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...

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...

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.

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

THE PERFORMANCE OF MUTUAL FUNDS IN SLOVAKIA

Directory of Open Access Journals (Sweden)

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.

Evaluation of Performance of Mutual Funds in India from 2000 to 2007

OpenAIRE

Saboo, Manish

2008-01-01

There have 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 22 mutual funds for a period of almost 8 years on monthly basis. Funds were evaluated using measures like Sharpe ratio, Treynor ratio, Jensen'...

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

Directory of Open Access Journals (Sweden)

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.

Trading Cost Management of Mutual Funds

NARCIS (Netherlands)

R. Xing (Rang)

2016-01-01

textabstractThis paper documents the trading behaviour of actively managed equity mutual funds from the perspective of their trading cost management. Consistent with the predictions in the literature of portfolio choice with trading costs, I present three main findings. Firstly, mutual funds trade

Elections to the Mutual Aid Fund

CERN Document Server

2016-01-01

Every two years, according to Article 6 of the Regulations of the Mutual Aid Fund, the Committee of the Mutual Aid Fund must renew one third of its membership. This year three members are outgoing. Of these three, two will stand again and one will not.   Candidates should be ready to give approximately two hours a month during working time to the Fund whose aim is to assist colleagues in financial difficulties. We invite applications from CERN Staff who wish to stand for election as a member of the CERN Mutual Aid Fund to send in their application before 17 June 2016, by email to the Fund’s President, Connie Potter (connie.potter@cern.ch).

Performance Evaluation of Investment (Mutual Funds

Directory of Open Access Journals (Sweden)

Povilas Vyšniauskas

2014-12-01

Full Text Available The efficiency of an investment fund is one of the main components in evaluating the performance of the fund. This study seeks for introducing and comparing risk and performance evaluation ratios. The paper is aimed at testing the worked out ratios and at distinguishing between the best ones for the purpose of evaluating the performance of Lithuanian mutual funds. Scientific studies show that a standard deviation, alpha, beta, Sharpe and Treynor ratios are mostly employed for identifying the performance of mutual funds that are also compared with their benchmark index to establish if these funds are outperformed and if is it worth paying management fees to investment banks for managing mutual funds. Historical data were selected for the period from 2012-01-02 to 2013-10-15 analysing the prices of monthly funds. The paper points out the areas of a practical application of the proposed model for investment fund valuation, which may not only provide valuable outcomes for practitioners but also may inspire further research on this article.

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

Revisiting Mutual Fund Performance Evaluation

OpenAIRE

Angelidis, Timotheos; Giamouridis, Daniel; Tessaromatis, Nikolaos

2012-01-01

Mutual fund manager excess performance should be measured relative to their self-reported benchmark rather than the return of a passive portfolio with the same risk characteristics. Ignoring the self-reported benchmark introduces biases in the measurement of stock selection and timing components of excess performance. We revisit baseline empirical evidence in mutual fund performance evaluation utilizing stock selection and timing measures that address these biases. We introduce a new factor e...

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.

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...

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

OpenAIRE

Sitikantha Parida; Zhihong Wang

2018-01-01

In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and posi...

Mudaraba-Venture Capital Closed-end Mutual Funds and Mudaraba-Venture Capital Open-end Mutual Funds

OpenAIRE

Halil Ibrahim Bulut

2008-01-01

The important part of this study attempts to explain that both venture capital and interest-free financing are based on similar ground, if not the same. Two new models called Mudaraba-Venture Capital Closed-End Mutual Funds and Mudaraba-Venture Capital Open-End Mutual Funds, based on both the similarities and the needs of financial innovation in the interest-free financing system, are detailed. It is believed that the development of these two models could make some improvements not only in th...

Performance of Mutual Funds In INDIA: 2000 - 2006.

OpenAIRE

Kabra, Krishna

2006-01-01

Numerous scholarly researches have been carried out to evaluate the performance of mutual funds. These researches may differ in time period but most studies conclude that mutual funds on average have failed to outperform the market and therefore the efficient market hypothesis holds good. This research is carried out to evaluate the performance of 20 surviving diversified equity growth mutual funds for the period of 6 years from July 2000 to June 2006. The data of the fund is collected on Mon...

Seasonal asset allocation: Evidence from mutual fund flows

OpenAIRE

Kamstra, Mark J.; Kramer, Lisa A.; Levi, Maurice D.; Wermers, Russ

2013-01-01

Over the past 30 years, mutual funds have become the dominant vehicle through which individual investors prepare for retirement via defined contribution plans. Further, money market mutual funds, which hold $2.7 trillion as of September 2013, are now a major part of the cash economy in the U.S. Accordingly, the flow of money to and from different mutual fund categories (e.g., equities vs. money funds) increasingly reflects the sentiment or risk aversion of the general population. In this stud...

DYNAMICS OF MUTUAL FUNDS IN RELATION TO STOCK MARKET: A VECTOR AUTOREGRESSIVE CAUSALITY ANALYSIS

Directory of Open Access Journals (Sweden)

Md. Shahadath Hossain

2013-01-01

Full Text Available In Bangladesh, primary and secondary mutual fund markets behave in a completely different way, where initial public offering (IPO investors of mutual funds earn more than 250 percent rerun, whereas secondary market investors cannot even manage to cover the opportunity cost of their investment. There are few other abnormalities present in this market – unlike everywhere in the world, most of the mutual funds are closed-end (92 percent and closed-end mutual funds are barred to issue bonus or right shares. A total of 714 day’s observations, from January 2008 to December 2010, of four variables– DSE (Dhaka Stock Exchange general index return, DSE general index turnover, mutual funds’ return and mutual funds’ turnover– are utilized. Stationarity of the variables are tested with Augmented Dickey-Fuller (ADF unit root test and found that variables are in different order of integration. Long-term equilibrium relationships among the variables are tested with Johansen cointegration and it is found that DSE general index return and mutual funds’ return are cointegrated. Toda-Yamamoto (TY version of granger non-causality test is employed and bidirectional causality is found moving from DSE (Dhaka Stock Exchange general index turnover to DSE general index return, whereas unidirectional causality is found moving from mutual fund’s return to DSE general index return, mutual funds’ return to mutual funds turnover, and DSE general index turnover to mutual funds turnover. This finding helps to conclude that equity shares’ demand drives the mutual funds demand but even higher demand of mutual funds fails to raise its own price unless underlying value of the mutual funds changes.

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

Can Chinese Mutual Fund Time Market Liquidity?

OpenAIRE

LI, Xiaoqing

2012-01-01

Extant researches have focused on mutual fund managers’ ability to time market returns or volatility. In this paper, the author offers a new perspective on the traditional timing issue by examining Chinese fund managers’ liquidity timing ability. Using the Chinese mutual fund database, the author finds little evidence that over the period from 2004 to 2012, fund managers cannot demonstrate the ability to time market liquidity in China, i.e., increase (reduce) market exposure in anticipation o...

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

OpenAIRE

Clemens Sialm; Laura Starks; Hanjiang Zhang

2015-01-01

In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.

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...

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.

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...

Financial Literacy and Mutual Fund Investments : Who Buys Actively Managed Funds?

OpenAIRE

Müller, Sebastian; Weber, Martin

2008-01-01

Previous research indicates that lacking financial sophistication among private investors might be important in explaining the strong growth in active management over the past. Based on questionnaire data with more than 3,000 mutual fund customers, we therefore construct an objective financial literacy score and analyze the relationship between financial literacy and mutual fund investment behavior. While sophisticated investors are indeed more aware of passive, low cost fund alternatives lik...

Estimation of skill of Russian mutual fund managers

OpenAIRE

Parshakov, Petr

2015-01-01

Our work is focused on Russian mutual funds managers’ skills versus luck estimating. Using bootstrap procedure we build Jensen’s alpha density for each fund. We find that only 5% of Russian equity mutual funds do have skills (in contrast to luck) to outperform the benchmark.

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 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...

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...

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.

Measuring the performance of mutual funds: A case study

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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.

Investors’ perception on mutual funds with reference to Chidambaram town

OpenAIRE

N. Geetha; M. Ramesh

2011-01-01

Mutual funds in India play a vital role in mobilizing funds for capital and financial markets. The role of mutual funds in India felt significant as it generates funds from small investors at large across the country. The main objective of the study is to elucidate the perceptions and behaviours of the small investors located in the town of Chidambaram, Tamil Nadu, South India towards the mutual funds and also suggest some measures to increase the quantum of investors and investments as well.

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...

Mutual aid fund commission

CERN Multimedia

Staff Association

2011-01-01

The composition of the Board of the Mutual Aid Fund for 2011 is as follows: President: Pascal Droux Vice-president: Connie Potter Treasurer: Louis Pereira Deputy treasurer: Barbara Brugger Secretary: Sonia Casenove Deputy secretary: Isabelle Mardirossian Members: Christopher David Thomas   Jean-Claude Vialis (GAC member)   Marie-Luce Falipou   Gunilla Santiard (Jean-Claude Vialis’s alternate) The role of the Fund is to provide financial help to members of personnel and beneficiaries of the Pension Fund who are in need of exceptional financial assistance. All requests are treated in the strictest confidence. Should you wish to apply for aid from the Fund, kindly contact any member of the Board as given above or Social Services, tel.74479 – 73867.

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...

Performance Evaluation of Open-Ended ELSS Mutual Fund ...

African Journals Online (AJOL)

This study examined the performance of the open-ended equity linked saving mutual fund schemes (ELSS) in India during the financial distress in 2008-2009. In this study, the month end net asset values of selected equity linked saving mutual fund schemes were considered and the data was obtained from the website of ...

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 ...

Risk and Return Analysis of Mutual Fund Industry in India

OpenAIRE

Bilal Ahmad Pandow; Khurshid Ahmad Butt

2017-01-01

The mutual funds is one of the important classes of financial intermediaries which enables millions of small and large savers spread across India as well as internationally to participate in and derive the benefits of the capital market growth. Thus the involvement of mutual funds in the transformation of Indian economy has made it urgent to view their services as they are playing role in mobilizing and allocation of investable funds through markets. The fact is that mutual funds have a lot o...

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...

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...

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...

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.

24 CFR 203.420 - Nature of Mutual Mortgage Insurance Fund.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Nature of Mutual Mortgage Insurance Fund. 203.420 Section 203.420 Housing and Urban Development Regulations Relating to Housing and Urban... and Distributive Shares § 203.420 Nature of Mutual Mortgage Insurance Fund. The Mutual Mortgage...

Information asymmetry, mutual funds and earnings management: Evidence from China

Directory of Open Access Journals (Sweden)

Yunhao Dai

2013-09-01

Full Text Available This paper investigates how information asymmetry and mutual fund ownership affect listed companies’ earnings management. We show that (1 reducing information asymmetry improves firms’ earnings management behavior; (2 relative to short-term mutual funds, long-term mutual funds promote earnings quality by adopting a monitoring role; and (3 by dividing firms into high/low information asymmetry groups, we find that the information environment significantly increases the effect of long-term mutual funds on firms’ earnings management. In this paper, we provide new evidence for the role that institutional investors play in a typical emerging capital market. Our results have clear policy implications: to increase earnings quality, it is essential to improve information transparency and develop long-term institutional investors.

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...

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.

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...

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 ...

77 FR 48566 - The Hartford Mutual Funds, Inc., et al.;

Science.gov (United States)

2012-08-14

... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30164; File No. 812-14024] The Hartford Mutual Funds, Inc., et al.; Notice of Application August 8, 2012. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application under section 6(c) of the Investment...

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.

Evaluation of Performance of Mutual Funds in India from 2004-2009

OpenAIRE

Badani, Ankit

2009-01-01

Mutual funds play an important role in the globalization of the financial markets. Various past studies have been carried out by academics and researchers to analyse the performance of mutual funds. One of the important facts revealed by most of these studies is that a mutual fund cannot perform better than the market. Performance measures like Sharpe ratio, Treynor ratio, Jensen measure etc are applied to evaluate the performance 30 open-ended equity diversified growth funds in India for the...

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...

Information Content of Mutual Fund Portfolio Disclosure

NARCIS (Netherlands)

Y. Wang (Yu)

2011-01-01

textabstractAcademic financial economists have been keenly interested in the value of active portfolio management since the seminal paper of Jensen (1968). This book examines the information advantages that active mutual fund managers attain in financial markets through an analysis of disclosed fund

AWARENESS OF MUTUAL FUND INVESTMENT AMONG THE INVESTORS – AN EMPIRICAL STUDY

OpenAIRE

Dr. B. Ravi Kumar; R. Padma Malini

2017-01-01

Capital market has been strengthened due to because of increase in investment in mutual funds by small and medium investors. Most of the investors are having awareness about mutual funds and its benefits like tax benefits, less risk, cost etc. The mutual fund industry in India has undergone a most successful phase in the last 15 years. The growth in number of schemes offered by Indian mutual funds from 403 schemes in 2002-03 to 1294 schemes in 2011-12 has shown the inclination of investors to...

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

Directory of Open Access Journals (Sweden)

Sitikantha Parida

2018-01-01

Full Text Available In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds. Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and positive flows into the top and bottom CSR funds respectively were larger during the pre-financial crisis period (2003–2007. This trend, however, reversed during the financial crisis (2008–2009. Top CSR funds attracted about 8.7% more investments during the financial crisis compared to the pre-crisis period; whereas bottom CSR funds received about 9.8% less investment. This higher investment into the top CSR funds during the crisis seems to have disappeared during the post-crisis period (2009–2012. Additional analysis shows that the corporate social ratings of top CSR funds improved through the crisis, whereas it deteriorated for the bottom CSR funds. Our findings are consistent with the “flight to quality” phenomenon observed in financial markets during market crises, indicating that investors perceive top CSR fund investments as relatively safe or of higher quality and hence, invest more in them during financial crises.

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.

Spillover Effects of Marketing in Mutual Fund Families

NARCIS (Netherlands)

M.J.C.M. Verbeek (Marno); J.J. Huij (Joop)

2007-01-01

textabstractThis paper investigates the presence of spillover effects of marketing in mutual fund families. We find that funds with high marketing expenses generate spillovers, and enhance cash inflows to family members with low marketing expenses. In particular, low-marketing funds that are

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...

An Empirical Study on Mutual Funds in the U.S. Market: Performance Evaluation and Its Relation with Fund Size

OpenAIRE

Du, Lin

2008-01-01

Mutual funds industry has grown rapidly since 1970s. As one popular type of financial intermediary, mutual fund investment becomes an important player in the financial market globally. The evaluation of mutual fund performance has been achieving a great deal of academic interest since 1960s. There has been a great deal of research which examined whether mutual funds can outperform well-diversified portfolios such as a market index. However, the findings are usually suggestive rather than conc...

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...

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.

Improved inference in the evaluation of mutual fund performance using panel bootstrap methods

OpenAIRE

Blake, David; Caulfield, Tristan; Ioannidis, Christos; Tonks, I P

2014-01-01

Two new methodologies are introduced to improve inference in the evaluation of mutual fund performance against benchmarks. First, the benchmark models are estimated using panel methods with both fund and time effects. Second, the non-normality of individual mutual fund returns is accounted for by using panel bootstrap methods. We also augment the standard benchmark factors with fund-specific characteristics, such as fund size. Using a dataset of UK equity mutual fund returns, we find that fun...

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

Directory of Open Access Journals (Sweden)

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.

75 FR 47063 - Mutual Fund Distribution Fees; Confirmations

Science.gov (United States)

2010-08-04

... section 12(b) is to prevent mutual funds from incurring ``excessive sales, promotion expenses, and so... plans and used the revenue to pay for advertising and sales materials.\\55\\ In time, however, funds began... to revenue sharing. [[Page 47069

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.

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.

Information content when mutual funds deviate from benchmarks

NARCIS (Netherlands)

H. Jiang (Hao); M.J.C.M. Verbeek (Marno); Y. Wang (Yu)

2014-01-01

markdownabstract__Abstract__ The consensus wisdom of active mutual fund managers, as reflected in their average over-and underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds from 1984 to 2008, we find that

PERFORMANCE EVALUATION OF TURKISH TYPE A MUTUAL FUNDS AND PENSION STOCK FUNDS BY USING TOPSIS METHOD

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Nesrin ALPTEKIN

2009-07-01

Full Text Available In this paper, it is evaluated performance of Turkish Type A mutual funds and pension stock funds by using TOPSIS method which is a multicriteria decision making approach. Both of these funds compose of stocks in their portfolios, so it can be enabled to compare each other. Generally, mutual or pension funds are evaluated according to their risk and return. At this point, it is used traditional performance measurement techniques of funds like Sharpe ratio, Sortino ratio, Treynor index and Jensen’s alpha. TOPSIS method takes into consideration all of these fund performance measurement techniques and provides more reasonable performance measurement.

External Monitoring and Dynamic Behavior in Mutual Funds

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Jian Wang

2016-01-01

Full Text Available This paper studies the impact of external monitoring on the behavior in mutual funds. Specifically, we investigate how and why external monitoring can alleviate contracting inefficiency caused by information asymmetry between investors and the manager. It is shown that efficiency loss emerges when investors contract with the manager just relying on her investment return history. The establishment of external monitoring that provides investors more information about the manager’s ability can improve contracting efficiency, which converges to first-best as external monitoring strengthens. These results provide strong support for tightening supervision in mutual fund industry.

On the behavior of mutual fund investors and managers

NARCIS (Netherlands)

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

31 CFR 103.15 - Reports by mutual funds of suspicious transactions.

Science.gov (United States)

2010-07-01

... suspected terrorist financing or ongoing money laundering schemes, a mutual fund shall immediately notify by... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reports by mutual funds of suspicious transactions. 103.15 Section 103.15 Money and Finance: Treasury Regulations Relating to Money and Finance...

The Tradeoff Between Mutual Fund and Direct Stock Investments

DEFF Research Database (Denmark)

Marekwica, Marcel; Steininger, Bertram I.

2014-01-01

We study the tradeoff between direct and indirect stock investments through equity mutual funds for a utility-maximizing investor. Whereas direct investments impose higher transaction costs on the formation of a well-diversified portfolio, mutual funds charge fees for their services. Our results...... show that the fee levels that make private investors indifferent between direct and indirect stock investments vary heavily according to risk aversion, the amounts invested, correlations between assets, transaction costs, and the length of investment horizon. In particular, our results suggest...

The Behavioral Aspects of Mutual Funds and the Lessons Learned from the Financial Crisis

OpenAIRE

Åhlén, Tommy

2011-01-01

The fund industry has grown tremendously over the last decades and the function for mutual funds and their managers have gained importance. Sweden is today the greatest fund saving country in the world however the function of the mutual funds and their managers is still rather unexplored. Mutual fund managers were blamed for the recent financial crisis and their irrational behavior was highlighted. This indicated how weak the classic financial theories are when trying to explain the function ...

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...

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...

Exposure to socially responsible investing of mutual funds in the Euronext stock markets

NARCIS (Netherlands)

Plantinga, Auke; Scholtens, Bert; Brunia, Nanne

2002-01-01

This paper analyses fund management and exposure on the Euronext stock exchanges. Especially, we investigate to what extent mutual funds are engaged in socially responsible investing (SRI). In order to accomplish this goal, we use regression analysis to measure the exposure of mutual funds to stock

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.

The Evaluation of Mutual Fund Performance in Lithuania Considering Risk and Timing Ability

Directory of Open Access Journals (Sweden)

Irma Gavrilova

2011-07-01

Full Text Available Over the last decade, Lithuania has witnessed a growing interest in investment promoted by the need to successfully manage available funds. Direct investments (e. g. buying and selling stocks require a specific knowledge of investment instruments. Therefore, an ordinary investor finds investment in mutual funds easier and cheaper. Usually the most important questions to the investor include measuring the results of a fund and the quality of the actions performed by the fund managers. The article evaluates the rates of mutual fund performance and identifies their shortages. The methods for evaluating investment return according to the level of risk and timing ability of the fund managers are presented using the Sharpe ratio and Treynor-Mazuy model on the basis of which mutual funds in Lithuania are analyzed.Article in Lithuanian

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.

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...

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 ...

Investors Perception And Attitude Towards Mutual Fund As An Investment Option

OpenAIRE

Sharma, Priyanka; Agrawal, Payal

2015-01-01

Mutual funds have opened new vistas to millions of investors by virtually taking investment to their doorstep. In India, a investor generally goes for such kind of information, which do not provide hedge against inflation and often have negative real returns. He finds himself to be an odd man out in the investment game. Mutual funds have come, as a much needed help to these investors. Thus the success of MFs is essentially the result of the combined efforts of competent fund managers and aler...

Cointegration and causality analysis of dynamic linkage between stock market and equity mutual funds in Australia

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Sasipa Pojanavatee

2014-12-01

Full Text Available The existing literature finds conflicting results on the magnitude of price linkages between equity mutual funds and the stock market. The study contends that in an optimal lagged model, the expectations of future prices using knowledge of past price behaviour in a particular equity mutual fund category will improve forecasts of prices of other equity mutual fund categories and the stock market index. The evidence shows that the long-run pricing of equity mutual funds is cointegrated with the stock market index. In the short run, the results indicate that some equity mutual fund categories possess both long-run and short-run exogeneity with the stock market. Therefore, the short-run dynamic indicates short-run Granger causal links running between different equity mutual fund categories.

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios

OpenAIRE

Claudio Raddatz; Sergio L. Schmukler

2011-01-01

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors and managers respond to returns and crise...

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

Front-running of Mutual Fund Fire-sales

NARCIS (Netherlands)

Dyakov, T.C.; Verbeek, M.

2013-01-01

We show that a real-time trading strategy which front-runs the anticipated forced sales by mutual funds experiencing extreme capital outflows generates an alpha of 0.5% per month during the 1990-2010 period. The abnormal return stems from selling pressure among stocks that are below the NYSE mean

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

Directory of Open Access Journals (Sweden)

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.

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.

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

Selectivity Skills of Mutual Fund Managers in India: An Analysis

Directory of Open Access Journals (Sweden)

Bilal Ahmad Pandow

2016-12-01

Full Text Available Stock selection is the nucleus in the investment management process. It involves identifying and selecting undervalued securities which among other things requires the successful forecasting of the company specific events or an ability to predict the general behavior of security prices in the future. If the fund manager is able to identify and select the undervalued securities for the portfolio, then it will be possible for the fund manager to increase the returns of the schemes and vice versa. In practice fund managers are expected to earn superior returns for unit holders consistently as being professionals therefore possess superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio. The present work is based on the review of tens of studies both foreign and Indian studies relating to mutual funds. 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. In this paper stock selectivity skills of sample fund managers were tested by using Jensen’s Alpha and Fama’s net selectivity measure.

The Formation of Optimal Portfolio of Mutual Shares Funds using Multi-Objective Genetic Algorithm

Directory of Open Access Journals (Sweden)

Yandra Arkeman

2013-09-01

Full Text Available Investments in financial assets have become a trend in the globalization era, especially the investment in mutual fund shares. Investors who want to invest in stock mutual funds can set up an investment portfolio in order to generate a minimal risk and maximum return. In this study the authors used the Multi-Objective Genetic Algorithm Non-dominated Sorting II (MOGA NSGA-II technique with the Markowitz portfolio principle to find the best portfolio from several mutual funds. The data used are 10 company stock mutual funds with a period of 12 months, 24 months and 36 months. The genetic algorithm parameters used are crossover probability of 0.65, mutation probability of 0.05, Generation 400 and a population numbering 20 individuals. The study produced a combination of the best portfolios for the period of 24 months with a computing time of 63,289 seconds.

Main Determinants of the Mutual Funds Dynamics in Romania before and after the Financial Crisis

OpenAIRE

Radu Ioana; Nistor Ioan Alin; Ciupac-Ulici Maria Lenuþa

2012-01-01

In an attempt to identify the main determinants of attraction or inhibitive factors for investments, the current paper evaluates the Romanian mutual fund market development. Using a regression analysis on quarterly data during 2004Q3 – 2012Q2, the study explores the impact of current financial crisis on mutual funds. The paper is organized as it follows. Part 2 presents a brief literature review and extracts the studies that appreciate best the determinants of the mutual funds dynamics. Next ...

Indian Mutual Fund Industry in the first decade of 21st Millennium

OpenAIRE

Ms. Vanipriya .R; Dr.Venkatramaraju.D

2011-01-01

The Indian mutual fund industry has witnessed significant growth in the past few years driven by several favorable economic and demographic factors such as rising income levels and the increasing reach of Asset Management Companies (AMCs) and distributors. Recent developments triggered by the global economic crisis have served to highlight the vulnerability of the Indian mutual fund industry to global economic turbulence and exposed our increased dependence on corporate customers and the reta...

NEVER BOUGHT, ALWAYS SOLD: Salesmanship, the Small Investor, and the Early Postwar Surge in Mutual Fund Participation

Directory of Open Access Journals (Sweden)

Janice M. Traflet

2009-01-01

Full Text Available Though today millions of investors flock to them, in 1945, mutual funds exuded no widespread appeal. This essay examines how, why, and when mutual funds first began to regain — and, indeed, exceed — the popularity they had only briefly enjoyed in the 1920s. A key focus is on the role of marketers in stimulating popular interest in mutual funds, particularly among small investors. As will be argued, the surge in mutual fund participation, which began in earnest after the Second World War, should be considered neither accidental nor inevitable.

Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey

OpenAIRE

Ersin Acikgoz; Hasan Uygurturk; Turhan Korkmaz

2015-01-01

In this study, the level of relationship between the real growth rate of the stock pension mutual funds that have been involved in the individual pension system and the variables such as the number of fund participants, the real fund returns, fund operating expenses and share of fund assets to the total assets of the funds are analyzed with panel data methodology. The results have reported that apart from the fund operating expenses, the selected independent variables are statistically signif...

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

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...

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.

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

NARCIS (Netherlands)

C. Lin (Chunmei); M. Massa (Massimo); H. Zhang (Hong)

2014-01-01

markdownabstract__Abstract__ We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semi-public information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that

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...

Market Timing : A Decomposition of Mutual Fund Returns

NARCIS (Netherlands)

Swinkels, L.A.P.; van der Sluis, P.J.; Verbeek, M.J.C.M.

2003-01-01

We decompose the conditional expected mutual fund return in ve parts.Two parts, selectivity and expert market timing, can be attributed to manager skill, and three to variation in market exposure that can be achieved by private investors as well.The dynamic model that we use to estimate the relative

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

Directory of Open Access Journals (Sweden)

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.

5 CFR 2640.201 - Exemptions for interests in mutual funds, unit investment trusts, and employee benefit plans.

Science.gov (United States)

2010-01-01

... OFFICE OF GOVERNMENT ETHICS GOVERNMENT ETHICS INTERPRETATION, EXEMPTIONS AND WAIVER GUIDANCE CONCERNING... in several mutual funds whose portfolios contain stock in a small computer company. Each mutual fund prospectus describes the fund as a “management company,” but does not characterize the fund as having a...

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...

Tax Planning by Mutual Funds: Evidence From Changes in the Capital Gains Tax Rate

OpenAIRE

Chen, Feng; Kraft, Arthur; Weiss, Ira

2011-01-01

We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund managers have incentives to consider the tax liability of both current and potential investors. Our analysis spans over 44 years and six major tax changes, allowing us to examine the effects of both tax rate...

Value Effect in Indonesian Stock Returns: The Implications for the Equity Mutual Fund Industry

Directory of Open Access Journals (Sweden)

Samuel Kristianto Utomo

2015-04-01

Full Text Available We extend the persistence and pervasiveness of the presence of value effect to Indonesian stock returns in the last two decades by utilizing data set that is relatively free of survivor bias and selection bias. Our finding shows that value portfolios have been able to outperform growth portfolios. Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantly explain the returns of the aggregate equity mutual funds in Indonesia and unveil that the equity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs and fund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simpler model shown in this paper to capture the value premium as opposed to the general application of traditional valuation method.

77 FR 5585 - Northwestern Mutual Series Fund, Inc. and Mason Street Advisors, LLC; Notice of Application

Science.gov (United States)

2012-02-03

... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29939; File No. 812-13982] Northwestern Mutual Series Fund, Inc. and Mason Street Advisors, LLC; Notice of Application January 30, 2012... instruments. Applicants: Northwestern Mutual Series Fund, Inc. (``Company'') and Mason Street Advisors, LLC...

Efficiency of mutual funds in Croatia: a DEA-based approach applied in the pre-crisis, crisis and post crisis period

Directory of Open Access Journals (Sweden)

Margareta Gardijan

2017-01-01

Full Text Available The aim of this paper is to estimate the overall performance of mutual funds in Croatia in terms of their relative efficiency based on several performance indicators using data envelopment analysis (DEA. DEA is a non-parametric method that can provide an overall relative efficiency score of a certain fund given a number of risk, cost or reward or profitability measures. Since traditional mutual fund performance indicators are mostly based on the CAPM paradigm that demands using rigid assumptions and questionable benchmarks, we endeavor to overcome the limitations of such an approach by considering more appropriate risk and reward measures, such as Expected Shortfall, stochastic dominance and higher order moments. In this way, we developed an adjusted DEA-based mutual fund performance index. The efficiency scores obtained from the DEA model help in identifying efficient funds and ranking the funds based on certain criteria. DEA also identifies mutual fund(s that can be benchmarks for other mutual funds that have similar investment strategies. These results were compared to various traditional indicators of absolute and relative risk-adjusted performance of mutual funds. The analysis was divided into three periods: the pre-crisis period, crisis period and post-crisis period with different conclusions for mutual fund performances in Croatia. The analysis includes altogether 60 UCITS funds in Croatia, in the period from the beginning of 2005 until the end of 2015, and was conducted on daily data of share prices, available from the Bloomberg terminal.

Improving index mutual fund risk perception : Increase financial literacy or communicate better?

NARCIS (Netherlands)

de Goeij, Peter; Van Campenhout, Geert; Subotic, Marjana

2017-01-01

We investigate the effect of financial literacy and index mutual fund risk disclosure format on investors’ risk perception by examining the risk disclosure part in the Key Investor Information Document (KIID) for UCITS funds in Europe. Using an experimental survey administered to 244 university

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.

Returns on Sustainable Mutual Funds in India

OpenAIRE

Jain, Anant

2011-01-01

The world has seen a huge growth in investment through the sustainable sector. But the study on the cost in construction and measuring the performance of such investments is confined to the limited countries. Thus to compare the performance of the sustainable investment with that of traditional investments it is necessary to increase the sample size of the study. Considering this in mind the paper aims to study the performance and risk of the sustainable mutual fund investments with that of t...

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...

Skimming the Profit Pool: The American Mutual Fund Scandals and the Risk for Japan

OpenAIRE

Peterson, Andrew

2010-01-01

This paper examines conditions and structures that led to abuses in the American mutual fund industry. The scandals unfolded in 2003 when a whistleblower alerted authorities to illegal and unethical trading practices between institutional investors and mutual fund companies. The abuses included late trading, market timing, illegal sales practices, and excessive fees, with damages estimated at well over US $4 billion per year. While this scandal involved American companies, there are indicatio...

12 CFR 221.116 - Bank loans to replenish working capital used to purchase mutual fund shares.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Bank loans to replenish working capital used to... Bank loans to replenish working capital used to purchase mutual fund shares. (a) In a situation... period of time the result would be the same. Accordingly, the Board concluded that bank loans made under...

Empirical Studies on Actively Managed Mutual Funds: New Insights into the Costs and Benefits of Portfolio Disclosure

NARCIS (Netherlands)

T.C. Dyakov (Teodor)

2014-01-01

markdownabstract__Abstract__ Dyakov’s dissertation bundles three empirical studies on actively managed mutual funds. His studies provide new knowledge of the costs and benefits of portfolio disclosure and shed more light into the question whether mutual fund investors have an information

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...

Study of Systemic Risk Involved in Mutual Funds

Science.gov (United States)

Dash, Kishore C.; Dash, Monika

Systemic risk, may be defined as the risk that contaminates to the whole system, consisting of many interacting agents that fail one after another. These agents, in an economic context, could be firms, banks, funds, or other financial institutions. Systemic risk is a macroscopic property of a system which emerges due to the nonlinear interaction of agents on a microscopic level. A stock market itself is a system in which there are many sub-systems, like Dowjones, Nifty, Sensex, Nasdaq, Nikkei and other market indices in global perspective. In Indian market, subsystems may be like Sensex, Nifty, BSE200, Bankex, smallcap index, midcap index, S&P CNX 500 and many others. Similarly there are many mutual funds, which have their own portfolio of different stocks, bonds etc. We have attempted to study the systemic risk involved in a fund as a macroscopic object with regard to its microscopic components as different stocks in its portfolio. It is observed that fund managers do manage to reduce the systemic risk just like we take precautions to control the spread of an epidemic.

Influence Manager's Investment Attitude on Organization Environment and Portfolio Performance Reksadana Shares (Study on Mutual Fund Management Company Reksadana Shares in Indonesia)

OpenAIRE

Oswari, Teddy; Kowanda, Dionysia

2007-01-01

The purpose of this research is to measures the effect of investment manager attitude through operational employees to mutual funds work attitude portfolio, to analyse how big the organizational environment effect together with investment manager attitude, through operational employees to mutual funds work attitude portfolio and analyse the effect of organizational envirobment to investment manage attitude in mutual funds company. The observation conducted in 72 mutual funds company, the data...

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

Performance of mutual equity funds in Brazil – A bootstrap analysis

Directory of Open Access Journals (Sweden)

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.

THE MARKET OF ELECTRICAL POWER MUTUAL INVESTMENT FUNDS IN THE CONDITIONS OF REFORM OF ELECTRICAL POWER BRANCH OF RUSSIA

Directory of Open Access Journals (Sweden)

Olga A. Zhdanova

2015-01-01

Full Text Available In article the quantitative and qualitativeanalysis of the Russian market of electrical power mutual investment funds (Mutual funds is carried out, problems andprospects of its development in modernconditions are revealed.

Does skin in the game matter?: director incentives and governance in the mutual fund industry

NARCIS (Netherlands)

Cremers, M.; Driessen, J.; Maenhout, P.; Weinbaum, D.

2009-01-01

We use a unique database on ownership stakes of equity mutual fund directors to analyze whether the directors' incentive structure is related to fund performance. Ownership of both independent and nonindependent directors plays an economically and statistically significant role. Funds in which

Mutual Funds as a Form of Collective Investment in Russia

Science.gov (United States)

Tershukova, Marina B.; Savinov, Oleg G.; Zhegalova, Elena V.; Zhuruhinc, Georgy I.; Zhegalova, Alexandra S.

2016-01-01

The relevance of the research problem inspired with the fact nowadays there is a need for theoretical generalization based on international experience the essence of the collective investment system and the rationale for prioritizing the mutual funds development as the most attractive form of collective investment. The goal of the article lies in…

Mutual fund flows: an analysis of the main macroeconomic factors

Directory of Open Access Journals (Sweden)

Raphael Moses Roquete

2015-03-01

Full Text Available This paper analyzes whether some macroeconomic factors (country risk, IBrX volatility and Interbank Certificate of Deposit are related to mutual fund flows for the period between January 2005 and August 2014. In order to investigate whether the flow series behaved differently during this period, the Chow test was conducted for September 2008 (the month in which the Lehman Brothers investment bank collapsed. The regressions were performed and the parameters were estimated through the OLS method for both periods, the first running from January 2005 to August 2008 and the second from September 2008 to August 2014. For the period between January 2005 and August 2008, all the variables, except for the Interbank Certificate of Deposit, proved significant, at a significance level of 10%. For the subsequent period, none of the variables proved significant and the R² was very low, which may merely indicate that investors failed to analyze the main macroeconomic variables for mutual fund allocations or redemptions and simply considered other aspects, such as manager performance.

Culture, Materiality, Memory: Collective Ownership and Action In Romanian Mutual Funds

Directory of Open Access Journals (Sweden)

Narcis TULBURE

2015-12-01

Full Text Available The paper presents the tensions between collectivist and corporatist forms of ownership for Romanian mutual funds. Drawing on my research among retail investors of funds that ended up in bankruptcy throughout the postsocialist period, I document the material practices and graphic artefacts they deploy in litigation as ways to make claims and produce evidence regarding their ongoing financial involvement and the rights to compensations. I focus specifically on the files documenting their personal histories (providing moral reasons for pursuing “speculative” investments as well as those materializing the memory of their involvement with the capital market. I conclude that material practices are constitutive of vernacular forms of financial and legal knowledge. Furthermore, they engender specific types of property that serve as premises for the defense of investor rights and as grounds for emerging forms of collective action. Methodologically, the conclusion of the paper is that qualitative methods constitute alternative approaches and a valuable complement of quantitate research methods for the behaviors of mutual fund investors illustrating some of the cultural components giving specific dynamics to the popular participation to the capital market that can be subsequently quantified.

Sorting mutual funds with respect to process-oriented social responsibility: A FLOWSORT application

Directory of Open Access Journals (Sweden)

Tim Verheyden

2014-08-01

Full Text Available We establish a robust FLOWSORT-based tool to sort mutual funds with respect to process-oriented social responsibility and recommend the use of limiting profiles with open classes. The tool provides an alternative for the limited dichotomous classification of funds, i.e. socially responsible investing (SRI versus conventional funds. By allowing for more heterogeneity in social responsibility the sorting tool is promising for scholars to improve fund performance measurements, and useful for governments to better regulate the supply of SRI products.

31 CFR 103.130 - Anti-money laundering programs for mutual funds.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Anti-money laundering programs for... Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS Anti-Money Laundering Programs Anti-Money Laundering Programs § 103.130 Anti-money laundering programs for mutual funds. (a) For...

78 FR 77175 - Catalyst Capital Advisors LLC and Mutual Fund Series Trust; Notice of Application

Science.gov (United States)

2013-12-20

... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30832; 812-14101] Catalyst... shareholder approval. APPLICANTS: Catalyst Capital Advisors LLC (``CCA'' or the ``Adviser'') and Mutual Fund Series Trust (formerly Catalyst Funds) (the ``Trust''). DATES: Filing Dates: The application was filed on...

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

Directory of Open Access Journals (Sweden)

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 METHODOLOGY OF TESTING THE CAUSALITY BETWEEN THE ROMANIAN MUTUAL FUNDS MARKET AND THE ECONOMY’S DYNAMICS

Directory of Open Access Journals (Sweden)

Ioana RADU

2013-06-01

Full Text Available The paper tests and evaluates the causality between the dynamics of the Romanian mutual fund market and the economy. Using the Granger causality test, a regression analysis has been developed on quarterly data during 2004Q3 – 2012Q2 for the Romanian economy. Based on this relationship, we can emphasize that the controversial debate upon the economic growth and the mutual fund market has became a complex research subject. Therefore, due to its complexity, the timeliness and the continuous growth of the investment funds area, this paper complements the existing literature by identifying the causal linkage between the mutual fund market and the economy. The paper is organized as it follows. First part presents the main premises that have emphasized our research. Second part presents a brief literature review and extracts the studies that appreciate best the relationship between the analyzed variables. Next section is set on defining the potential correlation between the analyzed variables. Then, section 4 tests the causality by using the R facility. The last part concludes.

78 FR 24445 - Symetra Mutual Funds Trust, et al.; Notice of Application

Science.gov (United States)

2013-04-25

... change is in the best interests of the Fund and its shareholders and does not involve a conflict of... shareholder approval and would grant relief from certain disclosure requirements. Applicants: Symetra Mutual...: An order granting the application will be issued unless the Commission orders a hearing. Interested...

Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

Directory of Open Access Journals (Sweden)

Chao Tang

2017-09-01

Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

The Network of U.S. Mutual Fund Investments: Diversification, Similarity and Fragility throughout the Global Financial Crisis

OpenAIRE

Delpini, Danilo; Battiston, Stefano; Caldarelli, Guido; Riccaboni, Massimo

2018-01-01

Network theory proved recently to be useful in the quantification of many properties of financial systems. The analysis of the structure of investment portfolios is a major application since their eventual correlation and overlap impact the actual risk diversification by individual investors. We investigate the bipartite network of US mutual fund portfolios and their assets. We follow its evolution during the Global Financial Crisis and analyse the interplay between diversification, as unders...

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...

Board of Director Configurations in Mutual Funds Sponsors: A Board-Level Analysis of Director Performance and Ownership

National Research Council Canada - National Science Library

Fraser, Steven

2003-01-01

... (or a cluster of funds); referred to as a Multiple Board Configuration (MBC). In a sample of the largest open-end mutual fund sponsors, I find MBC boards have significantly higher board-level objective-adjusted excess returns than SBC boards...

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...

Socially responsible investments in mutual funds

Directory of Open Access Journals (Sweden)

Funaru, M.

2011-01-01

Full Text Available This paper aims to add contribution to the socially responsible investments (from now on called “SRI” research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.

Election to the Board of the Mutual Aid Fund

CERN Multimedia

Mutual Aid Fund

2013-01-01

Every two years, the Board of the Mutual Aid Fund has to replace a proportion of its members. In accordance with article 6 of the Fund’s General Regulations, three members must leave and have to be replaced. These three members may subscribe again. All members of the CERN staff are eligible. If you are prepared to devote about two hours a month during working hours to assist your colleagues with financial problems, do not hesitate to join this self-governing Board. Candidates must announce their intention to stand for election by 31st January 2014. Fill in the present form and return it to P. Droux/FP (72265) who will also be pleased to provide further information. Name, First Name ................................................................. Department .................................... Tel .............................

Election to the Board of the Mutual Aid Fund

CERN Multimedia

Mutual Aid Fund

2013-01-01

Every two years, the Board of the Mutual Aid Fund has to replace a proportion of its members. In accordance with article 6 of the Fund’s General Regulations, three members must leave and have to be replaced. These three members may apply again. All members of the CERN staff are eligible. If you are prepared to devote about two hours a month during working hours to assist your colleagues with financial problems, do not hesitate to join this self-governing board. Candidates must announce their intention to stand for election by 31 January 2014. Fill in the present form and return it to P. Droux/FP (72265)  who will also be pleased to provide further information. Name, First Name: ................................................................. Department: .................................... Tel.: ..............................

Election to the Board of the Mutual Aid Fund

CERN Multimedia

Mutual Aid Fund

2011-01-01

Every year, the Board of the Mutual Aid Fund has to replace a proportion of its members. In accordance with article 6 of the Fund’s General Regulations, three members must leave and have to be replaced. These three members may subscribe again. All members of the CERN staff are eligible. If you are prepared to devote about two hours a month during working hours to assist your colleagues with financial problems, do not hesitate to join this self-governing Board. Candidates must announce their intention to stand for election by 1st Mars 2011. Fill in the present form and return it to P. Droux/FP (72265) or C. Potter/PH (74279) who will also be pleased to provide further information. Name, First Name ................................................................. Department .................................... Tel .............................

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.

12 CFR 250.406 - Serving member bank and investment advisor with mutual fund affiliation.

Science.gov (United States)

2010-01-01

... mutual fund and underwriter in such a way that it could be regarded as being controlled by or substantially one with them, it should not be held to be “primarily engaged” in section 32 activities. On the... of the parent are obviously best served by an aggressive selling policy, and, in fact, both the share...

Election to the Board of the Mutual Aid Fund

CERN Multimedia

Fonds d'Entraide

2011-01-01

Every year, the Board of the Mutual Aid Fund has to replace a proportion of its members. In accordance with article 6 of the Fund’s General Regulations, three members must leave and have to be replaced. These three members may subscribe again. All members of the CERN staff are eligible. If you are prepared to devote about two hours a month during working hours to assist your colleagues with financial problems, do not hesitate to join this self-governing Board. Candidates must announce their intention to stand for election by 1st Mars 2011. Fill in the present form and return it to P. Droux/FP (72265) or C. Potter/PH (74279) who will also be pleased to provide further information. Name, First Name Department Tel  

26 CFR 1.501(c)(14)-1 - Credit unions and mutual insurance funds.

Science.gov (United States)

2010-04-01

... 501(c)(1)) without capital stock, organized and operated for mutual purposes and without profit, are... September 1, 1951 and operated for mutual purposes and without profit for the purpose of providing reserve... September 1, 1957, are exempt from tax under section 501(a) for taxable years beginning after December 31...

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 ...

Mutual Fund Performances of Polish Domestic Equity Fund Managers

Directory of Open Access Journals (Sweden)

ömer faruk tan

2015-10-01

Full Text Available 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 Poland made an incredible progress, whether fund managers show better or worse performance than the market. Methodology/Methods: In order to evaluate fund manager performances, Jensen alpha (1968 is computed, which depicts selectivity skills of fund managers. For determining market timing ability of fund managers, Treynor & Mazuy (1966 regression analysis and Henriksson & Merton (1981 regression analysis are applied. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Scientific aim: In this study, we have tried to evaluate selectivity skills and market timing ability of Polish fund managers. A total of 14 equity fund managers’ performances are analysed. The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Findings: Jensen (1968 alphas indicate that over this period fund managers did not have selective ability, as none of the 14 funds had statistically significant positive alphas. Furthermore, Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis indicate that over the same period fund managers did not also have market timing ability, as again none of the 14 funds had statistically significant positive coefficients. Conclusions: In this work, we can detect that in the era of quantitative easing, although the financial market in Poland made an incredible progress, the fund returns were

Integrated semiconductor twin-microdisk laser under mutually optical injection

Energy Technology Data Exchange (ETDEWEB)

Zou, Ling-Xiu; Liu, Bo-Wen; Lv, Xiao-Meng; Yang, Yue-De; Xiao, Jin-Long; Huang, Yong-Zhen, E-mail: yzhuang@semi.ac.cn [State Key Laboratory on Integrated Optoelectronics, Institute of Semiconductors, Chinese Academy of Sciences, Beijing 100083 (China)

2015-05-11

We experimentally study the characteristics of an integrated semiconductor twin-microdisk laser under mutually optical injection through a connected optical waveguide. Based on the lasing spectra, four-wave mixing, injection locking, and period-two oscillation states are observed due to the mutually optical injection by adjusting the injected currents applied to the two microdisks. The enhanced 3 dB bandwidth is realized for the microdisk laser at the injection locking state, and photonic microwave is obtained from the electrode of the microdisk laser under the period-two oscillation state. The plentifully dynamical states similar as semiconductor lasers subject to external optical injection are realized due to strong optical interaction between the two microdisks.

Mean-Variance stochastic goal programming for sustainable mutual funds' portfolio selection.

Directory of Open Access Journals (Sweden)

García-Bernabeu, Ana

2015-11-01

Full Text Available Mean-Variance Stochastic Goal Programming models (MV-SGP provide satisficing investment solutions in uncertain contexts. In this work, an MV-SGP model is proposed for portfolio selection which includes goals with regards to traditional and sustainable assets. The proposed approach is based on a two-step procedure. In the first step, sustainability and/or financial screens are applied to a set of assets (mutual funds previously evaluated with TOPSIS to determine the opportunity set. In a second step, satisficing portfolios of assets are obtained using a Goal Programming approach. Two different goals are considered. The first goal reflects only the purely financial side of the target while the second goal is referred to the sustainable side. Aversion to Risk Absolute (ARA coefficients are estimated and incorporated in our investment decision making approach using two different approaches.

12 CFR 563.74 - Mutual capital certificates.

Science.gov (United States)

2010-01-01

... the funds for redemption are raised by the issuance of mutual capital certificates approved pursuant... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Mutual capital certificates. 563.74 Section 563...-OPERATIONS Securities and Borrowings § 563.74 Mutual capital certificates. (a) General. No savings...

Mutual Fund Performance: Evidence From South Africa

Directory of Open Access Journals (Sweden)

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.

Mutual fund volatility timing and management fees

NARCIS (Netherlands)

Giambona, E.; Golec, J.

2009-01-01

This paper shows that compensation incentives partly drive fund managers’ market volatility timing strategies. Larger incentive management fees lead to less counter-cyclical or more pro-cyclical volatility timing. But fund styles or aggregate fund flows could also account for this relation;

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...

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

INVESTMENT FUNDS IN ROMANIA

Directory of Open Access Journals (Sweden)

COPIL CRINA ANGELA

2013-07-01

Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

The Mutual Investments in Romania - Current Developments and Trends

Directory of Open Access Journals (Sweden)

Florina Oana VIRLANUTA

2013-03-01

Full Text Available Mutual fund industry in Romania has undergone significant growth in recent years in the number of investors and the net assets managed, but still very small compared to other European countries. Capital market development in Romania, the emergence of new investment instruments provides a greater variety of mutual funds investments. Managers decide on the structure of the portfolio by selecting categories of assets in accordance with the rules set out in the Prospectus and according to the degree of risk. In this paper we propose to realize an analysis of mutual investments system in Romania, the progress and their efficiency.

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.

PERSISTENCE IN PERFORMANCE FOR MUTUAL FUNDS IN PERIODS OF CRISIS

Directory of Open Access Journals (Sweden)

Theodoros KARGIDIS

2012-09-01

persistence measurement in consecutive periods. The eurozone crisis makes more apparent the need to make use of such anomalies which could result in over performance relative to market benchmarks or reduction in overall losses during periods of unrest in fixed income markets like the one currently faced. Bond funds could also prove a valuable “helping hand” to portfolio managers when equity markets suffer, but that is not guaranteed by all funds under the same market conditions.

Using Agent-Based Modeling to Assess Liquidity Mismatch in Open-End Bond Funds

Directory of Open Access Journals (Sweden)

Donald J. Berndt

2017-12-01

Full Text Available In this paper, we introduce a small-scale heterogeneous agent-based model of the US corporate bond market. The model includes a realistic micro-grounded ecology of investors that trade a set of bonds through dealers. Using the model, we simulate market dynamics that emerge from agent behaviors in response to basic exogenous factors (such as interest rate shocks and the introduction of regulatory policies and constraints. A first experiment focuses on the liquidity transformation provided by mutual funds and investigates the conditions under which redemption-driven bond sales may trigger market instability. We simulate the effects of increasing mutual fund market shares in the presence of market-wide repricing of risk (in the form of a 100 basis point increase in the expected returns. The simulations highlight robust-yet-fragile aspects of the growing liquidity transformation provided by mutual funds, with an inflection point beyond which redemption-driven negative feedback loops trigger market instability.

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...

Human Security and Mutual Vulnerability: The Global Political ...

International Development Research Centre (IDRC) Digital Library (Canada)

Human Security and Mutual Vulnerability: The Global Political Economy of Development and ... that will help us understand this turbulent and chaotic period in human history. ... The Rapid Research Fund (RRF) for Ebola Virus Disease Outbreaks will fund ... Copyright · Open access policy · Privacy policy · Research ethics ...

Dynamic Management of Mutual Fund Advisory Contracts = Yatırım Fonu Anlaşmalarının Dinamik Yönetimi

Directory of Open Access Journals (Sweden)

Yaman Ö. ERZURUMLU

2006-06-01

Full Text Available The price of professional portfolio management provided by the mutual fund adviser depends not only on the fund characteristics but also on the fund objective, the adviser's portfolio related and management based decisions, and the portfolio performance. I analyze the advisory fee, using a survivorship bias free data set of 176 equity funds managed by 125 different advisers. Advisers benchmark the objective average but this benefit the shareholders only when the objective trend is descending. Advisers tend to reduce the cost of their marginal product through the use of derivatives or manipulate by engaging in soft dollar agreements. I find that the advisers actively manage the advisory fee contracts responding to the outcome of their management decisions. The advisory fee increases after voluntary fee reimbursement or if the adviser is not fully reimbursed for the compensation of independent directors and officers.

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...

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...

Are international fund flows pro- or counter-cyclical?

NARCIS (Netherlands)

Li, Suxiao; de Haan, Jakob; Scholtens, Bert; Yang, Haizhen

2015-01-01

We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that

Hedge Fund Stock Trading in the Financial Crisis of 2007--2009

OpenAIRE

Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

2012-01-01

Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008:Q3----Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in volatile and liquid stocks. In comparison, redemptions and stock sales for mutual funds were not as severe. We show that hedge fund investors withdraw capital three times as intensely as mutual fund ...

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....

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...

The Australian model of immunization advice and vaccine funding.

Science.gov (United States)

Nolan, Terry M

2010-04-19

The Australian Government has implemented new arrangements for public funding of vaccines over the past 5 years. By utilising the standard Pharmaceutical Benefits Advisory Committee (PBAC) application process, whether for funding under the National Immunisation Program Schedule (NIP) or under the Pharmaceutical Benefits Scheme (PBS), a predictable and transparent process for vaccine funding recommendations has been established. This process uses the high-level technical resources available through the Australian Technical Advisory Group on Immunisation (ATAGI) to ensure that both vaccine manufacturers and the PBAC are optimally informed about all relevant aspects of population benefits and delivery of vaccines. ATAGI has a long-standing and mutually beneficial dialogue with State and Territory Governments, providers, and vaccine manufacturers to ensure that pipeline awareness, supply issues, and all relevant scientific and clinical details are well understood. Copyright © 2010 Elsevier Ltd. All rights reserved.

The Relationship between Financial Freedom, Financial Depth and Mutual Funds: Panel Bounds Testing Approach

Directory of Open Access Journals (Sweden)

Gönül YÜCE

2013-03-01

Full Text Available The purpose of this study is to investigate the nexus between mutual fund assets, financial freedom, and financial depth in 54 countries from 2000 to 2011 by employing panel ARDL bounds testing approach. To examine this linkage, we use the two-step procedure from ARDL bounds testing model: In first step, we explore the long-term relationship between the variables by using ARDL test of cointegration. Secondly, we employ a dynamic error correction model to explore the short-term relationship between the variables. All results suggest that there is a positive and statistically significant evidence between central bank independence, financial freedom, and economic growth in both long and short-term. Besides, long-term empirical results refer that current period central bank independence and financial freedom are the important factors for determining the national output level. In addition, the results of the short-term dynamics are parallel with the long-term estimation results. Furthermore, because the error correction term is found negative and statistically significant, it can be said that the variables converge to equilibrium quickly, and short-term imbalances will be overcomed in the long-term.

Evidence from Business Strategy of Mutual Fund Managers after the Financial Crisis - Panel Smooth Transition Regression Model

OpenAIRE

Joe-Ming Lee

2013-01-01

This study applies by the panel transition regression (PSTR) model to investigate the nonlinear dynamic relationship between equity fund flow and investment volatility in Taiwan. Our empirical results show that the equity fund managers will be different business strategy under the volatility threshold value and the control variables of asset of funds, management fee and Turnover indicator. After the financial crisis, the threshold of volatility will be an important index to different business...

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...

The Price of Ethics : Evidence from Socially Responsible Mutual Funds

NARCIS (Netherlands)

Renneboog, L.D.R.; Ter Horst, J.R.; Zhang, C.

2007-01-01

This paper estimates the price of ethics by studying the risk-return relation in socially responsible investment (SRI) funds. Consistent with investors paying a price for ethics, SRI funds in many European and Asia-Pacific countries strongly underperform domestic benchmark portfolios by about 5% per

Performance Evaluation of Some Index Funds-Indian Perspective

Directory of Open Access Journals (Sweden)

Pranav Mishra

2016-04-01

Full Text Available The popularity of the index funds as an investment option has increased manifolds ever since they were introduced. This is primarily because of the merits that the investor enjoys through passive style of funds management. This includes the low cost involved in managing such funds and the significant tax savings. Most of the researchers have compared the performance of the actively managed funds with that of index funds. However the index funds of US and for that reason other parts of the world are different from that of India. Unlike other countries in India the benchmark indices comprise of very less number of securities and thus are unable to represent the entire economy. So in Indian context comparison of performance of actively managed funds with index funds is not logical. Therefore this paper attempts to make an intra-class performance evaluation of some Indian index funds based on some statistics. The study includes the use of graphical interpretations coupled with statistical tools like R-square and tracking error values. Two models of tracking error have been employed to test empirically the performance of the selected index funds. The study is useful for those interested in mutual funds, which includes researchers, academicians, and financial advisors. The paper suits the requirement and the situations prevalent in Indian economy during the period under study.

Global fund financing to the 34 malaria-eliminating countries under the new funding model 2014-2017: an analysis of national allocations and regional grants.

Science.gov (United States)

Zelman, Brittany; Melgar, Melissa; Larson, Erika; Phillips, Allison; Shretta, Rima

2016-02-25

The Global Fund to Fight AIDS, Tuberculosis, and Malaria (GFATM) has been the largest financial supporter of malaria since 2002. In 2011, the GFATM transitioned to a new funding model (NFM), which prioritizes grants to high burden, lower income countries. This shift raises concerns that some low endemic countries, dependent on GFATM financing to achieve their malaria elimination goals, would receive less funding under the NFM. This study aims to understand the projected increase or decrease in national and regional funding from the GFATM's NFM to the 34 malaria-eliminating countries. Average annual disbursements under the old funding model were compared to average annual national allocations for all eligible 34 malaria-eliminating countries for the period of 2014-2017. Regional grant funding to countries that are due to receive additional support was then included in the comparison and analysed. Estimated funding ranges for the countries under the NFM were calculated using the proposed national allocation plus the possible adjustments and additional funding. Finally, the minimum and maximum funding estimates were compared to average annual disbursements under the old funding model. A cumulative 31 % decrease in national financing from the GFATM is expected for the countries included in this analysis. Regional grants augment funding for almost half of the eliminating countries, and increase the cumulative percent change in GTFAM funding to 32 %, though proposed activities may not be funded directly through national malaria programmes. However, if countries receive the maximum possible funding, 46 % of the countries included in this analysis would receive less than they received under the previous funding model. Many malaria-eliminating countries have projected national declines in funding from the GFATM under the NFM. While regional grants enhance funding for eliminating countries, they may not be able to fill country-level funding gaps for local commodities and

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 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...

Butterfly effect and holographic mutual information under external field and spatial noncommutativity

Energy Technology Data Exchange (ETDEWEB)

Huang, Wung-Hong; Du, Yi-Hsien [Department of Physics, National Cheng Kung University,No. 1, University Road, Tainan City 701, Taiwan (China)

2017-02-07

We apply the transformation of mixing azimuthal and internal coordinate or mixing time and internal coordinate to a stack of N black M-branes to find the Melvin spacetime of a stack of N black D-branes with magnetic or electric flux in string theory, after the Kaluza-Klein reduction. We slightly extend previous formulas to investigate the external magnetic and electric effects on the butterfly effect and holographic mutual information. It shows that the Melvin fields do not modify the scrambling time and will enhance the mutual information. In addition, we also T-dualize and twist a stack of N black D-branes to find a Melvin Universe supported by the flux of the NSNS b-field, which describes a non-comutative spacetime. It also shows that the spatial noncommutativity does not modify the scrambling time and will enhance the mutual information. We also study the corrected mutual information in the backreaction geometry due to the shock wave in our three model spacetimes.

Mobilising Funds of Identity in and out of School

Science.gov (United States)

Subero, David; Vujasinovic, Ellen; Esteban-Guitart, Moises

2017-01-01

Learning happens through participation in formal community events and informal community activities. However, learning activities that take place in and out of school are often not mutually recognised. "Funds of knowledge" projects foster new ways of exchanging learning experiences in and out of school. "Funds of identity" can…

75 FR 29569 - Recovery Policy RP9526.1, Hazard Mitigation Funding Under Section 406 (Stafford Act)

Science.gov (United States)

2010-05-26

...] Recovery Policy RP9526.1, Hazard Mitigation Funding Under Section 406 (Stafford Act) AGENCY: Federal... the final Recovery Policy RP9526.1, Hazard Mitigation Funding Under Section 406 (Stafford Act), which... mitigation discretionary funding available under Section 406 of the Robert T. Stafford Disaster Relief and...

78 FR 24241 - John Hancock Exchange-Traded Fund Trust, et al.; Notice of Application

Science.gov (United States)

2013-04-24

... Funds' Board will consider any such potential disadvantages against the benefits of economies of scale... out as a traditional open-end investment company or a mutual fund. Instead, each Fund will be marketed as an ``actively managed exchange-traded fund.'' All marketing materials that describe the features...

26 CFR 1.831-3 - Tax on insurance companies (other than life or mutual), mutual marine insurance companies, mutual...

Science.gov (United States)

2010-04-01

... mutual), mutual marine insurance companies, mutual fire insurance companies issuing perpetual policies, and mutual fire or flood insurance companies operating on the basis of premium deposits; taxable years... fire insurance companies issuing perpetual policies, and mutual fire or flood insurance companies...

Economic contract theory tests models of mutualism.

Science.gov (United States)

Weyl, E Glen; Frederickson, Megan E; Yu, Douglas W; Pierce, Naomi E

2010-09-07

Although mutualisms are common in all ecological communities and have played key roles in the diversification of life, our current understanding of the evolution of cooperation applies mostly to social behavior within a species. A central question is whether mutualisms persist because hosts have evolved costly punishment of cheaters. Here, we use the economic theory of employment contracts to formulate and distinguish between two mechanisms that have been proposed to prevent cheating in host-symbiont mutualisms, partner fidelity feedback (PFF) and host sanctions (HS). Under PFF, positive feedback between host fitness and symbiont fitness is sufficient to prevent cheating; in contrast, HS posits the necessity of costly punishment to maintain mutualism. A coevolutionary model of mutualism finds that HS are unlikely to evolve de novo, and published data on legume-rhizobia and yucca-moth mutualisms are consistent with PFF and not with HS. Thus, in systems considered to be textbook cases of HS, we find poor support for the theory that hosts have evolved to punish cheating symbionts; instead, we show that even horizontally transmitted mutualisms can be stabilized via PFF. PFF theory may place previously underappreciated constraints on the evolution of mutualism and explain why punishment is far from ubiquitous in nature.

25 CFR 1000.398 - May a Tribe/Consortium invest funds received under a self-governance agreement?

Science.gov (United States)

2010-04-01

... 25 Indians 2 2010-04-01 2010-04-01 false May a Tribe/Consortium invest funds received under a self-governance agreement? 1000.398 Section 1000.398 Indians OFFICE OF THE ASSISTANT SECRETARY, INDIAN AFFAIRS... invest funds received under a self-governance agreement? Yes, self-governance funds may be invested if...

Socially responsible investing and management style of mutual funds in the euronext stock markets

NARCIS (Netherlands)

Plantinga, Auke; Scholtens, Bert

2001-01-01

This paper analyses fund management styles on the Euronext stock exchanges. Especially, we investigate how social responsibility is accounted for. We use style analysis to assess fund performance in Belgium, France, and the Netherlands for over 800 investment funds during the 1990s. We find

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...

Mutual Fund Tournament : Risk Taking Incentives Induced by Ranking Objectives

NARCIS (Netherlands)

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

ESG Issues among Fund Managers—Factors and Motives

OpenAIRE

Justyna Przychodzen; Fernando Gómez-Bezares; Wojciech Przychodzen; Mikel Larreina

2016-01-01

This paper investigates the motives, behavior, and characteristics shaping mutual fund managers’ willingness to incorporate Environmental, Social and Governance (ESG) issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensit...

Market and Style Timing: German Equity and Bond Funds

OpenAIRE

Hayley, S.; Nitzsche, D.; Cuthbertson, K.

2016-01-01

We apply parametric and non-parametric estimates to test market and style timing ability of individual German equity and bond mutual funds using a sample of over 500 equity and 350 bond funds, over the period 1990-2009. For equity funds, both approaches indicate no successful market timers in the 1990-1999 or 2000-2009 periods, but in 2000-2009 the non-parametric approach gives fewer unsuccessful market timers than the parametric approach. There is evidence of successful style timing using th...

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...

Optimization of Training Signal Transmission for Estimating MIMO Channel under Antenna Mutual Coupling Conditions

Directory of Open Access Journals (Sweden)

Xia Liu

2010-01-01

Full Text Available This paper reports investigations on the effect of antenna mutual coupling on performance of training-based Multiple-Input Multiple-Output (MIMO channel estimation. The influence of mutual coupling is assessed for two training-based channel estimation methods, Scaled Least Square (SLS and Minimum Mean Square Error (MMSE. It is shown that the accuracy of MIMO channel estimation is governed by the sum of eigenvalues of channel correlation matrix which in turn is influenced by the mutual coupling in transmitting and receiving array antennas. A water-filling-based procedure is proposed to optimize the training signal transmission to minimize the MIMO channel estimation errors.

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...

75 FR 3968 - Fund Availability Under the VA Homeless Providers Grant and Per Diem Program

Science.gov (United States)

2010-01-25

... Rico, and any territory or possession of the United States, are considered eligible entities under the... possession of the United States, to apply for funding under this NOFA to create transitional housing and... territory or possession of the United States, will be considered in the third funding priority as applicable...

Biodiversity funds and conservation needs in the EU under climate change.

Science.gov (United States)

Lung, Tobias; Meller, Laura; van Teeffelen, Astrid J A; Thuiller, Wilfried; Cabeza, Mar

2014-07-01

Despite ambitious biodiversity policy goals, less than a fifth of the European Union's (EU) legally protected species and habitats show a favorable conservation status. The recent EU biodiversity strategy recognizes that climate change adds to the challenge of halting biodiversity loss, and that an optimal distribution of financial resources is needed. Here, we analyze recent EU biodiversity funding from a climate change perspective. We compare the allocation of funds to the distribution of both current conservation priorities (within and beyond Natura 2000) and future conservation needs at the level of NUTS-2 regions, using modelled bird distributions as indicators of conservation value. We find that funding is reasonably well aligned with current conservation efforts but poorly fit with future needs under climate change, indicating obstacles for implementing adaptation measures. We suggest revising EU biodiversity funding instruments for the 2014-2020 budget period to better account for potential climate change impacts on biodiversity.

Portugal; Request for a Three-Year Arrangement Under the Extended Fund Facility

OpenAIRE

International Monetary Fund

2011-01-01

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability, safeguard financial stability, and prevent a credit crunch. The Executive Board of the International Monetary Fund welcomed this step, and approved a three-year arrangement under the Extended Fund Facility...

LCD denoise and the vector mutual information method in the application of the gear fault diagnosis under different working conditions

Science.gov (United States)

Xiangfeng, Zhang; Hong, Jiang

2018-03-01

In this paper, the full vector LCD method is proposed to solve the misjudgment problem caused by the change of the working condition. First, the signal from different working condition is decomposed by LCD, to obtain the Intrinsic Scale Component (ISC)whose instantaneous frequency with physical significance. Then, calculate of the cross correlation coefficient between ISC and the original signal, signal denoising based on the principle of mutual information minimum. At last, calculate the sum of absolute Vector mutual information of the sample under different working condition and the denoised ISC as the characteristics to classify by use of Support vector machine (SVM). The wind turbines vibration platform gear box experiment proves that this method can identify fault characteristics under different working conditions. The advantage of this method is that it reduce dependence of man’s subjective experience, identify fault directly from the original data of vibration signal. It will has high engineering value.

Stability of mutualisms in a lattice gas system of two species

Directory of Open Access Journals (Sweden)

Yuanshi Wang

2015-01-01

Full Text Available This article considers mutualisms in a lattice gas system of two species. The species are mutualistic since each one can provide resources to the other. They are also competitive since they compete for empty sites on the same lattice. The mutualisms are assumed to have a saturated response, and the intraspecific competition is considered because of self-limitation. The mutualism system is characterized by differential equations, which are derived from reactions on lattice and are extension of a previous model. Global stability analysis demonstrates that (i When neither species can survive alone, they can coexist if mutualisms between them are strong and population densities are large, which exhibits the Allee effect in obligate mutualism; (ii When one species can survive alone but the other cannot, the latter one will survive if the mutualistic effect from the former is strong. Even if the effect is intermediate, the latter species can survive by strengthening its mutualistic effect on the former and enhancing its population density; (iii When either species can survive alone, a weak mutualism will lead to extinction of one species. When in coexistence, intermediate strength of mutualism is shown to be beneficial under certain parameter range, while over- or under- mutualism is not good. Furthermore, extremely strong/weak mutualism is exhibited to result in extinction of one/both species. While seven typical dynamics are displayed by numerical simulation in a previous work, they are proved in this work and the eighth one is exhibited. Numerical simul ations validate and extend our conclusions.

Co-creative dance practices - how participants’ mutual exploration of interactional potentials cultivates embodied narratives

DEFF Research Database (Denmark)

Ravn, Susanne

Based on an evaluation of a national dance project in Denmark, this paper explores how the sensing and moving body is essentially shaped in the mutual affaires of interaction. The national project, running from 2014-2017, was led by The Dancehalls, funded by 2.7 mill. Euro, and involved more than...

24 CFR 1000.144 - Are Mutual Help homes developed under the 1937 Act subject to the useful life provisions of...

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Are Mutual Help homes developed under the 1937 Act subject to the useful life provisions of section 205(a)(2)? 1000.144 Section 1000.144 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued) OFFICE OF...

Financial Investments in Romania. A Comparative Analysis between Open-end Mutual Funds and Bank Deposits

Directory of Open Access Journals (Sweden)

Pop Izabela Luiza

2017-01-01

Full Text Available Despite the failures that investment funds have registered in Romania by the year 2000, they are a financial instrument chosen by more and more people to capitalize on their savings. Therefore, open-end investment funds have had a steady growth trend in Romania over the past 10 years; their net asset value increased by 24 times and the number of investors tripled. In this context, the purpose of our paper is to present possible factors that have caused this increase. Particularly, the empirical research focuses on studying the links that might exist between open-end investment funds, bank deposits and interest rates on bank deposits. The correlations between these variables were analysed by computing the Pearson's correlation coefficient. The results highlight a high negative relationship that exist between net asset value of investment funds and bank interest. Nevertheless, it has been found that bank deposits are related neither to the interest rate nor to the open-end investment funds.

34 CFR 403.70 - How must funds be used under the State Programs and State Leadership Activities?

Science.gov (United States)

2010-07-01

... State Leadership Activities? 403.70 Section 403.70 Education Regulations of the Offices of the... the Basic Programs? State Programs and State Leadership Activities § 403.70 How must funds be used under the State Programs and State Leadership Activities? A State shall use funds reserved under section...

42 CFR 137.55 - What is the term of a funding agreement?

Science.gov (United States)

2010-10-01

... SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES TRIBAL SELF-GOVERNANCE Funding Agreements Term of A... term mutually agreed to by the parties. Absent notification from an Indian Tribe that it is withdrawing...

Benefit and cost curves for typical pollination mutualisms.

Science.gov (United States)

Morris, William F; Vázquez, Diego P; Chacoff, Natacha P

2010-05-01

Mutualisms provide benefits to interacting species, but they also involve costs. If costs come to exceed benefits as population density or the frequency of encounters between species increases, the interaction will no longer be mutualistic. Thus curves that represent benefits and costs as functions of interaction frequency are important tools for predicting when a mutualism will tip over into antagonism. Currently, most of what we know about benefit and cost curves in pollination mutualisms comes from highly specialized pollinating seed-consumer mutualisms, such as the yucca moth-yucca interaction. There, benefits to female reproduction saturate as the number of visits to a flower increases (because the amount of pollen needed to fertilize all the flower's ovules is finite), but costs continue to increase (because pollinator offspring consume developing seeds), leading to a peak in seed production at an intermediate number of visits. But for most plant-pollinator mutualisms, costs to the plant are more subtle than consumption of seeds, and how such costs scale with interaction frequency remains largely unknown. Here, we present reasonable benefit and cost curves that are appropriate for typical pollinator-plant interactions, and we show how they can result in a wide diversity of relationships between net benefit (benefit minus cost) and interaction frequency. We then use maximum-likelihood methods to fit net-benefit curves to measures of female reproductive success for three typical pollination mutualisms from two continents, and for each system we chose the most parsimonious model using information-criterion statistics. We discuss the implications of the shape of the net-benefit curve for the ecology and evolution of plant-pollinator mutualisms, as well as the challenges that lie ahead for disentangling the underlying benefit and cost curves for typical pollination mutualisms.

Rényi generalizations of the conditional quantum mutual information

International Nuclear Information System (INIS)

Berta, Mario; Seshadreesan, Kaushik P.; Wilde, Mark M.

2015-01-01

The conditional quantum mutual information I(A; B|C) of a tripartite state ρ ABC is an information quantity which lies at the center of many problems in quantum information theory. Three of its main properties are that it is non-negative for any tripartite state, that it decreases under local operations applied to systems A and B, and that it obeys the duality relation I(A; B|C) = I(A; B|D) for a four-party pure state on systems ABCD. The conditional mutual information also underlies the squashed entanglement, an entanglement measure that satisfies all of the axioms desired for an entanglement measure. As such, it has been an open question to find Rényi generalizations of the conditional mutual information, that would allow for a deeper understanding of the original quantity and find applications beyond the traditional memoryless setting of quantum information theory. The present paper addresses this question, by defining different α-Rényi generalizations I α (A; B|C) of the conditional mutual information, some of which we can prove converge to the conditional mutual information in the limit α → 1. Furthermore, we prove that many of these generalizations satisfy non-negativity, duality, and monotonicity with respect to local operations on one of the systems A or B (with it being left as an open question to prove that monotonicity holds with respect to local operations on both systems). The quantities defined here should find applications in quantum information theory and perhaps even in other areas of physics, but we leave this for future work. We also state a conjecture regarding the monotonicity of the Rényi conditional mutual informations defined here with respect to the Rényi parameter α. We prove that this conjecture is true in some special cases and when α is in a neighborhood of one

Modelling nutritional mutualisms: challenges and opportunities for data integration.

Science.gov (United States)

Clark, Teresa J; Friel, Colleen A; Grman, Emily; Shachar-Hill, Yair; Friesen, Maren L

2017-09-01

Nutritional mutualisms are ancient, widespread, and profoundly influential in biological communities and ecosystems. Although much is known about these interactions, comprehensive answers to fundamental questions, such as how resource availability and structured interactions influence mutualism persistence, are still lacking. Mathematical modelling of nutritional mutualisms has great potential to facilitate the search for comprehensive answers to these and other fundamental questions by connecting the physiological and genomic underpinnings of mutualisms with ecological and evolutionary processes. In particular, when integrated with empirical data, models enable understanding of underlying mechanisms and generalisation of principles beyond the particulars of a given system. Here, we demonstrate how mathematical models can be integrated with data to address questions of mutualism persistence at four biological scales: cell, individual, population, and community. We highlight select studies where data has been or could be integrated with models to either inform model structure or test model predictions. We also point out opportunities to increase model rigour through tighter integration with data, and describe areas in which data is urgently needed. We focus on plant-microbe systems, for which a wealth of empirical data is available, but the principles and approaches can be generally applied to any nutritional mutualism. © 2017 John Wiley & Sons Ltd/CNRS.

75 FR 3970 - Fund Availability Under the VA Homeless Providers Grant and Per Diem Program

Science.gov (United States)

2010-01-25

... Commonwealth of Puerto Rico, or any territory or possession of the United States, may be considered eligible... any territory or possession of the United States, to apply for funding under this NOFA to create... organizations, or any territory or possession of the United States, will be considered in the third funding...

34 CFR 403.111 - How must funds be used under the Secondary School Vocational Education Program and the...

Science.gov (United States)

2010-07-01

... VOCATIONAL AND ADULT EDUCATION, DEPARTMENT OF EDUCATION STATE VOCATIONAL AND APPLIED TECHNOLOGY EDUCATION... under that award to improve vocational education programs. (2) Projects assisted with funds awarded... 34 Education 3 2010-07-01 2010-07-01 false How must funds be used under the Secondary School...

Minimizing Mutual Couping

DEFF Research Database (Denmark)

2010-01-01

Disclosed herein are techniques, systems, and methods relating to minimizing mutual coupling between a first antenna and a second antenna.......Disclosed herein are techniques, systems, and methods relating to minimizing mutual coupling between a first antenna and a second antenna....

Fund Assortments and 401(k) Plan Participation: The Moderating Effect of Gender

OpenAIRE

Maureen Morrin; Susan Broniarczyk; J. Jeffrey Inman

2009-01-01

We report the results of a decision simulation conducted among 349 adults whose task was to invest in a hypothetical 401(k) retirement plan. We varied the number of mutual funds offered for investment and observed the effects on the incidence and extent of participation. The results indicate that larger fund assortments tend to reduce participation among women, but increase it among men. Implications and suggestions for future research are discussed.

78 FR 53423 - Notice of Funds Availability Under the Intermediary Relending Program

Science.gov (United States)

2013-08-29

... request the form. You may also write a letter containing all of the information requested in the form... DEPARTMENT OF AGRICULTURE Rural Business-Cooperative Service Notice of Funds Availability Under the Intermediary Relending Program AGENCIES: Rural Business-Cooperative Service, USDA. ACTION: Notice...

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

75 FR 71079 - Determination on Use of Cooperative Threat Reduction Funds in Pakistan and Afghanistan Under...

Science.gov (United States)

2010-11-22

... DEPARTMENT OF DEFENSE Office of the Secretary Determination on Use of Cooperative Threat Reduction Funds in Pakistan and Afghanistan Under Section 1308 of the National Defense Authorization Act for... Threat Reduction (CTR) funds for the implementation of CTR programs in Pakistan and Afghanistan will...

75 FR 74063 - Supplemental Funding Under the Food and Drug Administration's Convener of Active Medical Product...

Science.gov (United States)

2010-11-30

... the program expansion including the availability of appropriate staff and sufficient funding. 4. The...] Supplemental Funding Under the Food and Drug Administration's Convener of Active Medical Product Surveillance... expansion of its Conference Cooperative Agreement Program (U13), awarded to the Engelberg Center for Health...

Economic costs of extratropical storms under climate change: An application of FUND

NARCIS (Netherlands)

Narita, D.; Anthoff, D.; Tol, R.S.J.

2010-01-01

Extratropical cyclones have attracted some attention in climate policy circles as a possible significant damage factor of climate change. This study conducts an assessment of economic impacts of increased storm activities under climate change with the integrated assessment model FUND 3.5. In the

26 CFR 1.831-1 - Tax on insurance companies (other than life or mutual), mutual marine insurance companies, and...

Science.gov (United States)

2010-04-01

... mutual), mutual marine insurance companies, and mutual fire insurance companies issuing perpetual... companies (other than life or mutual), mutual marine insurance companies, and mutual fire insurance... insurance companies and mutual fire insurance companies exclusively issuing either perpetual policies, or...

Mutual capacitor and its applications

Directory of Open Access Journals (Sweden)

Chun Li

2014-06-01

Full Text Available This study presents a new ac circuit element – the mutual capacitor, being a dual of the mutual inductor, which is also a new ac transformer. This element is characteristic of the mutual-capacitance coupling of a multi-capacitance system. A unity-coupled mutual capacitor works as an ideal current or voltage transformer, and incidentally acts as waveform separating when inductor employed or waveform converting from square-wave to quasi-sine or waveform filtering, between ports. As a transformer, the mutual capacitor is easy to design, easy for heat cooling, more accurate for current or voltage transformation, dissipating less energy as well as saving materials, suitable for high-power and high-voltage applications. Experiments to demonstrate performances of unity-coupled mutual capacitors are also given.

MORTGAGE FINANCING. Actuarial Soundness of the Federal Housing Administration's Mutual Mortgage Insurance Fund

National Research Council Canada - National Science Library

2002-01-01

...) of the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA). Through the Fund, FHA operates a single-family insurance program that helps millions of Americans buy homes...

Evolution of mutualism between species

Energy Technology Data Exchange (ETDEWEB)

Post, W.M.; Travis, C.C.; DeAngelis, D.L.

1980-01-01

Recent theoretical work on mutualism, the interaction between species populations that is mutually beneficial, is reviewed. Several ecological facts that should be addressed in the construction of dynamic models for mutualism are examined. Basic terminology is clarified. (PSB)

40 CFR 35.6225 - Activities eligible for funding under Core Program Cooperative Agreements.

Science.gov (United States)

2010-07-01

... under a Core Program Cooperative Agreement, activities must develop and maintain a recipient's abilities... safety plans, quality assurance project plans, and community relation plans); (2) Provisions for... staff to manage publicly-funded cleanups, oversee responsible party-lead cleanups, and provide clerical...

78 FR 77770 - Ironwood Equity Fund, LP; Notice Seeking Exemption Under Section 312 of the Small Business...

Science.gov (United States)

2013-12-24

... proposes to Finance a small business in which its Associate Ironwood Mezzanine Fund II, LP has an equity... SMALL BUSINESS ADMINISTRATION [ License No. 01171-0406] Ironwood Equity Fund, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby...

Frontal alpha oscillations distinguish leaders from followers: Multivariate decoding of mutually interacting brains

DEFF Research Database (Denmark)

Konvalinka, Ivana; Bauer, Markus; Stahlhut, Carsten

2014-01-01

-person paradigms to quantify the neuronal dynamics underlying social interaction. While several studies have shown the relevance of understanding complementary and mutually adaptive processes, the neural mechanisms underlying such coordinative behavioral patterns during joint action remain largely unknown. Here......, we employed a synchronized finger-tapping task while measuring dual-EEG from pairs of human participants who either mutually adjusted to each other in an interactive task or followed a computer metronome. Neurophysiologically, the interactive condition was characterized by a stronger suppression...

Persistence of pollination mutualisms in the presence of ants.

Science.gov (United States)

Wang, Yuanshi; Wang, Shikun

2015-01-01

This paper considers plant-pollinator-ant systems in which the plant-pollinator interaction is mutualistic but ants have both positive and negative effects on plants. The ants also interfere with pollinators by preventing them from accessing plants. While a Beddington-DeAngelis (BD) formula can describe the plant-pollinator interaction, the formula is extended in this paper to characterize the pollination mutualism under the ant interference. Then, a plant-pollinator-ant system with the extended BD functional response is discussed, and global dynamics of the model demonstrate the mechanisms by which pollination mutualism can persist in the presence of ants. When the ant interference is strong, it can result in extinction of pollinators. Moreover, if the ants depend on pollination mutualism for survival, the strong interference could drive pollinators into extinction, which consequently lead to extinction of the ants themselves. When the ant interference is weak, a cooperation between plant-ant and plant-pollinator mutualisms could occur, which promotes survival of both ants and pollinators, especially in the case that ants (respectively, pollinators) cannot survive in the absence of pollinators (respectively, ants). Even when the level of ant interference remains invariant, varying ants' negative effect on plants can result in survival/extinction of both ants and pollinators. Therefore, our results provide an explanation for the persistence of pollination mutualism when there exist ants.

Multi-asset class mutual funds: Can they time the market? Evidence from the US, UK and Canada

OpenAIRE

Clare, A.; O'Sullivan, N.; Sherman, M.; Thomas, S.

2016-01-01

The importance of asset allocation decisions in wealth management is well established. However, given its importance it is perhaps surprising that so little attention has been paid to the question of whether professional fund managers are skilful at timing market movement across asset classes over time. The timing literature has tended to concentrate on the timing skill of single asset class funds. Using data on US, UK and Canadian multi-asset class funds, we apply two alternative methodologi...

Semantic Representation of Mutual-Consent Divorce

Directory of Open Access Journals (Sweden)

مهری سادات موسوی

2016-09-01

Full Text Available This article discussed mutual-consent divorce in the context of thoughts and attitude of female applicants of this type of divorce with an inductive qualitative and ethnographic method. Based on the qualitative purposive sampling, 30 women of those who had referred for divorce to family court of Karaj, were selected and deeply interviewed. The results obtained in six major categories as follows: Rethinking the role of men as families’ breadwinners, inappropriate sexual relationships, emotional conflicts, cultural- social dissensions, normative pressures of family and relatives, and personality and behavioral disorders. The core-oriented category of this study is "Women's attitude towards mutual-consent divorce" that includes other major categories and can semantically alter and redirect women’s opinion about mutual-consent divorce. According to the results, the term of mutual-consent is thought-provoking in this type of divorce; because considering the situations which were leaded to mutual-consent divorce and quantifying them revealed that nearly 32% of mutual-consent divorces were not mutual in fact; since, these women accepted divorce with desperation, coercion and threat.

What does Norway get out of its oil fund, if not more strategic infrastructure investment?

OpenAIRE

Hudson, Michael

2011-01-01

For the past generation Norway has supplied Europe and other regions with oil, taking payment in euros or dollars. It then sends nearly all this foreign exchange abroad, sequestering its oil-export receipts - which are in foreign currency - in the oil fund to invest mainly in European and US stocks and bonds. The fund now exceeds $500 billion, second in the world to that of Abu Dhabi. It is claimed that treating these savings as a mutual fund invested in a wide array of US, European, and othe...

Review of occupational safety and health activities in Southern Africa funded under the DANIDA/ILO framework agreement on technical cooperation

DEFF Research Database (Denmark)

Hasle, Peter; Jørgensen, Claus

2003-01-01

A review of occupational safety and health activities in Southern Africa (SADC region) which have been funded under the DANIDA/ILO framework agreement on technical cooperation.......A review of occupational safety and health activities in Southern Africa (SADC region) which have been funded under the DANIDA/ILO framework agreement on technical cooperation....

Harmonization versus Mutual Recognition

DEFF Research Database (Denmark)

Jørgensen, Jan Guldager; Schröder, Philipp

The present paper examines trade liberalization driven by the coordination of product standards. For oligopolistic firms situated in separate markets that are initially sheltered by national standards, mutual recognition of standards implies entry and reduced profits at home paired with the oppor......The present paper examines trade liberalization driven by the coordination of product standards. For oligopolistic firms situated in separate markets that are initially sheltered by national standards, mutual recognition of standards implies entry and reduced profits at home paired...... countries and three firms, where firms first lobby for the policy coordination regime (harmonization versus mutual recognition), and subsequently, in case of harmonization, the global standard is auctioned among the firms. We discuss welfare effects and conclude with policy implications. In particular......, harmonized standards may fail to harvest the full pro-competitive effects from trade liberalization compared to mutual recognition; moreover, the issue is most pronounced in markets featuring price competition....

77 FR 12890 - Notice of Applications for Deregistration Under the Investment Company Act of 1940

Science.gov (United States)

2012-03-02

... Rd., Columbus, OH 43219. Oppenheimer Balanced Fund [File No. 811-3864] Summary: Applicant seeks an... Address: 6803 S. Tucson Way, Centennial, CO 80112. TS&W/Claymore Tax-Advantage Balanced Fund [File No. 811.... DWS Technology Fund [File No. 811-547] DWS Mutual Funds, Inc. [File No. 811-5565] Summary: Each...

Maximum mutual information regularized classification

KAUST Repository

Wang, Jim Jing-Yan

2014-09-07

In this paper, a novel pattern classification approach is proposed by regularizing the classifier learning to maximize mutual information between the classification response and the true class label. We argue that, with the learned classifier, the uncertainty of the true class label of a data sample should be reduced by knowing its classification response as much as possible. The reduced uncertainty is measured by the mutual information between the classification response and the true class label. To this end, when learning a linear classifier, we propose to maximize the mutual information between classification responses and true class labels of training samples, besides minimizing the classification error and reducing the classifier complexity. An objective function is constructed by modeling mutual information with entropy estimation, and it is optimized by a gradient descend method in an iterative algorithm. Experiments on two real world pattern classification problems show the significant improvements achieved by maximum mutual information regularization.

Maximum mutual information regularized classification

KAUST Repository

Wang, Jim Jing-Yan; Wang, Yi; Zhao, Shiguang; Gao, Xin

2014-01-01

In this paper, a novel pattern classification approach is proposed by regularizing the classifier learning to maximize mutual information between the classification response and the true class label. We argue that, with the learned classifier, the uncertainty of the true class label of a data sample should be reduced by knowing its classification response as much as possible. The reduced uncertainty is measured by the mutual information between the classification response and the true class label. To this end, when learning a linear classifier, we propose to maximize the mutual information between classification responses and true class labels of training samples, besides minimizing the classification error and reducing the classifier complexity. An objective function is constructed by modeling mutual information with entropy estimation, and it is optimized by a gradient descend method in an iterative algorithm. Experiments on two real world pattern classification problems show the significant improvements achieved by maximum mutual information regularization.

76 FR 74849 - Fund Availability Under the Supportive Services for Veteran Families Program

Science.gov (United States)

2011-12-01

... programs under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f) ( http://www.huduser...: Supportive Services for Veteran Families Program Office, National Center on Homelessness Among Veterans, 4100... funding per state. See Section E of this Notice for maximum allowable grant amounts. FOR FURTHER...

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 ...

What Do Consumers' Fund Flows Maximize?

DEFF Research Database (Denmark)

Christoffersen, Susan; Evans, Richard; Musto, David K.

2013-01-01

We ask whether mutual funds’ flows reflect the incentives of the brokers intermediating them. The incentives we address are those revealed in statutory filings: the brokers’ shares of sales loads and other revenue, and their affiliation with the fund family. We find significant effects...... of these payments to brokers on funds’ inflows, particularly when the brokers are not affiliated. Tracking these investments forward, we find load sharing, but not revenue sharing, to predict poor performance, consistent with the different incentives these payments impart. We identify one benefit of captive...

The contribution of community leadership upon the performance of mutual health organisations in Ghana.

Science.gov (United States)

Adomah-Afari, Augustine

2015-01-01

The purpose of this paper is to investigate the effect of social dynamics on the performance of mutual health organisations (MHOs) exploring the influence of community wealth and community leadership on policy implementation. Four operating district mutual health insurance schemes were selected using geographical locations, among other criteria, as case studies. Data were gathered through interviews and documentary review. The findings were analysed using community field and social capital theories. Traditional leaders like the Chiefs serve as the pivot around which social and human capital of the communities revolve in the developmental process of the country. Lack of exhaustive examination of the financial and institutional viability issues of the MHOs. Future studies could assess the interplay between financial, institutional and social viability models when measuring the financial and overall sustainability of MHOs. Health policy makers need to involve traditional leaders in the formulation and implementation of national policies since their acceptance or rejection of central government policy could have negative consequences. Ghana is a dynamic country and there is the need to utilise existing social networks: inter-family and inter-tribal relationships to ensure the viability of MHOs. There is and can be a successful interplay between public sector funding and community sector revenue mobilisation for financing the health sector in Ghana. This justifies the complementarity between government funding and community's resource mobilisation efforts in the health sector.

Mutuality in the provision of Scottish healthcare.

Science.gov (United States)

Howieson, Brian

2015-11-01

The backdrop to this article is provided by the Better Health, Better Care Action Plan (Scottish Government, 2007), Section 1 of which is entitled 'Towards a Mutual NHS'. According to Better Health, Better Care (Scottish Government, 2007: 5): 'Mutual organisations are designed to serve their members. They are designed to gather people around a common sense of purpose. They are designed to bring the organisation together in what people often call "co-production."' The aim of this article is to précis the current knowledge of mutuality in the provision of Scottish healthcare. In detail, it will: introduce the 'mutual' organisation; offer a historical perspective of mutuality; suggest why healthcare mutuality is important; and briefly, detail the differences in mutual health-care policy in England and Scotland. It is hoped that this analysis will help researchers and practitioners alike appreciate further the philosophy of mutuality in the provision of Scottish healthcare. © The Author(s) 2015.

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

The evolution of plant-insect mutualisms.

Science.gov (United States)

Bronstein, Judith L; Alarcón, Ruben; Geber, Monica

2006-01-01

Mutualisms (cooperative interactions between species) have had a central role in the generation and maintenance of life on earth. Insects and plants are involved in diverse forms of mutualism. Here we review evolutionary features of three prominent insect-plant mutualisms: pollination, protection and seed dispersal. We focus on addressing five central phenomena: evolutionary origins and maintenance of mutualism; the evolution of mutualistic traits; the evolution of specialization and generalization; coevolutionary processes; and the existence of cheating. Several features uniting very diverse insect-plant mutualisms are identified and their evolutionary implications are discussed: the involvement of one mobile and one sedentary partner; natural selection on plant rewards; the existence of a continuum from specialization to generalization; and the ubiquity of cheating, particularly on the part of insects. Plant-insect mutualisms have apparently both arisen and been lost repeatedly. Many adaptive hypotheses have been proposed to explain these transitions, and it is unlikely that any one of them dominates across interactions differing so widely in natural history. Evolutionary theory has a potentially important, but as yet largely unfilled, role to play in explaining the origins, maintenance, breakdown and evolution of insect-plant mutualisms.

Implementation of mutual exclusion in VHDL

NARCIS (Netherlands)

Boersma, M.V.; Benders, L.P.M.; Stevens, M.P.J.; Wilsey, P.A.; Rhodes, D.

1994-01-01

In VHDL it is difficult to implement mutual exclusion at an abstract level since atomic actions are required. A local status model and an arbiter model are presented to achieve mutual exclusion in VHDL. Shared data, protected by a mutual exclusion mechanism, cannot be modelled as a simple, resolved

When are enhanced relationship tax compliance programs mutually beneficial?

NARCIS (Netherlands)

De Simone, L.; Sansing, R.; Seidman, J.K.

2013-01-01

This study investigates the circumstances under which “enhanced relationship” tax-compliance programs are mutually beneficial to taxpayers and tax authorities, as well as how these benefits are shared. We develop a model of taxpayer and tax authority behavior inside and outside of an enhanced

Link overlap, viability, and mutual percolation in multiplex networks

International Nuclear Information System (INIS)

Min, Byungjoon; Lee, Sangchul; Lee, Kyu-Min; Goh, K.-I.

2015-01-01

Many real-world complex systems are best modeled by multiplex networks. The multiplexity has proved to have broad impact on the system’s structure and function. Most theoretical studies on multiplex networks to date, however, have largely ignored the effect of the link overlap across layers despite strong empirical evidences for its significance. In this article, we investigate the effect of the link overlap in the viability of multiplex networks, both analytically and numerically. After a short recap of the original multiplex viability study, the distinctive role of overlapping links in viability and mutual connectivity is emphasized and exploited for setting up a proper analytic framework. A rich phase diagram for viability is obtained and greatly diversified patterns of hysteretic behavior in viability are observed in the presence of link overlap. Mutual percolation with link overlap is revisited as a limit of multiplex viability problem, and the controversy between existing results is clarified. The distinctive role of overlapping links is further demonstrated by the different responses of networks under random removals of overlapping and non-overlapping links, respectively, as well as under several link-removal strategies. Our results show that the link overlap facilitates the viability and mutual percolation; at the same time, the presence of link overlap poses a challenge in analytical approaches to the problem

[Maintaining solidarity: is mutuality the solution?].

Science.gov (United States)

Gevers, J K M; Ploem, M C

2013-01-01

Solidarity is essentially the willingness to contribute to the community and its demands, which may even involve contributing more than one is expecting to receive. Another principle is mutuality: this refers to a balance between rights and obligations or between mutual obligations. In its advisory document 'The importance of mutuality......solidarity takes work!', The Dutch Council for Public Health and Health Care underlines the importance of ensuring solidarity within the Dutch health care system, e.g. by encouraging patients to take responsibility for their own health, possibly by introducing elements of mutuality. In our contribution, we comment on the Council's advice. Although we fully agree with the overall conclusion that solidarity should be maintained within the system, we do not see how the introduction of increased mutuality will contribute to this goal.

A consumer-resource approach to the density-dependent population dynamics of mutualism.

Science.gov (United States)

Holland, J Nathaniel; DeAngelis, Donald L

2010-05-01

Like predation and competition, mutualism is now recognized as a consumer-resource (C-R) interaction, including, in particular, bi-directional (e.g., coral, plant-mycorrhizae) and uni-directional (e.g., ant-plant defense, plant-pollinator) C-R mutualisms. Here, we develop general theory for the density-dependent population dynamics of mutualism based on the C-R mechanism of interspecific interaction. To test the influence of C-R interactions on the dynamics and stability of bi- and uni-directional C-R mutualisms, we developed simple models that link consumer functional response of one mutualistic species with the resources supplied by another. Phase-plane analyses show that the ecological dynamics of C-R mutualisms are stable in general. Most transient behavior leads to an equilibrium of mutualistic coexistence, at which both species densities are greater than in the absence of interactions. However, due to the basic nature of C-R interactions, certain density-dependent conditions can lead to C-R dynamics characteristic of predator-prey interactions, in which one species overexploits and causes the other to go extinct. Consistent with empirical phenomena, these results suggest that the C-R interaction can provide a broad mechanism for understanding density-dependent population dynamics of mutualism. By unifying predation, competition, and mutualism under the common ecological framework of consumer-resource theory, we may also gain a better understanding of the universal features of interspecific interactions in general.

A consumer-resource approach to the density-dependent population dynamics of mutualism

Science.gov (United States)

Holland, J. Nathaniel; DeAngelis, Donald L.

2010-01-01

Like predation and competition, mutualism is now recognized as a consumer resource (C-R) interaction, including, in particular, bi-directional (e.g., coral, plant- mycorrhizae) and uni-directional (e.g., ant-plant defense, plant-pollinator) C-R mutualisms. Here, we develop general theory for the density-dependent population dynamics of mutualism based on the C-R mechanism of interspecific interaction. To test the influence of C-R interactions on the dynamics and stability of bi- and uni-directional C-R mutualisms, we developed simple models that link consumer functional response of one mutualistic species with the resources supplied by another. Phase-plane analyses show that the ecological dynamics of C-R mutualisms are stable in general. Most transient behavior leads to an equilibrium of mutualistic coexistence, at which both species densities are greater than in the absence of interactions. However, due to the basic nature of C-R interactions, certain density-dependent conditions can lead to C-R dynamics characteristic of predator-prey interactions, in which one species overexploits and causes the other to go extinct. Consistent with empirical phenomena, these results suggest that the C-R interaction can provide a broad mechanism for understanding density-dependent population dynamics of mutualism. By unifying predation, competition, and mutualism under the common ecological framework of consumer-resource theory, we may also gain a better understanding of the universal features of interspecific interactions in general.

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...

17 CFR 275.205-2 - Definition of “specified period” over which the asset value of the company or fund under...

Science.gov (United States)

2010-04-01

... periodâ over which the asset value of the company or fund under management is averaged. 275.205-2 Section... value of the company or fund under management is averaged. (a) For purposes of this rule: (1) Fulcrum fee shall mean the fee which is paid or earned when the investment company's performance is equivalent...

Entanglement in mutually unbiased bases

Energy Technology Data Exchange (ETDEWEB)

Wiesniak, M; Zeilinger, A [Vienna Center for Quantum Science and Technology (VCQ), Faculty of Physics, University of Vienna, Boltzmanngasse 5, 1090 Vienna (Austria); Paterek, T, E-mail: tomasz.paterek@nus.edu.sg [Centre for Quantum Technologies, National University of Singapore, 3 Science Drive 2, 117543 Singapore (Singapore)

2011-05-15

One of the essential features of quantum mechanics is that most pairs of observables cannot be measured simultaneously. This phenomenon manifests itself most strongly when observables are related to mutually unbiased bases. In this paper, we shed some light on the connection between mutually unbiased bases and another essential feature of quantum mechanics, quantum entanglement. It is shown that a complete set of mutually unbiased bases of a bipartite system contains a fixed amount of entanglement, independent of the choice of the set. This has implications for entanglement distribution among the states of a complete set. In prime-squared dimensions we present an explicit experiment-friendly construction of a complete set with a particularly simple entanglement distribution. Finally, we describe the basic properties of mutually unbiased bases composed of product states only. The constructions are illustrated with explicit examples in low dimensions. We believe that the properties of entanglement in mutually unbiased bases may be one of the ingredients to be taken into account to settle the question of the existence of complete sets. We also expect that they will be relevant to applications of bases in the experimental realization of quantum protocols in higher-dimensional Hilbert spaces.

ESG Issues among Fund Managers—Factors and Motives

Directory of Open Access Journals (Sweden)

Justyna Przychodzen

2016-10-01

Full Text Available This paper investigates the motives, behavior, and characteristics shaping mutual fund managers’ willingness to incorporate Environmental, Social and Governance (ESG issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.

Interbank funding as insurance mechanism for (persistent) liquidity shocks

OpenAIRE

Bluhm, Marcel

2015-01-01

The interbank market is important for the efficient functioning of the financial system, transmission of monetary policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. This paper aims at extending the literature which views interbank markets as mutual liquidity insurance mechanism by taking into account persistence of liquidity shocks. Following a theory of long-term interbank funding a financial system which is modeled as a micro-founded...

THE INSTITUTIONAL INVESTORS’ BEHAVIOUR UNDER THE IMPACT OF THE GLOBAL FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

PIRTEA MARILEN

2013-02-01

Full Text Available On the subject of financial globalization a lot of literature has been written, annalyzing all sorts of effects ithad. Still, the changes induced by globalization at the level of the financial markets are not always clear. The veritableflooding of capitals, constantly moving, created a continuous game of investment opportunities, of arbitrationpossibilities and funding sources, made institutional investors adopt various attitudes, the role of institutional investorsin the activation of capital markets being sustained by the financial globalization and the extension of multinationalfinancial groups, on one side, and by the increased performance of the share and bond markets, on the other side.By the present paper, we propose to underline the behaviour of the main institutional investors (mutual funds,pension funds and hedge funds under the impact of the current global financial crisis, the modifications whichintervened in asset assignment and investment relocation, showing that the instability generated in the global financialsystem had immediate effects on all the portfolios of institutional investors, regardless of their classificationcategory.Under conditions of capital flow increase, adjusted by the global financial crisis, the presented analysis andempirical proofs show a tendency of institutional investors’ asset reallocation on developed markets and thewithdrawal from the emergent ones.

25 CFR 1200.5 - What are the advantages and disadvantages of managing trust funds under the options in § 1200.4?

Science.gov (United States)

2010-04-01

... 25 Indians 2 2010-04-01 2010-04-01 false What are the advantages and disadvantages of managing trust funds under the options in § 1200.4? 1200.5 Section 1200.5 Indians OFFICE OF THE SPECIAL TRUSTEE... General Provisions § 1200.5 What are the advantages and disadvantages of managing trust funds under the...

Differential effects of public and private funding in the medical device industry.

Science.gov (United States)

Kang, Hyunsung D; Ku, David N

2018-02-01

Funding for scientific advancement comes from two dominant sources: public funds used to generate knowledge, and private sector funds in the pursuit of commercial products. It is unclear how to compare the outputs of these two financial mechanisms because both sectors are motivated by common goods but are also governed by divergent forces. Employment within a geographic region may be a metric of mutual value that can be applied equally to assess the societal impacts of two financing sources. Areas covered: The authors focused on the medical device industry, which is a robust sector of growth for the U.S. economy. The U.S. NIH and venture capital community are representatives of public and private capital, respectively. Using a longitudinal employment dataset of 247 distinct locations, the authors found that NIH funding tends to create more jobs directly compared to venture capital funding. Moreover, the indirect effect of governmental funding is initially smaller than that of venture capital funding for the first two years, but eventually surpasses that of venture capital funding. Expert commentary: These findings imply that policy decisions regarding financial allocations in the medical device industry should consider the appropriate typology of financial capital and its consequences.

26 CFR 1.832-6 - Policyholders of mutual fire or flood insurance companies operating on the basis of premium...

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Policyholders of mutual fire or flood insurance... Insurance Companies § 1.832-6 Policyholders of mutual fire or flood insurance companies operating on the... taxpayer insured by a mutual fire or flood insurance company under a policy for which the premium deposit...

The challenges to performance and sustaining mutual health organisations/health institutions: an exploratory study in Ghana.

Science.gov (United States)

Adomah-Afari, Augustine

2015-01-01

The purpose of this paper is to explore challenges to the performance and sustainability of mutual health organisations (MHOs) and health institutions towards enhancing access to quality health care (HC) in Ghana. Data were gathered through interviews and documentary review. Problems with late release of reimbursement funds for discharging with claims by the central government has impacted heavily on the financial and strategic management and decision-making processes of the MHOs and health institutions. The lack of in-depth analysis of the financial viability of the MHOs; and the limited number of schemes selected. Recommends the need to ensure prompt release of reimbursement funds by government to enable the MHOs to reimburse claims to health institutions. There is a perceived tension between the MHOs and HC institutions due to late release of reimbursement funds by the government. Contributes to understanding of how the NHI Act influences the operations of MHOs and health institutions towards increasing access to quality HC and financing.

76 FR 3190 - Notice of Funding Availability for Applications for Credit Assistance Under the Transportation...

Science.gov (United States)

2011-01-19

... specified criteria to be selected for credit assistance. Because demand for the TIFIA program can exceed... Applications Because the demand for credit assistance can exceed budgetary resources, the DOT is utilizing...] Notice of Funding Availability for Applications for Credit Assistance Under the Transportation...

76 FR 30368 - Announcement of the Publication of Funding Opportunity Announcements under the Runaway and...

Science.gov (United States)

2011-05-25

... DEPARTMENT OF HEALTH AND HUMAN SERVICES Administration for Children and Families Announcement of the Publication of Funding Opportunity Announcements under the Runaway and Homeless Youth Act AGENCY... (SOP) are now available for application. CFDA Number: 93.623, 93.557. Statutory Authority: Runaway and...

Sino-U.S. Strategic Mutual Trust

Institute of Scientific and Technical Information of China (English)

Yuan Peng; Zhang Yimeng

2008-01-01

Relations between China and the U.S. have been relatively stable for nearly seven years, for the first time since the end of the Cold War. Strategic mutual trust, however, is not enough and there is a long way to go before both countries can achieve a permanent strategic stability. Four problems have prevented stability in bilateral relations, namely structural, internal, accidental, and cognitive issues. The goal of building strategic mutual trust still remains distant, and developing a good understanding between each other is the thorniest problem for both countries. Better mutual understanding can lead to an expansion of bilateral relations. China and the U.S. need to increase mutual trust and work towards achieving strategic stability.

Dynamics of chaotic oscillations in mutually coupled microchip lasers

CERN Document Server

Uchida, A; Kinugawa, S; Yoshimori, S

2003-01-01

We have numerically and experimentally investigated the dynamics of mutually coupled microchip lasers. Chaotic oscillations are observed in the vicinity of the boundary of the injection-locking range when the coupling strength and the difference of the optical frequencies are varied. Synchronization of chaos is always achieved under the condition to generate chaos.

Explaining mutualism variation: a new evolutionary paradox?

Science.gov (United States)

Heath, Katy D; Stinchcombe, John R

2014-02-01

The paradox of mutualism is typically framed as the persistence of interspecific cooperation, despite the potential advantages of cheating. Thus, mutualism research has tended to focus on stabilizing mechanisms that prevent the invasion of low-quality partners. These mechanisms alone cannot explain the persistence of variation for partner quality observed in nature, leaving a large gap in our understanding of how mutualisms evolve. Studying partner quality variation is necessary for applying genetically explicit models to predict evolution in natural populations, a necessary step for understanding the origins of mutualisms as well as their ongoing dynamics. An evolutionary genetic approach, which is focused on naturally occurring mutualist variation, can potentially synthesize the currently disconnected fields of mutualism evolution and coevolutionary genetics. We outline explanations for the maintenance of genetic variation for mutualism and suggest approaches necessary to address them. © 2013 The Author(s). Evolution © 2013 The Society for the Study of Evolution.

25 CFR 47.11 - Can these funds be used as matching funds for other Federal programs?

Science.gov (United States)

2010-04-01

... EDUCATION UNIFORM DIRECT FUNDING AND SUPPORT FOR BUREAU-OPERATED SCHOOLS § 47.11 Can these funds be used as matching funds for other Federal programs? A Bureau-operated school may use funds that it receives under...

34 CFR 668.162 - Requesting funds.

Science.gov (United States)

2010-07-01

... Secretary, the Secretary may provide funds to an institution under the advance, reimbursement, just-in-time, or cash monitoring payment methods. (2) Each time an institution requests funds from the Secretary... received those funds. (c) Just-in-time payment method. Under the just-in-time payment method— (1) For each...

77 FR 33223 - Announcement of the Publication of Funding Opportunity Announcements Under the Runaway and...

Science.gov (United States)

2012-06-05

... the Publication of Funding Opportunity Announcements Under the Runaway and Homeless Youth Act AGENCY... Statutory Authority: Runaway and Homeless Youth Act, 42 U.S.C. sections 5701-5752, as amended by the.... Porter, Director, Runaway and Homeless Youth Program, Family and Youth Services Bureau, 1250 Maryland Ave...

FLUCTUATION IN PENSION FUND ASSETS PRIVATELY MANAGED UNDER THE INFLUENCE OF CERTAIN FACTORS. STATISTICAL STUDY IN ROMANIA

Directory of Open Access Journals (Sweden)

Dracea Raluca

2011-07-01

Full Text Available On international level, the economic and financial crisis has determined a diminution of the asset value of compulsory pension funds, reflecting a reallocation of funds towards alternative or low-risk investments. The present paper indicates how the net asset value of privately managed pension funds in Romania may be affected or not by certain influence factors in direct correlation with different asset allocation strategies of pension funds. In this way, on literature review there are many studies which have analyzed the fluctuation of pension funds assets and a better reallocation of their investment in order to improve their efficiency. The experience of the value fluctuation of privately administered pension fund net assets is highly important, firstly beacause of its effects on the increase and the decrease of invested values for the insured persons’ accounts, under the circumstances of constantly maintaining their contributions and, implicitly, the results achieved through these investments. The research methodology consists in testing of five variables: currency exchange rate, credit interest rate, bank deposit interest rate, reference interest rate and value of the stock exchange market index (BET-C index, by means of the multiple linear regression method. The conclusion is that only two of these factors, namely, the currency exchange rate and the reference interest rate, influence net asset value of privately managed pension funds, the second pillar, one in direct and the other in indirect correlation. In order to neutralize the effects generated by the diminution of the net asset value of privately managed pension funds, considering a short time horizon, we shall elaborate a dynamic mix of their investments able to adapt to the fluctuations of the influence factors. Thus, new opportunities will be generated in order to achieve the efficiency of pension funds and to prevent the diminution of the value of insured individuals�

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

Directory of Open Access Journals (Sweden)

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.

Use of target-date funds in 401(k) plans, 2007.

Science.gov (United States)

Copeland, Craig

2009-03-01

WHAT THEY ARE: Target-date funds (also called "life-cycle" funds) are a type of mutual fund that automatically rebalances its asset allocation following a predetermined pattern over time. They typically rebalance to more conservative and income-producing assets as the participant's target date of retirement approaches. WHY THEY'RE IMPORTANT AND GROWING: Of the 401(k) plan participants in the EBRI/ICI 401(k) database who were found to be in plans that offeredtarget-date funds, 37 percent had at least some fraction of their account in target-date funds in 2007. Target-date funds held about 7 percent of total assets in 401(k) plans and the use of these funds is expected to increase in the future. The Pension Protection Act of 2006 made it easier for plan sponsors to automatically enroll new workers in a 401(k) plan, and target-date funds were one of the types of approved funds specified for a "default" investment if the participant does not elect a choice. BRI/ICI 401(K) DATABASE: This study uses the unique richness of the data in the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project, which has almost 22 million participants, to examine the choices and characteristics of participants whose plans offer target-date funds. EFFECT OF AGE, SALARY, JOB TENURE, AND ACCOUNT BALANCE: Younger workers are significantly more likely to invest in target-date funds than are older workers: Almost 44 percent of participants under age 30 had assets in a target-date fund, compared with 27 percent of those 60 or older. Target-date funds appeal to those with lower incomes, little time on the job, and with few assets. On average, target-date fund investors are about 2.5 years younger than those who do not invest in target-date funds, have about 3.5 years less tenure, make about $11,000 less in salary, have $25,000 less in their account, and are in smaller plans. EFFECT OF AUTOMATIC ENROLLMENT: While the EBRI/ICI database does not contain specific information on whether

Regulating hedge funds.

OpenAIRE

Daníelsson, J.; Zigrand, JP.

2007-01-01

Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

Effect mutual carrying away of electrons and photons on thermomagnet and thermoelectric phenomena in semiconductors with generated statistics of current carriers

International Nuclear Information System (INIS)

Kuliev, I.G.

2000-01-01

One studied the effects of the mutual carrying away of electrons and phonons on the thermomagnetic and thermoelectric phenomena in semiconductors with the degenerated statistics of current carriers. One estimated the conduction current within nonequilibrium electron-phonon system in the linear approximation on the basis of the degeneration parameter. Under the isothermal conductors the mutual carrying away was shown to affect essentially the values of the Nernst-Ettingshausen effects. One estimated the heat flow and analyzed the dependence of heat conductivity and of the Muggy-Regge (MR) effect on the magnetic field. The contribution of the mutual carrying away into the isothermal MR-effect was determined to be proportional to the degeneration parameter. One studied thermomagnetic and thermoelectric effects in the degenerated conductors with regard to the mutual carrying away of electrons and phonons both under the isothermal and under the adiabatic conditions [ru

12 CFR 615.5010 - Funding Corporation.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 615.5010 Section 615.5010... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Funding § 615.5010 Funding Corporation. (a) The Funding Corporation shall issue, market, and handle the obligations of the banks issued under section 4.2(b) through...

Mutual benefits in academic-service partnership: An integrative review.

Science.gov (United States)

Sadeghnezhad, Maliheh; Heshmati Nabavi, Fatemeh; Najafi, Fereshteh; Kareshki, Hossein; Esmaily, Habibollah

2018-05-30

Academic and service institutions involve with many challenges. Partnership programs are a golden opportunity to achieve mutual benefits to overcome these challenges. Identifying mutual benefits is the cornerstone of forming a successful partnership and guarantee to its continuity. There are definitions and instances of mutual benefits in the literature related to partnership programs, but there is no coherent evidence and clear picture of these benefits. This study is conducted to identify mutual benefits in academic-service partnership by analyzing the definitions and instances of it in the literature. An integrative review of key papers regarding mutual benefits in academic-service partnership was undertaken. This review was guided by the framework described by Whittemore and Knafl. Search of the following databases was conducted: MEDLINE, ERIC, Google Scholar, Emerald Insight and Science Direct. The search terms were mutual benefits, mutual gains, mutual interest, mutual expectations, mutual goals, mutual demand, partnership, collaboration, academic-service partnership and academic service collaboration. Cooper's five-stage integrative review method was used. Quality evaluation of articles was conducted. Data were abstracted from included articles. The analysis was conducted based on the qualitative content analysis of the literature suggested by Zhang and Wildemuth. 28 articles were included in this review. Mutual benefits are described in four categories include: synergy in training and empowerment of human resources, education improvement, access to shared resources, facilitate production and application of beneficial knowledge into practice. Mutual benefits in the academic-service partnership include a range of goals, interests, expectations, and needs of partner organizations that is achievable and measurable through joint planning and collaboration. We suggest academic and service policymakers to consider these benefits in the planning and evaluating

75 FR 60832 - Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940

Science.gov (United States)

2010-10-01

...., Washington, DC 20549-4041. Ashport Mutual Fund Trust [File No. 811-10301] Summary: Applicant seeks an order...., Suite 100, Miami, FL 33131. First Trust Value Line R & Ibbotson Equity Allocation Fund [File No. 811... Trust Exchange-Traded Fund, based on net asset value. Expenses of approximately $99,040 incurred in...

25 CFR 170.614 - Can a tribe receive funds before BIA publishes the notice of funding availability?

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Can a tribe receive funds before BIA publishes the notice... Contracts and Agreements Under Isdeaa § 170.614 Can a tribe receive funds before BIA publishes the notice of funding availability? A tribe can receive funds before BIA publishes the notice of funding availability...

Risk Exposure and Net Flow in Investment Funds: Do Shareholders Monitor Asset Allocation?

Directory of Open Access Journals (Sweden)

Rafael Felipe Schiozer

2014-03-01

Full Text Available This study investigates the impact of asset allocation on the net flow of fixed income funds in the Brazilian market, by exploiting the exogenous variation in the risk perception of bank liabilities (CDs caused by the financial turmoil that followed Lehman Brothers’ demise in September 2008. The central hypothesis is that the exposure to assets negatively affected by the crisis impacts negatively the fund’s net flow. We find that, for mutual funds, the larger proportion of assets negatively affected by the crisis the larger the net outflow of resources, indicating that shareholders monitor asset allocation and exert disciplining power on fund managers by withdrawing their resources. In exclusive (fundos exclusivos, i.e., funds with a single shareholder, for which the shareholder is presumed to exert more influence on asset reallocation, we find no significant relationship between the exposure to assets negatively affected by the crisis and net flows.

An Evaluation of the Outcomes of Mutual Health Organizations in Benin

Science.gov (United States)

Haddad, Slim; Ridde, Valery; Yacoubou, Ismaelou; Mák, Geneviève; Gbetié, Michel

2012-01-01

Background Mutual health organizations (MHO) have been seen as a promising alternative to the fee-based funding model but scientific foundations to support their generalization are still limited. Very little is known about the extent of the impact of MHOs on health-seeking behaviours, quality and costs. Methodology/Principal Findings We present the results of an evaluation of the effects attributable to membership in an MHO in a rural region of Benin. Two prospective studies of users (parturients and hospitalized patients) were conducted on the territory of an inter-mutual consisting of 10 MHOs and as many healthcare centres (one, Ouessé, serving as a referral hospital) and one hospital (Papané). Members and non-members were matched (142 pairs of parturients and 109 triads of hospitalized patients) and multilevel multiple regression was used. Results show that member parturients went to healthcare centres sooner (p = 0.049) and were discharged more quickly after delivery (p = 0.001) than non-members. Length of stay in some cases was longer for hospitalized member parturients (+41%). Being a member did not shorten hospital stay, total length of episode of care, or time between appearance of symptoms and recourse to care. Regarding expenses, member parturients paid one-third less than non-members for a delivery. For hospitalized patients, the average savings for members was around $35 US. Total expenses incurred by patients hospitalized at Papané Hospital were higher than at Ouessé but the two hospitals’ relative advantages were comparable at −36% and −39%, respectively. Conclusion/Significance These results confirm mutual health organizations’ capacity to protect households financially, even if benefits for the poor have not been clearly determined. The search for scientific evidence should continue, to understand their impacts with regard to services obtained by their members. PMID:23077556

An evaluation of the outcomes of mutual health organizations in Benin.

Directory of Open Access Journals (Sweden)

Slim Haddad

Full Text Available BACKGROUND: Mutual health organizations (MHO have been seen as a promising alternative to the fee-based funding model but scientific foundations to support their generalization are still limited. Very little is known about the extent of the impact of MHOs on health-seeking behaviours, quality and costs. METHODOLOGY/PRINCIPAL FINDINGS: We present the results of an evaluation of the effects attributable to membership in an MHO in a rural region of Benin. Two prospective studies of users (parturients and hospitalized patients were conducted on the territory of an inter-mutual consisting of 10 MHOs and as many healthcare centres (one, Ouessé, serving as a referral hospital and one hospital (Papané. Members and non-members were matched (142 pairs of parturients and 109 triads of hospitalized patients and multilevel multiple regression was used. Results show that member parturients went to healthcare centres sooner (p = 0.049 and were discharged more quickly after delivery (p = 0.001 than non-members. Length of stay in some cases was longer for hospitalized member parturients (+41%. Being a member did not shorten hospital stay, total length of episode of care, or time between appearance of symptoms and recourse to care. Regarding expenses, member parturients paid one-third less than non-members for a delivery. For hospitalized patients, the average savings for members was around $35 US. Total expenses incurred by patients hospitalized at Papané Hospital were higher than at Ouessé but the two hospitals' relative advantages were comparable at -36% and -39%, respectively. CONCLUSION/SIGNIFICANCE: These results confirm mutual health organizations' capacity to protect households financially, even if benefits for the poor have not been clearly determined. The search for scientific evidence should continue, to understand their impacts with regard to services obtained by their members.

78 FR 26489 - Consumer Financial Civil Penalty Fund

Science.gov (United States)

2013-05-07

... administrative action under Federal consumer financial laws. Under the Act, funds in the Civil Penalty Fund may... Bureau may require a party that has violated the law to pay a civil penalty. See, e.g., 12 U.S.C. 5565... or any other provision of law bars the Bureau from using funds in the Civil Penalty Fund for such...

25 CFR 900.91 - Who takes title to property purchased with funds under a self-determination contract or grant...

Science.gov (United States)

2010-04-01

..., DEPARTMENT OF HEALTH AND HUMAN SERVICES CONTRACTS UNDER THE INDIAN SELF-DETERMINATION AND EDUCATION... self-determination contract or grant agreement pursuant to section 105(f)(2)(A) of the Act? 900.91... property purchased with funds under a self-determination contract or grant agreement pursuant to section...

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

Directory of Open Access Journals (Sweden)

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

MUTUAL CONCESSIONS - SPECIFIC ELEMENT OF THE COMPROMISE/TRANSACTION CONTRACT

Directory of Open Access Journals (Sweden)

Georgeta-Bianca Spîrchez

2012-11-01

Full Text Available Given the usefulness and practical importance of the compromise contract conclusion and of the amicably dispute resolution, within the business world, we aim to analyze, in what follows, the concrete means by which these kind of settlement are achieved. Two questions become legitimate in the context of concerns about mutual concessions which the parties make in a compromise contract. These questions are the following: “What are the mutual concessions? Do mutual concessions mean equivalent concessions?” and “How mutual concessions are required to complete a valid settlement? Is the requirement of mutual concessions grounded?”

Mutual couling reduction using a lumped LC circuit

DEFF Research Database (Denmark)

Thaysen, Jesper; Jakobsen, Kaj Bjarne

2004-01-01

A technique to reduce the mutual coupling between two Planar Inverted F Antennas (PIFA) is presented in this paper. By the use of a parallel LC circuit it is possible to reduce the mutual coupling between two antennas. This results in a 16 % improvement in the radiation efficiency.......A technique to reduce the mutual coupling between two Planar Inverted F Antennas (PIFA) is presented in this paper. By the use of a parallel LC circuit it is possible to reduce the mutual coupling between two antennas. This results in a 16 % improvement in the radiation efficiency....

On Banks, Courts and International Law: The Intergovernmental Agreement on the Single Resolution Fund in Context

DEFF Research Database (Denmark)

Fabbrini, Federico

2014-01-01

In May 2014, 26 Member States of the EU concluded an intergovernmental agreement on the transfer and mutualization of contribution to the Single Resolution Fund (SRF). This international treaty constitutes a core component of the second pillar of the European Banking Union – the Single Resolution...... Mechanism, to wind down failing banks in the Euro-zone – and complements an EU regulation adopted by the European Parliament and the Council creating the SRF. This article critically analyses the choice to use international law to adopt the rules on transfer and mutualization of contributions to the SRF....... Moreover, as the article explains, resort to international law is unsound from a policy point of view. The use of an international treaty to regulate the transfer and mutualization of contributions to the SRF opens the door for national courts’ review of the agreement – a prospect which contrasts...

Mutuality

DEFF Research Database (Denmark)

Arnould, E. J.; Rose, A. S.

2016-01-01

and epistemological grounds and reproduces an array of problematic modernist dichotomies (e.g., agency/structure, nurturing family/instrumental public, gift/market, and altruism/self-interest) that significantly constrain the analytical enterprise. This work redresses some of the conceptual problems in the current...... formulation. The critique highlights a focus on resource distribution based on a more holistic, socially grounded perspective on circulation. We offer the alternative concept of mutuality or generalized exchange and the metaphor of inclusion rather than exchange as central to this perspective. We argue...

Mutual learning and reverse innovation–where next?

Science.gov (United States)

2014-01-01

There is a clear and evident need for mutual learning in global health systems. It is increasingly recognized that innovation needs to be sourced globally and that we need to think in terms of co-development as ideas are developed and spread from richer to poorer countries and vice versa. The Globalization and Health journal’s ongoing thematic series, “Reverse innovation in global health systems: learning from low-income countries” illustrates how mutual learning and ideas about so-called "reverse innovation" or "frugal innovation" are being developed and utilized by researchers and practitioners around the world. The knowledge emerging from the series is already catalyzing change and challenging the status quo in global health. The path to truly “global innovation flow”, although not fully established, is now well under way. Mobilization of knowledge and resources through continuous communication and awareness raising can help sustain this movement. Global health learning laboratories, where partners can support each other in generating and sharing lessons, have the potential to construct solutions for the world. At the heart of this dialogue is a focus on creating practical local solutions and, simultaneously, drawing out the lessons for the whole world. PMID:24673828

Mutual learning and reverse innovation--where next?

Science.gov (United States)

Crisp, Nigel

2014-03-28

There is a clear and evident need for mutual learning in global health systems. It is increasingly recognized that innovation needs to be sourced globally and that we need to think in terms of co-development as ideas are developed and spread from richer to poorer countries and vice versa. The Globalization and Health journal's ongoing thematic series, "Reverse innovation in global health systems: learning from low-income countries" illustrates how mutual learning and ideas about so-called "reverse innovation" or "frugal innovation" are being developed and utilized by researchers and practitioners around the world. The knowledge emerging from the series is already catalyzing change and challenging the status quo in global health. The path to truly "global innovation flow", although not fully established, is now well under way. Mobilization of knowledge and resources through continuous communication and awareness raising can help sustain this movement. Global health learning laboratories, where partners can support each other in generating and sharing lessons, have the potential to construct solutions for the world. At the heart of this dialogue is a focus on creating practical local solutions and, simultaneously, drawing out the lessons for the whole world.

Bank Interest Margin and Default Risk under Basel III Capped Capital Adequacy Accord and Regulatory Deposit Insurance Fund Protection

OpenAIRE

Chuen-Ping Chang; Shi Chen

2015-01-01

We study the optimal bank interest margin and default risk under the capped ratio schedule of government capital instruments in the Basel III Capital Adequacy Accord and the Deposit Insurance Fund arrangement program. We show that an increase in the capped ratio (a decrease in the capped government capital injection) increases the default risk in the bank¡¯s equity return at a reduced interest margin. Regulatory deposit insurance fund protection reinforces the reduced bank interest margin and...

77 FR 23492 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2011

Science.gov (United States)

2012-04-19

...; Capital Fund Safety and Security Grants; Fiscal Year 2011 AGENCY: Office of the Assistant Secretary for... notified of the availability of the Safety and Security funds with PIH Notice 2011-56 (Notice), which was... award recipients under the Capital Fund Safety and Security grant program. FOR FURTHER INFORMATION...

How a new funding model will shift allocations from the Global Fund to Fight AIDS, tuberculosis, and malaria.

Science.gov (United States)

Fan, Victoria Y; Glassman, Amanda; Silverman, Rachel L

2014-12-01

Policy makers deciding how to fund global health programs in low- and middle-income countries face important but difficult questions about how to allocate resources across countries. In this article we present a typology of three allocation methodologies to align allocations with priorities. We then apply our typology to the Global Fund to Fight AIDS, Tuberculosis, and Malaria. We examined the Global Fund's historical HIV allocations and its predicted allocations under a new funding model that creates an explicit allocation methodology. We found that under the new funding model, substantial shifts in the Global Fund's portfolio are likely to result from concentrating resources in countries with more HIV cases and lower per capita incomes. For example, South Africa, which had 15.8 percent of global HIV cases in 2009, could see its Global Fund HIV funding more than triple, from historic levels that averaged 3.0 percent to 9.7 percent of total Global Fund allocations. The new funding model methodology is expected, but not guaranteed, to improve the efficiency of Global Fund allocations in comparison to historical practice. We conclude with recommendations for the Global Fund and other global health donors to further develop their allocation methodologies and processes to improve efficiency and transparency. Project HOPE—The People-to-People Health Foundation, Inc.

25 CFR 63.32 - Under what authority are Indian child protection and family violence prevention program funds...

Science.gov (United States)

2010-04-01

... family violence prevention program funds awarded? 63.32 Section 63.32 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR TRIBAL GOVERNMENT INDIAN CHILD PROTECTION AND FAMILY VIOLENCE PREVENTION Indian Child Protection and Family Violence Prevention Program § 63.32 Under what authority are Indian child...

34 CFR 403.161 - How must funds be used under the Comprehensive Career Guidance and Counseling Programs?

Science.gov (United States)

2010-07-01

... Guidance and Counseling Programs? 403.161 Section 403.161 Education Regulations of the Offices of the... the Special Programs? Comprehensive Career Guidance and Counseling Programs § 403.161 How must funds be used under the Comprehensive Career Guidance and Counseling Programs? (a) A State shall use not...

A multiscale approach to mutual information matching

NARCIS (Netherlands)

Pluim, J.P.W.; Maintz, J.B.A.; Viergever, M.A.; Hanson, K.M.

1998-01-01

Methods based on mutual information have shown promising results for matching of multimodal brain images. This paper discusses a multiscale approach to mutual information matching, aiming for an acceleration of the matching process while considering the accuracy and robustness of the method. Scaling

7 CFR 3430.205 - Funding restrictions.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Funding restrictions. 3430.205 Section 3430.205... Funding restrictions. (a) Prohibition against construction. Funds made available under this subpart shall not be used for the construction of a new building or facility or the acquisition, expansion...

Decommissioning funding: ethics, implementation, uncertainties

International Nuclear Information System (INIS)

2006-01-01

This status report on Decommissioning Funding: Ethics, Implementation, Uncertainties also draws on the experience of the NEA Working Party on Decommissioning and Dismantling (WPDD). The report offers, in a concise form, an overview of relevant considerations on decommissioning funding mechanisms with regard to ethics, implementation and uncertainties. Underlying ethical principles found in international agreements are identified, and factors influencing the accumulation and management of funds for decommissioning nuclear facilities are discussed together with the main sources of uncertainties of funding systems. (authors)

Reducing Deviance Through Youths' Mutual Aid Group Dynamics.

Science.gov (United States)

Cheung, Chau-kiu; Ngai, Steven Sek-yum

2016-01-01

The mutual aid group, as supported by the social worker, emerges to play a vital role in helping group members reduce their deviance or behavioral problem. However, how the collaboration of the group and social worker accomplishes the reduction has remained uncharted. Based on social capital theory, mutual aid and cohesion within the group and social workers' specific aid for the group are likely responsible for the reduction. The test of such hypotheses relies on a two-wave panel survey of the members of 60 mutual aid groups who had deviant behavioral problems, located in Hong Kong, China. These groups had 241 youths completing both initial and 1-year follow-up surveys. Results manifested the direct or unconditional contributions of mutual aid, group cohesion, and social workers' specific aid to reducing deviance. Hence, social workers can enhance the effectiveness of the mutual aid group in reducing youths' deviance. © The Author(s) 2014.

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...

Mutually unbiased bases and semi-definite programming

Energy Technology Data Exchange (ETDEWEB)

Brierley, Stephen; Weigert, Stefan, E-mail: steve.brierley@ulb.ac.be, E-mail: stefan.weigert@york.ac.uk

2010-11-01

A complex Hilbert space of dimension six supports at least three but not more than seven mutually unbiased bases. Two computer-aided analytical methods to tighten these bounds are reviewed, based on a discretization of parameter space and on Groebner bases. A third algorithmic approach is presented: the non-existence of more than three mutually unbiased bases in composite dimensions can be decided by a global optimization method known as semidefinite programming. The method is used to confirm that the spectral matrix cannot be part of a complete set of seven mutually unbiased bases in dimension six.

Mutually unbiased bases and semi-definite programming

International Nuclear Information System (INIS)

Brierley, Stephen; Weigert, Stefan

2010-01-01

A complex Hilbert space of dimension six supports at least three but not more than seven mutually unbiased bases. Two computer-aided analytical methods to tighten these bounds are reviewed, based on a discretization of parameter space and on Groebner bases. A third algorithmic approach is presented: the non-existence of more than three mutually unbiased bases in composite dimensions can be decided by a global optimization method known as semidefinite programming. The method is used to confirm that the spectral matrix cannot be part of a complete set of seven mutually unbiased bases in dimension six.

75 FR 9120 - Electronic Fund Transfers

Science.gov (United States)

2010-03-01

... FEDERAL RESERVE SYSTEM 12 CFR Part 205 [Regulation E; Docket No. R-1343] Electronic Fund Transfers... implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. The final..., the Board adopted a final rule under Regulation E, which implements the Electronic Fund Transfer Act...

(Mutual Security Mutual Affluence) Negative Factors = Sustained Stability: A Framework for Establishing Stability Between Like States

Science.gov (United States)

2017-03-31

160-163. 2 The Concept of Mutually Assured Destruction (MAD) dates back to the post-WWFI em and the Cold War where the United States and Soviet Unions...United States. Following its defeat in W\\VH, Japan was in shambles. The bombing campaigns left nine million Japanese homeless and three million more...the United States, the Charlie Hebdo attacks in Paris in 2015, and the bombings in Istanbul in 2016. Michael Bamier, “From Mutual Assistance to

Generalized Mutual Synchronization between Two Controlled Interdependent Networks

Directory of Open Access Journals (Sweden)

Quan Xu

2014-01-01

Full Text Available This paper mainly focuses on the generalized mutual synchronization between two controlled interdependent networks. First, we propose the general model of controlled interdependent networks A and B with time-varying internetwork delays coupling. Then, by constructing Lyapunov functions and utilizing adaptive control technique, some sufficient conditions are established to ensure that the mutual synchronization errors between the state variables of networks A and B can asymptotically converge to zero. Finally, two numerical examples are given to illustrate the effectiveness of the theoretical results and to explore potential application in future smart grid. The simulation results also show how interdependent topologies and internetwork coupling delays influence the mutual synchronizability, which help to design interdependent networks with optimal mutual synchronizability.

Mutual proximity graphs for improved reachability in music recommendation.

Science.gov (United States)

Flexer, Arthur; Stevens, Jeff

2018-01-01

This paper is concerned with the impact of hubness, a general problem of machine learning in high-dimensional spaces, on a real-world music recommendation system based on visualisation of a k-nearest neighbour (knn) graph. Due to a problem of measuring distances in high dimensions, hub objects are recommended over and over again while anti-hubs are nonexistent in recommendation lists, resulting in poor reachability of the music catalogue. We present mutual proximity graphs, which are an alternative to knn and mutual knn graphs, and are able to avoid hub vertices having abnormally high connectivity. We show that mutual proximity graphs yield much better graph connectivity resulting in improved reachability compared to knn graphs, mutual knn graphs and mutual knn graphs enhanced with minimum spanning trees, while simultaneously reducing the negative effects of hubness.

76 FR 55720 - BB&T Capital Partners Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the...

Science.gov (United States)

2011-09-08

... approval under section 312 of the Act and Section 107.730 (a)(4), Provide Financing to a Small Business to... SMALL BUSINESS ADMINISTRATION [License No. 04/04-0311] BB&T Capital Partners Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of...

Bright Lights and Questions: Using Mutual Interrogation

Science.gov (United States)

Adam, Aishikin; Alangui, Willy; Barton, Bill

2010-01-01

Mutual Interrogation is a research methodology for ethnomathematics proposed by Alangui in 2006 in an attempt to avoid the potential inequality set up when a restricted cultural practice is viewed through the lens of the near-universal and highly developed research domain of mathematics. Using three significant examples of mutual interrogation in…

Mutual inactivation of Notch receptors and ligands facilitates developmental patterning.

Directory of Open Access Journals (Sweden)

David Sprinzak

2011-06-01

Full Text Available Developmental patterning requires juxtacrine signaling in order to tightly coordinate the fates of neighboring cells. Recent work has shown that Notch and Delta, the canonical metazoan juxtacrine signaling receptor and ligand, mutually inactivate each other in the same cell. This cis-interaction generates mutually exclusive sending and receiving states in individual cells. It generally remains unclear, however, how this mutual inactivation and the resulting switching behavior can impact developmental patterning circuits. Here we address this question using mathematical modeling in the context of two canonical pattern formation processes: boundary formation and lateral inhibition. For boundary formation, in a model motivated by Drosophila wing vein patterning, we find that mutual inactivation allows sharp boundary formation across a broader range of parameters than models lacking mutual inactivation. This model with mutual inactivation also exhibits robustness to correlated gene expression perturbations. For lateral inhibition, we find that mutual inactivation speeds up patterning dynamics, relieves the need for cooperative regulatory interactions, and expands the range of parameter values that permit pattern formation, compared to canonical models. Furthermore, mutual inactivation enables a simple lateral inhibition circuit architecture which requires only a single downstream regulatory step. Both model systems show how mutual inactivation can facilitate robust fine-grained patterning processes that would be difficult to implement without it, by encoding a difference-promoting feedback within the signaling system itself. Together, these results provide a framework for analysis of more complex Notch-dependent developmental systems.

Comparing Working-Capital Funding and Mission Funding for Naval Shipyards

National Research Council Canada - National Science Library

Frisk, Daniel; Trunkey, R. D

2007-01-01

...) to direct appropriations. Previously, under the NWCF's revolving-fund approach, the shipyards set prices for maintenance and repair services that were intended to cover their full operating costs, and the Navy's Atlantic...

mutual participation in the health worker-patient relationship

African Journals Online (AJOL)

Medunsa) ... Keywords: mutual participation, health worker-patient relationship, decision ... The importance of a mutual participatory model in medical care and decision ... workers become aware of differences in opinion or in the balance of power, ...

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.

76 FR 77580 - Contemporary Healthcare Senior Lien Fund I, LP; Notice Seeking Exemption Under Section 312 of the...

Science.gov (United States)

2011-12-13

... closing costs and for working capital purposes. The financing is brought within the purview of Sec. 107... SMALL BUSINESS ADMINISTRATION [License No. 02/02-0649] Contemporary Healthcare Senior Lien Fund I, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of...

Tinjauan Yuridis Tentang Reksa Dana Syariah sebagai Alternatif Investasi Bagi Investor

OpenAIRE

Kurniadihardja, Taufiq; Mulyani, Sri

2010-01-01

General meaning of the Mutual Fund Sharia (Islamic Infestment Fund) are not much different from the meaning of Mutual Funds in general. What distinguishes Conventional Mutual Funds Mutual Funds with Shariah lies in its operation, in which the Fund uses the provisions of sharia principles. Mutual Funds in Sharia principles used in the form of contract between owners of capital (rab al-mal) and the Investment Manager (amyl), selection and implementation of investment transactions, and in determ...

A model to compare a defined benefit pension fund with a defined contribution provident fund

Directory of Open Access Journals (Sweden)

J.M. Nevin

2003-12-01

Full Text Available During 1994 universities and certain other institutions were given the option of setting up private retirement funds as an alternative to the AIPF. Because of the underfundedness of the AIPF only a substantially reduced Actuarial Reserve Value could be transferred to the new fund on behalf of each member. Employees at these institutions had to make the difficult decision of whether to remain a member of the AIPF or to join a new fund. Several institutions created defined contribution funds as an alternative to the AIPF. In such funds the member carries the investment risk and most institutions felt the need to provide some form of top-up of the Transfer Value. A simple mathematical model is formulated to aid in the comparison of expected retirement benefits under the AIPF and a private fund and to investigate the management problem of distributing additional top-up funds in a fair manner amongst the various age groups within the fund.

Mutual information against correlations in binary communication channels.

Science.gov (United States)

Pregowska, Agnieszka; Szczepanski, Janusz; Wajnryb, Eligiusz

2015-05-19

Explaining how the brain processing is so fast remains an open problem (van Hemmen JL, Sejnowski T., 2004). Thus, the analysis of neural transmission (Shannon CE, Weaver W., 1963) processes basically focuses on searching for effective encoding and decoding schemes. According to the Shannon fundamental theorem, mutual information plays a crucial role in characterizing the efficiency of communication channels. It is well known that this efficiency is determined by the channel capacity that is already the maximal mutual information between input and output signals. On the other hand, intuitively speaking, when input and output signals are more correlated, the transmission should be more efficient. A natural question arises about the relation between mutual information and correlation. We analyze the relation between these quantities using the binary representation of signals, which is the most common approach taken in studying neuronal processes of the brain. We present binary communication channels for which mutual information and correlation coefficients behave differently both quantitatively and qualitatively. Despite this difference in behavior, we show that the noncorrelation of binary signals implies their independence, in contrast to the case for general types of signals. Our research shows that the mutual information cannot be replaced by sheer correlations. Our results indicate that neuronal encoding has more complicated nature which cannot be captured by straightforward correlations between input and output signals once the mutual information takes into account the structure and patterns of the signals.

Standard guide for mutual inductance bridge applications for wall thickness determinations in boiler tubing

CERN Document Server

American Society for Testing and Materials. Philadelphia

2010-01-01

1.1 This guide describes a procedure for obtaining relative wall thickness indications in ferromagnetic and non-ferromagnetic steels using the mutual inductance bridge method. The procedure is intended for use with instruments capable of inducing two substantially identical magnetic fields and noting the change in inductance resulting from differing amounts of steel. It is used to distinguish acceptable wall thickness conditions from those which could place tubular vessels or piping at risk of bursting under high temperature and pressure conditions. 1.2 This guide is intended to satisfy two general needs for users of industrial Mutual Inductance Bridge (MIB) equipment: (1) the need for a tutorial guide addressing the general principles of Mutual Inductance Bridges as they apply to industrial piping; and (2) the need for a consistent set of MIB performance parameter definitions, including how these performance parameters relate to MIB system specifications. Potential users and buyers, as well as experienced M...

Controlled mutual quantum entity authentication using entanglement swapping

International Nuclear Information System (INIS)

Kang, Min-Sung; Hong, Chang-Ho; Heo, Jino; Lim, Jong-In; Yang, Hyung-Jin

2015-01-01

In this paper, we suggest a controlled mutual quantum entity authentication protocol by which two users mutually certify each other on a quantum network using a sequence of Greenberger–Horne–Zeilinger (GHZ)-like states. Unlike existing unidirectional quantum entity authentication, our protocol enables mutual quantum entity authentication utilizing entanglement swapping; moreover, it allows the managing trusted center (TC) or trusted third party (TTP) to effectively control the certification of two users using the nature of the GHZ-like state. We will also analyze the security of the protocol and quantum channel. (paper)

CC-MUSIC: An Optimization Estimator for Mutual Coupling Correction of L-Shaped Nonuniform Array with Single Snapshot

Directory of Open Access Journals (Sweden)

Yuguan Hou

2015-01-01

Full Text Available For the case of the single snapshot, the integrated SNR gain could not be obtained without the multiple snapshots, which degrades the mutual coupling correction performance under the lower SNR case. In this paper, a Convex Chain MUSIC (CC-MUSIC algorithm is proposed for the mutual coupling correction of the L-shaped nonuniform array with single snapshot. It is an online self-calibration algorithm and does not require the prior knowledge of the correction matrix initialization and the calibration source with the known position. An optimization for the approximation between the no mutual coupling covariance matrix without the interpolated transformation and the covariance matrix with the mutual coupling and the interpolated transformation is derived. A global optimization problem is formed for the mutual coupling correction and the spatial spectrum estimation. Furthermore, the nonconvex optimization problem of this global optimization is transformed as a chain of the convex optimization, which is basically an alternating optimization routine. The simulation results demonstrate the effectiveness of the proposed method, which improve the resolution ability and the estimation accuracy of the multisources with the single snapshot.

Freedom and imperative: mutual care between older spouses with physical disabilities.

Science.gov (United States)

Torgé, Cristina Joy

2014-05-01

This article explores mutual caregiving between older spouses aging with physical disabilities. Nine older couples, where both partners had lived long lives with physical disabilities, were interviewed as dyads about mutual caregiving. The couples not only had access to different kinds and degrees of formal support but also provided mutual care to each other in a variety of ways. Interview coding using grounded theory led to two overarching categories from which motivation for mutual caregiving could be understood. These categories were Mutual care as freedom and Mutual care as imperative. The results extend understanding about how older couples with disabilities attached meaning to their mutual caregiving, and why mutual care was sometimes preferable, despite the availability of other sources of help and despite practical difficulties of providing this help. These findings suggest that health care professionals need to be sensitive to the dynamics of the couple relationship and carefully explore the couple's preferences for how formal support can best be provided in ways that honor and sustain the integrity of the couple relationship.

78 FR 57444 - Eagle Fund III, L.P.; Notice Seeking Exemption Under the Small Business Investment Act, Conflicts...

Science.gov (United States)

2013-09-18

... Small Business Investment Act of 1958, as amended (the ``Act''), in connection with the financing of a... SMALL BUSINESS ADMINISTRATION [License No. 07/07-0116] Eagle Fund III, L.P.; Notice Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Eagle...

Mutually unbiased bases

Indian Academy of Sciences (India)

Mutually unbiased bases play an important role in quantum cryptography [2] and in the optimal determination of the density operator of an ensemble [3,4]. A density operator ρ in N-dimensions depends on N2 1 real quantities. With the help of MUB's, any such density operator can be encoded, in an optimal way, in terms of ...

The Cybathlon BCI race: Successful longitudinal mutual learning with two tetraplegic users.

Science.gov (United States)

Perdikis, Serafeim; Tonin, Luca; Saeedi, Sareh; Schneider, Christoph; Millán, José Del R

2018-05-01

This work aims at corroborating the importance and efficacy of mutual learning in motor imagery (MI) brain-computer interface (BCI) by leveraging the insights obtained through our participation in the BCI race of the Cybathlon event. We hypothesized that, contrary to the popular trend of focusing mostly on the machine learning aspects of MI BCI training, a comprehensive mutual learning methodology that reinstates the three learning pillars (at the machine, subject, and application level) as equally significant could lead to a BCI-user symbiotic system able to succeed in real-world scenarios such as the Cybathlon event. Two severely impaired participants with chronic spinal cord injury (SCI), were trained following our mutual learning approach to control their avatar in a virtual BCI race game. The competition outcomes substantiate the effectiveness of this type of training. Most importantly, the present study is one among very few to provide multifaceted evidence on the efficacy of subject learning during BCI training. Learning correlates could be derived at all levels of the interface-application, BCI output, and electroencephalography (EEG) neuroimaging-with two end-users, sufficiently longitudinal evaluation, and, importantly, under real-world and even adverse conditions.

The Cybathlon BCI race: Successful longitudinal mutual learning with two tetraplegic users.

Directory of Open Access Journals (Sweden)

Serafeim Perdikis

2018-05-01

Full Text Available This work aims at corroborating the importance and efficacy of mutual learning in motor imagery (MI brain-computer interface (BCI by leveraging the insights obtained through our participation in the BCI race of the Cybathlon event. We hypothesized that, contrary to the popular trend of focusing mostly on the machine learning aspects of MI BCI training, a comprehensive mutual learning methodology that reinstates the three learning pillars (at the machine, subject, and application level as equally significant could lead to a BCI-user symbiotic system able to succeed in real-world scenarios such as the Cybathlon event. Two severely impaired participants with chronic spinal cord injury (SCI, were trained following our mutual learning approach to control their avatar in a virtual BCI race game. The competition outcomes substantiate the effectiveness of this type of training. Most importantly, the present study is one among very few to provide multifaceted evidence on the efficacy of subject learning during BCI training. Learning correlates could be derived at all levels of the interface-application, BCI output, and electroencephalography (EEG neuroimaging-with two end-users, sufficiently longitudinal evaluation, and, importantly, under real-world and even adverse conditions.

Kemampuan Pemilihan Saham dan Penetapan Waktu Pada Manajer investasi Reksa Dana Saham di Indonesia

Directory of Open Access Journals (Sweden)

Tariza Putri Ramayanti

2018-03-01

Full Text Available Selectivity and Market Timing Ability of Mutual Fund Investment Manajer in IndonesiaThere are two aspects to examining whether mutual fund managers perform well and enable high return from mutual funds; these are selectivity and market timing ability. The purpose of this paper is to examine selectivity and market timing ability of Indonesia Mutual Funds from January 2009 to December 2016 using monthly returns. Treynor & Mazuy and Henriksson & Merton models applied to a sample size of 33 mutual funds. Both models show that the investment managers of mutual funds in Indonesia have no selectivity ability. The result also found that 11 mutual funds have positive statiscally significant market timing coefficient using Treynor & Mazuy models and 10 mutual funds  have positive statiscally significant market timing coefficient using Henriksson & Merton Models.DOI: 10.15408/ess.v8i1.6552

Single-Molecule Imaging Reveals Topology Dependent Mutual Relaxation of Polymer Chains

KAUST Repository

Abadi, Maram; Serag, Maged F.; Habuchi, Satoshi

2015-01-01

The motion and relaxation of linear and cyclic polymers under entangled conditions are investigated by means of a newly developed single-molecule tracking technique, cumulative-area (CA) tracking. CA tracking enables simultaneous quantitative characterization of the diffusion mode, diffusion rate, and relaxation time that have been impossible with a widely used conventional single-molecule localization and tracking method, by analyzing cumulative areas occupied by the moving molecule. Using the novel approach, we investigate the motion and relaxation of entangled cyclic polymers, which have been an important but poorly understood question. Fluorescently labeled 42 kbp linear or cyclic tracer dsDNAs in concentrated solutions of unlabeled linear or cyclic DNAs are used as model systems. We show that CA tracking can explicitly distinguish topology-dependent diffusion mode, rate, and relaxation time, demonstrating that the method provides an invaluable tool for characterizing topological interaction between the entangled chains. We further demonstrate that the current models proposed for the entanglement between cyclic polymers which are based on cyclic chains moving through an array of fixed obstacles cannot correctly describe the motion of the cyclic chain under the entangled conditions. Our results rather suggest the mutual relaxation of the cyclic chains, which underscore the necessity of developing a new model to describe the motion of cyclic polymer under the entangled conditions based on the mutual interaction of the chains.

Single-Molecule Imaging Reveals Topology Dependent Mutual Relaxation of Polymer Chains

KAUST Repository

Abadi, Maram

2015-08-24

The motion and relaxation of linear and cyclic polymers under entangled conditions are investigated by means of a newly developed single-molecule tracking technique, cumulative-area (CA) tracking. CA tracking enables simultaneous quantitative characterization of the diffusion mode, diffusion rate, and relaxation time that have been impossible with a widely used conventional single-molecule localization and tracking method, by analyzing cumulative areas occupied by the moving molecule. Using the novel approach, we investigate the motion and relaxation of entangled cyclic polymers, which have been an important but poorly understood question. Fluorescently labeled 42 kbp linear or cyclic tracer dsDNAs in concentrated solutions of unlabeled linear or cyclic DNAs are used as model systems. We show that CA tracking can explicitly distinguish topology-dependent diffusion mode, rate, and relaxation time, demonstrating that the method provides an invaluable tool for characterizing topological interaction between the entangled chains. We further demonstrate that the current models proposed for the entanglement between cyclic polymers which are based on cyclic chains moving through an array of fixed obstacles cannot correctly describe the motion of the cyclic chain under the entangled conditions. Our results rather suggest the mutual relaxation of the cyclic chains, which underscore the necessity of developing a new model to describe the motion of cyclic polymer under the entangled conditions based on the mutual interaction of the chains.

Hedge Funds as Investors of Last Resort?

OpenAIRE

David J. Brophy; Paige P. Ouimet; Clemens Sialm

2009-01-01

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

Analytical Calculation of Mutual Information between Weakly Coupled Poisson-Spiking Neurons in Models of Dynamically Gated Communication.

Science.gov (United States)

Cannon, Jonathan

2017-01-01

Mutual information is a commonly used measure of communication between neurons, but little theory exists describing the relationship between mutual information and the parameters of the underlying neuronal interaction. Such a theory could help us understand how specific physiological changes affect the capacity of neurons to synaptically communicate, and, in particular, they could help us characterize the mechanisms by which neuronal dynamics gate the flow of information in the brain. Here we study a pair of linear-nonlinear-Poisson neurons coupled by a weak synapse. We derive an analytical expression describing the mutual information between their spike trains in terms of synapse strength, neuronal activation function, the time course of postsynaptic currents, and the time course of the background input received by the two neurons. This expression allows mutual information calculations that would otherwise be computationally intractable. We use this expression to analytically explore the interaction of excitation, information transmission, and the convexity of the activation function. Then, using this expression to quantify mutual information in simulations, we illustrate the information-gating effects of neural oscillations and oscillatory coherence, which may either increase or decrease the mutual information across the synapse depending on parameters. Finally, we show analytically that our results can quantitatively describe the selection of one information pathway over another when multiple sending neurons project weakly to a single receiving neuron.

Mutual information and phase dependencies: measures of reduced nonlinear cardiorespiratory interactions after myocardial infarction.

Science.gov (United States)

Hoyer, Dirk; Leder, Uwe; Hoyer, Heike; Pompe, Bernd; Sommer, Michael; Zwiener, Ulrich

2002-01-01

The heart rate variability (HRV) is related to several mechanisms of the complex autonomic functioning such as respiratory heart rate modulation and phase dependencies between heart beat cycles and breathing cycles. The underlying processes are basically nonlinear. In order to understand and quantitatively assess those physiological interactions an adequate coupling analysis is necessary. We hypothesized that nonlinear measures of HRV and cardiorespiratory interdependencies are superior to the standard HRV measures in classifying patients after acute myocardial infarction. We introduced mutual information measures which provide access to nonlinear interdependencies as counterpart to the classically linear correlation analysis. The nonlinear statistical autodependencies of HRV were quantified by auto mutual information, the respiratory heart rate modulation by cardiorespiratory cross mutual information, respectively. The phase interdependencies between heart beat cycles and breathing cycles were assessed basing on the histograms of the frequency ratios of the instantaneous heart beat and respiratory cycles. Furthermore, the relative duration of phase synchronized intervals was acquired. We investigated 39 patients after acute myocardial infarction versus 24 controls. The discrimination of these groups was improved by cardiorespiratory cross mutual information measures and phase interdependencies measures in comparison to the linear standard HRV measures. This result was statistically confirmed by means of logistic regression models of particular variable subsets and their receiver operating characteristics.

Dynamics of a macroscopic model characterizing mutualism of search engines and web sites

Science.gov (United States)

Wang, Yuanshi; Wu, Hong

2006-05-01

We present a model to describe the mutualism relationship between search engines and web sites. In the model, search engines and web sites benefit from each other while the search engines are derived products of the web sites and cannot survive independently. Our goal is to show strategies for the search engines to survive in the internet market. From mathematical analysis of the model, we show that mutualism does not always result in survival. We show various conditions under which the search engines would tend to extinction, persist or grow explosively. Then by the conditions, we deduce a series of strategies for the search engines to survive in the internet market. We present conditions under which the initial number of consumers of the search engines has little contribution to their persistence, which is in agreement with the results in previous works. Furthermore, we show novel conditions under which the initial value plays an important role in the persistence of the search engines and deduce new strategies. We also give suggestions for the web sites to cooperate with the search engines in order to form a win-win situation.

Decommissioning Funding: Ethics, Implementation, Uncertainties

International Nuclear Information System (INIS)

2007-01-01

This status report on decommissioning funding: ethics, implementation, uncertainties is based on a review of recent literature and materials presented at NEA meetings in 2003 and 2004, and particularly at a topical session organised in November 2004 on funding issues associated with the decommissioning of nuclear power facilities. The report also draws on the experience of the NEA Working Party on Decommissioning and Dismantling (WPDD). This report offers, in a concise form, an overview of relevant considerations on decommissioning funding mechanisms with regard to ethics, implementation and uncertainties. Underlying ethical principles found in international agreements are identified, and factors influencing the accumulation and management of funds for decommissioning nuclear facilities are discussed together with the main sources of uncertainties of funding systems

Mutuality in Mother-Child Interactions in an Antillean Intervention Group

Science.gov (United States)

Boomstra, Nienke W.; van Dijk, Marijn W. G.; van Geert, Paul L. C.

2016-01-01

This article describes a study on mutuality in mother-child interaction during reading and playing sessions. Within mother-child interaction, mutuality is seen as important in language acquisition. The study was executed within a group of Netherlands Antillean mother-child dyads who participated in an intervention programme. Mutuality was…

34 CFR 426.5 - What activities does the Secretary fund under the Program for Model Consumer and Homemaking...

Science.gov (United States)

2010-07-01

... the impact of new technology on life and work; (k) Applying consumer and homemaking education skills... 34 Education 3 2010-07-01 2010-07-01 false What activities does the Secretary fund under the Program for Model Consumer and Homemaking Education Projects? 426.5 Section 426.5 Education Regulations of...

25 CFR 39.105 - Are additional funds available for special education?

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Are additional funds available for special education? 39... additional funds available for special education? (a) Schools may supplement the 15 percent base academic funding reserved under § 39.104 for special education with funds available under part B of the Individuals...

Indirect control and power in mutual control structures

NARCIS (Netherlands)

Karos, D.; Peters, H.J.M.

2013-01-01

In a mutual control structure agents exercise control over each other. Typical examples occur in the area of corporate governance: firms and investment companies exercise mutual control, in particular by owning each others’ stocks. In this paper we formulate a general model for such situations.

24 CFR 1003.400 - Criteria for funding.

Science.gov (United States)

2010-04-01

... tribal or Federal funding sources cannot be made available to alleviate the threat. (c) HUD will... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Criteria for funding. 1003.400... Grants § 1003.400 Criteria for funding. The following criteria apply to requests for assistance under...

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...

The Adaptation Fund: a model for the future?

Energy Technology Data Exchange (ETDEWEB)

Chandani, Achala; Harmeling, Sven; Kaloga, Alpha Oumar

2009-08-15

With millions of the poor already facing the impacts of a changing climate, adaptation is a globally urgent – and costly – issue. The Adaptation Fund, created under the Kyoto Protocol, has unique features that could herald a new era of international cooperation on adaptation. Its governance structure, for instance, offers a fresh approach to fund management under the UN climate convention. The Fund's Board has also developed a constructive working atmosphere, and further progress is expected before the 2009 climate summit in Copenhagen. But developing countries' demand for adaptation funding is huge: conservative estimates put it at US$50 billion a year. The Fund's current structure and funding base are clearly only a first step towards filling that gap. And despite its significant progress over the last 18 months, many countries, particularly in the developed world, remain sceptical about this approach. Looking in detail at the Fund's evolution offers insight into its future potential as a model for adaptation finance.

El mutualismo en el mundo del trabajo (Tucumán, Argentina, 1877-1914 The mutualism in the world of work (Tucumán, Argentina, 1877-1914

Directory of Open Access Journals (Sweden)

Vanesa Teitelbaum

2011-12-01

Full Text Available El artículo se propone reconstruir y analizar algunas prácticas desarrolladas por las sociedades de socorro mutuo de trabajadores formadas en Tucumán durante el último tercio del siglo XIX y, en especial, desde finales de la década de 1880. Comienza con una breve descripción en torno a las características de las mutuales, retomando algunos de los señalamientos realizados por la historia social y del movimiento obrero. Posteriormente, se examinan los objetivos y las actividades seguidas por las principales asociaciones de ayuda mutua de trabajadores que se conformaron en la ciudad de San Miguel de Tucumán y en el interior de la provincia durante los años bajo estudio. El estudio incluye también una revisión de los conflictos que se suscitaron en torno a asuntos centrales de la vida asociativa, tales como el manejo de fondos, campo hasta ahora no explorado por la historiografía sobre el tema para el periodo y el espacio elegido en esta investigación.The purpose of this paper is to reconstruct and analyze some practices developed by the mutual aid societies of workers formed in Tucumán during the last third of the nineteenth century and especially since late 1880. It begins with a brief description about the characteristics of mutual institutions, taking up some of the remarks made by social history and the labor movement. Subsequently, we examine the goals and activities pursued by the major associations of mutual aid workers who were formed in the city of San Miguel de Tucuman and the interior of the province during the years under study. The study also includes a review of the conflicts that arose around central issues of associative life, such as fund management, field hitherto unexplored by historians on the subject for the time and place chosen for this research.

Mutual intelligibility between closely related language in Europe.

NARCIS (Netherlands)

Gooskens, Charlotte; van Heuven, Vincent; Golubovic, Jelena; Schüppert, Anja; Swarte, Femke; Voigt, Stefanie

2018-01-01

By means of a large-scale web-based investigation, we established the degree of mutual intelligibility of 16 closely related spoken languages within the Germanic, Slavic and Romance language families in Europe. We first present the results of a selection of 1833 listeners representing the mutual

The mutual diffusion coefficient for (meth)acrylate monomers as determined with a nuclear microprobe

International Nuclear Information System (INIS)

Leewis, Christian M.; Mutsaers, Peter H.A.; Jong, Arthur M. de; Ijzendoorn, Leo J. van; Voigt, Martien J.A. de; Ren, Min Q.; Watt, Frank; Broer, Dirk J.

2004-01-01

The value of the mutual diffusion coefficient D V of two acrylic monomers is determined with nuclear microprobe measurements on a set of polymer films. These films have been prepared by allowing the monomers to diffuse into each other for a certain time and subsequently applying fast ultraviolet photo-polymerization, which freezes the concentration profile. The monomer diffusion profiles are studied with a scanning 2.1 MeV proton microprobe. Each monomer contains a marker element, e.g., Cl and Si, which are easily detected with proton induced x-ray emission. From the diffusion profiles, it is possible to determine the mutual diffusion coefficient. The mutual diffusion coefficient is dependent of concentration, which is concluded from the asymmetry in the Cl- and Si-profiles. A linear dependence of the mutual diffusion coefficient on the composition is used as a first order approximation. The best fits are obtained for a value of b=(0.38±0.15), which is the ratio of the diffusion coefficient of 1,3-bis(3-methacryloxypropyl)-1, 1,3,3-tetramethyldisiloxane in pure 2-chloroethyl acrylate and the diffusion coefficient of 2-chloroethyl acrylate in pure 1,3-bis(3-methacryloxypropyl)-1,1,3,3-tetramethyldisiloxane. Under the assumption of a linear dependence of the mutual diffusion coefficient D V on monomer composition, it follows that D V =(2.9±0.6)·10 -10 m 2 /s at a 1:1 monomer ratio. With Flory-Huggins expressions for the monomer chemical potentials, one can derive approximate values for the individual monomer diffusion coefficients

Modeling the Substrate Skin Effects in Mutual RL Characteristics.,

Directory of Open Access Journals (Sweden)

D. de Roest

2003-12-01

Full Text Available The goal of this work was to model the influence of the substrateskin effects on the distributed mutual impedance per unit lengthparameters of multiple coupled on-chip interconnects. The proposedanalytic model is based on the frequency-dependent distribution of thecurrent in the silicon substrate and the closed form integrationapproach. It is shown that the calculated frequency-dependentdistributed mutual inductance and the associated mutual resistance arein good agreement with the results obtained from CAD-oriented circuitmodeling technique.

Pension Fund

CERN Multimedia

2004-01-01

The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

Adaptation to hydrological extremes through insurance: a financial fund simulation model under changing scenarios

Science.gov (United States)

Guzman, Diego; Mohor, Guilherme; Câmara, Clarissa; Mendiondo, Eduardo

2017-04-01

Researches from around the world relate global environmental changes with the increase of vulnerability to extreme events, such as heavy and scarce precipitations - floods and droughts. Hydrological disasters have caused increasing losses in recent years. Thus, risk transfer mechanisms, such as insurance, are being implemented to mitigate impacts, finance the recovery of the affected population, and promote the reduction of hydrological risks. However, among the main problems in implementing these strategies, there are: First, the partial knowledge of natural and anthropogenic climate change in terms of intensity and frequency; Second, the efficient risk reduction policies require accurate risk assessment, with careful consideration of costs; Third, the uncertainty associated with numerical models and input data used. The objective of this document is to introduce and discuss the feasibility of the application of Hydrological Risk Transfer Models (HRTMs) as a strategy of adaptation to global climate change. The article shows the development of a methodology for the collective and multi-sectoral vulnerability management, facing the hydrological risk in the long term, under an insurance funds simulator. The methodology estimates the optimized premium as a function of willingness to pay (WTP) and the potential direct loss derived from hydrological risk. The proposed methodology structures the watershed insurance scheme in three analysis modules. First, the hazard module, which characterizes the hydrologic threat from the recorded series input or modelled series under IPCC / RCM's generated scenarios. Second, the vulnerability module calculates the potential economic loss for each sector1 evaluated as a function of the return period "TR". Finally, the finance module determines the value of the optimal aggregate premium by evaluating equiprobable scenarios of water vulnerability; taking into account variables such as the maximum limit of coverage, deductible

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.

The political origin of pension funding

NARCIS (Netherlands)

Perotti, E.; Schwienbacher, A.

2007-01-01

This paper argues that historical political preferences on the role of capital markets shaped national choices on pension reliance on private funding. Under democratic voting, a majority will support investor protection and a privately funded pension system when the middle class has significant

Sources of funding for community schemes

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-11-01

There is an increasing level of interest amongst community groups in the UK to become involved in the development of renewable energy schemes. Often however these community groups have only limited funds of their own, so any additional funds that can be identified to help fund their renewable energy scheme can be very useful. There are a range of funding sources available that provide grants or loans for which community groups are eligible to apply. Few of these funding sources are targeted towards renewable energy specifically, nevertheless the funds may be applicable to renewable energy schemes under appropriate circumstances. To date, however, few of these funds have been accessed by community groups for renewable energy initiatives. One of the reasons for this low take-up of funds on offer could be that the funding sources may be difficult and time-consuming to identify, especially where the energy component of the fund is not readily apparent. This directory draws together details about many of the principal funding sources available in the UK that may consider providing funds to community groups wanting to develop a renewable energy scheme. (author)

Anomalous behaviour of mutual information in finite flocks

Science.gov (United States)

Barnett, L.; Brown, J.; Bossomaier, T.

2017-11-01

The existing consensus is that flocks are poised at criticality, entailing long correlation lengths and a maximal value of Shannon mutual information in the large-system limit. We show, by contrast, that for finite flocks which do not truly break ergodicity in the long-observation-time limit, mutual information may not only fail to peak at criticality —as observed for other critical systems— but also diverge as noise tends to zero. This result carries implications for other finite-size, out-of-equilibrium systems, where observation times may vary widely compared to time scales of internal system dynamics; thus it may not be assumed that mutual information locates the phase transition.

Generalized mutual information and Tsirelson's bound

Energy Technology Data Exchange (ETDEWEB)

Wakakuwa, Eyuri [Department of Physics, Graduate School of Science, The University of Tokyo, Tokyo 113-0033 (Japan); Murao, Mio [Institute for Nano Quantum Information Electronics, The University of Tokyo, Tokyo 113-0033, Japan and Department of Physics, Graduate School of Science, The University of Tokyo, Tokyo 113-0033 (Japan)

2014-12-04

We introduce a generalization of the quantum mutual information between a classical system and a quantum system into the mutual information between a classical system and a system described by general probabilistic theories. We apply this generalized mutual information (GMI) to a derivation of Tsirelson's bound from information causality, and prove that Tsirelson's bound can be derived from the chain rule of the GMI. By using the GMI, we formulate the 'no-supersignalling condition' (NSS), that the assistance of correlations does not enhance the capability of classical communication. We prove that NSS is never violated in any no-signalling theory.

Founding of ''European Mutual Association for Nuclear Insurance'' (EMANI)

International Nuclear Information System (INIS)

Gulck, A. van

1979-01-01

A brief account is given of the study leading to and the founding of the European pool for Nuclear Insurance concerning the liability for damage to property. The subject is dealt with under the following headings: the structure of insurance guarantee in a nuclear plant, insurances against nuclear risks and fires, founding project of a European Mutual Insurance, following the American experience and founding of ENAMI by the nuclear power plants operators and energy producers of Belgium, Denmark, Finland, France, United Kingdom, Ireland, the Netherlands, Sweden and Switzerland. (AF)

Performance evaluation of behavioral finance mutual funds : a comparison between behavioral finance mutual funds and conventional funds in the Norwegian fund market.

OpenAIRE

Sjøberg, Christian

2011-01-01

Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2011 Behavioral finance has been gathering more and more attention in the last decade, and both academia and practitioners have slowly starting to accept that psychology influence financial markets. Even though markets are irrational, old theories like CAPM, fundamental analysis and modern portfolio theory is still widely used. Given the amount of research regarding behavioral finance, is it impossible to give a ...

Mutual intelligibility between closely related languages in Europe

NARCIS (Netherlands)

Gooskens, C.; Heuven, van V.J.J.P.; Golubović, J.; Schüppert, A.; Swarte, F.; Voigt, S.

2017-01-01

By means of a large-scale web-based investigation, we established the degree of mutual intelligibility of 16 closely related spoken languages within the Germanic, Slavic and Romance language families in Europe. We first present the results of a selection of 1833 listeners representing the mutual

78 FR 49555 - Special Opportunities Fund, Inc.; Notice of Application

Science.gov (United States)

2013-08-14

... certain sales load restrictions are met. Section 12(d)(1)(F) further provides that the underlying fund is... investment adviser, among others, as a vehicle to control or unduly influence, through voting, threat of... the influence that an acquiring fund may exercise over an underlying fund through voting.\\2\\ \\1\\ See U...

Directed funding to address under-provision of treatment for substance use disorders: a quantitative study.

Science.gov (United States)

Frakt, Austin B; Trafton, Jodie; Wallace, Amy; Neuman, Matthew; Pizer, Steven

2013-07-18

Substance use disorders (SUDs) are a substantial problem in the United States (U.S.), affecting far more people than receive treatment. This is true broadly and within the U.S. military veteran population, which is our focus. To increase funding for treatment, the Veterans Health Administration (VA) has implemented several initiatives over the past decade to direct funds toward SUD treatment, supplementing the unrestricted funds VA medical centers receive. We study the 'flypaper effect' or the extent to which these directed funds have actually increased SUD treatment spending. The study sample included all VA facilities and used observational data spanning years 2002 to 2010. Data were analyzed with a fixed effects, ordinary least squares specification with monetized workload as the dependent variable and funding dedicated to SUD specialty clinics the key dependent variable, controlling for unrestricted funding. We observed different effects of dedicated SUD specialty clinic funding over the period 2002 to 2008 versus 2009 to 2010. In the earlier period, there is no evidence of a significant portion of the dedicated funding sticking to its target. In the later period, a substantial proportion--38% in 2009 and 61% in 2010--of funding dedicated to SUD specialty clinics did translate into increased medical center spending for SUD treatment. In comparison, only five cents of every dollar of unrestricted funding is spent on SUD treatment. Relative to unrestricted funding, dedicated funding for SUD treatment was much more effective in increasing workload, but only in years 2009 and 2010. The differences in those years relative to prior ones may be due to the observed management focus on SUD and SUD-related treatment in the later years. If true, this suggests that in a centrally directed healthcare organization such as the VA, funding dedicated to a service is a necessary, but not sufficient condition for increasing resources expended for that service.

Public-channel cryptography based on mutual chaos pass filters.

Science.gov (United States)

Klein, Einat; Gross, Noam; Kopelowitz, Evi; Rosenbluh, Michael; Khaykovich, Lev; Kinzel, Wolfgang; Kanter, Ido

2006-10-01

We study the mutual coupling of chaotic lasers and observe both experimentally and in numeric simulations that there exists a regime of parameters for which two mutually coupled chaotic lasers establish isochronal synchronization, while a third laser coupled unidirectionally to one of the pair does not synchronize. We then propose a cryptographic scheme, based on the advantage of mutual coupling over unidirectional coupling, where all the parameters of the system are public knowledge. We numerically demonstrate that in such a scheme the two communicating lasers can add a message signal (compressed binary message) to the transmitted coupling signal and recover the message in both directions with high fidelity by using a mutual chaos pass filter procedure. An attacker, however, fails to recover an errorless message even if he amplifies the coupling signal.

Holographic mutual information of two disjoint spheres

Science.gov (United States)

Chen, Bin; Fan, Zhong-Ying; Li, Wen-Ming; Zhang, Cheng-Yong

2018-04-01

We study quantum corrections to holographic mutual information for two disjoint spheres at a large separation by using the operator product expansion of the twist field. In the large separation limit, the holographic mutual information is vanishing at the semiclassical order, but receive quantum corrections from the fluctuations. We show that the leading contributions from the quantum fluctuations take universal forms as suggested from the boundary CFT. We find the universal behavior for the scalar, the vector, the tensor and the fermionic fields by treating these fields as free fields propagating in the fixed background and by using the 1 /n prescription. In particular, for the fields with gauge symmetries, including the massless vector boson and massless graviton, we find that the gauge parts in the propagators play an indispensable role in reading the leading order corrections to the bulk mutual information.

Funding alternatives in EHR adoption: beyond HITECH incentives and traditional approaches.

Science.gov (United States)

Wang, Tiankai; Wang, Yangmei; Biedermann, Sue

2013-05-01

The meaningful use incentives under HITECH may be inadequate to address the financial challenges many hospitals face in implementing electronic health records (EHRs). Hospitals can fill the capital gap between EHR costs and available funds by exploring other potential funding sources. These sources include additional grants, funding permissible under EHR regulations, vendor financing, and tax benefits under IRS Section 179.

Mutual trust method for forwarding information in wireless sensor networks using random secret pre-distribution

Directory of Open Access Journals (Sweden)

Chih-Hsueh Lin

2016-04-01

Full Text Available In wireless sensor networks, sensing information must be transmitted from sensor nodes to the base station by multiple hopping. Every sensor node is a sender and a relay node that forwards the sensing information that is sent by other nodes. Under an attack, the sensing information may be intercepted, modified, interrupted, or fabricated during transmission. Accordingly, the development of mutual trust to enable a secure path to be established for forwarding information is an important issue. Random key pre-distribution has been proposed to establish mutual trust among sensor nodes. This article modifies the random key pre-distribution to a random secret pre-distribution and incorporates identity-based cryptography to establish an effective method of establishing mutual trust for a wireless sensor network. In the proposed method, base station assigns an identity and embeds n secrets into the private secret keys for every sensor node. Based on the identity and private secret keys, the mutual trust method is utilized to explore the types of trust among neighboring sensor nodes. The novel method can resist malicious attacks and satisfy the requirements of wireless sensor network, which are resistance to compromising attacks, masquerading attacks, forger attacks, replying attacks, authentication of forwarding messages, and security of sensing information.

Prior Knowledge Facilitates Mutual Gaze Convergence and Head Nodding Synchrony in Face-to-face Communication.

Science.gov (United States)

Thepsoonthorn, C; Yokozuka, T; Miura, S; Ogawa, K; Miyake, Y

2016-12-02

As prior knowledge is claimed to be an essential key to achieve effective education, we are interested in exploring whether prior knowledge enhances communication effectiveness. To demonstrate the effects of prior knowledge, mutual gaze convergence and head nodding synchrony are observed as indicators of communication effectiveness. We conducted an experiment on lecture task between lecturer and student under 2 conditions: prior knowledge and non-prior knowledge. The students in prior knowledge condition were provided the basic information about the lecture content and were assessed their understanding by the experimenter before starting the lecture while the students in non-prior knowledge had none. The result shows that the interaction in prior knowledge condition establishes significantly higher mutual gaze convergence (t(15.03) = 6.72, p < 0.0001; α = 0.05, n = 20) and head nodding synchrony (t(16.67) = 1.83, p = 0.04; α = 0.05, n = 19) compared to non-prior knowledge condition. This study reveals that prior knowledge facilitates mutual gaze convergence and head nodding synchrony. Furthermore, the interaction with and without prior knowledge can be evaluated by measuring or observing mutual gaze convergence and head nodding synchrony.

INVESTMENT FUNDS INDUSTRY IN ROMANIA

Directory of Open Access Journals (Sweden)

Adela Ionescu

2013-11-01

Full Text Available Capital market offers those who study it and those who use it as traders or as investors, a feature similar to a paradox. Her specific routine operations are regulated to the level of detail bylaws, instructions, procedures or measures layouts while decisions on investments in securities and portfolio restructuring are taken under perpetual uncertainty. This has a twofold explanation, an objective one and a subjective one.Future prices, as well as successive conditions of stock exchange not necessarily flow from the past, thus one cannot predict their level and over them is hanging the conviction that any selected alternative action is probably the best without having any certainty that that is really correct and rational in an absolute mode.Even if the evaluation of factors influencing prices is a questionable one, there is the likelihood of good choices when doing a basic operation-selling or buying. Factors identified, evaluated and ranked may change in the next period their force of action or even the market structure so that exchange activity is at least difficult to determine.In this category is included the mutual fund industry, whose evolution in Romania was not without risk and has had a tortuous circuit thanks to immature capital markets and market actors but especially due to the permissive legislation during the start phase. A certain progress was recorded in the last 10 years,although the financial crisis made its mark on the capital market and revealed the negative impact of systemic risks.

Learning curves for mutual information maximization

International Nuclear Information System (INIS)

Urbanczik, R.

2003-01-01

An unsupervised learning procedure based on maximizing the mutual information between the outputs of two networks receiving different but statistically dependent inputs is analyzed [S. Becker and G. Hinton, Nature (London) 355, 161 (1992)]. For a generic data model, I show that in the large sample limit the structure in the data is recognized by mutual information maximization. For a more restricted model, where the networks are similar to perceptrons, I calculate the learning curves for zero-temperature Gibbs learning. These show that convergence can be rather slow, and a way of regularizing the procedure is considered

Evolutionary dynamics of fluctuating populations with strong mutualism

Science.gov (United States)

Chotibut, Thiparat; Nelson, David

2013-03-01

Evolutionary game theory with finite interacting populations is receiving increased attention, including subtle phenomena associated with number fluctuations, i.e., ``genetic drift.'' Models of cooperation and competition often utilize a simplified Moran model, with a strictly fixed total population size. We explore a more general evolutionary model with independent fluctuations in the numbers of two distinct species, in a regime characterized by ``strong mutualism.'' The model has two absorbing states, each corresponding to fixation of one of the two species, and allows exploration of the interplay between growth, competition, and mutualism. When mutualism is favored, number fluctuations eventually drive the system away from a stable fixed point, characterized by cooperation, to one of the absorbing states. Well-mixed populations will thus be taken over by a single species in a finite time, despite the bias towards cooperation. We calculate both the fixation probability and the mean fixation time as a function of the initial conditions and carrying capacities in the strong mutualism regime, using the method of matched asymptotic expansions. Our results are compared to computer simulations.

Water stress strengthens mutualism among ants, trees, and scale insects.

Directory of Open Access Journals (Sweden)

Elizabeth G Pringle

2013-11-01

Full Text Available Abiotic environmental variables strongly affect the outcomes of species interactions. For example, mutualistic interactions between species are often stronger when resources are limited. The effect might be indirect: water stress on plants can lead to carbon stress, which could alter carbon-mediated plant mutualisms. In mutualistic ant-plant symbioses, plants host ant colonies that defend them against herbivores. Here we show that the partners' investments in a widespread ant-plant symbiosis increase with water stress across 26 sites along a Mesoamerican precipitation gradient. At lower precipitation levels, Cordia alliodora trees invest more carbon in Azteca ants via phloem-feeding scale insects that provide the ants with sugars, and the ants provide better defense of the carbon-producing leaves. Under water stress, the trees have smaller carbon pools. A model of the carbon trade-offs for the mutualistic partners shows that the observed strategies can arise from the carbon costs of rare but extreme events of herbivory in the rainy season. Thus, water limitation, together with the risk of herbivory, increases the strength of a carbon-based mutualism.

Water Stress Strengthens Mutualism Among Ants, Trees, and Scale Insects

Science.gov (United States)

Pringle, Elizabeth G.; Akçay, Erol; Raab, Ted K.; Dirzo, Rodolfo; Gordon, Deborah M.

2013-01-01

Abiotic environmental variables strongly affect the outcomes of species interactions. For example, mutualistic interactions between species are often stronger when resources are limited. The effect might be indirect: water stress on plants can lead to carbon stress, which could alter carbon-mediated plant mutualisms. In mutualistic ant–plant symbioses, plants host ant colonies that defend them against herbivores. Here we show that the partners' investments in a widespread ant–plant symbiosis increase with water stress across 26 sites along a Mesoamerican precipitation gradient. At lower precipitation levels, Cordia alliodora trees invest more carbon in Azteca ants via phloem-feeding scale insects that provide the ants with sugars, and the ants provide better defense of the carbon-producing leaves. Under water stress, the trees have smaller carbon pools. A model of the carbon trade-offs for the mutualistic partners shows that the observed strategies can arise from the carbon costs of rare but extreme events of herbivory in the rainy season. Thus, water limitation, together with the risk of herbivory, increases the strength of a carbon-based mutualism. PMID:24223521

Water stress strengthens mutualism among ants, trees, and scale insects.

Science.gov (United States)

Pringle, Elizabeth G; Akçay, Erol; Raab, Ted K; Dirzo, Rodolfo; Gordon, Deborah M

2013-11-01

Abiotic environmental variables strongly affect the outcomes of species interactions. For example, mutualistic interactions between species are often stronger when resources are limited. The effect might be indirect: water stress on plants can lead to carbon stress, which could alter carbon-mediated plant mutualisms. In mutualistic ant-plant symbioses, plants host ant colonies that defend them against herbivores. Here we show that the partners' investments in a widespread ant-plant symbiosis increase with water stress across 26 sites along a Mesoamerican precipitation gradient. At lower precipitation levels, Cordia alliodora trees invest more carbon in Azteca ants via phloem-feeding scale insects that provide the ants with sugars, and the ants provide better defense of the carbon-producing leaves. Under water stress, the trees have smaller carbon pools. A model of the carbon trade-offs for the mutualistic partners shows that the observed strategies can arise from the carbon costs of rare but extreme events of herbivory in the rainy season. Thus, water limitation, together with the risk of herbivory, increases the strength of a carbon-based mutualism.

20 CFR 638.301 - Funding procedures.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Funding procedures. 638.301 Section 638.301 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR JOB CORPS PROGRAM UNDER TITLE IV-B OF THE JOB TRAINING PARTNERSHIP ACT Funding, Site Selection, and Facilities Management § 638...

The evolution and regulation of hedge funds.

OpenAIRE

Crockett, A.

2007-01-01

Hedge funds have attracted increased attention in recent years. In part, this is because investment in hedge funds is becoming “mainstream”. A wider range of investors has sought exposure to these investment vehicles, and this has been associated with rapid growth in both the number of funds and the volume of assets under management. In part, too, greater attention has been the result of worries that hedge funds could in some circumstances exert a destabilizing infl uence. With the growth in ...

ANALISIS KINERJA REKSADANA SAHAM DAN REKSADANA INDEKS DALAM PENILAIAN TINGKAT EFISIENSI PASAR MODAL INDONESIA

Directory of Open Access Journals (Sweden)

Tona Aurora Lubis

2012-05-01

Full Text Available ABSTRACT The objectives of this research are: first, to know whether LQ-45 Index Fund performs better than the equity mutual fund in Indonesian capital market; second, to measure the level of Indonesian capital efficiency. Results show that the raw performance and risk-adjusted performance of the LQ-45 Index Fund is better than the performance of all equity mutual funds (concurrently. For the investors who wish to invest their capital in equity mutual fund, however, we have found two individual equity mutual fund which perform better than the LQ-45 Index Fund, that is Phinisi Dana Saham and Rencana Cerdas. The result of this research also shows that the excess performance of the LQ-45 Index Fund is smaller than the excess performance of (individual equity mutual fund. From this result, we may conclude that Indonesian capital market is an inefficient capital market.   Keywords: Equity Mutual Fund, Index Fund, Efficiency Market

Mutual phase-locking of several spin-torque nano-oscillators

International Nuclear Information System (INIS)

Prokopenko, O.V.; Sulimenko, O.R.

2011-01-01

Criterions for evaluating the effectiveness of mutual phase-locking of several spin-torque nano-oscillators (STNO) are proposed. An application of one of the criterions to describe the process of mutual phase-locking of the three almost identical STNO's is considered

Community Project Funding in Malawi under the Malawi Social ...

African Journals Online (AJOL)

This paper gives an overview of the kind of community development projects that the Malawi Social Action Fund (MASAF) has supported since its inception in July 1996. The MASAF has tended to subscribe to a demand-driven approach in its evaluation of projects, thereby introducing an element of competition in commu ...

17 CFR 41.43 - Definitions.

Science.gov (United States)

2010-04-01

... without the services of another person acting as executing broker. (22) Money market mutual fund means any... that is considered a money market fund under § 270.2a-7 of this title. (23) Persons associated with a... market value means, on any day: (i) With respect to a security future: (A) If the instrument underlying...

34 CFR 664.3 - Who is eligible to participate in projects funded under the Fulbright-Hays Group Projects Abroad...

Science.gov (United States)

2010-07-01

... who teaches modern foreign languages or area studies in an institution of higher education; (2) Is a... institution of higher education, who plans a teaching career in modern foreign languages or area studies... 34 Education 3 2010-07-01 2010-07-01 false Who is eligible to participate in projects funded under...

Mutual information identifies spurious Hurst phenomena in resting state EEG and fMRI data

Science.gov (United States)

von Wegner, Frederic; Laufs, Helmut; Tagliazucchi, Enzo

2018-02-01

Long-range memory in time series is often quantified by the Hurst exponent H , a measure of the signal's variance across several time scales. We analyze neurophysiological time series from electroencephalography (EEG) and functional magnetic resonance imaging (fMRI) resting state experiments with two standard Hurst exponent estimators and with the time-lagged mutual information function applied to discretized versions of the signals. A confidence interval for the mutual information function is obtained from surrogate Markov processes with equilibrium distribution and transition matrix identical to the underlying signal. For EEG signals, we construct an additional mutual information confidence interval from a short-range correlated, tenth-order autoregressive model. We reproduce the previously described Hurst phenomenon (H >0.5 ) in the analytical amplitude of alpha frequency band oscillations, in EEG microstate sequences, and in fMRI signals, but we show that the Hurst phenomenon occurs without long-range memory in the information-theoretical sense. We find that the mutual information function of neurophysiological data behaves differently from fractional Gaussian noise (fGn), for which the Hurst phenomenon is a sufficient condition to prove long-range memory. Two other well-characterized, short-range correlated stochastic processes (Ornstein-Uhlenbeck, Cox-Ingersoll-Ross) also yield H >0.5 , whereas their mutual information functions lie within the Markovian confidence intervals, similar to neural signals. In these processes, which do not have long-range memory by construction, a spurious Hurst phenomenon occurs due to slow relaxation times and heteroscedasticity (time-varying conditional variance). In summary, we find that mutual information correctly distinguishes long-range from short-range dependence in the theoretical and experimental cases discussed. Our results also suggest that the stationary fGn process is not sufficient to describe neural data, which

PENSION FUND

CERN Multimedia

Administration of the Fund

2001-01-01

The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or by writing to the Administration of the Fund. For those wishing to apply, the documents to be...

Pension Fund

CERN Multimedia

2003-01-01

The Governing Board of the Pension Fund held its hundred and seventeenth meeting on 3 June 2003. On that occasion, it examined the recommendations made by the External Auditors in their report on their audit of the 2002 annual accounts and the replies by the Pension Fund's Administration. The Governing Board was gratified by the small number of remarks by the External Auditors. It also confirmed its agreement to the procedure followed by the Administration of the Pension Fund in the handling of transfer values. Under other items on the agenda, the Board once again examined ESO's request relating to the terms and conditions of membership by its staff members. In this regard, the Board wishes to receive from ESO a definitive request (following the necessary consultation procedures with the representatives of the personnel and discussions within ESO's governing bodies) so that the working group can continue its work on a clear basis and so that the Governing Board is in a position to take up a position in the m...

Mutual Visibility by Robots with Persistent Memory

OpenAIRE

Bhagat, Subhash; Mukhopadhyaya, Krishnendu

2017-01-01

This paper addresses the mutual visibility problem for a set of semi-synchronous, opaque robots occupying distinct positions in the Euclidean plane. Since robots are opaque, if three robots lie on a line, the middle robot obstructs the visions of the two other robots. The mutual visibility problem asks the robots to coordinate their movements to form a configuration, within finite time and without collision, in which no three robots are collinear. Robots are endowed with a constant bits of pe...

Thermalization of mutual information in hyperscaling violating backgrounds

Energy Technology Data Exchange (ETDEWEB)

Tanhayi, M. Reza [Department of Physics, Faculty of Basic Science,Islamic Azad University Central Tehran Branch (IAUCTB),P.O. Box 14676-86831, Tehran (Iran, Islamic Republic of); School of Physics, Institute for Research in Fundamental Sciences (IPM),P.O. Box 19395-5531, Tehran (Iran, Islamic Republic of)

2016-03-31

We study certain features of scaling behaviors of the mutual information during a process of thermalization, more precisely we extend the time scaling behavior of mutual information which has been discussed in http://dx.doi.org/10.1007/JHEP09(2015)165 to time-dependent hyperscaling violating geometries. We use the holographic description of entanglement entropy for two disjoint system consisting of two parallel strips whose widths are much larger than the separation between them. We show that during the thermalization process, the dynamical exponent plays a crucial rule in reading the general time scaling behavior of mutual information (e.g., at the pre-local-equilibration regime). It is shown that the scaling violating parameter can be employed to define an effective dimension.

25 CFR 900.72 - Who is the guardian of the fund and may the funds be invested?

Science.gov (United States)

2010-04-01

... HEALTH SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES CONTRACTS UNDER THE INDIAN SELF-DETERMINATION AND EDUCATION ASSISTANCE ACT Lease of Tribally-Owned Buildings by the Secretary § 900.72 Who is the guardian of... the fund. (b) Funds may be invested in accordance with the laws, regulations and policies of the...

Does Independent Schools Funding Make a Mockery of the Public Schools Funding Formula? BCTF Research Report. RR2015-01 rev2

Science.gov (United States)

White, Margaret; Kuehn, Larry

2015-01-01

This report describes the methodology used by the Ministry of Education to calculate per Full-Time Equivalent (FTE) student funding for independent schools and discusses the underlying inequities when the public school funding formula is applied to funding for private schools. Vancouver school district is provided as a case example to work through…

Convertibles and hedge funds as distributors of equity exposure

NARCIS (Netherlands)

Brown, S.; Grundy, B.; Lewis, C.; Verwijmeren, P.

2012-01-01

By buying convertibles and shorting the underlying stock, hedge funds distribute equity exposure to well-diversified shareholders. We find that firms with characteristics that make seasoned equity offerings expensive are more likely to issue convertibles to hedge funds. We conclude that hedge funds

Geometric k-nearest neighbor estimation of entropy and mutual information

Science.gov (United States)

Lord, Warren M.; Sun, Jie; Bollt, Erik M.

2018-03-01

Nonparametric estimation of mutual information is used in a wide range of scientific problems to quantify dependence between variables. The k-nearest neighbor (knn) methods are consistent, and therefore expected to work well for a large sample size. These methods use geometrically regular local volume elements. This practice allows maximum localization of the volume elements, but can also induce a bias due to a poor description of the local geometry of the underlying probability measure. We introduce a new class of knn estimators that we call geometric knn estimators (g-knn), which use more complex local volume elements to better model the local geometry of the probability measures. As an example of this class of estimators, we develop a g-knn estimator of entropy and mutual information based on elliptical volume elements, capturing the local stretching and compression common to a wide range of dynamical system attractors. A series of numerical examples in which the thickness of the underlying distribution and the sample sizes are varied suggest that local geometry is a source of problems for knn methods such as the Kraskov-Stögbauer-Grassberger estimator when local geometric effects cannot be removed by global preprocessing of the data. The g-knn method performs well despite the manipulation of the local geometry. In addition, the examples suggest that the g-knn estimators can be of particular relevance to applications in which the system is large, but the data size is limited.

5 CFR 847.503 - Transfers from the CSR Fund.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Transfers from the CSR Fund. 847.503 Section 847.503 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE... from the CSR Fund. For elections of NAFI retirement system coverage under § 847.441, the amount under...

Generalized Mutual Synchronization between Two Controlled Interdependent Networks

OpenAIRE

Xu, Quan; Zhuang, Shengxian; Hu, Dan; Zeng, Yingfeng; Xiao, Jian

2014-01-01

This paper mainly focuses on the generalized mutual synchronization between two controlled interdependent networks. First, we propose the general model of controlled interdependent networks $A$ and $B$ with time-varying internetwork delays coupling. Then, by constructing Lyapunov functions and utilizing adaptive control technique, some sufficient conditions are established to ensure that the mutual synchronization errors between the state variables of networks $A$ and $B$ can asymptotically c...

24 CFR 206.102 - General Insurance Fund.

Science.gov (United States)

2010-04-01

... Insurance Fund. [60 FR 42761, Aug. 16, 1995] Mortgage Insurance Premiums ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false General Insurance Fund. 206.102... URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES...

Federal Research and Development Funding: FY2009

Science.gov (United States)

2009-05-22

are funded through the NIH Management Fund, financed by taps on other NIH appropriations.) President Bush’s FY2009 budget proposal gave most of the... Alchemy of the 21st Century,” remarks, Texas Academy of Medicine, Engineering and Science Fourth Annual Conference, Austin, Texas, January 4, 2007...significant decrease in financing for MEP. Funding for in-house research and development under the Scientific and Technology Research and Services (STRS

Existence of positive periodic solution of mutualism system with several delays

International Nuclear Information System (INIS)

Wu Haihui; Xia Yonghui; Lin Muren

2008-01-01

In this paper, by using Mawhin coincidence degree, some sufficient conditions are obtained for the global existence of positive periodic solutions of a mutualism systems with bounded and unbounded delays. Our results generalize significantly improve those of Gopalsamy and He [Gopalsamy K, He XZ. Persistence, attractivity, and delay in facultative mutualism. J Math Anal Appl 1997;215:154-73], Yang et al. [Yang F, Jiang D, Ying A. Existence of positive solution of multidelays facultative mutualism system. J Eng Math 2002;3:64-8], Chen et al. [Chen FD, Shi JL, Chen XX. Periodicity in Lotka-Volterra facultative mutualism system with several delays. J Eng Math 2004;21(3)] and Xia and Lin [Xia YH, Lin M, Existence of positive periodic solution of mutualism system with infinite delays. Ann Diff Eqs 2005;21(3):448-53

Mutuality, Self-Silencing, and Disordered Eating in College Women

Science.gov (United States)

Wechsler, Lisa S.; Riggs, Shelley A.; Stabb, Sally D.; Marshall, David M.

2006-01-01

The current study examined patterns of association among mutuality, self-silencing, and disordered eating in an ethnically diverse sample of college women (N = 149). Partner mutuality and overall self-silencing were negatively correlated and together were associated with six disordered eating indices. All four self-silencing subscales were…

The mutuality metaphor: understanding healthcare provision in NHS Scotland.

Science.gov (United States)

Howieson, Brian

2016-06-20

Purpose - Better Health, Better Care Action Plan (Scottish Government, 2007) sets out how the Scottish Government intends to strengthen public ownership of the National Health Service in Scotland. The purpose of this paper is to advance extant knowledge by understanding how a state-led mutual health policy may be interpreted, and importantly, communicated. Design/methodology/approach - The definitional problem of mutuality will be discussed and analysed in terms of how it is (or perhaps should be) communicated? will be offered. Findings - It actually may be more instructive to think of, and communicate, mutuality as a metaphor to aid understanding of the openness and fluidity found in NHS Scotland. Research limitations/implications - The existence of paradox and ambiguity does not, however, negate the usefulness of the term "mutuality". Quite the opposite in fact: it is precisely by examining healthcare and its delivery through the lens of mutuality (rather than rejecting its complexity as a failure) that this amorphousness can be better appreciated. Practical implications - There is a need for more public, professional, and academic debate to explore and clarify its implementation, and how it is to be led. This must be provided whilst recognising the daily imperatives that NHS leaders must face. This would suggest, therefore, that a dual development path may help. Originality/value - Although Better Health, Better Care Action Plan was published in 2007, some eight years on there is still confusion and misunderstanding as to what mutuality in healthcare is, not only in policy and theory, but also in practice. It is hoped that this analysis will help address, in part, some of this confusion and misunderstanding.

ANALISIS KINERJA REKSADANA SYARIAH DI PASAR MODAL INDONESIA

Directory of Open Access Journals (Sweden)

Rinayanti Rasyad Dini Onasis

2016-03-01

Full Text Available Abstrak : Penelitian ini bertujuan untuk menganalisis kinerja reksadana syariah, dengan mengukur tingkat keuntungan (rate of return yang diperoleh dan risiko (risk yang menyertai investasi tersebut. Dalam penelitian ini runtun waktu atau time-series bersifat data bulanan yaitu dari Januari 2013 – Oktober 2015. Reksadana syariah yang memenuhi periode penelitian ini terdiri dari 3 (tiga reksadana, sedangkan reksadana konvensional yang dijadikan pembanding berjumlah 21 reksadana. Seluruh reksadana yang diteliti merupakan reksadana campuran.Untuk menghitung kinerja historis reksadana selama periode penelitian digunakan metode time-weighted rate of return dan risiko (risk yang ditanggung reksadana dihitung sebagai standar deviasi dari kinerja reksadana yang bersangkutan. Metode Sharpe digunakan untuk perbandingan sekaligus pemeringkatan kinerja reksadana berdasarkan risk-adjusted return.Hasil penelitian menunjukkan bahwa rata-rata return yang diperoleh dari investasi pada reksadana syariah hampir menyamai rata-rata return reksadana konvensional, sedangkan rata-rata risiko (risk yang menyertai reksadana syariah lebih rendah dari pada rata-rata risiko pada reksadana konvensional. Hasil perhitungan dengan indeks Sharpe memberikan hasil indeks yang bernilai negatif, sehingga pemeringkatan kinerja reksadana berdasarkan risk-adjusted return tidak dapat dilakukan. Abstract : This Research aims to analyze the performance of Islamic mutual funds, by measuring the rate of profit (rate of return earned and risk (risk that accompanies the investment. In this study, time series or time-series is monthly data are from January 2013 - October 2015. sharia mutual funds that meet the research period consisted of three (3 mutual funds, whereas conventional mutual fund is used as a comparison amounted to 21 funds. The entire funds studied are mixed funds.To calculate the historical performance of mutual funds during the research period used method of time

7 CFR 248.14 - Distribution of funds.

Science.gov (United States)

2010-01-01

... Agriculture Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE CHILD NUTRITION PROGRAMS WIC FARMERS' MARKET NUTRITION PROGRAM (FMNP) State Agency Provisions... spend back funds under this paragraph as FNS may require. (j) Recovery of unused funds. State agencies...

Pension fund's illiquid assets allocation under liquidity and capital constraints

NARCIS (Netherlands)

Broeders, Dirk; Jansen, Kristy; Werker, Bas

2017-01-01

This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the

Mutually unbiased coarse-grained measurements of two or more phase-space variables

Science.gov (United States)

Paul, E. C.; Walborn, S. P.; Tasca, D. S.; Rudnicki, Łukasz

2018-05-01

Mutual unbiasedness of the eigenstates of phase-space operators—such as position and momentum, or their standard coarse-grained versions—exists only in the limiting case of infinite squeezing. In Phys. Rev. Lett. 120, 040403 (2018), 10.1103/PhysRevLett.120.040403, it was shown that mutual unbiasedness can be recovered for periodic coarse graining of these two operators. Here we investigate mutual unbiasedness of coarse-grained measurements for more than two phase-space variables. We show that mutual unbiasedness can be recovered between periodic coarse graining of any two nonparallel phase-space operators. We illustrate these results through optics experiments, using the fractional Fourier transform to prepare and measure mutually unbiased phase-space variables. The differences between two and three mutually unbiased measurements is discussed. Our results contribute to bridging the gap between continuous and discrete quantum mechanics, and they could be useful in quantum-information protocols.

Two high-frequency mutual inductance bridges with high resolution

NARCIS (Netherlands)

Flokstra, Jakob; Gerritsma, G.J.; Kreuwel, H.J.M.; van der Marel, L.C.

1980-01-01

Two mutual inductance bridges are described for operation up to about 100 kHz. Special attention is paid to the sensitivity and resolution of the bridges. Both bridges can be used to measure variations of about 10 pH in the mutual inductance. The first bridge consists of passive elements only

Hardware device binding and mutual authentication

Science.gov (United States)

Hamlet, Jason R; Pierson, Lyndon G

2014-03-04

Detection and deterrence of device tampering and subversion by substitution may be achieved by including a cryptographic unit within a computing device for binding multiple hardware devices and mutually authenticating the devices. The cryptographic unit includes a physically unclonable function ("PUF") circuit disposed in or on the hardware device, which generates a binding PUF value. The cryptographic unit uses the binding PUF value during an enrollment phase and subsequent authentication phases. During a subsequent authentication phase, the cryptographic unit uses the binding PUF values of the multiple hardware devices to generate a challenge to send to the other device, and to verify a challenge received from the other device to mutually authenticate the hardware devices.

12 CFR 575.7 - Issuances of stock by savings association subsidiaries of mutual holding companies.

Science.gov (United States)

2010-01-01

... conversion under 12 CFR part 563b, including the stock purchase priorities accorded members of the issuing... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Issuances of stock by savings association..., DEPARTMENT OF THE TREASURY MUTUAL HOLDING COMPANIES § 575.7 Issuances of stock by savings association...

Mutualism Disruption Threatens Global Plant Biodiversity: A Systematic Review.

Directory of Open Access Journals (Sweden)

Clare E Aslan

Full Text Available As global environmental change accelerates, biodiversity losses can disrupt interspecific interactions. Extinctions of mutualist partners can create "widow" species, which may face reduced ecological fitness. Hypothetically, such mutualism disruptions could have cascading effects on biodiversity by causing additional species coextinctions. However, the scope of this problem - the magnitude of biodiversity that may lose mutualist partners and the consequences of these losses - remains unknown.We conducted a systematic review and synthesis of data from a broad range of sources to estimate the threat posed by vertebrate extinctions to the global biodiversity of vertebrate-dispersed and -pollinated plants. Though enormous research gaps persist, our analysis identified Africa, Asia, the Caribbean, and global oceanic islands as geographic regions at particular risk of disruption of these mutualisms; within these regions, percentages of plant species likely affected range from 2.1-4.5%. Widowed plants are likely to experience reproductive declines of 40-58%, potentially threatening their persistence in the context of other global change stresses.Our systematic approach demonstrates that thousands of species may be impacted by disruption in one class of mutualisms, but extinctions will likely disrupt other mutualisms, as well. Although uncertainty is high, there is evidence that mutualism disruption directly threatens significant biodiversity in some geographic regions. Conservation measures with explicit focus on mutualistic functions could be necessary to bolster populations of widowed species and maintain ecosystem functions.

MIToS.jl: mutual information tools for protein sequence analysis in the Julia language

DEFF Research Database (Denmark)

Zea, Diego J.; Anfossi, Diego; Nielsen, Morten

2017-01-01

Motivation: MIToS is an environment for mutual information analysis and a framework for protein multiple sequence alignments (MSAs) and protein structures (PDB) management in Julia language. It integrates sequence and structural information through SIFTS, making Pfam MSAs analysis straightforward....... MIToS streamlines the implementation of any measure calculated from residue contingency tables and its optimization and testing in terms of protein contact prediction. As an example, we implemented and tested a BLOSUM62-based pseudo-count strategy in mutual information analysis. Availability...... and Implementation: The software is totally implemented in Julia and supported for Linux, OS X and Windows. It’s freely available on GitHub under MIT license: http://mitos.leloir.org.ar. Contacts:diegozea@gmail.com or cmb@leloir.org.ar Supplementary information: Supplementary data are available at Bioinformatics...

The evolution of mutual ornamentation

NARCIS (Netherlands)

Kraaijeveld, Ken; Kraaijeveld-Smit, Femmie J. L.; Komdeur, Jan

2007-01-01

Many conspicuous ornamental traits in animals are expressed in both males and females. Despite this, most research has focused on sexually dimorphic ornamentation. Mutual ornamentation has often been viewed as a result of either a nonadaptive genetic correlation between the sexes or similar

Perbandingan Kinerja Reksadana Syariah Dan Reksadana Konvensional Ditinjau Berdasarkan Tingkat Risk And Return

Directory of Open Access Journals (Sweden)

Chaidir Iswanaji

2016-08-01

Abstract                This study aims to determine the risk level of the comparison between Islamic and conventional mutual funds and to compare the rate of return between Islamic and conventional mutual funds.                This study uses comparative test two samples by using two-sample t-test to determine whether there are differences in the level of risk and return between Islamic mutual funds and conventional funds and then further testing data using SPSS.16 The first hypothesis testing results show that the average risk Islamic and conventional mutual funds do not have significant difference Likewise with hypothesis testing further showed that the average return fixed income funds Islamic and conventional is not a significant difference                Although there are no differences were significant between risk and return of test results of the study, the percentage Islamic mutual funds were able to outperform on the rate of return greater than the return of funds of conventional and also in terms of risk with a rate that is smaller when compared with the risk in the fund conventional , it is hoped this may be a consideration for investors in selecting mutual funds to invest. Key words : Islamic mutual funds, conventional mutual funds, risk and retur

Mutual emergency assistance arrangements at the international level

International Nuclear Information System (INIS)

Swindell, G.E.; Ha Vinh Phuong

1979-01-01

All countries do not necessarily have resources in skilled manpower and equipment enabling them to deal satisfactorily with the consequences of a nuclear incident. Therefore, a mechanism whereby such countries could obtain or provide mutual emergency assistance at international level is extremely useful. This article analyses the provisions of the Nordic Mutual Emergency Assistance Agreement and the measures taken in respect of emergency assistance by international organisations such as IAEA. (NEA) [fr

Team Reasoning and Intentional Cooperation for Mutual Benefit

OpenAIRE

Sugden Robert

2015-01-01

This paper proposes a concept of intentional cooperation for mutual benefit. This concept uses a form of team reasoning in which team members aim to achieve common interests, rather than maximising a common utility function, and in which team reasoners can coordinate their behaviour by following pre-existing practices. I argue that a market transaction can express intentions for mutually beneficial cooperation even if, extensionally, participation in the transaction promotes each party’s self...

Measurement reduction for mutual coupling calibration in DOA estimation

Science.gov (United States)

Aksoy, Taylan; Tuncer, T. Engin

2012-01-01

Mutual coupling is an important source of error in antenna arrays that should be compensated for super resolution direction-of-arrival (DOA) algorithms, such as Multiple Signal Classification (MUSIC) algorithm. A crucial step in array calibration is the determination of the mutual coupling coefficients for the antenna array. In this paper, a system theoretic approach is presented for the mutual coupling characterization of antenna arrays. The comprehension and implementation of this approach is simple leading to further advantages in calibration measurement reduction. In this context, a measurement reduction method for antenna arrays with omni-directional and identical elements is proposed which is based on the symmetry planes in the array geometry. The proposed method significantly decreases the number of measurements during the calibration process. This method is evaluated using different array types whose responses and the mutual coupling characteristics are obtained through numerical electromagnetic simulations. It is shown that a single calibration measurement is sufficient for uniform circular arrays. Certain important and interesting characteristics observed during the experiments are outlined.

Reducing Interpolation Artifacts for Mutual Information Based Image Registration

Science.gov (United States)

Soleimani, H.; Khosravifard, M.A.

2011-01-01

Medical image registration methods which use mutual information as similarity measure have been improved in recent decades. Mutual Information is a basic concept of Information theory which indicates the dependency of two random variables (or two images). In order to evaluate the mutual information of two images their joint probability distribution is required. Several interpolation methods, such as Partial Volume (PV) and bilinear, are used to estimate joint probability distribution. Both of these two methods yield some artifacts on mutual information function. Partial Volume-Hanning window (PVH) and Generalized Partial Volume (GPV) methods are introduced to remove such artifacts. In this paper we show that the acceptable performance of these methods is not due to their kernel function. It's because of the number of pixels which incorporate in interpolation. Since using more pixels requires more complex and time consuming interpolation process, we propose a new interpolation method which uses only four pixels (the same as PV and bilinear interpolations) and removes most of the artifacts. Experimental results of the registration of Computed Tomography (CT) images show superiority of the proposed scheme. PMID:22606673

Comparative analysis of guide mode of government - oriented industry guidance funds under china’s new normal of economic growth

Science.gov (United States)

Sun, Chunling; Cheng, Xuemei

2017-11-01

The government-oriented industry guidance Funds solve the problem of financing difficulty and high innovation under the background of China’s new normal. Through the provinces and cities of the policies and regulations of the collation and comparative analysis, it will be divided into three modes. And then compare among three modes and analyze applicability to guide the construction of provinces and cities.

Mutual Coupling Effects on Pattern Diversity Antennas for MIMO Femtocells

Directory of Open Access Journals (Sweden)

Yue Gao

2010-01-01

Full Text Available Diversity antennas play an important role in wireless communications. However, mutual coupling between multiple ports of a diversity antenna has significant effects on wireless radio links and channel capacity. In this paper, dual-port pattern diversity antennas for femtocell applications are proposed to cover GSM1800, UMTS, and WLAN frequency bands. The channel capacities of the proposed antennas and two ideal dipoles with different mutual coupling levels are investigated in an indoor environment. The relation between mutual coupling and channel capacity is observed through investigations of these antennas.

Mutual Recogniton of Professional Qualifications

DEFF Research Database (Denmark)

Enemark, Stig; Plimmer, Francis

The publication aims to review the concept of mutual recognition of qualifications within the world wide surveying community, and to develop a framework for the introduction of standards of global professional competence in this area. The publication also includes a number of case studies from...

An implementation of mutual inclusion

NARCIS (Netherlands)

Hoogerwoord, R.R.

1986-01-01

We consider the parallel composition of two cyclic programs. The interaction of these programs consists of a form of synchronisation sometimes referred to as ‘mutual inclusion’. For a given implementation of this synchronisation by means of semaphore operations, we prove the correctness of the

Mutual repression enhances the steepness and precision of gene expression boundaries.

Directory of Open Access Journals (Sweden)

Thomas R Sokolowski

Full Text Available Embryonic development is driven by spatial patterns of gene expression that determine the fate of each cell in the embryo. While gene expression is often highly erratic, embryonic development is usually exceedingly precise. In particular, gene expression boundaries are robust not only against intra-embryonic fluctuations such as noise in gene expression and protein diffusion, but also against embryo-to-embryo variations in the morphogen gradients, which provide positional information to the differentiating cells. How development is robust against intra- and inter-embryonic variations is not understood. A common motif in the gene regulation networks that control embryonic development is mutual repression between pairs of genes. To assess the role of mutual repression in the robust formation of gene expression patterns, we have performed large-scale stochastic simulations of a minimal model of two mutually repressing gap genes in Drosophila, hunchback (hb and knirps (kni. Our model includes not only mutual repression between hb and kni, but also the stochastic and cooperative activation of hb by the anterior morphogen Bicoid (Bcd and of kni by the posterior morphogen Caudal (Cad, as well as the diffusion of Hb and Kni between neighboring nuclei. Our analysis reveals that mutual repression can markedly increase the steepness and precision of the gap gene expression boundaries. In contrast to other mechanisms such as spatial averaging and cooperative gene activation, mutual repression thus allows for gene-expression boundaries that are both steep and precise. Moreover, mutual repression dramatically enhances their robustness against embryo-to-embryo variations in the morphogen levels. Finally, our simulations reveal that diffusion of the gap proteins plays a critical role not only in reducing the width of the gap gene expression boundaries via the mechanism of spatial averaging, but also in repairing patterning errors that could arise because of the

17 CFR 1.22 - Use of customer funds restricted.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Use of customer funds... REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Customers' Money, Securities, and Property § 1.22 Use of customer funds restricted. No futures commission merchant shall use, or permit the use of, the customer funds of...

76 FR 60100 - The Singapore Fund, Inc.; Notice of Application

Science.gov (United States)

2011-09-28

... Singapore Fund, Inc.; Notice of Application September 22, 2011. AGENCY: Securities and Exchange Commission (``Commission''). Applicant: The Singapore Fund, Inc. (the ``Fund''). ACTION: Notice of application for an order... through investment primarily in Singapore equity securities. Applicant states that under normal...

Quantum process reconstruction based on mutually unbiased basis

International Nuclear Information System (INIS)

Fernandez-Perez, A.; Saavedra, C.; Klimov, A. B.

2011-01-01

We study a quantum process reconstruction based on the use of mutually unbiased projectors (MUB projectors) as input states for a D-dimensional quantum system, with D being a power of a prime number. This approach connects the results of quantum-state tomography using mutually unbiased bases with the coefficients of a quantum process, expanded in terms of MUB projectors. We also study the performance of the reconstruction scheme against random errors when measuring probabilities at the MUB projectors.

77 FR 37742 - Community Development Financial Institutions Fund

Science.gov (United States)

2012-06-22

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Funding Opportunity... pending for assistance under the FY 2012 round of the Community Development Financial Institutions Program... of the BEA Program. The BEA Program is administered by the Community Development Financial...

Sovereign wealth funds as special international investors under global financial downfall

Directory of Open Access Journals (Sweden)

N. Drozd

2013-02-01

Full Text Available An overview of origin, functional orientation and characteristics of sovereign wealth funds is presented. Possibility and necessity of cooperation between Ukraine and such systemic investors is proven.

Feature extraction and learning using context cue and Rényi entropy based mutual information

DEFF Research Database (Denmark)

Pan, Hong; Olsen, Søren Ingvor; Zhu, Yaping

2015-01-01

information. In particular, for feature extraction, we develop a new set of kernel descriptors−Context Kernel Descriptors (CKD), which enhance the original KDES by embedding the spatial context into the descriptors. Context cues contained in the context kernel enforce some degree of spatial consistency, thus...... improving the robustness of CKD. For feature learning and reduction, we propose a novel codebook learning method, based on a Rényi quadratic entropy based mutual information measure called Cauchy-Schwarz Quadratic Mutual Information (CSQMI), to learn a compact and discriminative CKD codebook. Projecting...... as the information about the underlying labels of the CKD using CSQMI. Thus the resulting codebook and reduced CKD are discriminative. We verify the effectiveness of our method on several public image benchmark datasets such as YaleB, Caltech-101 and CIFAR-10, as well as a challenging chicken feet dataset of our own...

Occurrence and characteristics of mutual interference between LIDAR scanners

Science.gov (United States)

Kim, Gunzung; Eom, Jeongsook; Park, Seonghyeon; Park, Yongwan

2015-05-01

The LIDAR scanner is at the heart of object detection of the self-driving car. Mutual interference between LIDAR scanners has not been regarded as a problem because the percentage of vehicles equipped with LIDAR scanners was very rare. With the growing number of autonomous vehicle equipped with LIDAR scanner operated close to each other at the same time, the LIDAR scanner may receive laser pulses from other LIDAR scanners. In this paper, three types of experiments and their results are shown, according to the arrangement of two LIDAR scanners. We will show the probability that any LIDAR scanner will interfere mutually by considering spatial and temporal overlaps. It will present some typical mutual interference scenario and report an analysis of the interference mechanism.

Nectar bacteria, but not yeast, weaken a plant-pollinator mutualism.

Science.gov (United States)

Vannette, Rachel L; Gauthier, Marie-Pierre L; Fukami, Tadashi

2013-02-07

Mutualistic interactions are often subject to exploitation by species that are not directly involved in the mutualism. Understanding which organisms act as such 'third-party' species and how they do so is a major challenge in the current study of mutualistic interactions. Here, we show that even species that appear ecologically similar can have contrasting effects as third-party species. We experimentally compared the effects of nectar-inhabiting bacteria and yeasts on the strength of a mutualism between a hummingbird-pollinated shrub, Mimulus aurantiacus, and its pollinators. We found that the common bacterium Gluconobacter sp., but not the common yeast Metschnikowia reukaufii, reduced pollination success, seed set and nectar consumption by pollinators, thereby weakening the plant-pollinator mutualism. We also found that the bacteria reduced nectar pH and total sugar concentration more greatly than the yeasts did and that the bacteria decreased glucose concentration and increased fructose concentration whereas the yeasts affected neither. These distinct changes to nectar chemistry may underlie the microbes' contrasting effects on the mutualism. Our results suggest that it is necessary to understand the determinants of microbial species composition in nectar and their differential modification of floral rewards to explain the mutual benefits that plants and pollinators gain from each other.

Nectar bacteria, but not yeast, weaken a plant–pollinator mutualism

Science.gov (United States)

Vannette, Rachel L.; Gauthier, Marie-Pierre L.; Fukami, Tadashi

2013-01-01

Mutualistic interactions are often subject to exploitation by species that are not directly involved in the mutualism. Understanding which organisms act as such ‘third-party’ species and how they do so is a major challenge in the current study of mutualistic interactions. Here, we show that even species that appear ecologically similar can have contrasting effects as third-party species. We experimentally compared the effects of nectar-inhabiting bacteria and yeasts on the strength of a mutualism between a hummingbird-pollinated shrub, Mimulus aurantiacus, and its pollinators. We found that the common bacterium Gluconobacter sp., but not the common yeast Metschnikowia reukaufii, reduced pollination success, seed set and nectar consumption by pollinators, thereby weakening the plant–pollinator mutualism. We also found that the bacteria reduced nectar pH and total sugar concentration more greatly than the yeasts did and that the bacteria decreased glucose concentration and increased fructose concentration whereas the yeasts affected neither. These distinct changes to nectar chemistry may underlie the microbes' contrasting effects on the mutualism. Our results suggest that it is necessary to understand the determinants of microbial species composition in nectar and their differential modification of floral rewards to explain the mutual benefits that plants and pollinators gain from each other. PMID:23222453

Mutually orthogonal Latin squares from the inner products of vectors in mutually unbiased bases

International Nuclear Information System (INIS)

Hall, Joanne L; Rao, Asha

2010-01-01

Mutually unbiased bases (MUBs) are important in quantum information theory. While constructions of complete sets of d + 1 MUBs in C d are known when d is a prime power, it is unknown if such complete sets exist in non-prime power dimensions. It has been conjectured that complete sets of MUBs only exist in C d if a maximal set of mutually orthogonal Latin squares (MOLS) of side length d also exists. There are several constructions (Roy and Scott 2007 J. Math. Phys. 48 072110; Paterek, Dakic and Brukner 2009 Phys. Rev. A 79 012109) of complete sets of MUBs from specific types of MOLS, which use Galois fields to construct the vectors of the MUBs. In this paper, two known constructions of MUBs (Alltop 1980 IEEE Trans. Inf. Theory 26 350-354; Wootters and Fields 1989 Ann. Phys. 191 363-381), both of which use polynomials over a Galois field, are used to construct complete sets of MOLS in the odd prime case. The MOLS come from the inner products of pairs of vectors in the MUBs.

Environmental quality modulates the cooperative and competitive nature of a microbial cross-feeding mutualism

Science.gov (United States)

Hoek, Tim; Axelrod, Kevin; Yurtsev, Eugene; Gore, Jeff

Mutualisms are essential for ecosystem function and stability. However, in some environments the competitive aspects of an interaction may dominate the mutualistic aspects. Although these transitions could have far-reaching implications, it has been difficult to study the causes and consequences of this mutualistic-competitive transition in experimentally tractable systems. Here we experimentally study a microbial cross-feeding mutualism in which each yeast strain supplies an essential amino acid for its partner strain. We find that, depending upon the amino acid concentration, this pair of strains can exhibit any of: obligatory mutualism, facultative mutualism, competition, parasitism, competitive exclusion, or failed mutualism leading to extinction of the population. A simple model capturing the essential features of this interaction predicts that environmental quality specifies the outcome and provides a ``phase diagram'' of net interactions in this mutualism. In addition, the model accurately predicts that changes in the dynamics of the mutualism in deteriorating environments can predict that population collapse is imminent. Our results provide a general framework for how mutualisms may transition between qualitatively different regimes of interaction.

77 FR 25349 - Mutual Insurance Holding Company Treated as Insurance Company

Science.gov (United States)

2012-04-30

..., the first mutual fire insurer was established. The first American mutual insurance company, the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, was founded in 1752.\\3\\ \\3\\ The...

Alberta Heritage Savings Trust Fund : 1998 annual report

International Nuclear Information System (INIS)

1999-01-01

A review of the Alberta Heritage Savings Trust Fund as it operated under the new investment framework established in 1997 was presented. The new statutory mission of the Fund is to provide stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans. In 1998, the Fund earned $947 million in income with nearly $25 million of income being retained to ensure that the value of the Fund grows to off-set the effects of inflation. Net assets of the Fund on March 31, 1998 was $ 12.3 billion. Operation of the Fund, the accounting method used, and details about the Transition Portfolio and the Endowment Portfolio are provided. An assessment of Alberta's economic climate accompanies the auditor's report and the detailed financial statements of the Fund. tabs

LVIF announces eight more funded projects | IDRC - International ...

International Development Research Centre (IDRC) Digital Library (Canada)

2018-04-05

Apr 5, 2018 ... It brings vaccine researchers, manufacturers, and distributors together to achieve lasting impact. Read more about the newest projects being funded under the Livestock Vaccine Innovation Fund: Newcastle disease · Contagious caprine pleuropneumonia – Heartwater · CRISPR/cas9 gene editing platform ...

Explanatory memorandum on European Community Document -mutual medical assistance in the case of a nuclear accident

International Nuclear Information System (INIS)

1987-01-01

The report lists the Commissions proposals for further action on its suggestion of mutual health assistance in the event of a nuclear accident. These include surveys and studies, further research on the medical treatment of radiation casualties and the methodology of epidemiological investigations, the promotion of contacts between experts and the attempt to assemble a handbook listing facilities and procedures for mutual assistance. The memorandum explains some of the points further under the headings, ministerial responsibility, legal and procedural issues and policy implications. The United Kingdom position is then stated. The UK government welcomes the proposals provided there is no duplication of work already covered by the IAEA Convention on Assistance in the case of a Nuclear Accident or Radiological Emergency. (U.K.)

Exploring Proxy Measures of Mutuality for Strategic Partnership Development: A Case Study.

Science.gov (United States)

Mayo-Gamble, Tilicia L; Barnes, Priscilla A; Sherwood-Laughlin, Catherine M; Reece, Michael; DeWeese, Sandy; Kennedy, Carol Weiss; Valenta, Mary Ann

2017-07-01

Partnerships between academic and clinical-based health organizations are becoming increasingly important in improving health outcomes. Mutuality is recognized as a vital component of these partnerships. If partnerships are to achieve mutuality, there is a need to define what it means to partnering organizations. Few studies have described the elements contributing to mutuality, particularly in new relationships between academic and clinical partners. This study seeks to identify how mutuality is expressed and to explore potential proxy measures of mutuality for an alliance consisting of a hospital system and a School of Public Health. Key informant interviews were conducted with faculty and hospital representatives serving on the partnership steering committee. Key informants were asked about perceived events that led to the development of the Alliance; perceived goals, expectations, and outcomes; and current/future roles with the Alliance. Four proxy measures of mutuality for an academic-clinical partnership were identified: policy directives, community beneficence, procurement of human capital, and partnership longevity. Findings can inform the development of tools for assisting in strengthening relationships and ensuring stakeholders' interests align with the mission and goal of the partnership by operationalizing elements necessary to evaluate the progress of the partnership.

Landauer current and mutual information in a bosonic quantum dot

Science.gov (United States)

Shashikant Sable, Hrushikesh; Singh Bhakuni, Devendra; Sharma, Auditya

2018-02-01

We study the quantum transport of bosons through a quantum dot coupled to two macroscopic heat baths L and R, held at fixed temperatures TL and TR respectively. We manage to cast the particle as well as the heat current into the Landauer form. Following the correlation matrix approach, we compute the time-dependent mutual information of the dot with the baths. We find that mutual information goes logarithmically as the number of bosons, and at low temperatures, it is possible to set up the parameters in such a way that in steady-state, the mutual information goes quadratically as a function of current.

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...