...

DEVELOPMENT OF KOSOVO PENSION SAVING TRUST FUND

Directory of Open Access Journals (Sweden)

Ymer Havolli

2016-11-01

Full Text Available Pension system in Kosovo has experienced various developments in the last three decades. These changes have been driven by both, political and economic developments. The political developments were most important, especially that the previous system failed due to the lack of access to the fund in the post-war Kosovo. The newly established system in post-war Kosovo continues its operations with principles of modern pension fund, savings-based. KPST was established by Law in December 2001 as a not-for-profit institution. As such, the sole objective of KPST is to serve only the best interests of its contributors. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. Throughout this discussion paper, the implications of the crisis, management, asset management issues and most importantly, investment strategy are discussed and some potential solutions to these problems are proposed in order to increase the flexibility of the fund to improve performance in times of crisis.

Dry Process Fuel Performance Evaluation

Energy Technology Data Exchange (ETDEWEB)

Yang, Myung Seung; Song, K. C.; Moon, J. S. and others

2005-04-15

The objective of the project is to establish the performance evaluation system of DUPIC fuel during the Phase II R and D. In order to fulfil this objectives, irradiation test of DUPIC fuel was carried out in HANARO using the non-instrumented and SPND-instrumented rig. Also, the analysis on the in-reactor behavior analysis of DUPIC fuel, out-pile test using simulated DUPIC fuel as well as performance and integrity assessment in a commercial reactor were performed during this Phase. The R and D results of the Phase II are summarized as follows : - Performance evaluation of DUPIC fuel via irradiation test in HANARO - Post irradiation examination of irradiated fuel and performance analysis - Development of DUPIC fuel performance code (modified ELESTRES) considering material properties of DUPIC fuel - Irradiation behavior and integrity assessment under the design power envelope of DUPIC fuel - Foundamental technology development of thermal/mechanical performance evaluation using ANSYS (FEM package)

Dry Process Fuel Performance Evaluation

International Nuclear Information System (INIS)

Yang, Myung Seung; Song, K. C.; Moon, J. S. and others

2005-04-01

The objective of the project is to establish the performance evaluation system of DUPIC fuel during the Phase II R and D. In order to fulfil this objectives, irradiation test of DUPIC fuel was carried out in HANARO using the non-instrumented and SPND-instrumented rig. Also, the analysis on the in-reactor behavior analysis of DUPIC fuel, out-pile test using simulated DUPIC fuel as well as performance and integrity assessment in a commercial reactor were performed during this Phase. The R and D results of the Phase II are summarized as follows : - Performance evaluation of DUPIC fuel via irradiation test in HANARO - Post irradiation examination of irradiated fuel and performance analysis - Development of DUPIC fuel performance code (modified ELESTRES) considering material properties of DUPIC fuel - Irradiation behavior and integrity assessment under the design power envelope of DUPIC fuel - Foundamental technology development of thermal/mechanical performance evaluation using ANSYS (FEM package)

Evaluating Student-Teacher Linkage Data in Teacher Incentive Fund (TIF) Sites: Acquisition, Verification, and System Development. The Harvesting Project

Science.gov (United States)

Watson, Jeffery; Witham, Peter; St. Louis, Timothy

2010-01-01

The U.S. Department of Education Teacher Incentive Fund (TIF) seeks to transform education compensation systems so that principal and teacher performance (measured through classroom productivity measures) connects to compensation. Classroom-level productivity measures require robust student-teacher linkage data. Organizations such as the…

Licensee Performance Evaluation: Phase II

International Nuclear Information System (INIS)

Chakoff, H.E.; Speaker, D.M.; Thompson, S.R.; Cohen, S.C.

1979-08-01

This report details work performed during the second phase of a two-phase contract to develop methodology for Licensee Performance Evaluation. The Phase I report, NUREG/CR-0110 details initial efforts on the contract. The model developed in Phase I was used to evaluate nine additional facilities for this report. Performance indicators from noncompliance data were also evaluated. Methodology was developed employing the noncompliance indicators and used for 12 case studies. It was found that licensee event report indicators could be more easily identified and utilized than noncompliance indicators based on presently available data systems. However, noncompliance data, appropriately related to cause, could provide real insight into why performance was what it was

Self Managed Superannuation Funds and the Bear Market of 2007-2008

Directory of Open Access Journals (Sweden)

Peter J Phillips

2009-03-01

Full Text Available In this paper, we examine the bear market performance of self managed superannuation funds(SMSFs. Previous studies have highlighted some problems with the portfolio construction ofSMSFs. This provides a rationale for examining the performance of SMSFs during the recentbear market. Based on data from two independent samples of a total of 141 self managedsuperannuation funds, two archetype SMSF portfolios are constructed in order to generateinsights into the average performance of the funds in the samples. The performance of thesefunds is compared with (1 the unmanaged market index; and (2 the average returnsgenerated by retail (balanced superannuation funds. Interestingly, whilst the SMSFs havegenerated negative returns and problems with the portfolio construction remain, the relativeperformance of the overall portfolios vis-à-vis the market index and professionally managedfunds is reasonably favourable. However, the equity portions of the SMSF portfolios sufferfrom under-diversification and could be more efficiently constructed.

The Use of Performance Based Funding in a Sport Organization: A Case Study of the United States Olympic Committee

Science.gov (United States)

2009-08-01

description and analysis of a single instance, phenomenon, or social unit (Merriam, 1998). Management by Objective (MBO). A control system designed to...theoretical principles of performance based funding instead of testing a hypothesis, my epistemology will be constructivist. Constructionism Maynard...operate. This constitutes a vital epistemological position that constructionism takes in relation to the interaction between the investigator and

UK equity mutual fund alphas make a comeback

OpenAIRE

Mateus, Irina B.; Mateus, Cesario; Todorovic, Natasa

2016-01-01

In this study, we re-visit the performance of 887 active UK equity mutual funds using a new approach proposed by Angelidis, Giamouridis, and Tessaromatis. The authors argue that mutual funds stock selection is driven by the benchmark index, so if the benchmark generates alpha, there will be a bias in interpretation of manager's stock-picking ability. In their model, the alpha of a fund is adjusted by the benchmark's alpha. By applying this method, we eliminate bias inflicted by the persistent...

Clean energy funds: An overview of state support for renewable energy

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan

2001-04-01

Across the United States, as competition in the supply and delivery of electricity has been introduced, states have sought to ensure the continuation of ''public benefits'' programs traditionally administered or funded by electric utilities. Many states have built into their restructuring plans methods of supporting renewable energy sources. One of the most popular policy mechanisms for ensuring such continued support has been the system-benefits charge (SBC), a non-bypassable charge to electricity customers (usually applied on a cents/kWh basis) used to collect funds for public purpose programs. Thus far, at least fourteen states have established SBC funds targeted in part towards renewable energy. This paper discusses the status and performance of these state renewable or ''clean'' energy funds supported by system-benefits charges. As illustrated later, existing state renewable energy funds are expected to collect roughly $3.5 billion through 2012 for renewable energy. Clearly, these funds have the potential to provide significant support for clean energy technologies over at least the next decade. Because the level of funding for renewable energy available under these programs is unprecedented and because fund administrators are developing innovative and new programs to fund renewable projects, a certain number of program failures are unavoidable. Also evident is that states are taking very different approaches to the distribution of these funds and that many lessons are being learned as programs are designed, implemented, and evaluated. Our purpose in this paper is therefore to relay early experience with these funds and provide preliminary lessons learned from that experience. It is our hope that this analysis will facilitate learning across states and help state fund managers develop more effective and more coordinated programs. Central to this paper are case studies that provide information on the SBC-funded renewable

75 FR 22874 - Claymore Exchange-Traded Fund Trust 3, et al.; Notice of Application

Science.gov (United States)

2010-04-30

... income exempt from regular federal income tax and outperform the fund's performance benchmark, the... ``mutual fund.'' Instead, each Fund will be marketed as an ``actively-managed exchange-traded fund.'' Any... open-end investment company or a mutual fund. Each Fund's Prospectus will prominently disclose that the...

The European Regional Development Fund and Island Regions: An Evaluation of the 2000-06 and 2007-13 Programs

Directory of Open Access Journals (Sweden)

Harvey W. Armstrong

2012-11-01

Full Text Available This paper presents results from a regional policy evaluation study conducted for the European Commission. The study examined the impact of the European Regional Development Fund and Cohesion Fund on EU regions with ‘specific geographical characteristics’, namely islands, mountain regions and sparsely populated areas. These types of regions have been attracting increasing EU regional policy attention and their economic development is considered important in helping the EU to attain its important ‘territorial cohesion’ objective. The focus of this paper is on the island regions. Evaluation of island regions in their own right has not been undertaken before by the EU. The study focuses on the 2000-06 and (still on-going 2007-13 EU regional policy programs. The paper presents the methodology adopted by the study before turning to the main findings concerning the types of policy initiatives adopted in the island regions, and the appropriateness of the policies used for the economic situation faced by the islands. The islands encompassed by the study are all normal sub-national regions of EU member states. Islands with an unusual degree of administrative autonomy (e.g. the Outermost Regions were excluded.

Mid-term evaluation of the Climate Change Action Fund: Technology Early Action Measures (TEAM) block

International Nuclear Information System (INIS)

2001-11-01

To assist Canada in meeting its commitments under the Kyoto Protocol for the reduction of greenhouse gas emissions, the Government of Canada established the Climate Change Action Fund (CCAF) in 1998. Under the CCAF umbrella, the Technology Early Action Measures (TEAM) Block was initially allocated 60 million dollars over a three-year period for the provision of cost-shared support to speed up the development and deployment of cost-effective near market-ready greenhouse gases emission reducing technologies. The main avenues adopted by TEAM in its mandate were: supporting technology development and deployment, overcoming obstacles to technology development and deployment, and piloting technology transfer to developing countries and countries in transition. A mid-term evaluation of its performance to date was conducted. It proved to be too early for an adequate assessment of the extent to which the projects sponsored by TEAM demonstrated technical success in reducing greenhouse gases emissions, considering the time-consuming tasks required for the development and negotiation of technology projects. Most projects to date have not moved beyond the early stages benchmark. It was determined that the expected outcomes will be achieved. The innovative approach selected by TEAM, building on existing programs, appeared to be very effective. Findings and recommendations were discussed in this report

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2000-01-01

The Governing Board of the Pension Fund held its ninety-first meeting on 1st February 2000. A special morning session was devoted to questions concerning the asset allocation of pension funds. This subject was presented by J.-F. Boulier, research and management director at Sinopia in Paris, a subsidiary of the Crédit Commercial de France. Mr Boulier first presented the general context surrounding pension funds in Europe. He underlined the significant differences between the various European countries in the development of pension funds and their effects on the financial markets. He also addressed the long-term profitability of the different types of investment and, in the same connection, the essential role played by the time horizon inequity investments in not only achieving a positive real return but also exceeding the results of the other forms of investment. The last part of his presentation covered management strategies and the impact of an improvement in performance on the technical balance o...

Developing a methodology to assess the impact of research grant funding: a mixed methods approach.

Science.gov (United States)

Bloch, Carter; Sørensen, Mads P; Graversen, Ebbe K; Schneider, Jesper W; Schmidt, Evanthia Kalpazidou; Aagaard, Kaare; Mejlgaard, Niels

2014-04-01

This paper discusses the development of a mixed methods approach to analyse research funding. Research policy has taken on an increasingly prominent role in the broader political scene, where research is seen as a critical factor in maintaining and improving growth, welfare and international competitiveness. This has motivated growing emphasis on the impacts of science funding, and how funding can best be designed to promote socio-economic progress. Meeting these demands for impact assessment involves a number of complex issues that are difficult to fully address in a single study or in the design of a single methodology. However, they point to some general principles that can be explored in methodological design. We draw on a recent evaluation of the impacts of research grant funding, discussing both key issues in developing a methodology for the analysis and subsequent results. The case of research grant funding, involving a complex mix of direct and intermediate effects that contribute to the overall impact of funding on research performance, illustrates the value of a mixed methods approach to provide a more robust and complete analysis of policy impacts. Reflections on the strengths and weaknesses of the methodology are used to examine refinements for future work. Copyright © 2014 Elsevier Ltd. All rights reserved.

Random matrix theory and fund of funds portfolio optimisation

Science.gov (United States)

Conlon, T.; Ruskin, H. J.; Crane, M.

2007-08-01

The proprietary nature of Hedge Fund investing means that it is common practise for managers to release minimal information about their returns. The construction of a fund of hedge funds portfolio requires a correlation matrix which often has to be estimated using a relatively small sample of monthly returns data which induces noise. In this paper, random matrix theory (RMT) is applied to a cross-correlation matrix C, constructed using hedge fund returns data. The analysis reveals a number of eigenvalues that deviate from the spectrum suggested by RMT. The components of the deviating eigenvectors are found to correspond to distinct groups of strategies that are applied by hedge fund managers. The inverse participation ratio is used to quantify the number of components that participate in each eigenvector. Finally, the correlation matrix is cleaned by separating the noisy part from the non-noisy part of C. This technique is found to greatly reduce the difference between the predicted and realised risk of a portfolio, leading to an improved risk profile for a fund of hedge funds.

Investment criteria of private equity/venture capital funds and financial performance of companies before initial investment

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2013-12-01

Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.

Evaluating health inequity interventions: applying a contextual (external) validity framework to programs funded by the Canadian Health Services Research Foundation.

Science.gov (United States)

Phillips, Kaye; Müller-Clemm, Werner; Ysselstein, Margaretha; Sachs, Jonathan

2013-02-01

Including context in the measurement and evaluation of health in equity interventions is critical to understanding how events that occur in an intervention's environment might contribute to or impede its success. This study adapted and piloted a contextual validity assessment framework on a selection of health inequity-related programs funded by the Canadian Health Services Research Foundation (CHSRF) between 1998 and 2006. The two overarching objectives of this study were (1) to determine the relative amount and quality of attention given to conceptualizing, measuring and validating context within CHSRF funded research final reports related to health-inequity; and (2) to contribute evaluative evidence towards the incorporation of context into the assessment and measurement of health inequity interventions. The study found that of the 42/146 CHSRF programs and projects, judged to be related to health inequity 20 adequately reported on the conceptualization, measurement and validation of context. Amongst these health-inequity related project reports, greatest emphasis was placed on describing the socio-political and economical context over actually measuring and validating contextual evidence. Applying a contextual validity assessment framework was useful for distinguishing between the descriptive (conceptual) versus empirical (measurement and validation) inclusion of documented contextual evidence. Although contextual validity measurement frameworks needs further development, this study contributes insight into identifying funded research related to health inequities and preliminary criteria for assessing interventions targeted at specific populations and jurisdictions. This study also feeds a larger critical dialogue (albeit beyond the scope of this study) regarding the relevance and utility of using evaluative techniques for understanding how specific external conditions support or impede the successful implementation of health inequity interventions. Copyright �

Philanthropy as a source of funding for nursing initiatives.

Science.gov (United States)

Kleinpell, Ruth M; Start, Rachel; McIntosh, Erik; Worobec, Sophia; Llewellyn, Jane

2014-01-01

Nurse leaders are challenged with ensuring that research and evidence-based practices are being integrated into clinical care. Initiatives such as the Magnet Recognition Program have helped reinforce the importance of advancing nursing practices to integrate best practices, conduct quality improvement initiatives, improve performance metrics, and involve bedside nurses in conducting research and evidence-based practice projects. While seeking research funding is an option for some initiatives, other strategies such as seeking funding from grateful patients or from philanthropic resources are becoming important options for nurse leaders to pursue, as the availability of funding from traditional sources such as professional organizations or federal funding becomes more limited. In addition, more institutions are seeking and applying for funding, increasing the pool of candidates who are vying for existing funding. Seeking alternative sources of funding, such as through philanthropy, becomes a viable option. This article reviews important considerations in seeking funding from philanthropic sources for nursing initiatives. Examples from a multiyear project that focused on promoting a healthy work environment and improving nursing morale are used to highlight strategies that were used to solicit, obtain, and secure extension funding from private foundation funding to support the initiative.

EFFICIENCY OF INDONESIA’S MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-03-01

Full Text Available The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds thatconsisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empiricallyexamined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis(DEA. The study found that based on the average score in during 2007 – 2011 performance of equity mutualfund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah - trim capital wasthe lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest indexscore, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund BrentDana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.

The money-flows of socially responsible investment funds around the world

NARCIS (Netherlands)

Renneboog, L.D.R.; Ter Horst, J.R.; Zhang, C.; Baker, H.K.; Nofsinger, J.R.

2012-01-01

This chapter studies the money flows into and out of socially responsible investment (SRI) funds around the world. In their investment decisions, investors in SRI funds may be more concerned with ethical or social issues than with fund performance. Therefore, SRI money flows are less related to past

Funding source and research report quality in nutrition practice-related research.

Science.gov (United States)

Myers, Esther F; Parrott, J Scott; Cummins, Deborah S; Splett, Patricia

2011-01-01

The source of funding is one of many possible causes of bias in scientific research. One method of detecting potential for bias is to evaluate the quality of research reports. Research exploring the relationship between funding source and nutrition-related research report quality is limited and in other disciplines the findings are mixed. The purpose of this study is to determine whether types of funding sources of nutrition research are associated with differences in research report quality. A retrospective study of research reporting quality, research design and funding source was conducted on 2539 peer reviewed research articles from the American Dietetic Association's Evidence Analysis Library® database. Quality rating frequency distributions indicate 43.3% of research reports were rated as positive, 50.1% neutral, and 6.6% as negative. Multinomial logistic regression results showed that while both funding source and type of research design are significant predictors of quality ratings (χ2 = 118.99, p≤0.001), the model's usefulness in predicting overall research report quality is little better than chance. Compared to research reports with government funding, those not acknowledging any funding sources, followed by studies with University/hospital funding were more likely to receive neutral vs positive quality ratings, OR = 1.85, P funding were more likely to receive negative quality ratings (OR = 4.97, Pfunded research reports were no more likely to receive a neutral or negative quality rating than those funded by government sources. Research report quality cannot be accurately predicted from the funding source after controlling for research design. Continued vigilance to evaluate the quality of all research regardless of the funding source and to further understand other factors that affect quality ratings are warranted.

ADMINISTRATIVE EXPENDITURES OF SOCIAL SECURITY FUNDS IN UKRAINE

Directory of Open Access Journals (Sweden)

Nataliia Ivanchuk

2017-12-01

Full Text Available Along with the expenditures for social protection, social security funds finance administrative direction, which should correspond to the amount of functions performed by a particular fund. The purpose of the paper is to determine ways to reduce administrative expenditures of state social security funds in the conditions of reforming Ukrainian economy. For this purpose, the authors investigate distribution of the expenditures between social security funds, analyse dynamics and structure of assignments for fund administration, and suggest possible ways to rationalize maintenance cost for these institutions. Methodology. Administrative expenditures are an integral part of the cost of social security funds and include particular items of expenses in the budget of these institutions. Applying a systematic approach to calculating the administrative costs of social security funds of Ukraine the authors have taken into account the expenditures related to funding management, support for information systems, and organization of work with insured people. Results of the survey showed that in 2007–2016 Pension Fund of Ukraine incurred the largest part of social expenditures (more than 90% compared with other social insurance funds (less than 10%. At the same time, the administrative expenses were divided approximately into two halves between Pension Fund and other social security funds. In 2015, the government launched a reform of social insurance funds that aimed to reduce funds to three institutions but a decrease in the total amount of administrative expenditures has not been achieved yet. In addition, Pension Fund of Ukraine was least burdened with administrative expenses, while other social security funds with a relatively small share of social expenditures were burdened with administrative expenditures much more. Practical implications. Research showed that nowadays the existence of several social security funds in Ukraine is economically

Successful private-public funding of paediatric medicines research: lessons from the EU programme to fund research into off-patent medicines.

Science.gov (United States)

Ruggieri, L; Giannuzzi, V; Baiardi, P; Bonifazi, F; Davies, E H; Giaquinto, C; Bonifazi, D; Felisi, M; Chiron, C; Pressler, R; Rabe, H; Whitaker, M J; Neubert, A; Jacqz-Aigrain, E; Eichler, I; Turner, M A; Ceci, A

2015-04-01

The European Paediatric Regulation mandated the European Commission to fund research on off-patent medicines with demonstrated therapeutic interest for children. Responding to this mandate, five FP7 project calls were launched and 20 projects were granted. This paper aims to detail the funded projects and their preliminary results. Publicly available sources have been consulted and a descriptive analysis has been performed. Twenty Research Consortia including 246 partners in 29 European and non-European countries were created (involving 129 universities or public-funded research organisations, 51 private companies with 40 SMEs, 7 patient associations). The funded projects investigate 24 medicines, covering 10 therapeutic areas in all paediatric age groups. In response to the Paediatric Regulation and to apply for a Paediatric Use Marketing Authorisation, 15 Paediatric Investigation Plans have been granted by the EMA-Paediatric Committee, including 71 studies of whom 29 paediatric clinical trials, leading to a total of 7,300 children to be recruited in more than 380 investigational centres. Notwithstanding the EU contribution for each study is lower than similar publicly funded projects, and also considering the complexity of paediatric research, these projects are performing high-quality research and are progressing towards the increase of new paediatric medicines on the market. Private-public partnerships have been effectively implemented, providing a good example for future collaborative actions. Since these projects cover a limited number of off-patent drugs and many unmet therapeutic needs in paediatrics remain, it is crucial foreseeing new similar initiatives in forthcoming European funding programmes.

Offshore Investment Funds

Directory of Open Access Journals (Sweden)

Shang-Jin Wei

1999-12-01

Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

Implementation and Impacts of Pay-for-Performance: The 2010 Teacher Incentive Fund (TIF) Grantees after Three Years. NCEE Study Snapshot. NCEE 2016-2006

Science.gov (United States)

Wellington, Alison; Chiang, Hanley; Hallgren, Kristin; Speroni, Cecilia; Herrmann, Mariesa; Burkander, Paul

2016-01-01

The Teacher Incentive Fund (TIF) provides grants to support performance-based compensation systems for teachers and principals in high-need schools. The goal of the grants is to increase the number of high-performing teachers in high-need schools by rewarding educators for improving students' achievement. The report on which this snapshot is based…

KT Fund: Five years of funding for impact

CERN Multimedia

CERN Bulletin

2015-01-01

Cryogenic safety, ion beam therapy, event management for communities, emergency lighting… this year’s applications for funding through the Knowledge Transfer Fund demonstrate the breadth of possible applications of CERN technology beyond high-energy physics.     The use of high index glass spherical targets as retroreflectors for a 3D interferometer is the subject of one of the 2015 KT Fund Projects.   Following the 2015 selection committee held in January, the KT Fund has funded a total of seven new projects that aim to further develop CERN technologies to a level where they can be transferred and subsequently make a positive impact on society. “CERN’s ambitious scientific programme requires state-of-the-art technologies that are not always directly reusable by society because they were not designed with this purpose in mind,” explains David Mazur, Section Leader of the IP Dissemination Section. “Since 2011, the KT...

Evaluation of a mid-career investigator career development award: Assessing the ability of OppNet K18 awardees to obtain NIH follow-on research funding.

Science.gov (United States)

Pomeroy-Carter, Cassidy A; Williams, Sharon R; Han, Xueying; Elwood, William N; Zuckerman, Brian L

2018-01-01

The National Institutes of Health (NIH) K18 award mechanism provides funded opportunities for established investigators to gain knowledge in fields outside of their primary disciplines, but outcomes associated with these awards have not been evaluated to date. NIH's Basic Behavioral and Social Sciences Opportunity Network (OppNet) is one of the few initiatives that has used this award mechanism. We explored how the unique features of K18 awards affect the ability of recipients to obtain follow-on NIH research funding. We compared outcomes (ability to obtain follow-on funding and interval between receipt of the primary award and receipt of the first follow-on award) associated with OppNet K18 awards to findings from evaluations of other NIH career development (K) awards, which usually target early-career investigators. We hypothesized that K18 award recipients might be (1) more successful than are other K award recipients in obtaining follow-on NIH research funding due to their career experience or (2) less successful due to the competing demands of other projects. By analyzing follow-on NIH research awards and interview data, we found that OppNet K18 award recipients were at least as successful as were other K award recipients in obtaining follow-on funding and may have been more successful by certain measures. K18 awards produce their outcomes with a lower investment per investigator than do other K awards, suggesting continued or enhanced use of the mechanism.

Evaluation of a mid-career investigator career development award: Assessing the ability of OppNet K18 awardees to obtain NIH follow-on research funding.

Directory of Open Access Journals (Sweden)

Cassidy A Pomeroy-Carter

Full Text Available The National Institutes of Health (NIH K18 award mechanism provides funded opportunities for established investigators to gain knowledge in fields outside of their primary disciplines, but outcomes associated with these awards have not been evaluated to date. NIH's Basic Behavioral and Social Sciences Opportunity Network (OppNet is one of the few initiatives that has used this award mechanism. We explored how the unique features of K18 awards affect the ability of recipients to obtain follow-on NIH research funding. We compared outcomes (ability to obtain follow-on funding and interval between receipt of the primary award and receipt of the first follow-on award associated with OppNet K18 awards to findings from evaluations of other NIH career development (K awards, which usually target early-career investigators. We hypothesized that K18 award recipients might be (1 more successful than are other K award recipients in obtaining follow-on NIH research funding due to their career experience or (2 less successful due to the competing demands of other projects. By analyzing follow-on NIH research awards and interview data, we found that OppNet K18 award recipients were at least as successful as were other K award recipients in obtaining follow-on funding and may have been more successful by certain measures. K18 awards produce their outcomes with a lower investment per investigator than do other K awards, suggesting continued or enhanced use of the mechanism.

Market timing ability of fund managers in India : an analysis

OpenAIRE

Pandow, Bilal Ahmad

2016-01-01

The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were studied to compare the selectivity and timing performance on the basis of sponsorship of funds. However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. The period of study is five years from April 2007 to 31st March 2011. The rationale for selecting the study period of 5-years from 1st April 2007 to 3...

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

Funding Models of Community Colleges in 10 Midwest States

Science.gov (United States)

Kenton, Carol Piper; Schuh, John H.; Huba, Mary E.; Shelley, Mack C., II

2004-01-01

The extent to which community colleges in 10 Midwest states relied on 12 current funds revenue sources between 1990 and 2000 is presented in this study. Four models of funding were identified and evaluated. All models generated revenue in excess of the change in the Higher Education Price Index (HEPI), a measure of inflation over the period…

Radionuclide calibrators performance evaluation

International Nuclear Information System (INIS)

Mora Ramirez, E.; Zeledon Fonseca, P.; Jimenez Cordero, M.

2008-01-01

Radionuclide calibrators are used to estimate accurately activity prior to administration to a patient, so it is very important that this equipment meets its performance requirements. The purpose of this paper is to compare the commercially available 'Calicheck' (Calcorp. Inc), used to assess linearity, versus the well-known source decay method, and also to show our results after performing several recommended quality control tests. The parameters that we wanted to evaluate were carried on using the Capintec CRC-15R and CRC-15 β radionuclide calibrators. The evaluated tests were: high voltage, display, zero adjust, background, reproducibility, source constancy, accuracy, precision and linearity. The first six tests were evaluated on the daily practice, here we analyzed the 2007 recorded data; and the last three were evaluated once a year. During the daily evaluation both calibrators performance were satisfactory comparing with the manufacture's requirements. The accuracy test show result within the ± 10% allowed for a field instrument. Precision performance is within the ± 1 % allowed. On the other hand, the linearity test shows that using the source decay method the relative coefficient is 0.9998, for both equipment and using the Calicheck the relative coefficient is 0.997. However, looking the percentage of error, during the 'Calicheck' test, its range goes from 0.0 % up to -25.35%, and using the source decay method, the range goes from 0.0 % up to -31.05 %, taking into account both instruments. Checking the 'Calicheck' results we can see that the results varying randomly, but using the source decay method the percentage of error increase as the source activity decrease. We conclude that both devices meet its manufactures requirements, in the case of the linearity using the decay method, decreasing the activity source, increasing the percentage of error, this may happen because of the equipment age. (author)

Evaluation of implementation viability gap funding (VGF) policy on toll road investment in Indonesia

Science.gov (United States)

Mahani, Iris; Tamin, Rizal Z.; Pribadi, Krishna S.; Wibowo, Andreas

2017-11-01

VGF policy for toll road investment in Indonesia must be reviewed. Since 2012 the Government of Indonesia (GOI) has issued viability gap funding (VGF) policy for PPP infrastructure project through ministry of finance decision (PMK) No.223/2012. One of VGF purpose is to improve the financial feasibility. In the toll road investment in Indonesia, the implementation of this policy has some problems. This study aimed to evaluate the policy by seeking implementation constraints so can be given an alternative. This research was conducted qualitatively, included aspects of implementation process VGF policy. The analysis process is based on literature study and in-depth interviews to related parties include business entity, ministry of finance, and the ministry of public works, Indonesia Toll Road Authority (BPJT) and professional societies. The literature review conducted by reviewing existing policies and best practices in countries that already practice VGF. The conclusion of this study are 1) There is a conflict of regulation in viability gap funding (VGF) for toll road investment in Indonesia; 2) If Government of Indonesia (GOI) want implement construction grant as VGF, so the regulation must improve in time limited for submission and clearly define limited given in regulation; 3) If GOI want implement partial construction as VGF, so the regulation must be improve in guideline for submission and given.

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

Pension fund

CERN Multimedia

2006-01-01

At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

SEE Action Guide for States: Evaluation, Measurement, and Verification Frameworks$-$Guidance for Energy Efficiency Portfolios Funded by Utility Customers

Energy Technology Data Exchange (ETDEWEB)

Li, Michael [Dept. of Energy (DOE), Washington DC (United States); Dietsch, Niko [US Environmental Protection Agency (EPA), Cincinnati, OH (United States)

2018-01-01

This guide describes frameworks for evaluation, measurement, and verification (EM&V) of utility customer–funded energy efficiency programs. The authors reviewed multiple frameworks across the United States and gathered input from experts to prepare this guide. This guide provides the reader with both the contents of an EM&V framework, along with the processes used to develop and update these frameworks.

Fund management plan

International Nuclear Information System (INIS)

1983-05-01

The Nuclear Waste Policy Act of 1982, P.L. 97-425 (the Act), provides for establishment of two separate special funds in the US Treasury, the Interim Storage Fund and the Nuclear Waste Fund (the Funds). The Interim Storage Fund (Sec. 136) is the financing mechanism for the provision of federal interim storage capacity, not to exceed 1900 metric tons, for spent nuclear fuel (SNF) from civilian reactors. Basically, interim storage of SNF is the responsibility of the owners and generators of nuclear wastes. Storage at government facilities will be provided only if the utilities do not have adequate storage capacity. The Nuclear Waste Fund (Sec. 302) is the statutory financing approach for the Department's radioactive waste disposal program. P.L. 97-425 directs utilities to pay a mandatory fee to cover DOE's expected costs for nuclear waste disposal. The Funds are administered by the Department of Energy. This Plan identifies how DOE will implement and manage the Nuclear Waste and Interim Storage Funds

Evaluation of EIT system performance.

Science.gov (United States)

Yasin, Mamatjan; Böhm, Stephan; Gaggero, Pascal O; Adler, Andy

2011-07-01

An electrical impedance tomography (EIT) system images internal conductivity from surface electrical stimulation and measurement. Such systems necessarily comprise multiple design choices from cables and hardware design to calibration and image reconstruction. In order to compare EIT systems and study the consequences of changes in system performance, this paper describes a systematic approach to evaluate the performance of the EIT systems. The system to be tested is connected to a saline phantom in which calibrated contrasting test objects are systematically positioned using a position controller. A set of evaluation parameters are proposed which characterize (i) data and image noise, (ii) data accuracy, (iii) detectability of single contrasts and distinguishability of multiple contrasts, and (iv) accuracy of reconstructed image (amplitude, resolution, position and ringing). Using this approach, we evaluate three different EIT systems and illustrate the use of these tools to evaluate and compare performance. In order to facilitate the use of this approach, all details of the phantom, test objects and position controller design are made publicly available including the source code of the evaluation and reporting software.

Project Management Methods in Projects Co-financed by EU Funds

OpenAIRE

Kostalova, Jana; Tetrevova, Libena; Patak, Michal

2017-01-01

This paper deals with the management of projects co-financed by European Union funds (structural funds and the Cohesion Fund) in the Czech Republic (EU projects). The authors aimed to analyze and assess the scope of familiarity with basic project management methods and their application within the implementation of EU projects in the Czech Republic in the Programming Period 2007–2013. Based on a questionnaire survey of EU project organisers, the authors evaluate their attitudes to project man...

Examining to what extent the source of competitive funding influences scientific impact. A case study of Danish EU FP7 funded projects

Energy Technology Data Exchange (ETDEWEB)

Ryan, Thomas K.; Schneider, J.W.

2016-07-01

To many researchers the ability to secure external competitive funding is a basic premise for engaging in substantial research activities and subsequent career progression. In many countries competitive funding is increasingly incentivised, but like other social activities in science, funding success is skewed with marked cumulative advantages to those who already have (Merton, 1968). The ability to obtain competitive funding is clearly connected with prestige, nevertheless, while “money is money”, funding instruments supporting “curiositydriven”, “blue sky” research1 may still be more appealing and prestigious to many researchers. Such funding instruments are typically less restrictive in their calls on matters such as research topics, collaborative requirements and societal impact. The latter requirements are often present in more strategic funding programmes and especially the European Framework Programmes have stipulated a social contract between science and society in Europe, increasingly requiring research to be oriented towards addressing social, economic, cultural, and political challenges. Application for such “challenged-oriented” international research funding is perceived by some as over-complicated and too resource demanding and anecdotal evidence from Denmark suggests that high performing research groups opt to bypass such calls because they prefer and indeed are able to secure sufficient “curiosity-driven” funding with less obligations (UFM Report, 2015). (Author)

Ranking mutual funds using Sortino method

Directory of Open Access Journals (Sweden)

Khosro Faghani Makrani

2014-04-01

Full Text Available One of the primary concerns on most business activities is to determine an efficient method for ranking mutual funds. This paper performs an empirical investigation to rank 42 mutual funds listed on Tehran Stock Exchange using Sortino method over the period 2011-2012. The results of survey have been compared with market return and the results have confirmed that there were some positive and meaningful relationships between Sortino return and market return. In addition, there were some positive and meaningful relationship between two Sortino methods.

Funding source and research report quality in nutrition practice-related research.

Directory of Open Access Journals (Sweden)

Esther F Myers

Full Text Available BACKGROUND: The source of funding is one of many possible causes of bias in scientific research. One method of detecting potential for bias is to evaluate the quality of research reports. Research exploring the relationship between funding source and nutrition-related research report quality is limited and in other disciplines the findings are mixed. OBJECTIVE: The purpose of this study is to determine whether types of funding sources of nutrition research are associated with differences in research report quality. DESIGN: A retrospective study of research reporting quality, research design and funding source was conducted on 2539 peer reviewed research articles from the American Dietetic Association's Evidence Analysis Library® database. RESULTS: Quality rating frequency distributions indicate 43.3% of research reports were rated as positive, 50.1% neutral, and 6.6% as negative. Multinomial logistic regression results showed that while both funding source and type of research design are significant predictors of quality ratings (χ2 = 118.99, p≤0.001, the model's usefulness in predicting overall research report quality is little better than chance. Compared to research reports with government funding, those not acknowledging any funding sources, followed by studies with University/hospital funding were more likely to receive neutral vs positive quality ratings, OR = 1.85, P <0.001 and OR = 1.54, P<0.001, respectively and those that did not report funding were more likely to receive negative quality ratings (OR = 4.97, P<0.001. After controlling for research design, industry funded research reports were no more likely to receive a neutral or negative quality rating than those funded by government sources. CONCLUSION: Research report quality cannot be accurately predicted from the funding source after controlling for research design. Continued vigilance to evaluate the quality of all research regardless of the funding source

49 CFR 350.319 - What are permissible uses of High Priority Activity Funds?

Science.gov (United States)

2010-10-01

... Activity Funds? 350.319 Section 350.319 Transportation Other Regulations Relating to Transportation... permissible uses of High Priority Activity Funds? (a) The FMCSA may generally use these funds to support, enrich, or evaluate State CMV safety programs and to accomplish the five objectives listed below: (1...

Performability Modelling Tools, Evaluation Techniques and Applications

NARCIS (Netherlands)

Haverkort, Boudewijn R.H.M.

1990-01-01

This thesis deals with three aspects of quantitative evaluation of fault-tolerant and distributed computer and communication systems: performability evaluation techniques, performability modelling tools, and performability modelling applications. Performability modelling is a relatively new

Should uterus transplants be publicly funded?

Science.gov (United States)

Wilkinson, Stephen; Williams, Nicola Jane

2016-01-01

Since 2000, 11 human uterine transplantation procedures (UTx) have been performed across Europe and Asia. Five of these have, to date, resulted in pregnancy and four live births have now been recorded. The most significant obstacles to the availability of UTx are presently scientific and technical, relating to the safety and efficacy of the procedure itself. However, if and when such obstacles are overcome, the most likely barriers to its availability will be social and financial in nature, relating in particular to the ability and willingness of patients, insurers or the state to pay. Thus, publicly funded healthcare systems such as the UK's National Health Service (NHS) will eventually have to decide whether UTx should be funded. With this in mind, we seek to provide an answer to the question of whether there exist any compelling reasons for the state not to fund UTx. The paper proceeds as follows. It assumes, at least for the sake of argument, that UTx will become sufficiently safe and cost-effective to be a candidate for funding and then asks, given that, what objections to funding there might be. Three main arguments are considered and ultimately rejected as providing insufficient reason to withhold funding for UTx. The first two are broad in their scope and offer an opportunity to reflect on wider issues about funding for infertility treatment in general. The third is narrower in scope and could, in certain forms, apply to UTx but not other assisted reproductive technologies (ARTs). The first argument suggests that UTx should not be publicly funded because doing so would be inconsistent with governments’ obligations to prevent climate change and environmental pollution. The second claims that UTx does not treat a disorder and is not medically necessary. Finally, the third asserts that funding for UTx should be denied because of the availability of alternatives such as adoption and surrogacy. PMID:26670671

34 CFR 674.17 - Federal interest in allocated funds-transfer of Fund.

Science.gov (United States)

2010-07-01

... Federal interest in that Fund: (1) A capital distribution of the liquid assets of the Fund according to... 34 Education 3 2010-07-01 2010-07-01 false Federal interest in allocated funds-transfer of Fund... Provisions § 674.17 Federal interest in allocated funds—transfer of Fund. (a) If an institution responsible...

Pension Fund

CERN Multimedia

2006-01-01

As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

Norwegian mutual fund performance based on Fama and French´s five-factor model

OpenAIRE

Mustafa, Daniel Amir; Ali, Mohammad Yousaf

2016-01-01

Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2016 The following paper uses a dataset free of survivorship bias for the period 2002-2011. We investigate whether Norwegian mutual funds possess enough skills to outperform a passive benchmark based on Fama and French’s five-factor model. Our results suggest that the mutual fund industry exhibits significant excess returns on a 10% level in the recent financial crisis. Further, we examine whether the results obtaine...

The Control of the Implementation and Management of European Funds

Directory of Open Access Journals (Sweden)

Vasile Burja

2018-03-01

Full Text Available Effective implementation and management of European funds is of major importance for the new members of the European Union. Controlling these funds aims to increase the performance of their use. European regulations require Member States to take appropriate measures to properly maintain and operate their management and control systems so that they can offer the necessary assurances regarding the correct use of the allocated funds. This article highlights the importance of control exercised within institutions that implement and manage European funds. There have been many irregularities in the implementation of projects funded by European funds. In order to determine the most frequent types of irregularities, a questionnaire was applied to the experts responsible for controlling European funds in intermediary bodies. In this article we will present the results obtained after the centralization of expert responses and the importance of control in the prevention of irregularities and fraud.

48 CFR 1252.216-72 - Performance evaluation plan.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Performance evaluation....216-72 Performance evaluation plan. As prescribed in (TAR) 48 CFR 1216.406(b), insert the following clause: Performance Evaluation Plan (OCT 1994) (a) A Performance Evaluation Plan shall be unilaterally...

NPP Krsko natural circulation performance evaluation

International Nuclear Information System (INIS)

Segon, Velimir; Bajs, Tomislav; Frogheri, Monica

1999-01-01

The present document deals with an evaluation of the natural circulation performance of the Krsko nuclear power plant. Two calculation have been performed using the NPP Krsko nodalization (both similar to the LOBI A2-77 natural circulation experiment) - the first with the present steam generators at NPP Krsko (Westinghouse, 18% plugged), the second with the future steam generators (Siemens, 0% plugged). The results were evaluated using the natural circulation flow map derived in /1/, and were compared to evaluate the influence of the new steam generators on the natural circulation performance. (author)

On the Empirical Evidence of Mutual Fund Strategic Risk Taking

NARCIS (Netherlands)

Goriaev, A.P.; Nijman, T.E.; Werker, B.J.M.

2001-01-01

We reexamine empirical evidence on strategic risk-taking behavior by mutual fund managers.Several studies suggest that fund performance in the first semester of a year influences risk-taking in the second semester.However, we show that previous empirical studies implicitly assume that idiosyncratic

Conductor gestures influence evaluations of ensemble performance.

Science.gov (United States)

Morrison, Steven J; Price, Harry E; Smedley, Eric M; Meals, Cory D

2014-01-01

Previous research has found that listener evaluations of ensemble performances vary depending on the expressivity of the conductor's gestures, even when performances are otherwise identical. It was the purpose of the present study to test whether this effect of visual information was evident in the evaluation of specific aspects of ensemble performance: articulation and dynamics. We constructed a set of 32 music performances that combined auditory and visual information and were designed to feature a high degree of contrast along one of two target characteristics: articulation and dynamics. We paired each of four music excerpts recorded by a chamber ensemble in both a high- and low-contrast condition with video of four conductors demonstrating high- and low-contrast gesture specifically appropriate to either articulation or dynamics. Using one of two equivalent test forms, college music majors and non-majors (N = 285) viewed sixteen 30 s performances and evaluated the quality of the ensemble's articulation, dynamics, technique, and tempo along with overall expressivity. Results showed significantly higher evaluations for performances featuring high rather than low conducting expressivity regardless of the ensemble's performance quality. Evaluations for both articulation and dynamics were strongly and positively correlated with evaluations of overall ensemble expressivity.

Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

Directory of Open Access Journals (Sweden)

Edward Lehner

2017-12-01

Full Text Available Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

Population-based health funding under attack

African Journals Online (AJOL)

The frustrated heads of health in these top-performing three provinces ... buck' results, and for 'funding to follow functionality and service delivery'. The ... benefiting from this system, which puts medicines closer to their homes, with a targeted ...

25 CFR 170.925 - Is ERFO funding supplemental to IRR Program funding?

Science.gov (United States)

2010-04-01

... RESERVATION ROADS PROGRAM Miscellaneous Provisions Emergency Relief § 170.925 Is ERFO funding supplemental to... construction and maintenance funds for FHWA-approved repairs. If IRR construction or maintenance funds are used... used to reimburse the construction or maintenance funds expended. ...

Funding ATLAS 2012 key indicators for publicly funded research in Germany

CERN Document Server

Deutsche Forschungsgemeinschaft (DFG)

2013-01-01

The Funding ATLAS is a reporting system (previously referred to as the Funding Ranking) employed by the German Research Foundation (DFG) to provide information in the form of indicators of key developments in publicly funded research in Germany every three years. This English version of the Funding ATLAS 2012 presents selected findings from the more comprehensive German edition. At the core of the report are indicators that provide information on which subject areas have received funding at higher education and other research institutions in the period 2008-2010. This report also includes, as a supplement not found in the German edition, the decisions on the Excellence Initiative, which were taken shortly after the German edition of the Funding ATLAS 2012 was published. The report also addresses the subject of internationality by presenting selected indicators that show how attractive Germany's research institutions are for visiting scientists. In summary, the DFG Funding ATLAS furnishes reliable indicators o...

Curious about how the Pension Fund is securing your future?

CERN Multimedia

Antonella Del Rosso

2013-01-01

Transparency, accuracy and proximity to its members: in recent years the CERN Pension Fund has put a huge effort into creating clear procedures, defining and sharing its strategies, and making its information public. The latest addition is the publication of the Annual Investment Report on the Pension Fund website.   Are you curious about the investments made by the CERN and ESO Pension Fund? Do you want to locate the buildings belonging to the Fund? Or see how the Fund controls its risk level? Help is at hand: the Pension Fund has just released the Annual Investment Report (AIR) on its website. “The online AIR will be updated quarterly to include the latest investment performance of the Fund, shortly after the end of every quarter,” says Théodore Economou, the Pension Fund’s Chief Executive Officer. “This is a significant improvement in the frequency of distribution of information regarding investments. Until now, stakeholders had to wait for the...

The Profile of a Polish Mutual Fund Manager

Directory of Open Access Journals (Sweden)

Dariusz Filip

2018-05-01

Full Text Available Aim/purpose - The purpose of this paper is to identify the characteristics that are typical of mutual fund managers. Design/methodology/approach - The study concentrates on a set of socio-demographic data, such as: age, gender, education, experience, and professional qualifications of 336 portfolio managers. The applied research strategy relies on an analysis concerning a set of statistical metrics describing the population under examination. Findings - The average Polish fund manager is a 37-year-old man, a holder of a stock-broker or investment adviser license. He obtained the authorization from the Polish Financial Supervision Authority (KNF a few years after graduating from the Warsaw School of Economics (SGH. He has 11 years' experience in financial markets and 7 years' experience in the mutual fund industry. Research implications/limitations - The identification of managerial characteristics for the purpose of creating a profile of a Polish mutual fund manager will provide an important basis for further surveys and analyses aimed to evaluate the effectiveness of mutual funds. Originality/value/contribution - There are no investigations within the discussed area in Polish studies. Therefore, the identification of the characteristics that are typical of mutual fund managers will make a contribution to the finance literature.(original abstract

Financial management of large, multi-center trials in a challenging funding milieu.

Science.gov (United States)

Lovegreen, Olivia; Riggs, Danielle; Staten, Myrlene A; Sheehan, Patricia; Pittas, Anastassios G

2018-05-03

Randomized clinical trials that have public health implications but no or low potential for commercial gain are predominantly funded by governmental (e.g., National Institutes of Health (NIH)) and not-for-profit organizations. Our objective was to develop an alternative clinical trial site funding model for judicious allocation of declining public research funds. In the Vitamin D and Type 2 Diabetes (D2d) study, an NIH-supported, large clinical trial testing the effect of vitamin D supplementation on incident diabetes in 2423 participants at high risk for diabetes, a hybrid financial management model for supporting collaborating clinical sites was developed and applied. The funding model employed two reimbursement components: Core (for study start-up and partial efforts throughout the study, ~40% of the total site budget), invoiced by sites, and Performance-Based Payments (for successful enrollment of participants and completion of follow-up visits, ~60% of the total site budget), automatically issued to the sites by the Coordinating Center based on actual recruitment and visits conducted. Underperforming sites transitioned to Performance-Based Payments only. Recruitment occurred from October 2013 through December 2016, requiring one additional year than the 2-year projection. Median enrollment at each site was 88 participants (range 29-318; 20 to 205% of the site target). At the end of year 1, study-wide recruitment was at 12% of the target (vs. 50% projected) and 12% of the total grant award was invested. The model constantly evaluated sites' needs and re-allocated resources to meet the study enrollment goal. If D2d had issued cost reimbursement subaward agreements and sites invoiced for their entire budget, 83% of the award would have been spent for all study activities over the first 4 years of the trial compared to 65% of the award spent (US$26M) under the hybrid model used by D2d. It is feasible to foster a hybrid financial management approach to steward

Life cycle versus balanced funds: An emerging market perspective

Directory of Open Access Journals (Sweden)

Elbie Louw

2017-08-01

Full Text Available Background: Inadequate retirement savings is an international challenge. Additionally, individuals are not cognisant of how asset allocation choices ultimately impact retirement savings. Life cycle and balanced funds are popular asset allocation strategies to save towards retirement. However, recent research is questioning the efficacy of life cycle funds that switch to lower risk asset classes as retirement approaches. Aim: The purpose of this study is to compare the performance of life cycle funds with balanced funds to determine whether either dominates the other. The study compares balanced and life cycle funds with similar starting asset allocations as well as those where the starting asset allocations differ. Setting: The study has a South African focus and constructs funds using historical data for the main local asset classes; that is, equity, fixed income and cash, as well as a proxy for foreign equity covering the period 1986–2013. Method: The study makes use of Monte Carlo simulations and bootstrap with replacement, and compares the simulated outcomes using stochastic dominance as decision-making criteria. Results: The results indicate that life cycle funds fail to dominate balanced funds by first-order or almost stochastic dominance when funds have a similar starting asset allocation. It is noteworthy that there are instances where the opposite is true, that is, balanced funds dominate life cycle funds. These results highlight that while the life cycle funds provide more downside protection, they significantly suppress the upside potential compared to balanced funds. When the starting asset allocations of the balanced and life cycle funds differ, the stochastic dominance results are inconsistent as to the efficacy of the life cycle fund strategies considered. Conclusion: The study shows that whether one fund is likely to dominate the other is strongly dependent on the underlying asset allocation strategies of the funds

Fund management plan

International Nuclear Information System (INIS)

1984-08-01

This revision of the Fund Management Plan updates the original plan published in May 1983. It is derived from and supplements the Mission Plan of the Office of Civilian Radioactive Waste Management. A major purpose in preparing this Plan is to inform the public about management of the Nuclear Waste Fund and the Interim Storage Fund. The purpose of the Interim Storage Fund is to finance the provision of the Federal interim storage capacity of up to 1900 metric tons of spent nuclear fuel. The Nuclear Waste Fund is a separate account for all revenues and expenditures related to the geological disposal and monitored retrieval storage of civilian radioactive waste

Importance Performance Analysis as a Trade Show Performance Evaluation and Benchmarking Tool

OpenAIRE

Tafesse, Wondwesen; Skallerud, Kåre; Korneliussen, Tor

2010-01-01

Author's accepted version (post-print). The purpose of this study is to introduce importance performance analysis as a trade show performance evaluation and benchmarking tool. Importance performance analysis considers exhibitors’ performance expectation and perceived performance in unison to evaluate and benchmark trade show performance. The present study uses data obtained from exhibitors of an international trade show to demonstrate how importance performance analysis can be used to eval...

Allocating organisational level funding on the basis of Research Performance Based assessments, a comparative analysis of the EU Member States in international perspective

Energy Technology Data Exchange (ETDEWEB)

Jonkers, K.; Zacharewicz, T.; Lepori, B.; Reale, E.

2016-07-01

The paper analyses the extent to which RPBF allocation mechanisms are being implemented in Europe. To do so, this study builds on a novel set of data on project and organisational level funding developed for the European Commission, which identifies funding allocation mechanisms in each of the EU-28 Member States. This approach allows to compare the scope of RPBF systems across European countries.Further, the paper build on an in-depth analysis of RPBF implementation in 28 European countries, which comes to a classification of different types of RPBF implementation around three characteristics, i.e. a) the way research performance is measured and b) the type of link between performance assessment and allocation of resources. The analysis furthermore identifies a number of good practices while highlighting the potential for adverse effects of RPBF systems in research systems at different stages of development. (Author)

Conductor gestures influence evaluations of ensemble performance

Directory of Open Access Journals (Sweden)

Steven eMorrison

2014-07-01

Full Text Available Previous research has found that listener evaluations of ensemble performances vary depending on the expressivity of the conductor’s gestures, even when performances are otherwise identical. It was the purpose of the present study to test whether this effect of visual information was evident in the evaluation of specific aspects of ensemble performance, articulation and dynamics. We constructed a set of 32 music performances that combined auditory and visual information and were designed to feature a high degree of contrast along one of two target characteristics: articulation and dynamics. We paired each of four music excerpts recorded by a chamber ensemble in both a high- and low-contrast condition with video of four conductors demonstrating high- and low-contrast gesture specifically appropriate to either articulation or dynamics. Using one of two equivalent test forms, college music majors and nonmajors (N = 285 viewed sixteen 30-second performances and evaluated the quality of the ensemble’s articulation, dynamics, technique and tempo along with overall expressivity. Results showed significantly higher evaluations for performances featuring high rather than low conducting expressivity regardless of the ensemble’s performance quality. Evaluations for both articulation and dynamics were strongly and positively correlated with evaluations of overall ensemble expressivity.

PENSION FUND

CERN Multimedia

1999-01-01

The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

Critical success factors influencing the performance of development projects: An empirical study of Constituency Development Fund projects in Kenya

Directory of Open Access Journals (Sweden)

Debadyuti Das

2017-12-01

Full Text Available The present work attempts to identify critical success factors (CSFs influencing the performance of development projects based on their key performance indicators (KPIs. It has considered the case of Constituency Development Fund (CDF projects constructed between 2003 and 2011 in Kenya and secured the perceptions of 175 respondents comprising clients, consultants and contractors involved in the implementation of CDF projects on 30 success variables. Findings reveal that individual items constituting these six factors represent six CSFs namely project-related, client-related, consultant-related, contractor-related, supply chain-related, and external environment-related factor. The findings are also relevant to development projects undertaken in other developing countries.

Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

Directory of Open Access Journals (Sweden)

Radu, I.

2012-01-01

Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

Pension funds' herding

NARCIS (Netherlands)

Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

2016-01-01

This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react

UNIT TRUST FUND'S INITIAL SERVICE CHARGE AND ITS DETERMINANTS

Directory of Open Access Journals (Sweden)

Nur Adiana Hiau Abdullah

2006-01-01

Full Text Available This paper examines the variables that might explain the initial service charge (ISC imposed on unit-holders of Malaysian unit trust funds in the year 1999. By using 39 openend unit trust funds, customer service and board structure variables are found to have asignificant effect in explaining the variations of ISC. Financial performance variables do not seem to have any influence on the level of ISC charged to the unit-holders. Our results also showed that funds which charged higher ISC do not necessarily provide higher returns to investors. Furthermore, there are unit trust funds that are having an initial service charge beyond the maximum 10% level required by the Securities Commissions or did not fulfil the independent directors requirement.

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).