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Sample records for underlying mutual fund

  1. Danish mutual fund performance

    DEFF Research Database (Denmark)

    Christensen, Michael

    2013-01-01

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

  2. Rating mutual funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

    2007-01-01

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

  3. Rating Mutual Funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

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

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

    OpenAIRE

    Fang, Jieyan

    2012-01-01

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

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

    OpenAIRE

    M. Amiri; M. Zandieh; A. Alimi

    2012-01-01

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

  6. 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.

  7. 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.

  8. Indian mutual fund industry: Opportunities and challenges

    OpenAIRE

    Jayant R. Kale; Venkatesh Panchapagesan

    2012-01-01

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

  9. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

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

  10. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

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

  11. 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...

  12. Danish Mutual Fund Performance - Selectivity, Market Timing and Persistence

    DEFF Research Database (Denmark)

    Christensen, Michael

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

  13. Indian mutual fund industry: Opportunities and challenges

    Directory of Open Access Journals (Sweden)

    Jayant R. Kale

    2012-12-01

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

  14. Mutual funds: temporary problem or permanent morass?

    OpenAIRE

    Paula A. Tkac

    2004-01-01

    The improprieties in the mutual fund industry that surfaced in the fall of 2003 prompted the passage and drafting of legislation and regulations that cover nearly every facet of mutual fund pricing and operations. While this regulatory flurry is clearly intended to protect shareholders’ interests, the question remains: How will these scandals and regulatory changes ultimately affect mutual fund investors? ; When considering the problems inherent in mutual fund management and the best ways to ...

  15. 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...

  16. Asset Allocation of Mutual Fund Investors

    OpenAIRE

    Dengpan Luo

    2003-01-01

    This paper studies mutual fund investors' asset allocation decisions using monthly flow data of U.S mutual fund industry from 1984 to 1998. We find that mutual fund investors change their asset allocations between stocks and bonds in reaction to business conditions tracked by changes in expected stock market returns. They tend to allocate less into stock funds during the trough of a business cycle when expected stock market returns are higher and to allocate more into stock funds during the p...

  17. On the Importance of Mutual Fund Families in Emerging Markets

    OpenAIRE

    Ekholm, Anders; Pasternack, Daniel; Sandvall, Thomas

    2000-01-01

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

  18. Market timing and selectivity performance of mutual funds in Ghana

    Directory of Open Access Journals (Sweden)

    Abubakar Musah

    2014-07-01

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

  19. Empirical study on mutual fund objective classification.

    Science.gov (United States)

    Jin, Xue-jun; Yang, Xiao-lan

    2004-05-01

    Mutual funds are usually classified on the basis of their objectives. If the activities of mutual funds are consistent with their stated objectives, investors may look at the latter as signals of their risks and incomes. This work analyzes mutual fund objective classification in China by statistical methods of distance analysis and discriminant analysis; and examines whether the stated investment objectives of mutual funds adequately represent their attributes to investors. That is, if mutual funds adhere to their stated objectives, attributes must be heterogeneous between investment objective groups and homogeneous within them. Our conclusion is to some degree, the group of optimized exponential funds is heterogeneous to other groups. As a whole, there exist no significant differences between different objective groups; and 50% of mutual funds are not consistent with their objective groups.

  20. 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...

  1. 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 ...

  2. 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...

  3. 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

  4. 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

  5. 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.

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

    OpenAIRE

    Saboo, Manish

    2006-01-01

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

  7. 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.

  8. 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.

  9. 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.

  10. 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...

  11. 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

  12. 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

  13. 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).

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

    NARCIS (Netherlands)

    D.P. Budiono (Diana)

    2010-01-01

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

  15. 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.

  16. 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...

  17. 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.

  18. 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...

  19. 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.

  20. 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...

  1. The Profile of a Polish Mutual Fund Manager

    Directory of Open Access Journals (Sweden)

    Dariusz Filip

    2018-05-01

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

  2. 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.

  3. 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...

  4. 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...

  5. 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 ...

  6. 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

  7. 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...

  8. 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...

  9. 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.

  10. Performance Evaluation of Equity Mutual Funds in Indonesia

    Directory of Open Access Journals (Sweden)

    Irene Rini Demi Pangestuti

    2017-11-01

    Full Text Available Mutual funds considered as an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund is a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can be measured by portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index. This study aims to evaluated the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI, Adjusted Jensen Index (AJI, and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.

  11. 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...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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.

  17. 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...

  18. 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.

  19. 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

  20. 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.

  1. 31 CFR 103.131 - Customer identification programs for mutual funds.

    Science.gov (United States)

    2010-07-01

    ... Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS Anti-Money Laundering Programs Anti-Money Laundering Programs § 103.131 Customer identification programs for mutual funds. (a... mutual fund's anti-money laundering program required under the regulations implementing 31 U.S.C. 5318(h...

  2. 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 ...

  3. 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.

  4. 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...

  5. 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...

  6. 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...

  7. 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'...

  8. 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.

  9. 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...

  10. 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...

  11. 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.

  12. 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

  13. 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

  14. 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;

  15. 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.

  16. Measuring the performance of mutual funds: A case study

    Directory of Open Access Journals (Sweden)

    Jakšić Milena

    2015-01-01

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

  17. 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.

  18. 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

  19. 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

  20. 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...

  1. 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 ...

  2. 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

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  5. External Monitoring and Dynamic Behavior in Mutual Funds

    Directory of Open Access Journals (Sweden)

    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.

  6. 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...

  7. 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...

  8. 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.

  9. 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...

  10. 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…

  11. 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

  12. 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

  13. 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...

  14. 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...

  15. 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.

  16. 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...

  17. 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.

  18. 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...

  19. 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...

  20. 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 ...

  1. 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.

  2. 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.

  3. 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...

  4. 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...

  5. 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 .............................

  6. 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.: ..............................

  7. 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 .............................

  8. 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  

  9. 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

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  12. 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...

  13. 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 ...

  14. 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...

  15. 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...

  16. 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...

  17. 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.

  18. 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...

  19. 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...

  20. 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...

  1. 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

  2. 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.

  3. 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...

  4. 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...

  5. 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.

  6. 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

  7. 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.

  8. 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.

  9. 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

  10. 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...

  11. 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.

  12. 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...

  13. 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.

  14. 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

  15. 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...

  16. 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...

  17. 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.

  18. 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...

  19. 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...

  20. 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

  1. 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...

  2. 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...

  3. 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...

  4. 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

  5. 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

  6. 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

  7. 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...

  8. 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.

  9. 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...

  10. 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

  11. 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...

  12. 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.

  13. 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...

  14. 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...

  15. 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.

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. 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.

  2. 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.

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. 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...

  14. 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.

  15. 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

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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

  2. 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...

  3. 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...

  4. 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...

  5. 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.

  6. 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

  7. 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 ...

  8. Funding Transparency under ESSA. Special Report

    Science.gov (United States)

    Woods, Julie Rowland

    2018-01-01

    This special report explains the new requirements states have in reporting per-pupil expenditures under the Every Student Succeeds Act. It also provides key considerations for states and information about technical assistance and support.

  9. 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.

  10. 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...

  11. 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.

  12. 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.

  13. 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.

  14. 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...

  15. 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 ...

  16. 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

  17. 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...

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

    OpenAIRE

    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 requirement to retain sufficient capital to absorb unexpected losses. Liability duration and hedging affect the allocation to illiquid assets through both these constraints. First, we find a hump-shaped i...

  19. 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...

  20. 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...

  1. 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...

  2. 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...

  3. 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

  4. 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...

  5. 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...

  6. 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...

  7. 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.

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 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

  15. 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

  16. 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

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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

  2. 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....

  3. 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...

  4. 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

  5. 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.

  6. ESPRIT-Like Two-Dimensional DOA Estimation for Monostatic MIMO Radar with Electromagnetic Vector Received Sensors under the Condition of Gain and Phase Uncertainties and Mutual Coupling.

    Science.gov (United States)

    Zhang, Dong; Zhang, Yongshun; Zheng, Guimei; Feng, Cunqian; Tang, Jun

    2017-10-26

    In this paper, we focus on the problem of two-dimensional direction of arrival (2D-DOA) estimation for monostatic MIMO Radar with electromagnetic vector received sensors (MIMO-EMVSs) under the condition of gain and phase uncertainties (GPU) and mutual coupling (MC). GPU would spoil the invariance property of the EMVSs in MIMO-EMVSs, thus the effective ESPRIT algorithm unable to be used directly. Then we put forward a C-SPD ESPRIT-like algorithm. It estimates the 2D-DOA and polarization station angle (PSA) based on the instrumental sensors method (ISM). The C-SPD ESPRIT-like algorithm can obtain good angle estimation accuracy without knowing the GPU. Furthermore, it can be applied to arbitrary array configuration and has low complexity for avoiding the angle searching procedure. When MC and GPU exist together between the elements of EMVSs, in order to make our algorithm feasible, we derive a class of separated electromagnetic vector receiver and give the S-SPD ESPRIT-like algorithm. It can solve the problem of GPU and MC efficiently. And the array configuration can be arbitrary. The effectiveness of our proposed algorithms is verified by the simulation result.

  7. ESPRIT-Like Two-Dimensional DOA Estimation for Monostatic MIMO Radar with Electromagnetic Vector Received Sensors under the Condition of Gain and Phase Uncertainties and Mutual Coupling

    Directory of Open Access Journals (Sweden)

    Dong Zhang

    2017-10-01

    Full Text Available In this paper, we focus on the problem of two-dimensional direction of arrival (2D-DOA estimation for monostatic MIMO Radar with electromagnetic vector received sensors (MIMO-EMVSs under the condition of gain and phase uncertainties (GPU and mutual coupling (MC. GPU would spoil the invariance property of the EMVSs in MIMO-EMVSs, thus the effective ESPRIT algorithm unable to be used directly. Then we put forward a C-SPD ESPRIT-like algorithm. It estimates the 2D-DOA and polarization station angle (PSA based on the instrumental sensors method (ISM. The C-SPD ESPRIT-like algorithm can obtain good angle estimation accuracy without knowing the GPU. Furthermore, it can be applied to arbitrary array configuration and has low complexity for avoiding the angle searching procedure. When MC and GPU exist together between the elements of EMVSs, in order to make our algorithm feasible, we derive a class of separated electromagnetic vector receiver and give the S-SPD ESPRIT-like algorithm. It can solve the problem of GPU and MC efficiently. And the array configuration can be arbitrary. The effectiveness of our proposed algorithms is verified by the simulation result.

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 75 FR 78725 - Recreational Boating Safety Projects, Programs and Activities Funded Under Provisions of the...

    Science.gov (United States)

    2010-12-16

    ...: Funding was provided for this program which provides full marketing, media, public information, and... media and boating safety information at http://www.uscgboating.org for a worldwide audience. It covers a...

  15. 77 FR 12647 - Fund Availability Under VA's Homeless Providers Grant and Per Diem Program

    Science.gov (United States)

    2012-03-01

    ... women veterans with or without the care of dependent children. 2. Funding Priority 2--VA is offering the... homeless veterans (i.e., veterans who are not incarcerated but are involved in the criminal justice system...

  16. 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.

  17. Court opens door to more claims under Red Cross HIV compensation fund.

    Science.gov (United States)

    Franklin, Tim

    2005-12-01

    The Ontario Superior Court has allowed families of deceased individuals who contracted HIV from tainted blood to proceed with their claims against the Canadian Red Cross for compensation despite the existence of a compensation plan and fund.

  18. 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....

  19. 78 FR 18617 - Recreational Boating Safety Projects, Programs and Activities Funded Under Provisions of the...

    Science.gov (United States)

    2013-03-27

    ... nationally for more real time accident information and to identify accidents that may involve regulatory non... associated lead and processing times resulting in a lag time between available funds and spending. The total... Factory Visit Program/Boat Testing Program, with an additional $857 for travel expenses. ($1,985,478).\\1...

  20. Overview of the compensation and liability regimes under the International Oil Pollution Compensation Fund (IOPC)

    Energy Technology Data Exchange (ETDEWEB)

    Wren, John [Department of Environment, Transport and the Regions, Shipping Policy Div., London (United Kingdom)

    2000-08-01

    This paper focuses on the cost recovery issues arising through the operation of the International Oil Pollution Compensation Fund (IOPC) and administrative matters which arose following the Braer and Sea Empress oil tanker pollution incidents in the UK. Each of these oil spills brought very different problems. Any major oil spill will have prolonged economic and social consequences for the communities affected. Membership of the International Oil Pollution Compensation Fund (IOPC Fund) will do much to soften the impact as regards economic damage. However, the operation of the Fund brings difficulties which may not have been considered by the administration prior to the spill. Some of the difficulties are foreseeable. It covers details of the international compensation and liability regimes, it considers a number of administrative consequences and highlights seven lessons that have been learned in the UK in the light of recent experience. These lessons are: Claims may not be paid quickly or in full. Claimants will need advice and government involvement. Action by the government may be needed to complement the IOPC Fund. Governments have to balance their obligations as a member state with the needs of claimants. It is better for claimants to keep matters out of court for as long as possible. Administrative consequences will continue for a long time after the oil has been cleared from the shore-line. Each major oil spill brings different cost recovery problems and will also bring demands 'to learn the lessons'. In much the same way as contingency plans are regularly tested, each state party to the regime would be wise, from time to time, to think through the likely scenarios so as to better prepare themselves in the light of experiences elsewhere. The United Kingdom has had rather more experience in recent years than it would have wished. (Author)

  1. Overview of the compensation and liability regimes under the International Oil Pollution Compensation Fund (IOPC)

    International Nuclear Information System (INIS)

    Wren, John

    2000-01-01

    This paper focuses on the cost recovery issues arising through the operation of the International Oil Pollution Compensation Fund (IOPC) and administrative matters which arose following the Braer and Sea Empress oil tanker pollution incidents in the UK. Each of these oil spills brought very different problems. Any major oil spill will have prolonged economic and social consequences for the communities affected. Membership of the International Oil Pollution Compensation Fund (IOPC Fund) will do much to soften the impact as regards economic damage. However, the operation of the Fund brings difficulties which may not have been considered by the administration prior to the spill. Some of the difficulties are foreseeable. It covers details of the international compensation and liability regimes, it considers a number of administrative consequences and highlights seven lessons that have been learned in the UK in the light of recent experience. These lessons are: Claims may not be paid quickly or in full. Claimants will need advice and government involvement. Action by the government may be needed to complement the IOPC Fund. Governments have to balance their obligations as a member state with the needs of claimants. It is better for claimants to keep matters out of court for as long as possible. Administrative consequences will continue for a long time after the oil has been cleared from the shore-line. Each major oil spill brings different cost recovery problems and will also bring demands 'to learn the lessons'. In much the same way as contingency plans are regularly tested, each state party to the regime would be wise, from time to time, to think through the likely scenarios so as to better prepare themselves in the light of experiences elsewhere. The United Kingdom has had rather more experience in recent years than it would have wished. (Author)

  2. 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....

  3. 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)

  4. 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.

  5. 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.

  6. 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.

  7. 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...

  8. 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...

  9. 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....

  10. Analysis of International Monetary Fund under conditions of globalization of economic processes

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-06-01

    Full Text Available Globalization in the economy requires proper management of countries' financial resources as the regulation of international financial market is one of the most important tasks of the successful development of the world economy and individual national economies. The International Monetary Fund since the beginning of its creation was intended to regulate the financial situation in the post-war period in world space. In present conditions of information development of the world economic system the role and importance of international financial institutions are changing. Thus, the policies and activities of the IMF are increasingly criticized, that is substantiated and requires some restructuring and reforming areas of the Fund activity. During the research the basic aspects of IMF activities in 2015 have been analyzed and the suggestions for its further effective development have been presented. In particular, it is advisable to use the specific individual approach to the problems of particular economies and to view the sizes of quotas and their functional purposes that will allow to develop new funding mechanisms that are based on social and ecological needs of society. This, in turn, will reduce the impact of developed countries on the activities of the financial institution

  11. 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...

  12. Geothermal projects funded under the NER 300 programme - current state of development and knowledge gained

    Science.gov (United States)

    Shortall, Ruth; Uihlein, Andreas

    2017-04-01

    Introduction The NER 300 programme, managed by the European Commission is one of the largest funding programmes for innovative low-carbon energy demonstration projects. NER 300 is so called because it is funded from the sale of 300 million emission allowances from the new entrants' reserve (NER) set up for the third phase of the EU emissions trading system (ETS). The programme aims to successfully demonstrate environmentally safe carbon capture and storage (CCS) and innovative renewable energy (RES) technologies on a commercial scale with a view to scaling up production of low-carbon technologies in the EU. Consequently, it supports a wide range of CCS and RES technologies (bioenergy, concentrated solar power, photovoltaics, geothermal, wind, ocean, hydropower, and smart grids). Funded projects and the role of geothermal projects for the programme In total, about EUR 2.1 billion have been awarded through the programme's 2 calls for proposals (the first awarded in December 2012, the second in July 2014). The programme has awarded around EUR 70 million funding to 3 geothermal projects in Hungary, Croatia and France. The Croatian geothermal project will enter into operation during 2017 the Hungarian in 2018, and the French in 2020. Knowledge Sharing Knowledge sharing requirements are built into the legal basis of the programme as a critical tool to lower risks in bridging the transition to large-scale production of innovative renewable energy and CCS deployment. Projects have to submit annually to the European Commission relevant knowledge gained during that year in the implementation of their project. The relevant knowledge is aggregated and disseminated by the European Commission to industry, research, government, NGO and other interest groups and associations in order to provide a better understanding of the practical challenges that arise in the important step of scaling up technologies and operating them at commercial scale. The knowledge sharing of the NER 300

  13. ANALYSIS ABSORPTION CAPACITY OF EUROPEAN FUNDS UNDER THE OPERATIONAL PROGRAMME HUMAN RESOURCES DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    DANIELA FLORESCU

    2013-10-01

    Full Text Available One of the main goals of the European Union is the economic progress. In the last 50 years, and especially beginning with the ‘80s, remarkable efforts have been made for removing the borders between the EU national economies and for creating a unique market where goods, persons, capital and services could move freely. Commercial interchanges between UE states have significantly grown and at the same time EU has become a global commercial force. EU’s goal is to become the most dynamic economy based on global recognition. This implies a significant investment in research, education and forming, which allows the population to have access to this new information. This research work displays diverse aspects concerning the Romania’s ability draw of irredeemable funds in period 2007 – 2013, focusing on human capital development activity. Today, the problem absorptions are no longer able to develop projects, that knowing a significant improvement but the stage of implementation and funding.

  14. 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 ...

  15. Lessons from comparative effectiveness research methods development projects funded under the Recovery Act.

    Science.gov (United States)

    Zurovac, Jelena; Esposito, Dominick

    2014-11-01

    The American Recovery and Reinvestment Act of 2009 (ARRA) directed nearly US$29.2 million to comparative effectiveness research (CER) methods development. To help inform future CER methods investments, we describe the ARRA CER methods projects, identify barriers to this research and discuss the alignment of topics with published methods development priorities. We used several existing resources and held discussions with ARRA CER methods investigators. Although funded projects explored many identified priority topics, investigators noted that much work remains. For example, given the considerable investments in CER data infrastructure, the methods development field can benefit from additional efforts to educate researchers about the availability of new data sources and about how best to apply methods to match their research questions and data.

  16. 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

  17. 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 ...

  18. 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 ...

  19. 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.

  20. 75 FR 79087 - Fund Availability Under the Supportive Services for Veteran Families Program

    Science.gov (United States)

    2010-12-17

    ... (HUD) for programs under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f) ( http... Veteran Families Program Office, National Center on Homelessness Among Veterans, 4100 Chester Avenue... the Final Rule, an eligible entity may submit only one application per State. FOR FURTHER INFORMATION...

  1. 76 FR 4408 - Notice of Funding Availability for Applications for Credit Assistance Under the Transportation...

    Science.gov (United States)

    2011-01-25

    ... to be selected for credit assistance. Because demand for the TIFIA program can exceed budgetary... Applications Because the demand for credit assistance can exceed budgetary resources, the DOT is utilizing... Availability for Applications for Credit Assistance Under the Transportation Infrastructure Finance and...

  2. 75 FR 47525 - Notice of Funding Availability (NOFA) for Renewable Energy Feasibility Studies Grants Under the...

    Science.gov (United States)

    2010-08-06

    ..., 601 Business Loop 70 West, Parkade Center, Suite 235, Columbia, MO 65203. (573) 876-9321. [email protected]mo.usda.gov . Montana John Guthmiller, USDA Rural Development, 900 Technology Blvd., Unit 1, Suite B... received under the other two REAP notices. Conversely, the Agency may, at its discretion, move money for...

  3. 34 CFR 381.22 - How does the Secretary allocate funds under this program?

    Science.gov (United States)

    2010-07-01

    ... (Continued) OFFICE OF SPECIAL EDUCATION AND REHABILITATIVE SERVICES, DEPARTMENT OF EDUCATION PROTECTION AND... Secretary pays directly to an eligible system that submits an application that meets the requirements of... eligible systems established under this program. (2) After the reservation required by paragraph (a)(1) of...

  4. EU-funded malaria research under the 6th and 7th Framework Programmes for research and technological development.

    Science.gov (United States)

    Holtel, Andreas; Troye-Blomberg, Marita; Penas-Jimenez, Inmaculada

    2011-01-14

    While malaria research has traditionally been strong in Europe, targeted and sustained support for cooperative malaria research at EU level, namely through the EU's 6th and 7th Framework Programmes for research and technological development, FP6 (2002-2006) and FP7 (2007-2013), has boosted both impact and visibility of European malaria research. Most of the European malaria research community is now organized under a number of comprehensive and complementary research networks and projects, assembled around four key areas: (1) fundamental research on the malaria parasite and the disease, (2) development of new malaria drugs, (3) research and development of a malaria vaccine, and (4) research to control the malaria-transmitting mosquito vector. Considerable efforts were undertaken to ensure adequate participation of research groups from disease-endemic countries, in particular from Africa, with the long-term aim to strengthen cooperative links and research capacities in these countries. The concept of organizing European research through major strategic projects to form a "European Research Area" (ERA) was originally developed in the preparation of FP6, and ERA formation has now turned into a major EU policy objective explicitly inscribed into the Lisbon Treaty. EU-funded malaria research may serve as a showcase to demonstrate how ERA formation can successfully be implemented in a given area of science when several surrounding parameters converge to support implementation of this strategic concept: timely coincidence of political stimuli, responsive programming, a clearly defined--and well confined--area of research, and the readiness of the targeted research community who is well familiar with transnational cooperation at EU level. Major EU-funded malaria projects have evolved into thematic and organizational platforms that can collaborate with other global players. Europe may thus contribute more, and better, to addressing the global research agenda for malaria.

  5. 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...

  6. 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...

  7. 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.

  8. Non-local correlations via Wigner-Yanase skew information in two SC-qubit having mutual interaction under phase decoherence

    Science.gov (United States)

    Mohamed, Abdel-Baset A.

    2017-10-01

    An analytical solution of the master equation that describes a superconducting cavity containing two coupled superconducting charge qubits is obtained. Quantum-mechanical correlations based on Wigner-Yanase skew information, as local quantum uncertainty and uncertainty-induced quantum non-locality, are compared to the concurrence under the effects of the phase decoherence. Local quantum uncertainty exhibits sudden changes during its time evolution and revival process. Sudden death and sudden birth occur only for entanglement, depending on the initial state of the two coupled charge qubits, while the correlations of skew information does not vanish. The quantum correlations of skew information are found to be sensitive to the dephasing rate, the photons number in the cavity, the interaction strength between the two qubits, and the qubit distribution angle of the initial state. With a proper initial state, the stationary correlation of the skew information has a non-zero stationary value for a long time interval under the phase decoherence, that it may be useful in quantum information and computation processes.

  9. 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...

  10. 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.

  11. 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.

  12. 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...

  13. 78 FR 77770 - Aldine Capital Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2013-12-24

    ... financing to Koontz-Wagner Maintenance Services, LLC., 3801 Voorde Drive, South Bend, IN 46628. The....P. is an Associate of Aldine Capital Fund II, L.P. and owns more than ten percent of Koontz- Wagner...

  14. 78 FR 661 - Waiver From Rescission of Unobligated Funds Under the American Recovery and Reinvestment Act of 2009

    Science.gov (United States)

    2013-01-04

    ... Fund Symbol codes and names, not to exceed the amounts stated: Department of Defense: 97-0501--Military... deficit reduction and prohibited from use as an offset for other spending increases or revenue reductions...

  15. 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.

  16. 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...

  17. Ownership of Stocks and Mutual Funds : A Panel Data Analysis

    NARCIS (Netherlands)

    Alessie, R.J.M.; Hochgürtel, S.; van Soest, A.H.O.

    2001-01-01

    In many industrial countries, ownership rates of risky assets have risen substantially over the past decade.This trend has potentially wide-ranging implications for the intertemporal and cross-sectional allocation of risk, and for the macro economy, establishing the need for understanding ownership

  18. New Insights into Mutual Funds: Performance and Family Strategies

    OpenAIRE

    Huij, Joop

    2007-01-01

    textabstractJoop Huij was born in Amsterdam on August 11, 1979. He attended the Marnix Gymnasium in Rotterdam, at which he obtained a Gymnasium diploma (Dutch classical pre-university education) in 1997. From 1997 to 2002 Joop studied at Erasmus University Rotterdam. In 2002 he received his Master's degree in Informatics & Economics with appellation cum laude. In November 2002 he joined the Department of Financial Management of RSM Erasmus University as a PhD Candidate. His PhD trajectory was...

  19. Planning for Retirement with a Tax-Sheltered Mutual Fund.

    Science.gov (United States)

    Schnee, Edward J.; And Others

    1983-01-01

    Greater attention has been focused on the role that employer-sponsored retirement plans and individual savings must play in ensuring retirement income security. Alternative tax retirement planning opportunities currently available to college personnel are explored. (MLW)

  20. REIT Momentum and the Performance of Real Estate Mutual Funds

    NARCIS (Netherlands)

    J. Derwall (Jeroen); J.J. Huij (Joop); W.A. Marquering (Wessel)

    2009-01-01

    textabstractREITs exhibit a strong and prevalent momentum effect that is not captured by conventional factor models. This REIT momentum anomaly hampers proper judgments about the performance of actively managed REIT portfolios. In contrast, a REIT momentum factor adds incremental explanatory power

  1. New Insights into Mutual Funds: Performance and Family Strategies

    NARCIS (Netherlands)

    J.J. Huij (Joop)

    2007-01-01

    textabstractJoop Huij was born in Amsterdam on August 11, 1979. He attended the Marnix Gymnasium in Rotterdam, at which he obtained a Gymnasium diploma (Dutch classical pre-university education) in 1997. From 1997 to 2002 Joop studied at Erasmus University Rotterdam. In 2002 he received his Master's

  2. Study on the Withdrawal Way of Silk Road Fund under the Belt and Road Initiative Based on Game Theory Model

    Directory of Open Access Journals (Sweden)

    Qu Yingying

    2017-01-01

    Full Text Available The Silk Road Fund is an important financial support of The Belt and Road Initiative, it has a strict investment operation process to realize the capital appreciation, so the withdrawal is crucial. This paper models the utility game and find the game mechanism between Silk Road Fund and target enterprise. And then we put forward some referential suggestions such as choosing suitable withdraw opportunity, perfecting talent team and information transmission mechanism,strengthening cooperation with local government, making effective use of gambling agreement and actively exploring new exit mode.

  3. Funds of Knowledge in 21st Century Societies: Inclusive Educational Practices for Under-Represented Students. A Literature Review

    Science.gov (United States)

    Llopart, Mariona; Esteban-Guitart, Moisès

    2018-01-01

    Although the first educational applications of the "funds of knowledge" (FoK) concept were carried out in the late 1980s, there have been numerous developments and proposals since then, many of which have been made within the last few years. It continues to be, therefore, a valid, cutting-edge educational approach; one which seeks to…

  4. 78 FR 57444 - Eagle Fund III-A, L.P.; Notice Seeking Exemption Under the Small Business Investment Act...

    Science.gov (United States)

    2013-09-18

    ... the Small Business Investment Act of 1958, as amended (the ``Act''), in connection with the financing..., Financings which Constitute Conflicts of Interest, of the Small Business Administration (``SBA'') Rules and... SMALL BUSINESS ADMINISTRATION [License No. 07/07-0117] Eagle Fund III-A, L.P.; Notice Seeking...

  5. 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 ...

  6. 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...

  7. 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...

  8. 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...

  9. 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.

  10. Stochastic Funding of a Defined Contribution Pension Plan with Proportional Administrative Costs and Taxation under Mean-Variance Optimization Approach

    Directory of Open Access Journals (Sweden)

    Charles I Nkeki

    2014-11-01

    Full Text Available This paper aim at studying a mean-variance portfolio selection problem with stochastic salary, proportional administrative costs and taxation in the accumulation phase of a defined contribution (DC pension scheme. The fund process is subjected to taxation while the contribution of the pension plan member (PPM is tax exempt. It is assumed that the flow of contributions of a PPM are invested into a market that is characterized by a cash account and a stock. The optimal portfolio processes and expected wealth for the PPM are established. The efficient and parabolic frontiers of a PPM portfolios in mean-variance are obtained. It was found that capital market line can be attained when initial fund and the contribution rate are zero. It was also found that the optimal portfolio process involved an inter-temporal hedging term that will offset any shocks to the stochastic salary of the PPM.

  11. 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 ...

  12. 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...

  13. 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.

  14. 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...

  15. 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, provided that they are less than 70 years old and 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 contacting to the Administration of the Fun...

  16. 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...

  17. 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

  18. The Mutual Storytelling Writing Game.

    Science.gov (United States)

    Scorzelli, James F.; Gold, Julie

    1999-01-01

    Because of differences in cultural backgrounds and learning styles, some children have a difficult time verbalizing their emotions or appear resistant to talking about themselves. Describes a technique, referred to as the mutual storytelling writing game, that has been found to be useful for children who have difficulty in engaging in traditional…

  19. 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

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) or Superfund, Section 104(k); and CERCLA Section 104(d); ‘‘ ‘Discounted Loans’ Under Brownfields Revolving Loan Fund Grants’

    Science.gov (United States)

    Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) or Superfund, Section 104(k); and CERCLA Section 104(d); ‘‘ ‘Discounted Loans’ Under Brownfields Revolving Loan Fund Grants’`

  5. 34 CFR 403.81 - How must funds be used under the Single Parents, Displaced Homemakers, and Single Pregnant Women...

    Science.gov (United States)

    2010-07-01

    ..., Displaced Homemakers, and Single Pregnant Women Program? 403.81 Section 403.81 Education Regulations of the... Secretary Assist Under the Basic Programs? Single Parents, Displaced Homemakers, and Single Pregnant Women... individuals who are single parents, displaced homemakers, or single pregnant women only to— (a) Provide...

  6. 20 CFR 641.335 - How should the Governor address the coordination of SCSEP services with activities funded under...

    Science.gov (United States)

    2010-04-01

    ... COMMUNITY SERVICE EMPLOYMENT PROGRAM The State Senior Employment Services Coordination Plan § 641.335 How... Agencies on Aging in the State and the State and Local Boards established under title I of WIA. (OAA sec... State Plan must describe the steps being taken to ensure that the SCSEP is an active partner in each One...

  7. 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.

  8. 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

  9. 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...

  10. 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.

  11. 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...

  12. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

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

  13. 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.

  14. 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...

  15. Defense mutualisms enhance plant diversification.

    Science.gov (United States)

    Weber, Marjorie G; Agrawal, Anurag A

    2014-11-18

    The ability of plants to form mutualistic relationships with animal defenders has long been suspected to influence their evolutionary success, both by decreasing extinction risk and by increasing opportunity for speciation through an expanded realized niche. Nonetheless, the hypothesis that defense mutualisms consistently enhance plant diversification across lineages has not been well tested due to a lack of phenotypic and phylogenetic information. Using a global analysis, we show that the >100 vascular plant families in which species have evolved extrafloral nectaries (EFNs), sugar-secreting organs that recruit arthropod mutualists, have twofold higher diversification rates than families that lack species with EFNs. Zooming in on six distantly related plant clades, trait-dependent diversification models confirmed the tendency for lineages with EFNs to display increased rates of diversification. These results were consistent across methodological approaches. Inference using reversible-jump Markov chain Monte Carlo (MCMC) to model the placement and number of rate shifts revealed that high net diversification rates in EFN clades were driven by an increased number of positive rate shifts following EFN evolution compared with sister clades, suggesting that EFNs may be indirect facilitators of diversification. Our replicated analysis indicates that defense mutualisms put lineages on a path toward increased diversification rates within and between clades, and is concordant with the hypothesis that mutualistic interactions with animals can have an impact on deep macroevolutionary patterns and enhance plant diversity.

  16. Mutual attraction of magnetic knots

    International Nuclear Information System (INIS)

    Parker, E.N.

    1978-01-01

    It is observed that the magnetic knots associated with active regions on the Sun have an attraction for each other during the formative period of the active regions, when new magnetic flux is coming to the surface. The attraction disappears when new flux ceases to rise through the surface. Then the magnetic spots and knots tend to come apart, leading to disintegration of the sunspots previously formed. The dissolution of the fields is to be expected, as a consequence of the magnetic repulsion of knots of like polarity and as a consequence of the hydromagnetic exchange instability.The purpose of this paper is to show that the mutual attraction of knots during the formative stages of a sunspot region may be understood as the mutual hydrodynamic attraction of the rising flux tubes. Two rising tubes attract each other, as a consequence of the wake of the leading tube when one is moving behind the other, and as a consequence of the Bernoulli effect when rising side by side

  17. 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)

  18. Pension Fund

    CERN Multimedia

    2005-01-01

    Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

  19. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

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

  20. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

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

  1. 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.

  2. 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

  3. 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.

  4. Pension Fund

    CERN Multimedia

    2006-01-01

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

  5. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

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

  6. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

    For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

  7. Pension Fund

    CERN Multimedia

    2004-01-01

    Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

  8. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

  9. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  10. Pension fund

    CERN Multimedia

    2006-01-01

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

  11. 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

  12. 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.

  13. 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...

  14. Macroprudential Regulation Under Repo Funding

    OpenAIRE

    Laura Valderrama

    2010-01-01

    The use of collateral has become one of the most widespread risk mitigation techniques. While it brings stabilizing effects to the individual lender we argue that it may exacerbate systemic risk through margin call activation. We show how a liquidity shock to the cash lender may propagate as a solvency shock via liquidity hoarding even if the cash lender remains solvent in all states of nature. Albeit a cost-effective response of the cash lender to a liquidity shock, liquidity hoarding may le...

  15. 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...

  16. 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…

  17. PENSION FUND

    CERN Multimedia

    1999-01-01

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

  18. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  19. Pension Fund

    CERN Multimedia

    2003-01-01

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

  20. Pension Fund

    CERN Multimedia

    2003-01-01

    Amendment No 19 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2003, concerns 1) the fixed sums and allowances adjusted at same date (Annex B) and 2) the articles which have been amended, in accordance with the Finance Committee's decision, regarding voting rules of the Governing Board and the role and composition of the Investment Committee.

  1. 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

  2. Strategy as Mutually Contingent Choice

    Directory of Open Access Journals (Sweden)

    Neil Martin

    2016-05-01

    Full Text Available Thomas Schelling’s The Strategy of Conflict carries significant behavioral implications which have been overlooked by economic readers. I argue that these implications are central to Schelling’s vision of game theory, that they fit well with recent advances in experimental psychology and behavioral economics, and provide a comprehensive framework that can inform research on strategy. In my view, Schelling develops a non-mathematical approach to strategy which anticipates on Gigerenzer and Selten’s “ecological rationality” program. This approach maps the processes involved in strategic reasoning and highlights their reliance on the particular information structure of interactive social environments. Building on this approach, I model strategy as a heuristic form of reasoning that governs the way in which individuals search for and provide cues in situations of mutually contingent choice. I conclude by examining how the reference to ecological rationality can help clarify Schelling’s contribution to game theory and outline potential avenues of research into strategic reasoning and interaction.

  3. Forming mutually beneficial Aboriginal partnerships

    Energy Technology Data Exchange (ETDEWEB)

    Brewster, L.; Shaw, M. [ATCO Frontec, Edmonton, AB (Canada)

    2002-07-01

    The Alberta-based ATCO Group is engaged in power generation, utilities logistics and energy services and technologies in Alaska, Canada's north, and around the world. In 2001, 56 per cent of ATCO's revenue came from Aboriginal joint ventures. ATCO's foundation for successful partnerships is a mutual trust, an understanding of the environment, and constant communication. The partnerships begin with a long term vision, resulting in community-based northern businesses that benefit Aboriginal partners, shareholders, customers and local staff. This paper described 2 unique joint venture case studies: (1) the north warning system in Cambridge Bay, a radar and communication service for government, and (2) Yellowknife's Tli Cho logistics site for support and municipal services to the mining industry. The north warning system joint venture includes Pan Arctic Inuit Logistics (PAIL), representing Inuvialuit, Labrador, Nunavik and Nunavut, while the Tli Cho joint venture includes participation of the Dog Rib Rae band. Management practices in all joint ventures reflect cultural differences, and Aboriginal people are involved in long term jobs relating to northern pipeline development. 21 figs.

  4. 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

  5. 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…

  6. PENSION FUND

    CERN Multimedia

    2002-01-01

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

  7. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  8. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

  9. [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.

  10. 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...

  11. PENSION FUND

    CERN Multimedia

    2002-01-01

    Amendment No 18 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2002, concerns the articles which have been amended, in accordance with the Council's decision, to allow the award of a deferred retirement pension after five years of service (instead of ten previously) and the fixed sums and allowances adjusted at the same date (Annex B). It also contains a revised version of the table of contents of the Rules, as well as pages where the contents have not changed but where the page layout has had to be adjusted for technical reasons.

  12. Pension Fund

    CERN Multimedia

    Pension Fund

    2006-01-01

    Amendment No. 22 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force following the CERN Council's decisions of 16 December 2005, includes the following new articles: Art. II 5.08 : Non-entitlement to Pension for Surviving Spouse Art. II 5.09 : Procurement of an entitlement to Pension for Surviving Spouse Art. II 6.09 : Non-entitlement to Pension for Orphans Art. II 7.01 c) : Entitlement to Allowances Art. III 1.07 : Extension of the contract beyond the age limit of 65 as well as the following amended articles : Article II 1.07 - Contributions Annex B - Fixed sums and allowances

  13. 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.

  14. 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.

  15. 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...

  16. 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.

  17. 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...

  18. 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...

  19. FINANCIAL INDICATORS FOR THE IMPLEMENTATION OF AN EUROPEAN FUNDED INVESTMENT PROJECT UNDER SOP IEC PROGRAMME – CASE STUDY OF A ROMANIAN SME

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2010-07-01

    Full Text Available The European Integration came with new challenges for the Romanian enterprises especially for the SMEs, the opportunities arising from operating on the European Single Market and the possibility for accession of European Regional Development Funds. The main programme designed to offer access for small, medium and large Romanian enterprises to European funding is the Sectorial Operational Programme “Increase of Economic Competitiveness”- SOP IEC. This paper will analyze the area of intervention “D1.1. Productive and environment friendly investments and preparation for market competition in which Romanian SMEs” are competing to access European funding in order to develop their activities or to extend them into new ones. One of the main challenges for these SMEs is to generate, fulfil and to respect the financial indicators of the programme, which are part of the financial analysis of the project.

  20. 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

  1. Composition: Mutual Prescriptions series (2009)

    DEFF Research Database (Denmark)

    Bergstrøm-Nielsen, Carl

    2010-01-01

    ! This work is licensed under a Creative Commons "by-nc" License. You may for non-commercial purposes use and distribute it, performance instructions as well as specially designated recordings, as long as the author(s) is (are) mentioned. Please see http://creativecommons.org/licenses/by-nc/3.0/ for details....

  2. 42 CFR 137.101 - What standard applies to a Self-Governance Tribe's management of funds paid under a compact or...

    Science.gov (United States)

    2010-10-01

    ... applied to investments not in isolation but in the context of the investment portfolio and as a part of an.... In addition, the Self-Governance Tribe must: (a) Conform to fundamental fiduciary duties of loyalty... to the investment responsibilities of the Self-Governance Tribe. Carryover of Funds ...

  3. 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...

  4. 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.

  5. 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...

  6. 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.

  7. Pension fund

    CERN Multimedia

    Staff Association

    2014-01-01

    Letter sent on Monday 8 December 2014 to the delegates of the Member States to CERN Council An item on the agenda of the CERN Council of Thursday 11 December concerned the CERN Pension Fund, namely a discussion of a document that proposes how to respond to the many questions concerning pensions that had been submitted by thirteen Member State delegations. That document lists all these questions and proposes, as a first step, to consider the legal feasibility and the actuarial cost to transform our current defined-benefit pension scheme into a defined-contribution scheme. Once again, several delegates show their determination to worsen our pension conditions. The Staff Association’s Pension Commission, in a special meeting on Thursday, 4 December, has decided to send an open letter to the delegates of the CERN Council. In this letter (shown below) the Staff Association and CERN-ESO Pensions’ Association express their opposition to these intentions. We underline, once more, that the 2010...

  8. 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.

  9. 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.

  10. 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

  11. 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...

  12. 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...

  13. 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...

  14. 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

  15. Mutual Group Hypnosis: A Social Interaction Analysis.

    Science.gov (United States)

    Sanders, Shirley

    Mutual Group Hypnosis is discussed in terms of its similarity to group dynamics in general and in terms of its similarity to a social interaction program (Role Modeling) designed to foster the expression of warmth and acceptance among group members. Hypnosis also fosters a regression to prelogical thought processes in the service of the ego. Group…

  16. MISTIC: mutual information server to infer coevolution

    DEFF Research Database (Denmark)

    Simonetti, Franco L.; Teppa, Elin; Chernomoretz, Ariel

    2013-01-01

    of several information-related quantities using a circos representation. This provides an integrated view of the MSA in terms of (i) the mutual information (MI) between residue pairs, (ii) sequence conservation and (iii) the residue cumulative and proximity MI scores. Further, an interactive interface...... of circos representation of MI networks and the visualization of the cumulative MI and proximity MI concepts is novel....

  17. Starvation-free mutual exclusion with semaphores

    NARCIS (Netherlands)

    Hesselink, Wim H.; IJbema, Mark

    The standard implementation of mutual exclusion by means of a semaphore allows starvation of processes. Between 1979 and 1986, three algorithms were proposed that preclude starvation. These algorithms use a special kind of semaphore. We model this so-called buffered semaphore rigorously and provide

  18. Deadlocks and dihomotopy in mutual exclusion models

    DEFF Research Database (Denmark)

    Raussen, Martin

    2005-01-01

    spaces, the directed ($d$-spaces) of M.Grandis and the flows of P. Gaucher. All models invite to use or modify ideas from algebraic topology, notably homotopy. In specific semaphore models for mutual exclusion, we have developed methods and algorithms that can detect deadlocks and unsafe regions and give...

  19. Competition as a mechanism structuring mutualisms

    Science.gov (United States)

    Robert J. Warren; Itamar Giladi; Mark A. Bradford

    2014-01-01

    Summary 1. Hutchinsonian niche theory posits that organisms have fundamental abiotic resource requirements from which they are limited by competition. Organisms also have fundamental biotic requirements, such as mutualists, for which they also might compete. 2. We test this idea with a widespread ant–plant mutualism. Ant-mediated seed dispersal (myrmecochory) in...

  20. Management of mutual health organizations in Ghana.

    NARCIS (Netherlands)

    Baltussen, R.M.P.M.; Bruce, E.; Rhodes, G.; Narh-Bana, S.A.; Agyepong, I.

    2006-01-01

    OBJECTIVE: Mutual Health Organizations (MHO) emerged in Ghana in the mid-1990s. The organizational structure and financial management of private and public MHO hold important lessons for the development of national health insurance in Ghana, but there is little evidence to date on their features.

  1. Canonical analysis based on mutual information

    DEFF Research Database (Denmark)

    Nielsen, Allan Aasbjerg; Vestergaard, Jacob Schack

    2015-01-01

    combinations with the information theoretical measure mutual information (MI). We term this type of analysis canonical information analysis (CIA). MI allows for the actual joint distribution of the variables involved and not just second order statistics. While CCA is ideal for Gaussian data, CIA facilitates...

  2. Partner selection in the mycorrhizal mutualism

    NARCIS (Netherlands)

    Werner, G.D.A.; Kiers, E.T.

    2015-01-01

    Partner selection in the mycorrhizal symbiosis is thought to be a key factor stabilising the mutualism. Both plant hosts and mycorrhizal fungi have been shown to preferentially allocate resources to higher quality partners. This can help maintain underground cooperation, although it is likely that

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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 ...

  8. 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...

  9. 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)

  10. Information on the possibilities of Cracow community in the field of the elimination of low emission under the community fund for environmental protection and water management

    Energy Technology Data Exchange (ETDEWEB)

    Roznowski, W.

    1995-12-31

    The Act dated May 17, 1990 regarding the division of tasks and competencies, as described in the detailed regulations, among the community organs and civil service units has actually awarded no competence to the commune organs as far as the air protection against pollution is concerned (except the matters regarding town and county planning and the location of certain investments). It arises out of the Act on Environmental Protection that no right to limit or stop any activity causing air pollution by the so-called low emission is granted to the community organs. The investments given supplementary financing consisted in eliminating the solid-fuel-fired boiler houses being noxious to the environment through a total eradication of local boiler houses via either connecting to the municipal heat distribution network or modernization of the local heating system by applying modern gas - or oil-fired boilers. An important criterion for selecting the tasks to be given supplementary financing from the Community Fund was the location of the structure - because the highest concentration of air pollution brought about by low emission sources takes place in the central regions of the town, the structures situated at the center were preferred. All scheduled tasks given supplementary financing from the Community Fund in 1994 and related with the elimination of low emission sources were completed in time and have already generated an ecological effect in the heating season 1994/95.

  11. (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

  12. Funding in Spain

    International Nuclear Information System (INIS)

    Santiago, Juan Luis

    2006-01-01

    Decommissioning strategies currently considered are: Immediate dismantling (for all LWR), Deferred dismantling (only for Vandellos-I). Dismantling is assumed to commence 3 years after shutdown. End point: Release the site for industrial uses without radiological restrictions. Considerations for Planning and Funding: 40 years of lifetime for the nuclear power plants currently in operation (7.6 GWe installed). Decommissioning of NPPs: Vandellos I (Partial dismantling (Level 2) in 2003, Total dismantling (Level 3) after a 30 years period); Rest of NPPs: Total dismantling (Level 3), as regards calculation and planning 3 years after final reactor shutdown. Distribution of Responsibilities: Decommissioning is planned to start about 3 years after plant shutdown. During this period the Utility is still responsible for the plant and should remove the spent fuel and condition all the operational wastes, prior to the transfer of responsibility to Enresa. After transfer, Enresa is fully responsible for decommissioning. Decommissioning Funding and Management Rules: The cost of the decommissioning of nuclear installations are financed by the producers of such wastes. The financing of these responsibilities is by way of a Fund set up for this purpose. The costs are calculated by Enresa by means of an annual study, which reviews the status of the techniques and assesses the associated costs, this study being submitted in the General Radioactive Waste Plan to the Ministry of Economy for its approval. The Fund, managed by Enresa, is raised by a charge on the electricity price. The accumulated fund is administrated by Enresa under the supervision of the competent governmental authorities. Rules are established by a Fund Control Committee reporting to the Ministry of Economy. Financing via electricity Billing: The costs of activities arising as a result of radioactive waste management are to be financed by the producers. For NPPs, Establishment of a percentage quota on electricity

  13. Fast mutual-information-based contrast enhancement

    Science.gov (United States)

    Cao, Gang; Yu, Lifang; Tian, Huawei; Huang, Xianglin; Wang, Yongbin

    2017-07-01

    Recently, T. Celik proposed an effective image contrast enhancement (CE) method based on spatial mutual information and PageRank (SMIRANK). According to the state-of-the-art evaluation criteria, it achieves the best visual enhancement quality among existing global CE methods. However, SMIRANK runs much slower than the other counterparts, such as histogram equalization (HE) and adaptive gamma correction. Low computational complexity is also required for good CE algorithms. In this paper, we novelly propose a fast SMIRANK algorithm, called FastSMIRANK. It integrates both spatial and gray-level downsampling into the generation of pixel value mapping function. Moreover, the computation of rank vectors is speeded up by replacing PageRank with a simple yet efficient row-based operation of mutual information matrix. Extensive experimental results show that the proposed FastSMIRANK could accelerate the processing speed of SMIRANK by about 20 times, and is even faster than HE. Comparable enhancement quality is preserved simultaneously.

  14. 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.

  15. Mutual Learning in the European Employment Strategy

    DEFF Research Database (Denmark)

    Nedergaard, Peter

    in the European employment strategy have been either determined by the sender's interests or have underestimated how mutual learning between countries takes place. In stead the article develops a constructivist approach to learning and uses it to generate some concrete hypothesis about when learning in committees...... is most likely to take place. Afterwards, this constructivist approach is used to analyse the institutional framework surrounding the European employment strategy in order to evaluate whether the potential for learning is optimal. Finally, the article concludes that even though some basic premises......Mutual learning among the Member States is the primary purpose of the employment policy of the European Union. The two most important questions in this regard are how learning occurs and how much learning takes place. In this article I argue that the existing analyses of the effects of learning...

  16. Behavioral aspects of negotiations on mutual security

    International Nuclear Information System (INIS)

    Druckman, D.; Hopmann, P.T.

    1989-01-01

    This article surveys theory and research about the process of international negotiation. The goal, of this paper is to apply behavioral science research to find ways to negotiate an improved mutual security regime between the nuclear superpowers that would make nuclear war less likely in the years ahead. When President John F. Kennedy presented the first nuclear arms control agreement, the Partial Nuclear Test Ban Treaty, to the U.S. public in 1963 he noted the ancient Chinese proverb: A journey of a thousand miles must begin with a single step. Just as the Partial Nuclear Test Ban Treaty represented for Kennedy the first step on the road to nuclear arms control, so the research reviewed here represents at best the first few steps in a long journey to a better understanding of how to negotiate a regime of mutual security between the nuclear superpowers

  17. Herbivory eliminates fitness costs of mutualism exploiters.

    Science.gov (United States)

    Simonsen, Anna K; Stinchcombe, John R

    2014-04-01

    A common empirical observation in mutualistic interactions is the persistence of variation in partner quality and, in particular, the persistence of exploitative phenotypes. For mutualisms between hosts and symbionts, most mutualism theory assumes that exploiters always impose fitness costs on their host. We exposed legume hosts to mutualistic (nitrogen-fixing) and exploitative (non-nitrogen-fixing) symbiotic rhizobia in field conditions, and manipulated the presence or absence of insect herbivory to determine if the costly fitness effects of exploitative rhizobia are context-dependent. Exploitative rhizobia predictably reduced host fitness when herbivores were excluded. However, insects caused greater damage on hosts associating with mutualistic rhizobia, as a consequence of feeding preferences related to leaf nitrogen content, resulting in the elimination of fitness costs imposed on hosts by exploitative rhizobia. Our experiment shows that herbivory is potentially an important factor in influencing the evolutionary dynamic between legumes and rhizobia. Partner choice and host sanctioning are theoretically predicted to stabilize mutualisms by reducing the frequency of exploitative symbionts. We argue that herbivore pressure may actually weaken selection on choice and sanction mechanisms, thus providing one explanation of why host-based discrimination mechanisms may not be completely effective in eliminating nonbeneficial partners. © 2014 The Authors. New Phytologist © 2014 New Phytologist Trust.

  18. 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, ...

  19. 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...

  20. 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...

  1. Renewable energy projects in small island countries funded under the United Nation trust found for new and renewable source of energy (NRSE)

    International Nuclear Information System (INIS)

    Gururaja, J.

    1999-01-01

    The NRSE trust fund established with financial support from the Italian Government has succeeded in catalyzing a number of energy projects in small island developing countries. These projects have elicited a great deal of interest by local communities and opened up prospects for further utilization of locally available energy resources. The projects have created a positive impact on the quality of life of people in dispersed locations in small island developing countries by focusing on provision of renewable energy based electricity services such as solar PV lighting for homes, schools, and hospitals; radio, TV, VCR as well as medicine refrigerators. Thus it has become evident that renewable energy technologies such as solar and wind systems can have an important role to play in improving the quality of life of people in these small island countries. Market potential for these technologies is indeed substantial. However constraints and barriers still exist. One of the principal barriers is still the high initial cost of solar devices. Innovative financing including microcredit facilities needs to be explored. Efforts are also needed to strengthen local capacity to undertake assembly of components and systems, and also in the installation, maintenance, and service of renewable energy devices. Entrepreneurial activities need to be fostered through further strengthening of skills in this area. (EHS)

  2. Renewable energy projects in small island countries funded under the United Nation trust found for new and renewable source of energy (NRSE)

    Energy Technology Data Exchange (ETDEWEB)

    Gururaja, J. [Energy and Transport Branch, Division for Sustainabel Development, Department of Economic and Social Affairs, United Nations, NY (United States)

    1999-11-01

    The NRSE trust fund established with financial support from the Italian Government has succeeded in catalyzing a number of energy projects in small island developing countries. These projects have elicited a great deal of interest by local communities and opened up prospects for further utilization of locally available energy resources. The projects have created a positive impact on the quality of life of people in dispersed locations in small island developing countries by focusing on provision of renewable energy based electricity services such as solar PV lighting for homes, schools, and hospitals; radio, TV, VCR as well as medicine refrigerators. Thus it has become evident that renewable energy technologies such as solar and wind systems can have an important role to play in improving the quality of life of people in these small island countries. Market potential for these technologies is indeed substantial. However constraints and barriers still exist. One of the principal barriers is still the high initial cost of solar devices. Innovative financing including microcredit facilities needs to be explored. Efforts are also needed to strengthen local capacity to undertake assembly of components and systems, and also in the installation, maintenance, and service of renewable energy devices. Entrepreneurial activities need to be fostered through further strengthening of skills in this area. (EHS)

  3. 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)

  4. Urban Growth Areas, Priority Funding Area (PFA) - Vector Database. PFAs are geographic growth areas defined under State law and designated by local jurisdictions to provide a map for targeting State investment in infrastructure., Published in 1998, 1:24000 (1in=2000ft) scale, Maryland Department of Planning.

    Data.gov (United States)

    NSGIC State | GIS Inventory — Urban Growth Areas dataset current as of 1998. Priority Funding Area (PFA) - Vector Database. PFAs are geographic growth areas defined under State law and designated...

  5. 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?”

  6. Creating a culture of mutual respect.

    Science.gov (United States)

    Kaplan, Kathryn; Mestel, Pamela; Feldman, David L

    2010-04-01

    The Joint Commission mandates that hospitals seeking accreditation have a process to define and address disruptive behavior. Leaders at Maimonides Medical Center, Brooklyn, New York, took the initiative to create a code of mutual respect that not only requires respectful behavior, but also encourages sensitivity and awareness to the causes of frustration that often lead to inappropriate behavior. Steps to implementing the code included selecting code advocates, setting up a system for mediating disputes, tracking and addressing operational system issues, providing training for personnel, developing a formal accountability process, and measuring the results. Copyright 2010 AORN, Inc. Published by Elsevier Inc. All rights reserved.

  7. Mutual emergency assistance for radiation accidents

    International Nuclear Information System (INIS)

    1983-03-01

    A revised document on ''Mutual Emergency Assistance for Radiation Accidents'' jointly prepared by the Agency with the participation of the World Health Organization (WHO), the Food and Agricultural Organization of the United Nations (FAO), the International Labour Organisation (ILO) and the Office of the United Nations Disaster Relief Co-ordinator (UNDRO) was issued in 1980 as TECDOC-237. The present document lists the additional information received after publication of the 1980 edition and is issued as a Supplement to TECDOC-237 (1980 Edition). Some useful information contained in TECDOC-237 such as the IAEA arrangement and the WHO Collaborating Centres for Radiation Emergency Assistance are reprinted for ready reference

  8. Group-ID based RFID Mutual Authentication

    Directory of Open Access Journals (Sweden)

    LEE, Y.

    2013-11-01

    Full Text Available For passive type RFID tags, EPCglobal Class 1 Generation-2 Revision is used widely as a de facto standard. As it was designed for low cost, it is quite vulnerable to security issues, such as privacy concerns. This paper presents a new RFID mutual authentication protocol, which is designed to be configured on EPC Gen2 platform and to meet various security requirements while providing efficiency using PRNG (Pseudo Random Number Generator. Group-ID is used to minimize the authentication time. Security analysis of the proposed protocol is discussed.

  9. THE COOPERATIVE CREDIT MUTUAL IN BRAZIL.

    Directory of Open Access Journals (Sweden)

    Laércio Baptista da Silva

    2013-06-01

    Full Text Available This study presents an analysis of the reality of credit unions in Brazil, in view of the singular importance of credit unions for the whole society as an alternative to private resources in favor of members of the community where they are located. It confirms that, in Brazil, the mutual credit unions, besides being presented as one of the viable options within the financial system, are also seen as an alternative by which some sectors of society promote the humanization of the financial system by offering credit and return on capital with fairer interest rates.

  10. Identity theory and personality theory: mutual relevance.

    Science.gov (United States)

    Stryker, Sheldon

    2007-12-01

    Some personality psychologists have found a structural symbolic interactionist frame and identity theory relevant to their work. This frame and theory, developed in sociology, are first reviewed. Emphasized in the review are a multiple identity conception of self, identities as internalized expectations derived from roles embedded in organized networks of social interaction, and a view of social structures as facilitators in bringing people into networks or constraints in keeping them out, subsequently, attention turns to a discussion of the mutual relevance of structural symbolic interactionism/identity theory and personality theory, looking to extensions of the current literature on these topics.

  11. Feature Selection Based on Mutual Correlation

    Czech Academy of Sciences Publication Activity Database

    Haindl, Michal; Somol, Petr; Ververidis, D.; Kotropoulos, C.

    2006-01-01

    Roč. 19, č. 4225 (2006), s. 569-577 ISSN 0302-9743. [Iberoamerican Congress on Pattern Recognition. CIARP 2006 /11./. Cancun, 14.11.2006-17.11.2006] R&D Projects: GA AV ČR 1ET400750407; GA MŠk 1M0572; GA AV ČR IAA2075302 EU Projects: European Commission(XE) 507752 - MUSCLE Institutional research plan: CEZ:AV0Z10750506 Keywords : feature selection Subject RIV: BD - Theory of Information Impact factor: 0.402, year: 2005 http://library.utia.cas.cz/separaty/historie/haindl-feature selection based on mutual correlation.pdf

  12. 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

  13. 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.

  14. 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.

  15. 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

  16. 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.

  17. 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...

  18. Lessons Learnt in the Development of Level 1 PUSPATI TRIGA Reactor Probability Safety Assessment: A Collaboration Project under the Norwegian Extra Budgetary Fund

    International Nuclear Information System (INIS)

    Mazleha Maskin; Tom, P.P.; Ahmad Hassan Sallehudin Mohd Sarif; Faizal Mohamed; Mohd Fazli Zakaria; Muhamad Puad Abu

    2014-01-01

    This article reports about the lessons learnt from the development of level 1 probabilistic safety assessment (PSA) project that was implemented under the IAEA mentoring program for TRIGA MARK II PUSPATI research reactor (RTP). As a project that involved more than 3 organizations, a strategic planning of the management and implementation of individual assignment is truly a hectic task. This report compiles all related activities from the forming of the Malaysian PSA team up to the final report submitted to the IAEA. (author)

  19. 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...

  20. 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

  1. 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.

  2. 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...

  3. 77 FR 25212 - Praxis Mutual Funds and Everence Community Investments, Inc.; Notice of Application

    Science.gov (United States)

    2012-04-27

    ... amend a prior order permitting the Trust and its series to invest in certain securities issued by ECI (``Prior Order'').\\1\\ Applicants seek to amend the Prior Order to permit the Trust to continue to invest in... the investment adviser to the Trust.\\2\\ ECI is a not-for-profit corporation that is exempt from...

  4. Stock Simulation and Mutual Funds: A Pedagogical Tool for Faith-Based Investing and Interfaith Understanding

    Science.gov (United States)

    Porter, Brian E.

    2013-01-01

    It is increasingly important to understand the fundamentals of investing and, for many, the ability to integrate faith and ethics with investing decisions. This is especially relevant for employees and students in Christian higher education. Most employees in Christian higher education are enrolled in retirement plans that obligate them to make…

  5. 77 FR 69455 - Proposed Recommendations Regarding Money Market Mutual Fund Reform

    Science.gov (United States)

    2012-11-19

    ... risks to financial stability that may arise from various products within the cash management industry in... that could result in risks to financial stability if cash management products with similar risks are... institutional investors for cash management purposes, although the industry has become increasingly dominated by...

  6. Investor sentiment, mutual fund flows and its impact on returns and volatility

    NARCIS (Netherlands)

    Lehnert, T.; Müller, A.; Frijns, B.P.M.; Beaumont, R.J.; Daele, M. van

    2008-01-01

    - Purpose – The purpose of this paper is to investigate the impact of individual investor sentiment on the return process and conditional volatility of three main US market indices (Dow Jones Industrial Average, S&P500 and Nasdaq100). Individual investor sentiment is measured by aggregate money

  7. 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

  8. The funding black hole

    CERN Multimedia

    2008-01-01

    Two physics students at the University of Bristol have organised a petition against the recently-announced funding cut of 80 million by the body that funds physics research in the UK, the Science and Technology Facilities Council (STFC).

  9. Fanconi Anemia Research Fund

    Science.gov (United States)

    ... Support Publications Fundraising News What is the Fanconi Anemia Research Fund? Fanconi anemia is an inherited disease that can lead to ... population. Lynn and Dave Frohnmayer started the Fanconi Anemia Research Fund, in 1989 to find effective treatments ...

  10. 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...

  11. Pension funds' herding

    NARCIS (Netherlands)

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

    2016-01-01

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

  12. Speech Intelligibility Prediction Based on Mutual Information

    DEFF Research Database (Denmark)

    Jensen, Jesper; Taal, Cees H.

    2014-01-01

    This paper deals with the problem of predicting the average intelligibility of noisy and potentially processed speech signals, as observed by a group of normal hearing listeners. We propose a model which performs this prediction based on the hypothesis that intelligibility is monotonically related...... to the mutual information between critical-band amplitude envelopes of the clean signal and the corresponding noisy/processed signal. The resulting intelligibility predictor turns out to be a simple function of the mean-square error (mse) that arises when estimating a clean critical-band amplitude using...... a minimum mean-square error (mmse) estimator based on the noisy/processed amplitude. The proposed model predicts that speech intelligibility cannot be improved by any processing of noisy critical-band amplitudes. Furthermore, the proposed intelligibility predictor performs well ( ρ > 0.95) in predicting...

  13. Quantum corrections to holographic mutual information

    International Nuclear Information System (INIS)

    Agón, Cesar A.; Faulkner, Thomas

    2016-01-01

    We compute the leading contribution to the mutual information (MI) of two disjoint spheres in the large distance regime for arbitrary conformal field theories (CFT) in any dimension. This is achieved by refining the operator product expansion method introduced by Cardy http://dx.doi.org/10.1088/1751-8113/46/28/285402. For CFTs with holographic duals the leading contribution to the MI at long distances comes from bulk quantum corrections to the Ryu-Takayanagi area formula. According to the FLM proposal http://dx.doi.org/10.1007/JHEP11(2013)074 this equals the bulk MI between the two disjoint regions spanned by the boundary spheres and their corresponding minimal area surfaces. We compute this quantum correction and provide in this way a non-trivial check of the FLM proposal.

  14. Mutual Contextualization in Tripartite Graphs of Folksonomies

    Science.gov (United States)

    Yeung, Ching-Man Au; Gibbins, Nicholas; Shadbolt, Nigel

    The use of tags to describe Web resources in a collaborative manner has experienced rising popularity among Web users in recent years. The product of such activity is given the name folksonomy, which can be considered as a scheme of organizing information in the users' own way. This research work attempts to analyze tripartite graphs - graphs involving users, tags and resources - of folksonomies and discuss how these elements acquire their semantics through their associations with other elements, a process we call mutual contextualization. By studying such process, we try to identify solutions to problems such as tag disambiguation, retrieving documents of similar topics and discovering communities of users. This paper describes the basis of the research work, mentions work done so far and outlines future plans.

  15. Quantum corrections to holographic mutual information

    Energy Technology Data Exchange (ETDEWEB)

    Agón, Cesar A. [Martin Fisher School of Physics, Brandeis University,Waltham, MA 02453 (United States); Faulkner, Thomas [University of Illinois, Urbana-Champaign,Urbana, IL 61801-3080 (United States)

    2016-08-22

    We compute the leading contribution to the mutual information (MI) of two disjoint spheres in the large distance regime for arbitrary conformal field theories (CFT) in any dimension. This is achieved by refining the operator product expansion method introduced by Cardy http://dx.doi.org/10.1088/1751-8113/46/28/285402. For CFTs with holographic duals the leading contribution to the MI at long distances comes from bulk quantum corrections to the Ryu-Takayanagi area formula. According to the FLM proposal http://dx.doi.org/10.1007/JHEP11(2013)074 this equals the bulk MI between the two disjoint regions spanned by the boundary spheres and their corresponding minimal area surfaces. We compute this quantum correction and provide in this way a non-trivial check of the FLM proposal.

  16. 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...

  17. 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...

  18. 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

  19. 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...

  20. Are fund of hedge fund returns asymmetric?

    OpenAIRE

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

    We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

  1. Fund management plan

    International Nuclear Information System (INIS)

    1984-08-01

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

  2. 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.

  3. Offshore Investment Funds

    Directory of Open Access Journals (Sweden)

    Shang-Jin Wei

    1999-12-01

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

  4. 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....

  5. 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.

  6. 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...

  7. Library Services Funding Assessment

    Science.gov (United States)

    Lorig, Jonathan A.

    2004-01-01

    The Glenn Technical Library is a science and engineering library that primarily supports research activities at the Glenn Research Center, and provides selected services to researchers at all of the NASA research centers. Resources available in the library include books, journals, CD-ROMs, and access to various online sources, as well as live reference and inter-library loan services. The collection contains over 77,000 books, 800,000 research reports, and print or online access to over 1,400 journals. Currently the library operates within the Logistics and Technical Information Division, and is funded as an open-access resource within the GRC. Some of the research units at the GRC have recently requested that the library convert to a "pay-for-services" model, in which individual research units could fund only those journal subscriptions for which they have a specific need. Under this model, the library would always maintain a certain minimum level of pooled-expense services, including the ready reference and book collections, and inter-library loan services. Theoretically the "pay-for-services" model would encourage efficient financial allocation, and minimize the extent to which paid journal subscriptions go unused. However, this model also could potentially negate the benefits of group purchases for journal subscriptions and access. All of the major journal publishers offer package subscriptions that compare favorably in cost with the sum of individual subscription costs for a similar selection of titles. Furthermore, some of these subscription packages are "consortium" purchases that are funded collectively by the libraries at multiple NASA research centers; such consortia1 memberships would be difficult for the library to pay, if enough GRC research units were to withdraw their pooled contributions. cost of collectively-funded journal access with the cost of individual subscriptions. My primary task this summer is to create the cost dataset framework, and

  8. 24 CFR 92.65 - Funding sanctions.

    Science.gov (United States)

    2010-04-01

    ... HOME INVESTMENT PARTNERSHIPS PROGRAM Allocation Formula Insular Areas Program § 92.65 Funding sanctions... assistance where any corrective or remedial actions taken under § 92.551 fail to remedy an insular area's...

  9. 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...

  10. 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.

  11. A Fund of Wisdom

    DEFF Research Database (Denmark)

    Seabrooke, Leonard; Broome, André

    2006-01-01

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

  12. Clinical supervision, is it mutually beneficial

    International Nuclear Information System (INIS)

    Adams, E.J.

    2000-01-01

    Full text: Clinical education in Nuclear Medicine is essential for student learning as it enables them to develop knowledge and competence and put theory into practice. While the benefit to the student is clear, the clinical education experience should be mutually beneficial. The role of the clinical supervisor involves teaching, role modelling, management and assessment. It could be assumed that the Supervisor would find the teaching role leading to increased knowledge; role modelling leading to increased reflection which improves practice; management skills being enhanced and assessment improving critical evaluation skills. The aim of this study was to assess the perceived benefits of taking on the role of a clinical supervisor. Clinical Supervisors participating in the Nuclear Medicine program were surveyed. Questions were grouped into three main categories - professional, interpersonal and communication. A Likert scale was used to assess perceived level of benefit and open-ended questions were included to obtain additional understanding of Supervisors' perceptions. Results from the survey indicate that 64% of supervisors felt an increase in work satisfaction by taking students, 68% agreed their level of performance was improved and 61% agreed that it deepened their understanding of Nuclear Medicine. It is concluded that respondents perceived a positive benefit to areas within the role of Clinical Supervisor. Copyright (2000) The Australian and New Zealand Society of Nuclear Medicine Inc

  13. Grounding Animal Rights in Mutual Advantage Contractarianism

    Directory of Open Access Journals (Sweden)

    Matthew Taylor

    2014-09-01

    Full Text Available Contrary to critics and advocates of contractarianism alike, I argue that mutual advantage contractarianism entails rights and protections for animals. In section one I outline the criteria that must be met in order for an individual to qualify for moral rights on the contractarian view. I then introduce an alternative form of ‘rights,’ which I call ‘protectorate status,’ from which an individual can receive protections indirectly. In section two I suggest guidelines for assigning animal rights based on two ways of categorizing animals. On the basis of the categorization according to benefit derived, I argue that animals used for companionship, security, hunting assistance, transportation, entertainment, medical service, nourishment, or clothing will tend to qualify for basic rights against starvation, predation, and disease. On the basis of the categorization according to species, I argue that, on top of the basic rights above, dogs tend to qualify for rights against abuse, and against frivolous medical experimentation, as well as further negotiated rights. Cows have the basic rights against starvation, predation, and disease, but squirrels and bears have no rights. In section three I argue that some animals qualify for protectorate status, which would establish various protections for different animals, but would also generally prohibit cruelty towards animals.

  14. Economic game theory for mutualism and cooperation.

    Science.gov (United States)

    Archetti, Marco; Scheuring, István; Hoffman, Moshe; Frederickson, Megan E; Pierce, Naomi E; Yu, Douglas W

    2011-12-01

    We review recent work at the interface of economic game theory and evolutionary biology that provides new insights into the evolution of partner choice, host sanctions, partner fidelity feedback and public goods. (1) The theory of games with asymmetrical information shows that the right incentives allow hosts to screen-out parasites and screen-in mutualists, explaining successful partner choice in the absence of signalling. Applications range from ant-plants to microbiomes. (2) Contract theory distinguishes two longstanding but weakly differentiated explanations of host response to defectors: host sanctions and partner fidelity feedback. Host traits that selectively punish misbehaving symbionts are parsimoniously interpreted as pre-adaptations. Yucca-moth and legume-rhizobia mutualisms are argued to be examples of partner fidelity feedback. (3) The theory of public goods shows that cooperation in multi-player interactions can evolve in the absence of assortment, in one-shot social dilemmas among non-kin. Applications include alarm calls in vertebrates and exoenzymes in microbes. 2011 Blackwell Publishing Ltd/CNRS.

  15. Calcium and ROS: A mutual interplay

    Science.gov (United States)

    Görlach, Agnes; Bertram, Katharina; Hudecova, Sona; Krizanova, Olga

    2015-01-01

    Calcium is an important second messenger involved in intra- and extracellular signaling cascades and plays an essential role in cell life and death decisions. The Ca2+ signaling network works in many different ways to regulate cellular processes that function over a wide dynamic range due to the action of buffers, pumps and exchangers on the plasma membrane as well as in internal stores. Calcium signaling pathways interact with other cellular signaling systems such as reactive oxygen species (ROS). Although initially considered to be potentially detrimental byproducts of aerobic metabolism, it is now clear that ROS generated in sub-toxic levels by different intracellular systems act as signaling molecules involved in various cellular processes including growth and cell death. Increasing evidence suggests a mutual interplay between calcium and ROS signaling systems which seems to have important implications for fine tuning cellular signaling networks. However, dysfunction in either of the systems might affect the other system thus potentiating harmful effects which might contribute to the pathogenesis of various disorders. PMID:26296072

  16. Friendly Home and Inhabitants' Morality: Mutual Relationships

    Science.gov (United States)

    Nartova-Bochaver, Sofya K.; Kuznetsova, Valeriya B.

    2018-01-01

    The study is aimed at investigating the connection between the friendliness of the home environment and the moral motives' level. The friendliness of the home environment includes two aspects: the number of functions provided by home (functionality) and the congruence of these functions with inhabitants' needs (relevance). The theoretical framework of the study was formed by research and ideas emphasizing the interplay between people and their environments. We hypothesized that the friendliness of the home environment and inhabitants' moral motives would have a reciprocal relationship: the friendlier the home the higher the inhabitants' moral motives' level, and, vice versa, the higher the person's moral motives' level the more positive home image. The respondents were 550 students (25% male). The Home Environment Functionality Questionnaire, the Home Environment Relevance Questionnaire, and the Moral Motivation Model Scale were used. As expected, it was found that the friendliness of the home environment and the inhabitants' moral motives are in reciprocal synergetic relationships. Relevance formed more nuanced correlation patterns with moral motives than functionality did. Functionality predicted moral motives poorly whereas moral motives predicted functionality strongly. Finally, relevance and moral motives were found to be in mutual relationships whereas the perceived functionality was predicted by moral motives only. PMID:29375450

  17. 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.

  18. 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…

  19. 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

  20. 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

  1. 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

  2. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

    The CERN Pension Fund has moved to new offices on the 5th floor of Building 5. The Benefits Service of the Fund is now located in Offices 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the relocation.

  3. INDEXING AND INDEX FUNDS

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-06-01

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

  4. 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.

  5. 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.

  6. On the mutual interaction between laser beams in plasmas

    International Nuclear Information System (INIS)

    Ren, C.; Duda, B.J.; Evans, R.G.; Fonseca, R.A.; Hemker, R.G.; Mori, W.B.

    2002-01-01

    The nonlinear interaction between light beams in a plasma is studied. In particular, nonlinearities due to relativistic mass corrections and density modulations from a plasma wave wake are considered; but the results can be generalized for other nonlinearities. A simple physical picture using the nonlinear phase velocity of the light wave in a plasma is developed to show that when two laser beams are coherent, the force can be repulsive or attractive, depending on their relative phase. When the two laser beams are polarized in mutually perpendicular directions, the force is always attractive. Using a variational method, a simple analytical expression for this attractive force is derived for Gaussian beams. The centers of the lasers move analogously to point masses under this attractive force with the laser power playing the role of the mass. Under an attractive force, solutions exist where the two lasers can spiral around each other. It is also shown that the plasma wave wake can cause the two spiraling lasers to become intertwined forming a braided pattern. The braiding is common to any nonlinearity which is not instantaneous. The analytical results concerning attraction, repulsion, and braiding have been confirmed using three dimensional particle-in-cell simulations. The simulations also show that angular momentum can radiate away leading to the coalescence of the remaining energy

  7. Mutual emergency assistance for radiation accidents

    International Nuclear Information System (INIS)

    1980-11-01

    mutual assistance in the event of radiation accidents

  8. NREL Funding Reductions

    Science.gov (United States)

    Energy Laboratory (NREL) announced today that it will further reduce its work force as a result of million. Recent indications, however, are that NREL's funding will be lowered by an additional $27 million employees. NREL Director Charles F. Gay said the additional funding cuts are a result of lower than expected

  9. The Phony Funding Crisis

    Science.gov (United States)

    Guthrie, James W.; Peng, Arthur

    2010-01-01

    If one relies on newspaper headlines for education funding information, one might conclude that America's schools suffer from a perpetual fiscal crisis, every year perched precariously on the brink of financial ruin, never knowing whether there will be sufficient funding to continue operating. Budgetary shortfalls, school district bankruptcies,…

  10. Fund management plan

    International Nuclear Information System (INIS)

    1983-05-01

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

  11. Educational Technology Funding Models

    Science.gov (United States)

    Mark, Amy E.

    2008-01-01

    Library and cross-disciplinary literature all stress the increasing importance of instructional technology in higher education. However, there is a dearth of articles detailing funding for library instructional technology. The bulk of library literature on funding for these projects focuses on one-time grant opportunities and on the architecture…

  12. Activity Fund Accounting.

    Science.gov (United States)

    Cool, David W.

    1983-01-01

    Addresses the need of school districts in many states to decide on an appropriate mingling of centralization and decentralization in the operation of activity funds. Argues for analysis of activity fund operation through a breakdown into such major components as policy, the accounting system, and reporting and auditing. (JBM)

  13. 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.

  14. 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.

  15. 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.

  16. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Rosselli, R.

    1984-01-01

    The Nuclear Waste Policy Act of 1982 (NWPA) established two separate special bank accounts: the Nuclear Waste Fund (NWF) was established to finance all of the Federal Government activities associated with the disposal of High-Level Waste (HLW) or Spent Nuclear Fuel (SNF). The Interim Storage Fund (ISF) is the financial mechanism for the provision of Federal Interim Storage capacity, not to exceed 1900 metric tons of SNF at civilian power reactors. The management of these funds is discussed. Since the two funds are identical in features and the ISF has not yet been activated, the author's remarks are confined to the Nuclear Waste Fund. Three points discussed include legislative features, current status, and planned activities

  17. 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.

  18. 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...

  19. 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...

  20. 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...

  1. 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

  2. Status of funded actions

    International Nuclear Information System (INIS)

    2004-01-01

    The GEDEPEON workshop is organised to review the GEDEPEON research actions, which have been funded in 2003. Presentations are made by research teams actively involved in GEDEPEON research areas. Speakers were invited to show how the presented research data are related to the general goals of transmutation, for which 2006 is an important milestone, and innovative systems. document gathers the slides of 9 presentations among the 19 given at this workshop: 1 - nuclear and physical data: the TRADE experiment (Steckmeyer J.C.); actinides incineration - Mini-Inca (Chabod S.); NTOF: measurement of capture cross-sections (Gunsing F.); 2 - systems: analysis of uncertainties and sensitivity factors of nuclear data in molten salt reactor concepts (Mastrangelo V.); 3 - targets and corrosion: diffusion-controlled intergranular penetration and embrittlement of metals by liquid bismuth (Wolski K.), behaviour of T91 steel under cyclic loading in the liquid Pb-Bi alloy (Verleene A.); 4 - materials for future systems: helium impurities corrosion resistance of high temperature resistant materials for gas-cooled reactors (Cabet, C.); 5 - accelerators: Spoke cavities R and D and their role in the driver of an accelerator-driven system (ADS) (Junquera T.); 6 - Gedeon-Gedepeon 2001-2004 synthesis: spallation and nuclear data (Tassan-Got L., Barreau G. and Leray S.). (J.S.)

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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)

  8. 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.

  9. 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.

  10. 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.

  11. Ultrametricity in Fund of Funds Diversification

    OpenAIRE

    Susinno, Gabriele; Miceli, Maria Augusta

    2003-01-01

    Minimum market transparency requirements impose Hedge Fund (HF) managers to use the statement declared strategy in practice. However each declared strategy may actually origin a multiplicity of implemented management decisions. Is then the "actual "strategy the same as the "announced" strategy? Can the actual strategy be monitored or compared to the actual strategy of HF belonging to the same "announced" class? Can the announced or actual strategy be used as a quantitative argument in the fun...

  12. 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.

  13. Understaning the "funding effect"

    Science.gov (United States)

    Oreskes, N.

    2016-12-01

    There is a long history of industry funding of scientific and engineering research in the USA. Much of this work has been of high quality. Research demonstrates, however, that corporate funding can represent a threat to scientific independence and integrity. Studies show that sponsors' interests can affect research results, particularly when sponsors have a strong interest in a particular research outcome. The effects may occur through the impact of subconscious bias on sampling, study design, data interpretation, and/or reporting of results. Corporate funding can also skew research toward investigating certain questions at the expense of others, downplaying the significance of adverse findings, and/or failing to report adverse results. Gifts can affect behavior, even when they are unrelated to research activities. These impacts that are so substantial that they have a name: "the funding effect."[i] Evidence shows that scientists who strive to be objective and fair-minded may nonetheless fall prey to the funding effect. In many cases, the challenges of corporate gifts and funding can be addressed through education and improved self-awareness, agreements that protect researchers' freedom to publish without sponsor approval, sensible disclosure policies, and reasonable sanctions for failures of disclosure. However, in some cases, it may be appropriate for researchers and scientific societies to decline funding.

  14. Formation of solid solution during mutual diffusion of tungsten and molybdenum in the process of sintering

    International Nuclear Information System (INIS)

    Timofeeva, A.A.; Bulat, I.B.; Voronin, Yu.V.; Fedoseev, G.K.; Karasev, V.M.

    1984-01-01

    A process of a solid solution homogenization during sintering of W-15Mo and W-5Mo alloys is studied by the methods of density measurements, analysis of the X-ray lines physical broadening and determination of crystalline lattice constant. Study of the process of solid solution formation under conditions of powder composite sintering is shown to be conducted with account of peculiarities of tungsten and molybdenum mutual diffusion in the investigated temperature range of concentrations

  15. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

    The CERN Pension Fund has moved to new offices at the 5th floor of Building 5. The Benefits Service of the Fund will henceforth receive you in the offices: 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the Removal.

  16. 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.

  17. 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...

  18. 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

  19. Inference of financial networks using the normalised mutual information rate

    Science.gov (United States)

    2018-01-01

    In this paper, we study data from financial markets, using the normalised Mutual Information Rate. We show how to use it to infer the underlying network structure of interrelations in the foreign currency exchange rates and stock indices of 15 currency areas. We first present the mathematical method and discuss its computational aspects, and apply it to artificial data from chaotic dynamics and to correlated normal-variates data. We then apply the method to infer the structure of the financial system from the time-series of currency exchange rates and stock indices. In particular, we study and reveal the interrelations among the various foreign currency exchange rates and stock indices in two separate networks, of which we also study their structural properties. Our results show that both inferred networks are small-world networks, sharing similar properties and having differences in terms of assortativity. Importantly, our work shows that global economies tend to connect with other economies world-wide, rather than creating small groups of local economies. Finally, the consistent interrelations depicted among the 15 currency areas are further supported by a discussion from the viewpoint of economics. PMID:29420644

  20. Transposon domestication versus mutualism in ciliate genome rearrangements.

    Directory of Open Access Journals (Sweden)

    Alexander Vogt

    Full Text Available Ciliated protists rearrange their genomes dramatically during nuclear development via chromosome fragmentation and DNA deletion to produce a trimmer and highly reorganized somatic genome. The deleted portion of the genome includes potentially active transposons or transposon-like sequences that reside in the germline. Three independent studies recently showed that transposase proteins of the DDE/DDD superfamily are indispensible for DNA processing in three distantly related ciliates. In the spirotrich Oxytricha trifallax, high copy-number germline-limited transposons mediate their own excision from the somatic genome but also contribute to programmed genome rearrangement through a remarkable transposon mutualism with the host. By contrast, the genomes of two oligohymenophorean ciliates, Tetrahymena thermophila and Paramecium tetraurelia, encode homologous PiggyBac-like transposases as single-copy genes in both their germline and somatic genomes. These domesticated transposases are essential for deletion of thousands of different internal sequences in these species. This review contrasts the events underlying somatic genome reduction in three different ciliates and considers their evolutionary origins and the relationships among their distinct mechanisms for genome remodeling.