WorldWideScience

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...

  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...... 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...... obtained a risk-adjusted excess return that is approximately 3-4 percentage points higher per annum than if the funds with the highest costs had been invested in. We compare the atpRating with the Morningstar Rating. We show that one reason why the atpRating and the Morningstar Rating contain different...

  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...... 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...... obtained an annual risk-adjusted excess return that is approximately 3-4 percentage points higher per annum than if the funds with the highest costs had been invested in. We compare the atpRating with the Morningstar Rating. We show that one reason why the atpRating and the Morningstar Rating contain...

  4. 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.

  5. 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.

  6. 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...

  7. 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...

  8. 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 ...

  9. 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...

  10. 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.

  11. 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...... applying a single index model and a multi-factor model, respectively. Furthermore, we analyse the timing ability of the Danish mutual funds pursuing both the quadratic regressions of Treynor and Mazuy (1966) and the option approach suggested by Henriksson and Merton (1981). Finally, we analyse performance...... persistence using parametric as well as non-parametric methodologies. We conclude that in general Danish mutual funds perform neutrally, returns are non-persistent and Danish mutual funds have no timing ability....

  12. 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.

  13. 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.

  14. 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

  15. Elections to the Mutual Aid Fund

    CERN Multimedia

    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).

  16. 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

  17. Comparative Performance Islamic Shares Mutual Funds Between Indonesia And Malaysia

    Directory of Open Access Journals (Sweden)

    Novianto Basuki

    2018-03-01

    Full Text Available The objective of this study is to evaluate the performance of Islamic mutual funds in Indonesia and Malaysia. Research conducted on the types of shares mutual funds in the period 2014 until 2016. The technique sample used was purposive sampling method with 13 Islamic mutual funds in Indonesia and 72 Islamic mutual funds in Malaysia. Fund performance measured by Sharpe index, Treynor index, and Index of jenesen’s Alpha. The results of this study showed in 2014 and 2016 Islamic mutual fund performance be superior to Indonesia than Malaysia. While in 2015 Islamic mutual fund performance Malaysia be superior compared to Indonesia. Based on the results of this research, it is recommended for investment managers to increase the publication of and understanding of mutual funds so that more potential investors who are interested in investing in mutual funds in particular Islamic mutual funds.

  18. 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...

  19. 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...

  20. 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 ...

  1. 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...

  2. Essays on mutual funds, derivatives, and other complex instruments

    OpenAIRE

    Schulte, Dominik

    2016-01-01

    The goal of this dissertation is to analyze the extent to which mutual funds employ derivatives and other complex instruments, such as borrowing of money, short selling, and security lending, and how this influences their performance and risk properties. To carry out this task, a unique dataset containing regulatory data on complex instruments use of mutual funds from the Securities and Exchange Commission (SEC) is employed. Chapter II investigates how equity mutual funds employ derivatives t...

  3. 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.

  4. 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 ...

  5. 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...... that for a wide range of actively managed mutual funds, the fees charged are too high for these mutual funds to appeal to a wide range of informed investors. However, accounting for search costs, such as costs for financial advice, can facilitate an understanding of the levels of management fees charged by mutual...

  6. 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.

  7. ESG-Persistence in Socially Responsible Mutual Funds

    OpenAIRE

    Wimmer, Maximilian

    2013-01-01

    This paper analyzes the persistence of environmental, social, and governance (ESG)-scores in socially responsible (SR) mutual funds. ESG-scores can be used as a measure for the level of social responsibility of an SR mutual fund. It is shown that ESG-scores persist for approximately two years. However, the persistence of the ESG-scores is terminated after approximately three years. This implies that value-driven investors of SR mutual funds who seek high-ESG investments cannot rely upon a lon...

  8. 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

  9. 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

  10. 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;

  11. 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.

  12. 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.

  13. 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

  14. 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

  15. 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.

  16. 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.

  17. 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.

  18. Selectivity Skills of Mutual Fund Managers in India: An Analysis

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    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.

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

    OpenAIRE

    Halil Ibrahim Bulut

    2005-01-01

    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...

  20. 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…

  1. The Ethical Mutual Fund Performance Debate: New Evidence from Canada

    NARCIS (Netherlands)

    R. Bauer (Rob); J. Derwall (Jeroen); R. Otten (Roger)

    2007-01-01

    textabstractAlthough the academic interest in ethical mutual fund performance has developed steadily, the evidence to date is mainly sample-specific. To tackle this critique, new research should extend to unexplored countries. Using this as a motivation, we examine the performance and risk

  2. 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.

  3. 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.

  4. 31 CFR 103.131 - Customer identification programs for mutual funds.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Customer identification programs for... Programs Anti-Money Laundering Programs § 103.131 Customer identification programs for mutual funds. (a... under the Employee Retirement Income Security Act of 1974. (2)(i) Customer means: (A) A person that...

  5. 77 FR 48566 - The Hartford Mutual Funds, Inc., et al.;

    Science.gov (United States)

    2012-08-14

    ... defined in section 12(d)(1)(G) of the Act as the Companies; (iii) invests in other registered open-end... of any investment company in which the Fund of Funds may invest. Applicants' Legal Analysis 1... Investment Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a) under the Act. SUMMARY...

  6. 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.

  7. Why Consumers Choose Managed Mutual Funds over Index Funds: Hypotheses from Consumer Behavior.

    Science.gov (United States)

    Lichtenstein, Donald R.; Kaufmann, Patrick J.; Bhagat, Sanjai

    1999-01-01

    Using the literature of psychology, consumer behavior, and behavioral finance, a series of hypotheses is presented that account for consumer choices of managed over index mutual funds. Results indicate a need for consumer education to increase awareness of the benefits of index investing. (SK)

  8. 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...

  9. 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.: ..............................

  10. 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 .............................

  11. 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 .............................

  12. 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  

  13. 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

  14. 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.

  15. 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.

  16. 26 CFR 1.501(c)(14)-1 - Credit unions and mutual insurance funds.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Credit unions and mutual insurance funds. 1.501(c)(14)-1 Section 1.501(c)(14)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY... unions and mutual insurance funds. Credit unions (other than Federal credit unions described in section...

  17. 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

  18. 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.

  19. Outsourcing of mutual funds' non-core competencies

    OpenAIRE

    Sorhage, Christoph

    2015-01-01

    Fund families strategically shape their member funds' behavior to target specific groups of investors with varying performance and service needs. In this paper I introduce a new measure to identify performance-oriented and service-oriented funds. Matching theories from the industrial organization literature, I suggest that funds whose families outsource the execution of services unrelated to portfolio management to external specialists are the same funds with an emphasis on their core busines...

  20. Employment funding under review.

    Science.gov (United States)

    1998-01-01

    In February 1998, the Vietnam Women's Union (VWU) hosted a conference to review experience with the National Employment Program (NEP) that was instituted in 1993 to fund projects that create jobs. The 1.5 billion VND in funding distributed by the VWU that year has increased to 21 billion VND in 1997 and has supported 559 projects in 61 provinces and cities, creating 139,162 jobs. The 14 mountainous provinces have benefitted from 140 projects implemented with 4 billion VND in loans to ethnic minorities. In one case, a revolving loan fund of 100 million VND recovered most of the principle loaned as well as 54 million VND in interest. In another, investment of 70 million VND generated 48 million VND in income in a single year. The availability of the loans has allowed families to rise from chronic poverty as women have generated employment and income for their families. In order to expand, however, the program needs more funding and more cooperation from the State Treasury, and VWU members need training in order to be able to manage large projects.

  1. What is in a name? : Mutual fund flows when managers have foreign-sounding names

    NARCIS (Netherlands)

    Kumar, A.; Niessen-Ruenzi, A.; Spalt, O.G.

    We show that name-induced stereotypes affect the investment choices of U.S. mutual fund investors. Managers with foreign-sounding names have about 10% lower annual fund flows, and this effect is stronger among funds with investor clienteles more likely to be suspicious of foreigners. Foreign-named

  2. 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.

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

    Directory of Open Access Journals (Sweden)

    Yandra Arkeman

    2013-11-01

    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.

  4. 31 CFR 103.15 - Reports by mutual funds of suspicious transactions.

    Science.gov (United States)

    2010-07-01

    ... FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS Reports Required To Be Made § 103.15 Reports by mutual funds of suspicious transactions. (a) General. (1) Every investment company (as... pursuant to that Act (for purposes of this section, a “mutual fund”), shall file with the Financial Crimes...

  5. 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...

  6. Alternative investments for the retail investor in Spanish equities mutual funds

    OpenAIRE

    Sala Peñalver, Saul

    2017-01-01

    This paper tries to overcome the limitations that retail investor seek when using traditional approaches to asset allocation, particularly in Spanish equities mutual funds. To do so, we structure this paper into three chapters: in the first one we compare mutual funds' returns against investor's returns and we discuss different possible explanations for the different behaviour we got from Spanish investors, in the second chapter we compare some risk-based indexation methodologies, where risk ...

  7. 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.

  8. The Search of Structural Changes in Mutual Fund Industry-Based On the ARMAX-GJR-GARCH Model

    OpenAIRE

    Joe-Ming Lee

    2013-01-01

    This study aims to examine the impacts of a bond fund segregation policy event on Taiwan mutual fund industry. In principle, mutual fund industry is a highly regulated industry. However, bond funds focus on pursuing short-term high returns and increasing their scale by investing in structured products with poor liquidity and those offered to clients and increasing the funds’ liquidity risks; this event would significantly affect the development of mutual fund industry. Accordingly, this study...

  9. 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

  10. 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

  11. On the Style-based Feedback Trading of Mutual Fund Managers

    NARCIS (Netherlands)

    B.P.M. Frijns (Bart); A. Gilbert (Aaron); R.C.J. Zwinkels (Remco)

    2013-01-01

    textabstractThis paper examines the style-based feedback trading behavior of mutual fund managers. We provide an empirical version of the model for style-switching behavior of Barberis and Shleifer (2003). We find style-based feedback trading for 77% of the funds, half of which is positive-

  12. 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

  13. 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...

  14. 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.

  15. 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

  16. 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.

  17. 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.

  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. 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.

  20. 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.

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

    OpenAIRE

    Stephanos Papadamou; Nikolaos A. Kyriazis; Lydia Mermigka

    2017-01-01

    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 contributi...

  2. 78 FR 4145 - Proposed Recommendations Regarding Money Market Mutual Fund Reform

    Science.gov (United States)

    2013-01-18

    ... OVERSIGHT COUNCIL Proposed Recommendations Regarding Money Market Mutual Fund Reform AGENCY: Financial... the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank ] Act''), which authorizes... and Exchange Commission (SEC) proceed with structural reforms of MMFs. The proposed recommendations...

  3. 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...

  4. 12 CFR 204.124 - Repurchase agreement involving shares of a money market mutual fund whose portfolio consists...

    Science.gov (United States)

    2010-01-01

    ... money market mutual fund whose portfolio consists wholly of United States Treasury and Federal agency... money market mutual funds (MMMF) whose portfolios consist solely of securities that the state member... United States government or Federal obligations by enhancing the market for such obligations. 1 The term...

  5. 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...

  6. 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.

  7. 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.

  8. 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

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

    OpenAIRE

    Gönül YÜCE

    2013-01-01

    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 be...

  10. 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... to secure working capital. The bank was prepared to lend amounts equal to 70 percent of the current...

  11. 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.

  12. Under one roof: A study of simultaneously managed hedge funds and funds of hedge funds

    OpenAIRE

    Agarwal, Vikas; Lu, Yan; Ray, Sugata

    2014-01-01

    We examine the simultaneous management of hedge funds and funds of hedge funds. Hedge fund firms can choose to simultaneously offer a fund of hedge funds. Similarly, fund of hedge fund firms can simultaneously offer a hedge fund. We find that while superior past performance and larger size drive the decision to become simultaneous for hedge fund firms, past flows drive the decision for funds of hedge fund firms. The effects of simultaneity are also different. When hedge fund firms start funds...

  13. 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

  14. 78 FR 77175 - Catalyst Capital Advisors LLC and Mutual Fund Series Trust; Notice of Application

    Science.gov (United States)

    2013-12-20

    ... investment company with multiple series. Each series of the Trust has its own investment objective, policies... Funds' respective investment objectives, policies and restrictions. For the investment management... comply with each Fund's investment objective, policies and restrictions. 8. No trustee or officer of the...

  15. 77 FR 69455 - Proposed Recommendations Regarding Money Market Mutual Fund Reform

    Science.gov (United States)

    2012-11-19

    ... discussion of MMFs' activities and practices and how they contribute to the funds' vulnerability to runs, how... to runs that can have destabilizing implications for financial markets and the economy. In the days... help stop the run on MMFs during the financial crisis and ultimately helped MMFs to continue to...

  16. Cumulative prospect theory and second order stochastic dominance criteria: an application to mutual funds performance

    OpenAIRE

    Giuseppe De Nadai; Paolo Pianca

    2007-01-01

    In this note using the rules of stochastic dominance of the second order and the recent cumulative prospect theory for classified, according to their performance, a set of common funds. The criteria used are closely linked to the preferences of decision maker and refer to either hypothesis of aversion and of seeking to risk both hypothesis on the sign of derived second of the function which characterizes the losses and gains.

  17. Population-based health funding under attack

    African Journals Online (AJOL)

    A 'static, outdated and in- flexible' population-based funding formula for public health is putting huge pres- sure on well-run and well- equipped hospitals in the Western Cape,. KwaZulu-Natal and Gauteng as people from other provinces migrate there in their tens of thousands to seek a better life. The frustrated heads of ...

  18. 5 CFR 2640.201 - Exemptions for interests in mutual funds, unit investment trusts, and employee benefit plans.

    Science.gov (United States)

    2010-01-01

    ... funds, which are available to plan participants); and (B) The plan is not a profit-sharing or stock... assets of which are invested primarily in stocks chosen by an independent financial management firm. He... are tax deferred under 26 U.S.C. 401(k) are not considered profit-sharing or stock bonus plans for...

  19. 28 CFR 0.64-1 - Central or Competent Authority under treaties and executive agreements on mutual assistance in...

    Science.gov (United States)

    2010-07-01

    ... treaties and executive agreements on mutual assistance in criminal matters. 0.64-1 Section 0.64-1 Judicial Administration DEPARTMENT OF JUSTICE ORGANIZATION OF THE DEPARTMENT OF JUSTICE Criminal Division § 0.64-1 Central or Competent Authority under treaties and executive agreements on mutual assistance in criminal...

  20. 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.

  1. Les fonds communs de placement canadiens et l’émergence d’une finance de masse Canadian Mutual Funds and the Emergence of Mass Finance

    Directory of Open Access Journals (Sweden)

    Maxime Lefrançois

    2011-11-01

    Full Text Available Cet article cherche à rendre compte de deux transformations de nature socio-économique qu’implique la montée fulgurante du secteur des fonds communs de placement (FCP canadiens, tout en contribuant à leur conceptualisation du point de vue de la sociologie de l’économique. La première de ces transformations renvoie à l’affectation de l’épargne des ménages. Dans la perspective d’une analyse de la financiarisation, un portrait du secteur des FCP indique comment il favorise un déplacement de l’épargne depuis les dépôts bancaires et les obligations vers des formes de placements plus actifs, notamment sur les marchés d’actions. Dans un deuxième temps, l’analyse se tourne vers la généralisation des rapports sociaux de placement et l’entrée de nouvelles catégories d’investisseurs sur les marchés financiers découlant de la marchandisation des FCP. Tandis que les observateurs y voient généralement soit une démocratisation de la finance, soit un redéploiement de l’antagonisme capital/travail, il est ici indiqué en quoi il pourrait plutôt d’abord s’agir d’un processus de massification.The rapid growth of Canadian mutual funds entails socio-economic transformations related to 1 the allocation of savings, and 2 the social diffusion of investment. This paper discusses the nature of these two changes, and contributes to their economical and sociological conceptualisation from a “financialisation analysis” perspective. First, mutual funds provoke a shift in savings, from bonds and bank deposits to more active investments - namely in stocks. Second, due to the commodification of mutual funds, new categories of investors enter financial markets; these new actors therefore modify the social diffusion of investment at a more general level. Observers generally understand such changes as either a step in the democratization of finance, or as a reformulation of the capital/labour antagonism. In this paper, we

  2. 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.

  3. 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.

  4. SNP sets selection under mutual information criterion, application to F7/FVII dataset.

    Science.gov (United States)

    Brunel, H; Perera, A; Buil, A; Sabater-Lleal, M; Souto, J C; Fontcuberta, J; Vallverdu, M; Soria, J M; Caminal, P

    2008-01-01

    One of the main goals of human genetics is to find genetic markers related to complex diseases. In blood coagulation process, it is known that genetic variability in F7 gene is the most responsible for observed variations in FVII levels in blood. In this work, we propose a method for selecting sets of Single Nucleotide Polymorphisms (SNPs) significantly correlated with a phenotype (FVII levels). This method employs a feature selection algorithm (variant of Sequential Forward Selection, SFS) based on a criterion of statistical significance of a mutual information functional. This algorithm is applied to a sample of independent individuals from the GAIT project. Main SNPs found by the algorithm are in correspondence with previous results published using family-based techniques.

  5. 78 FR 18617 - Recreational Boating Safety Projects, Programs and Activities Funded Under Provisions of the...

    Science.gov (United States)

    2013-03-27

    .... Specific Accounting of Funds Factory Visit Program/Boat Testing Program: Funding was provided to continue... Safety Projects, Programs and Activities Funded Under Provisions of the Transportation Equity Act for the 21st Century; Accounting of ACTION: Notice. SUMMARY: In 1999, the Transportation Equity Act for the...

  6. 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 ...

  7. 20 CFR 667.705 - Who is responsible for funds provided under title I of WIA?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Who is responsible for funds provided under title I of WIA? 667.705 Section 667.705 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION... WIA? (a) The recipient is responsible for all funds under its grant(s). (b) The political jurisdiction...

  8. 75 FR 3968 - Fund Availability Under the VA Homeless Providers Grant and Per Diem Program

    Science.gov (United States)

    2010-01-25

    ... Capital Grant component of VA's Homeless Providers Grant and Per Diem Program. This Notice contains... announces the availability of capital funds for assistance under VA's Homeless Providers Grant and Per Diem... DEPARTMENT OF VETERANS AFFAIRS Fund Availability Under the VA Homeless Providers Grant and Per...

  9. 77 FR 3784 - Recreational Boating Safety Projects, Programs and Activities Funded Under Provisions of the...

    Science.gov (United States)

    2012-01-25

    ... detailed accounting of the projects, programs, and activities funded under the national recreational... Safety Projects, Programs and Activities Funded Under Provisions of the Transportation Equity Act for the 21st Century; Accounting of ACTION: Notice. SUMMARY: In 1999, the Transportation Equity Act for the...

  10. 75 FR 78725 - Recreational Boating Safety Projects, Programs and Activities Funded Under Provisions of the...

    Science.gov (United States)

    2010-12-16

    ... detailed accounting of the projects, programs, and activities funded under the national recreational... Safety Projects, Programs and Activities Funded Under Provisions of the Transportation Equity Act for the 21st Century; Accounting of ACTION: Notice. SUMMARY: In 1999, the Transportation Equity Act for the...

  11. An anti-herbivore defense mutualism under elevated CO2 levels

    Energy Technology Data Exchange (ETDEWEB)

    Marks, S.; Lincoln, D.E. (Winthrop Univ., Rock Hill, SC (United States))

    1994-06-01

    Previous studies have shown that insects typically consume more when fed leaf tissue grown under CO2 enrichment, but with few negative effects on growth. On the other hand, Lepidopteran larvae fed tissue infected with Balansiae fungal endophytes (which produce toxic alkaloids) typically eat less but suffer negative effects on growth and survival. This study was carried out to see how these two factors would interact to affect consumption and growth of Fall Armyworm larvae (Spodoptera frugiperda). Infected and uninfected ramets of a single genotype of tall fescue (Festuca arundinacea) were grown under CO2 concentrations of 400 and 700 ul/L. Larvae had increased relative growth in the high CO2 treatment, but decreased growth when fed infected tissue. Relative consumption of leaf tissue was greater in the high CO2 treatment, but was not effected by infection. CO2 level, infection, and their interaction all significantly reduced the efficiency of conversion of food ingested (ECI). It appears that tall fescue may not be as well defended against herbivores under CO2 enrichment, although insects may still avoid and be negatively effected by endophyte infected plants.

  12. Antiherbivore defense mutualism under elevated carbon dioxide level: A fungal endophyte and grass

    Energy Technology Data Exchange (ETDEWEB)

    Marks, S. [Winthrop Univ., Rock Hill, SC (United States); Lincoln, D.E. [Univ. of South Carolina, Columbia, SC (United States)

    1996-06-01

    Previous studies have shown that insects commonly consume more when fed leaf tissue grown under CO{sub 2} enrichment, but with few negative effects on growth. However, lepidoteran larvae fed tissue infected with Balansiae fungal endophytes (which product toxic alkaloids) typically eat less but also suffer negative effects on growth and survival. This study was carried out to understand how these 2 factors may interact to affect larval consumption and growth in fall armyworm, Spodoptera frugiperda (Lepidoptera: Noctuidae). Infected and uninfected ramets of a single genotype of tall fescue, Festuca arundinacea Schreb., were grown under CO{sub 2} concentrations, but was not influenced by infection. As expected, larvae had significantly reduced efficiency of conversion of ingested food. These 2 factors also interacted so that the lowest efficiency of conversion of ingested food was seen when both infection and an enriched atmospheric CO{sub 2} environment were present. As global atmospheric CO{sub 2} levels continue to increase, it appears that fungal endophytes will continue to be important in turfgrasses as protection against insect herbivores and may lead to increased fitness for infected plant genotypes. 47 refs., 4 figs., 1 tab.

  13. 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...

  14. 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...

  15. 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...

  16. 76 FR 19998 - Supplemental Funding Under the Food and Drug Administration Pediatric Device Consortia Grant Program

    Science.gov (United States)

    2011-04-11

    ..., as part of the Food and Drug Administration Amendments Act of 2007 (FDAAA) legislation, Congress... DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration [Docket No. FDA-2011-N-0012] Supplemental Funding Under the Food and Drug Administration Pediatric Device Consortia Grant Program AGENCY...

  17. 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...

  18. 34 CFR 426.7 - What activities does the Secretary fund under the Agriculture Action Centers?

    Science.gov (United States)

    2010-07-01

    ... vocational education programs and that— (a) Assist individuals— (1) Who are adversely affected by farm and... 34 Education 3 2010-07-01 2010-07-01 false What activities does the Secretary fund under the Agriculture Action Centers? 426.7 Section 426.7 Education Regulations of the Offices of the Department of...

  19. 34 CFR 222.53 - What restrictions and requirements apply to the use of funds provided under section 8003(d)?

    Science.gov (United States)

    2010-07-01

    ... Disabilities § 222.53 What restrictions and requirements apply to the use of funds provided under section 8003...) funds were appropriated. (c) An LEA shall use its section 8003(d) funds for the following types of... appropriate public education of federally connected children with disabilities. These expenditures may include...

  20. 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

  1. 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...

  2. 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

  3. 34 CFR 380.6 - What activities may the Secretary fund under technical assistance supported employment projects?

    Science.gov (United States)

    2010-07-01

    ... the Secretary fund under technical assistance supported employment projects? The following activities... 34 Education 2 2010-07-01 2010-07-01 false What activities may the Secretary fund under technical assistance supported employment projects? 380.6 Section 380.6 Education Regulations of the Offices of the...

  4. 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...

  5. 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...

  6. 34 CFR 611.41 - Under what circumstances may an individual receive a scholarship of program funds to attend a...

    Science.gov (United States)

    2010-07-01

    ... scholarship of program funds to attend a teacher training program? 611.41 Section 611.41 Education Regulations..., DEPARTMENT OF EDUCATION TEACHER QUALITY ENHANCEMENT GRANTS PROGRAM Scholarships § 611.41 Under what circumstances may an individual receive a scholarship of program funds to attend a teacher training program? (a...

  7. 78 FR 20097 - Agency Information Collection Activities; Comment Request; Survey on the Use of Funds under Title...

    Science.gov (United States)

    2013-04-03

    ... Agency Information Collection Activities; Comment Request; Survey on the Use of Funds under Title II, Part A: Improving Teacher Quality State Grants--State-Level Activity Funds AGENCY: Office of Elementary... general public and Federal agencies with an opportunity to comment on proposed, revised, and continuing...

  8. 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

  9. A mathematical model of the immune and neuroendocrine systems mutual regulation under the technogenic chemical factors impact.

    Science.gov (United States)

    Zaitseva, N V; Kiryanov, D A; Lanin, D V; Chigvintsev, V M

    2014-01-01

    The concept of the triad regulatory metasystem, which includes the neuroendocrine and immune regulation systems, is currently generally accepted. Changes occurring in each of the regulatory systems in response to the impact of technogenic chemical factors are also well known. This paper presents mathematical models of the immune and neuroendocrine system functioning, using the interaction between these systems in response to bacterial invasion as an example, and changes in their performance under exposure to chemical factors, taking into account the stage of functional disorders in a producing organ, using the performance of the bone marrow as an example.

  10. 75 FR 8896 - Notice of Funding Availability (NOFA) for Loan Guarantees Under Section 538 Guaranteed Rural...

    Science.gov (United States)

    2010-02-26

    ... (530) 792-5848, Edgar Morales. Colorado State Office, 655 Parfet Street, Room E100, Lakewood, CO 80215...)? What is the [estimated] value of the tax credits? Other Sources of Funds List all funding sources other...

  11. 20 CFR 652.206 - May a State use funds authorized under the Act to provide “core services” and “intensive services...

    Science.gov (United States)

    2010-04-01

    ... § 652.206 May a State use funds authorized under the Act to provide “core services” and “intensive.... Funds authorized under section 7(b) of the Act may be used to provide core or intensive services. Core... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false May a State use funds authorized under the...

  12. 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

  13. 20 CFR 669.130 - What unit within the Department administers the National Farmworker Jobs Program funded under WIA...

    Science.gov (United States)

    2010-04-01

    ... the National Farmworker Jobs Program funded under WIA section 167? 669.130 Section 669.130 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR NATIONAL FARMWORKER JOBS PROGRAM UNDER... the Division of Seasonal Farmworker Programs (DSFP), or its successor organization, within the...

  14. 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

    ... 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..., Suite 103, Shrewsbury, NJ, a Federal Licensee under the Small Business Investment Act of 1958, as...

  15. 75 FR 54661 - Main Street Mezzanine Fund, LP; Notice of Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2010-09-08

    ... SMALL BUSINESS ADMINISTRATION [License No. 06/06-0326] Main Street Mezzanine Fund, LP; Notice of Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby... Licensee under the Small Business Investment Act of 1958, as amended (``the Act''), in connection with the...

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. University Financial Management under a Contraction of Government Funding: the Case of Hong Kong China.

    Science.gov (United States)

    Shuen, Alex P. C.

    2000-01-01

    Examines changes in funding methodology for higher education in Hong Kong following the change in sovereignty, problems in financial management faced by universities because of these changes, and the actions they have taken to address the issues. (EV)

  2. 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...

  3. 76 FR 59767 - Plexus Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment...

    Science.gov (United States)

    2011-09-27

    ... SMALL BUSINESS ADMINISTRATION [License No. 04/04-0308] Plexus Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby..., Financings which Constitute Conflicts of Interest of the Small Business Administration (``SBA'') Rules and...

  4. 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

    ... SMALL BUSINESS ADMINISTRATION [License No. 05/05-0310] Aldine Capital Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is... 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (``SBA...

  5. 76 FR 76475 - Praesidian Capital Opportunity Fund III, LP; Notice Seeking Exemption Under Section 312 of the...

    Science.gov (United States)

    2011-12-07

    ... SMALL BUSINESS ADMINISTRATION [License No. 02/02-0647] Praesidian Capital Opportunity Fund III, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest... Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business...

  6. 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

    ... SMALL BUSINESS ADMINISTRATION [License No. 07/07-0117] Eagle Fund III-A, L.P.; Notice Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Eagle..., Financings which Constitute Conflicts of Interest, of the Small Business Administration (``SBA'') Rules and...

  7. 76 FR 76475 - Tregaron Opportunity Fund I, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2011-12-07

    ... SMALL BUSINESS ADMINISTRATION [License No. 09/09-0463] Tregaron Opportunity Fund I, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is... Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration...

  8. 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 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... Constitute Conflicts of Interest, of the Small Business Administration (``SBA'') Rules and Regulations. Eagle...

  9. 75 FR 5634 - Ironwood Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2010-02-03

    ... SMALL BUSINESS ADMINISTRATION [License No. 01/01-0414] Ironwood Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is..., Financings which Constitute Conflicts of Interest of the Small Business Administration (``SBA'') Rules and...

  10. 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

    ... parenting skills, especially among teenage parents; (f) Preventing teenage pregnancy; (g) Assisting aged... 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...

  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 403.112 - How does a State allocate funds under the Secondary School Vocational Education Program to local...

    Science.gov (United States)

    2010-07-01

    ... School Vocational Education Program to local educational agencies? 403.112 Section 403.112 Education..., DEPARTMENT OF EDUCATION STATE VOCATIONAL AND APPLIED TECHNOLOGY EDUCATION PROGRAM What Kinds of Activities... Education Programs § 403.112 How does a State allocate funds under the Secondary School Vocational Education...

  13. 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... Pregnant Women Program? A State shall use funds reserved in accordance with § 403.180(b)(2)(i) for...

  14. 42 CFR 137.89 - May the Secretary reduce the amount of funds required under Title V to pay for costs of Federal...

    Science.gov (United States)

    2010-10-01

    ...? No, the Secretary may not reduce the amount of funds required under Title V to pay for costs of... 42 Public Health 1 2010-10-01 2010-10-01 false May the Secretary reduce the amount of funds required under Title V to pay for costs of Federal personnel displaced by contracts under Title I or Self...

  15. 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....

  16. 75 FR 79087 - Fund Availability Under the Supportive Services for Veteran Families Program

    Science.gov (United States)

    2010-12-17

    ... avoid any risk of loss of eligibility brought about by unanticipated delays, computer service outages... partnership, the sole general partner of which is an organization meeting the requirements of paragraphs (1)(i... conditions of such Notice of Fund Availability. G. Requirements for the Use of Supportive Services Grant...

  17. 78 FR 30854 - Notice of Funding Availability (NOFA) for Loan Guarantees Under Section 538 Guaranteed Rural...

    Science.gov (United States)

    2013-05-23

    ... Finance Agency (HFA) in good standing in the state or states where it conducts business. Lender... to meet important program goals, priority points will be given for projects that include LIHTC... Rural Rental Housing Projects--Projects in which Section 538 funds will not be used to finance new...

  18. Management of protected areas and objects of natural reserve fund under socio-ecological economic convergence

    OpenAIRE

    Bogoslavska, Alina; Semenchuk, Iryna

    2014-01-01

    The article analyzes the problems of the current state of protected areas and objects of natural reserve fund. The author substantiates the way of development process improvement of the sustainable development of the NRF through the development of economics and “green” economic growth management, which integrates a model of sustainable development in the long-term strategy.

  19. 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)

  20. 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.

  1. 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....

  2. 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... consisting of a specified number of subperiods of definite length in which the most recent subperiod is...

  3. 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

  4. 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)

  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. 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

  7. Intra-generational Redistribution under Public Pension Planning Based on Generation-based Funding Scheme

    Science.gov (United States)

    Banjo, Daisuke; Tamura, Hiroyuki; Murata, Tadahiko

    In this paper, we propose a method of determining the pension in the generation-based funding scheme. In this proposal, we include two types of pensions in the scheme. One is the payment-amount related pension and the other is the payment-frequency related pension. We set the ratio of the total amount of payment-amount related pension to the total amount of both pensions, and simulate income gaps and the relationship between contributions and benefits for each individual when the proposed method is applied.

  8. 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.

  9. 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.

  10. 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

  11. 42 CFR 137.100 - May a Self-Governance Tribe retain and spend interest earned on any funds paid under a compact or...

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false May a Self-Governance Tribe retain and spend... OF HEALTH AND HUMAN SERVICES TRIBAL SELF-GOVERNANCE Funding Interest Or Other Income on Transfers § 137.100 May a Self-Governance Tribe retain and spend interest earned on any funds paid under a compact...

  12. 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

    ...? A Self-Governance Tribe is under a duty to invest and manage the funds as a prudent investor would... overall investment strategy, which should incorporate risk and return objectives reasonably suitable to... to the investment responsibilities of the Self-Governance Tribe. Carryover of Funds ...

  13. 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 ...

  14. Mutually unbiased bases

    Indian Academy of Sciences (India)

    Abstract. After a brief review of the notion of a full set of mutually unbiased bases in an N- dimensional Hilbert space, we summarize the work of Wootters and Fields (W K Wootters and. B C Fields, Ann. Phys. 191, 363 (1989)) which gives an explicit construction for such bases for the case N pr, where p is a prime. Further, we ...

  15. 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.

  16. 75 FR 52957 - Supplemental Funding Under the Food and Drug Administration's Food Emergency Response Laboratory...

    Science.gov (United States)

    2010-08-30

    .../PAR-09-215.html . The program is further described in the Catalog of Federal Domestic Assistance under... agreements are to enable the analyses of foods and food products in the event that laboratory surge capacity... training and proficiency testing for each method/platform. Minimal quality management systems will be...

  17. 77 FR 33223 - Announcement of the Publication of Funding Opportunity Announcements Under the Runaway and...

    Science.gov (United States)

    2012-06-05

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF HEALTH AND... Opportunity Announcements Under the Runaway and Homeless Youth Act AGENCY: Family and Youth Services Bureau... Homeless Youth Act, 42 U.S.C. sections 5701-5752, as amended by the Reconnecting Homeless Youth Act of 2008...

  18. Harmonization versus Mutual Recognition

    DEFF Research Database (Denmark)

    Jørgensen, Jan Guldager; Schröder, Philipp

    with the opportunity to start export sales. In contrast, harmonization, in particular the prospect that one’s own national (but not the foreign) standard becomes the only globally accepted standard, opens the foreign market without balancing entry at home. We study these scenarios in a reduced form lobby game with two......, 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....

  19. Deep Mutual Learning

    OpenAIRE

    Zhang, Ying; Xiang, Tao; Hospedales, Timothy M.; Lu, Huchuan

    2017-01-01

    Model distillation is an effective and widely used technique to transfer knowledge from a teacher to a student network. The typical application is to transfer from a powerful large network or ensemble to a small network, that is better suited to low-memory or fast execution requirements. In this paper, we present a deep mutual learning (DML) strategy where, rather than one way transfer between a static pre-defined teacher and a student, an ensemble of students learn collaboratively and teach ...

  20. 34 CFR 403.71 - In what additional ways may funds be used under the State Programs and State Leadership Activities?

    Science.gov (United States)

    2010-07-01

    ... State Programs and State Leadership Activities? 403.71 Section 403.71 Education Regulations of the... Secretary Assist Under the Basic Programs? State Programs and State Leadership Activities § 403.71 In what additional ways may funds be used under the State Programs and State Leadership Activities? In addition to...

  1. 78 FR 13742 - BB&T Capital Partners Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the...

    Science.gov (United States)

    2013-02-28

    ... 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..., Suite 700, Winston-Salem, NC 27101, a Federal Licensee under the Small Business Investment Act of 1958...

  2. 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

    ... 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... 700, Winston-Salem, NC 27101, a Federal Licensee under the Small Business Investment Act of 1958, as...

  3. 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...

  4. Integrating plant carbon dynamics with mutualism ecology.

    Science.gov (United States)

    Pringle, Elizabeth G

    2016-04-01

    Plants reward microbial and animal mutualists with carbohydrates to obtain nutrients, defense, pollination, and dispersal. Under a fixed carbon budget, plants must allocate carbon to their mutualists at the expense of allocation to growth, reproduction, or storage. Such carbon trade-offs are indirectly expressed when a plant exhibits reduced growth or fecundity in the presence of its mutualist. Because carbon regulates the costs of all plant mutualisms, carbon dynamics are a common platform for integrating these costs in the face of ecological complexity and context dependence. The ecophysiology of whole-plant carbon allocation could thus elucidate the ecology and evolution of plant mutualisms. If mutualisms are costly to plants, then they must be important but frequently underestimated sinks in the terrestrial carbon cycle. © 2015 The Author. New Phytologist © 2015 New Phytologist Trust.

  5. 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.

  6. 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...

  7. 78 FR 76697 - The Central Valley Fund Il SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2013-12-18

    ... SMALL BUSINESS ADMINISTRATION [License No. 09/09-0467v] The Central Valley Fund Il SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest... Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration...

  8. 76 FR 76802 - Riverside Micro-Cap Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2011-12-08

    ... SMALL BUSINESS ADMINISTRATION [License No. 02/02-0646] Riverside Micro-Cap Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is..., Financings which Constitute Conflicts of Interest of the Small Business Administration (``SBA'') Rules and...

  9. 77 FR 74545 - Eagle Fund III-A, L.P.; License No. 07/07-0117: Notice Seeking Exemption Under Section 312 of the...

    Science.gov (United States)

    2012-12-14

    ... SMALL BUSINESS ADMINISTRATION Eagle Fund III-A, L.P.; License No. 07/07-0117: Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby... which constitute conflicts of interest, of the Small Business Administration Rules and Regulations (13...

  10. 77 FR 7655 - Riverside Micro-Cap Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small...

    Science.gov (United States)

    2012-02-13

    ... SMALL BUSINESS ADMINISTRATION [License No. 02/02-0646] Riverside Micro-Cap Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is..., Financings which Constitute Conflicts of Interest of the Small Business Administration (``SBA'') Rules and...

  11. 77 FR 42353 - Ironwood Mezzanine Fund III-A, L.P., License No. 01/01-0421; Notice Seeking Exemption Under...

    Science.gov (United States)

    2012-07-18

    ... SMALL BUSINESS ADMINISTRATION Ironwood Mezzanine Fund III-A, L.P., License No. 01/01-0421; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is..., Financings which Constitute Conflicts of Interest of the Small Business Administration (``SBA'') Rules and...

  12. 77 FR 74544 - Eagle Fund III, L.P., License No. 07/07-0116; Notice Seeking Exemption Under Section 312 of the...

    Science.gov (United States)

    2012-12-14

    ... SMALL BUSINESS ADMINISTRATION Eagle Fund III, L.P., License No. 07/07-0116; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby....730, Financings which constitute conflicts of interest, of the Small Business Administration Rules and...

  13. 34 CFR 76.792 - How does an SEA allocate funds to eligible charter school LEAs under a covered program in which...

    Science.gov (United States)

    2010-07-01

    ... charter school LEA receives at least a pro rata portion of the proportionate amount of funds for which the charter school LEA is eligible under each covered program. The pro rata amount must be based on the number... SEA may implement procedures to provide the charter school LEA with a pro rata portion of the...

  14. 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.

  15. Mutual Information, Fisher Information, and Efficient Coding.

    Science.gov (United States)

    Wei, Xue-Xin; Stocker, Alan A

    2016-02-01

    Fisher information is generally believed to represent a lower bound on mutual information (Brunel & Nadal, 1998), a result that is frequently used in the assessment of neural coding efficiency. However, we demonstrate that the relation between these two quantities is more nuanced than previously thought. For example, we find that in the small noise regime, Fisher information actually provides an upper bound on mutual information. Generally our results show that it is more appropriate to consider Fisher information as an approximation rather than a bound on mutual information. We analytically derive the correspondence between the two quantities and the conditions under which the approximation is good. Our results have implications for neural coding theories and the link between neural population coding and psychophysically measurable behavior. Specifically, they allow us to formulate the efficient coding problem of maximizing mutual information between a stimulus variable and the response of a neural population in terms of Fisher information. We derive a signature of efficient coding expressed as the correspondence between the population Fisher information and the distribution of the stimulus variable. The signature is more general than previously proposed solutions that rely on specific assumptions about the neural tuning characteristics. We demonstrate that it can explain measured tuning characteristics of cortical neural populations that do not agree with previous models of efficient coding.

  16. 75 FR 47063 - Mutual Fund Distribution Fees; Confirmations

    Science.gov (United States)

    2010-08-04

    ... dealers with sales charges set at competitively established rates--rates that could better reflect the...: The Marketing and Service Fee D. Proposed Amendments to Rule 6c-10: The Ongoing Sales Charge E... through intermediaries.\\8\\ These intermediaries include broker-dealers, banks, insurance companies...

  17. 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

  18. Investigating Performance of Equity-based Mutual Fund Schemes in ...

    African Journals Online (AJOL)

    KCA Journal of Business Management. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 2, No 2 (2009) >. Log in or Register to get access to full text downloads.

  19. 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

  20. 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.

  1. 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...

  2. 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...

  3. 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...

  4. 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 ...

  5. 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…

  6. 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.

  7. 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.

  8. Responsible Investment (RI: An Alternative Funding Option for Roads-Bridges Management in Nigeria Under the Public-Private Partnership Framework

    Directory of Open Access Journals (Sweden)

    Lukman Raimi

    2015-04-01

    Full Text Available Tolling is an age long revenue collection system institutionalised by public authorities for accumulating funds required for roads and bridges construction, maintenance and management. In spite of the merits of tolling as a major source of revenue in Nigeria, it was abruptly abrogated by the government few years ago because of reasons linked to ineffective governance, endemic corruption and lack of probity. The purpose of this paper is to make a case for responsible investment as an alternative funding mechanism for roads-bridges management (RBM in Nigeria under a Public-Private Partnership (PPP framework. The paper adopts a discursive approach, relying on government policy documents, journal articles, online resources, working papers and reports on tolling best practices. The numerical and non-numerical data were critically analysed using content analysis enriched by tables and figures. The first finding indicates there are enormous potentials in tolls collection from privately funded roads and bridges for responsible investors in Nigeria under the PPP framework. The second finding identifies eight (8 PPP typologies that could be explored by investors under government’s new tolling policy. The paper concludes that the success of any tolls collection systems depend largely on effectiveness of governance, probity and accountability, which are core elements of responsible investment in the contemporary times

  9. 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...

  10. 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.

  11. 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...

  12. 34 CFR 403.113 - How does a State allocate funds under the Secondary School Vocational Education Program to area...

    Science.gov (United States)

    2010-07-01

    ... School Vocational Education Program to area vocational education schools and intermediate educational... TECHNOLOGY EDUCATION PROGRAM What Kinds of Activities Does the Secretary Assist Under the Basic Programs... under the Secondary School Vocational Education Program to area vocational education schools and...

  13. Do Index Funds' Family Ties Benefit the Firms They Own?

    NARCIS (Netherlands)

    J.A. Albuquerque de Sousa (José)

    2017-01-01

    textabstractI investigate the impact of ties between index and non-index funds within the same mutual fund family on the value of firms in which both funds invest. Theoretically, I show that family ties increase non-index funds’ incentives to purchase additional shares and monitor a firm. This is

  14. 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

  15. 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...

  16. 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

  17. 76 FR 55407 - Announcement of Funding Awards; Public and Indian Housing Family Self-Sufficiency Program Under...

    Science.gov (United States)

    2011-09-07

    ... strategies to coordinate the use of assistance under the Public Housing program with public and private........... MN 55071 29,247 Redevelopment Authority. Housing Authority of Kansas City, 301 East Armour...

  18. 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’`

  19. 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.

  20. 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...

  1. 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).

  2. 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.

  3. 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).

  4. 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).

  5. 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.

  6. 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)

  7. Mutual benefit societies in Colombia

    Directory of Open Access Journals (Sweden)

    Beatriz Castro C.

    2002-01-01

    Full Text Available The article describes the creation and spreading of the diverse congregations whose main purpose was to maintain solidarity among their members. Often these were called mutual benefit companies, during the middle of the XIX century and half of the XX century. These societies embraced handicrafters and small merchants who identified themselves with Christian tradition values. It is easy to observe in them the legate of the colonial confraternity, artisan associations and democratic societies which somehow were an evolution of the European spiritual confraternities of the middle ages.

  8. Covering young adults under the Affordable Care Act: the importance of outreach and Medicaid expansion: findings from the Commonwealth Fund Health Insurance Tracking Survey of Young Adults, 2013.

    Science.gov (United States)

    Collins, Sara R; Rasmussen, Petra W; Garber, Tracy; Doty, Michelle M

    2013-08-01

    There is concern that many young adults (ages 19--29) will remain without health insurance in 2014 despite the Affordable Care Act's reforms, including subsidized private coverage offered in new state marketplaces and expanded Medicaid eligibility. How things turn out will likely depend on outreach efforts and states' decisions on expanding Medicaid. Commonwealth Fund Health Insurance Tracking Survey data from 2011 and 2013 show increasing awareness among young adults of the 2010 requirement that health plans cover children under age 26. Of the estimated 15 million young adults enrolled in a parent's plan in the prior 12 months, 7.8 million would not likely have been eligible to enroll prior to the law. Still, only 27 percent of 19-to-29-year-olds are aware of the marketplaces. Meanwhile, most uninsured young adults living below poverty will not have access to subsidized public or private insurance in states opting out of the Medicaid expansion.

  9. 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...

  10. Pension Fund

    CERN Multimedia

    2007-01-01

    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 November 2007 (Article I 2.05 – Composition of the Governing Board and Article I 2.06 – Chairman and Vice-Chairman of the Governing Board). The Rules, updated to include all the amendments introduced since 1st January 2007, may be downloaded in A4 format (PDF document) directly from the Pension Fund website or obtained from the Administration of the Fund (Tel. 022 767 2742, Sophia.Revol@cern.ch).

  11. 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).

  12. 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).

  13. 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/

  14. 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).

  15. 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...

  16. 12 CFR 544.1 - Federal mutual charter.

    Science.gov (United States)

    2010-01-01

    ... under section 5 of the Home Owners' Loan Act and to exercise all the express, implied, and incidental... mutual savings bank shall substitute the term “savings bank” for “association.” The term “trustee” may be substituted for the term “director.” Associations adopting this charter with existing borrower members must...

  17. 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

  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 Document Server

    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...

  20. 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...

  1. 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

  2. Rényi generalizations of the conditional quantum mutual information

    Energy Technology Data Exchange (ETDEWEB)

    Berta, Mario [Institute for Quantum Information and Matter, California Institute of Technology, Pasadena, California 91125 (United States); Seshadreesan, Kaushik P. [Department of Physics and Astronomy, Hearne Institute for Theoretical Physics, Louisiana State University, Baton Rouge, Louisiana 70803 (United States); Wilde, Mark M. [Department of Physics and Astronomy, Hearne Institute for Theoretical Physics, Louisiana State University, Baton Rouge, Louisiana 70803 (United States); Center for Computation and Technology, Louisiana State University, Baton Rouge, Louisiana 70803 (United States)

    2015-02-15

    The conditional quantum mutual information I(A; B|C) of a tripartite state ρ{sub 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{sub 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.

  3. 26 CFR 1.403(b)-8 - Funding.

    Science.gov (United States)

    2010-04-01

    ... TAXES Pension, Profit-Sharing, Stock Bonus Plans, Etc. § 1.403(b)-8 Funding. (a) Investments. Section... invested in stock of a regulated investment company (as defined in section 851(a) relating to mutual funds... the account includes any assets other than stock of a regulated investment company. (4) Treatment of...

  4. 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.

  5. 26 CFR 1.501(c)(15)-1 - Mutual insurance companies or associations.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Mutual insurance companies or associations. 1.501... Mutual insurance companies or associations. (a) Taxable years beginning after December 31, 1962. An insurance company or association described in section 501(c)(15) is exempt under section 501(a) if it is a...

  6. 76 FR 77442 - Mutual Insurance Holding Company Treated as Insurance Company

    Science.gov (United States)

    2011-12-13

    ... insolvency of an insurance company.'' \\10\\ The identical definition is found in Section 380.1 of Title 12 of... definition to mutual insurance holding companies because, under applicable state laws, a mutual insurance... holding company arguably does not fit squarely within a literal reading of the statutory definition of...

  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. PENSION FUND

    CERN Document Server

    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...

  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. 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.

  12. Maximum auto-mutual-information factor analysis

    DEFF Research Database (Denmark)

    Nielsen, Allan Aasbjerg

    2017-01-01

    Based on the information theoretical measure mutual information derived from entropy and Kullback-Leibler divergence, an alternative to maximum autocorrelation factor analysis is sketched.......Based on the information theoretical measure mutual information derived from entropy and Kullback-Leibler divergence, an alternative to maximum autocorrelation factor analysis is sketched....

  13. [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.

  14. 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.

  15. 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

  16. Comparing those who do, might and will not invest in sustainable funds: a survey among German retail fund investors

    OpenAIRE

    Wins, Anett; Zwergel, Bernhard

    2016-01-01

    In this paper, we present the results of an online questionnaire among private German mutual fund investors. In an exploratory nature, we empirically analyze the differences between three groups: sustainable investors, conventional investors that are either generally interested or those that are not interested at all to invest in socially responsible (SR) funds. We provide evidence on motives and attitudes of these three investor groups, showing that SR fund investors are quite similar to tho...

  17. Funds Fuel Graduation Initiatives

    Science.gov (United States)

    Gewertz, Catherine

    2010-01-01

    In the first wave of funding under a revitalized high school graduation initiative, the U.S. Department of Education is betting nearly $50 million that it can help states and school districts find better ways to hang onto students who might drop out and bring back those who have disappeared without diplomas. Twenty-nine states and districts won…

  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. 17 CFR 259.113 - Form U-13-1, for applications for approval of mutual service companies pursuant to Rule 88 (§ 250...

    Science.gov (United States)

    2010-04-01

    ... for approval of mutual service companies pursuant to Rule 88 (§ 250.88 of this chapter). 259.113....113 Form U-13-1, for applications for approval of mutual service companies pursuant to Rule 88 (§ 250... approval of a company as a mutual service company, by the company or person proposing to organize it under...

  1. Technical Assistance to Service Providers for Deaf-Blind Children & Youth in Delaware. Final Report for Funding under Services for Deaf-Blind Children & Youth.

    Science.gov (United States)

    Delaware State Dept. of Public Instruction, Dover.

    This federally funded Delaware project was designed to provide systematic, periodic consultation and technical assistance statewide to staff serving children and youth who are deaf-blind; provide inservice training activities for staff; provide at least two statewide parent meetings; and develop and conduct summer training institutes on major…

  2. 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...

  3. 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...

  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. Distribution of mutual information in multipartite states

    Energy Technology Data Exchange (ETDEWEB)

    Maziero, Jonas, E-mail: jonasmaziero@gmail.com [Universidade Federal do Pampa (UNIPAMPA), Bage, RS (Brazil); Universidade Federal de Santa Maria (UFSM), RS (Brazil). Departamento de Fisica

    2014-07-01

    Using the relative entropy of total correlation, we derive an expression relating the mutual information of n-partite pure states to the sum of the mutual informations and entropies of its marginals and analyze some of its implications. Besides, by utilizing the extended strong subadditivity of von Neumann entropy, we obtain generalized monogamy relations for the total correlation in three-partite mixed states. These inequalities lead to a tight lower bound for this correlation in terms of the sum of the bipartite mutual informations. We use this bound to propose a measure for residual three-partite total correlation and discuss the non-applicability of this kind of quantifier to measure genuine multiparty correlations. (author)

  6. MISTIC: mutual information server to infer coevolution

    DEFF Research Database (Denmark)

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

    2013-01-01

    MISTIC (mutual information server to infer coevolution) is a web server for graphical representation of the information contained within a MSA (multiple sequence alignment) and a complete analysis tool for Mutual Information networks in protein families. The server outputs a graphical visualization...... containing all results can be downloaded. The server is available at http://mistic.leloir.org.ar. In summary, MISTIC allows for a comprehensive, compact, visually rich view of the information contained within an MSA in a manner unique to any other publicly available web server. In particular, the use...... 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...

  7. 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

  8. Funding | IDRC - International Development Research Centre

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

    IDRC funds projects that aim to bring employment, food security, health, peace, and prosperity to developing regions of the world. We offer grants, funding, and awards to researchers and institutions to find solutions for global development challenges. Current opportunities All open calls for funding are found below, under ...

  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. Tsallis Mutual Information for Document Classification

    Directory of Open Access Journals (Sweden)

    Màrius Vila

    2011-09-01

    Full Text Available Mutual information is one of the mostly used measures for evaluating image similarity. In this paper, we investigate the application of three different Tsallis-based generalizations of mutual information to analyze the similarity between scanned documents. These three generalizations derive from the Kullback–Leibler distance, the difference between entropy and conditional entropy, and the Jensen–Tsallis divergence, respectively. In addition, the ratio between these measures and the Tsallis joint entropy is analyzed. The performance of all these measures is studied for different entropic indexes in the context of document classification and registration.

  11. 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...

  12. 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... received those funds. (c) Just-in-time payment method. Under the just-in-time payment method— (1) For each...) General. (1) The Secretary has sole discretion to determine the method under which the Secretary provides...

  13. Parents' experiences in registering with and accessing funding under the National Disability Insurance Scheme for early intervention services for children with developmental disabilities.

    Science.gov (United States)

    Ranasinghe, Tharangi; Jeyaseelan, Deepa; White, Deirdre; Russo, Ray

    2017-01-01

    To evaluate parents' feedback regarding their experience in registering and accessing funding with the National Disability Insurance Scheme (NDIS) and communicating with the National Disability Insurance Agency (NDIA). Parents of children less than 7 years of age, who were assessed through the Child Development Unit (CDU) at the Women's and Children's Health Network from July 2013 to June 2014 and referred to the NDIS, were invited to complete a study questionnaire regarding their experience with the NDIS. The questionnaire was initially mailed to the parents. If no response was returned, families were telephoned to complete the questionnaire by phone or to be sent another copy of the questionnaire to complete. Of 121 children eligible for the study, 42 (34.7%) parents completed the questionnaire. Thirty-six (85.7%) parents reported having no difficulty with the NDIS registration process, while six parents (14.3%) had difficulty. With regards to accessing funding, 27 (64.3%) reported having no difficulty, 11 (26.2%) stated that it was difficult and 4 parents did not comment. Twenty-six parents (61.9%) reported that it was easy to communicate with the NDIA, while 12 (28.6%) found it difficult. Overall, 26 (61.9%) parents were satisfied with the NDIS and NDIA, 6 (14.8%) were unsatisfied and 9 (21.4%) were neutral. The majority of parents were satisfied with both the processes required to register and access funding through the NDIS for early intervention services for their children with developmental disabilities, and their ability to communicate with the NDIA. © 2016 Paediatrics and Child Health Division (The Royal Australasian College of Physicians).

  14. 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...

  15. 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...

  16. Fast mutual exclusion by the Triangle algorithm

    NARCIS (Netherlands)

    Hesselink, Willem; Buhr, Peter; Dice, David

    2018-01-01

    This paper presents a new starvation-free software algorithm for the N-thread mutual-exclusion problem. In the absence of contention, the algorithm requires only eight write operations and four read operations to enter and leave the critical section; to the best of our knowledge, this is optimal.

  17. Cheating can stabilize cooperation in mutualisms

    Science.gov (United States)

    Foster, Kevin R; Kokko, Hanna

    2006-01-01

    Mutualisms present a challenge for evolutionary theory. How is cooperation maintained in the face of selection for selfishness and cheating? Both theory and data suggest that partner choice, where one species preferentially directs aid to the more cooperative members of the other species, is central to cooperation in many mutualisms. However, the theory has only so far considered the evolutionary effects of partner choice on one of the species in a mutualism in isolation. Here, we investigate the co-evolution of cooperation and choice in a choosy host and its symbiont. Our model reveals that even though choice and cooperation may be initially selected, it will often be unstable. This is because choice reduces variation in the symbiont and, therefore, tends to remove the selective incentive for its own maintenance (a scenario paralleled in the lek paradox in female choice and policing in within-species cooperation). However, we also show that when variability is reintroduced into symbionts each generation, in the form of less cooperative individuals, choice is maintained. This suggests that the presence of cheaters and cheater species in many mutualisms is central to the maintenance of partner choice and, paradoxically, cooperation itself. PMID:16901844

  18. 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…

  19. 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.

  20. INTERNATIONAL COMPARISON OF STANDARDS OF MUTUAL INDUCTANCE,

    Science.gov (United States)

    from the metre and second by the use of similar Campbell standards of mutual inductance. A direct comparison of the units of inductance derived in...the two laboratories has been made, using a third Campbell standard whose value was determined electrically. Comparison of the results established by

  1. Mutual Excitation in Eurozone Sovereign CDS

    NARCIS (Netherlands)

    Aït-Sahalia, Y.; Laeven, R.J.A.; Pelizzon, L.

    2013-01-01

    We study self- and cross-excitation of shocks in the sovereign CDS market, on the basis of a large database of Eurozone sovereign CDS spreads. We adopt a multivariate setting with credit default intensities driven by mutually exciting jump processes, to capture the salient features observed in the

  2. Wideband Direction of Arrival Estimation in the Presence of Unknown Mutual Coupling

    Directory of Open Access Journals (Sweden)

    Weixing Li

    2017-02-01

    Full Text Available This paper investigates a subarray based algorithm for direction of arrival (DOA estimation of wideband uniform linear array (ULA, under the presence of frequency-dependent mutual coupling effects. Based on the Toeplitz structure of mutual coupling matrices, the whole array is divided into the middle subarray and the auxiliary subarray. Then two-sided correlation transformation is applied to the correlation matrix of the middle subarray instead of the whole array. In this way, the mutual coupling effects can be eliminated. Finally, the multiple signal classification (MUSIC method is utilized to derive the DOAs. For the condition when the blind angles exist, we refine DOA estimation by using a simple approach based on the frequency-dependent mutual coupling matrixes (MCMs. The proposed method can achieve high estimation accuracy without any calibration sources. It has a low computational complexity because iterative processing is not required. Simulation results validate the effectiveness and feasibility of the proposed algorithm.

  3. 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.

  4. 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

  5. 77 FR 16873 - First Trust Exchange-Traded Fund, et al.; Notice of Application

    Science.gov (United States)

    2012-03-22

    ... in large aggregations only (``Creation Units''); (b) secondary market transactions in Shares to occur... with the purchase and redemption of Creation Units. DATES: Filing Dates: The application was filed on... securities (which may include shares of other exchange-traded funds, money market mutual funds or other...

  6. Mutual Learning in the European Employment Strategy

    DEFF Research Database (Denmark)

    Nedergaard, Peter

    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...... 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...

  7. Mutual information in the Tangled Nature Model

    DEFF Research Database (Denmark)

    Jones, Dominic; Sibani, Paolo

    2010-01-01

    We consider the concept of mutual information in ecological networks, and use this idea to analyse the Tangled Nature model of co-evolution. We show that this measure of correlation has two distinct behaviours depending on how we define the network in question: if we consider only the network of ...... of viable species this measure increases, whereas for the whole system it decreases. It is suggested that these are complimentary behaviours that show how ecosystems can become both more stable and better adapted.......We consider the concept of mutual information in ecological networks, and use this idea to analyse the Tangled Nature model of co-evolution. We show that this measure of correlation has two distinct behaviours depending on how we define the network in question: if we consider only the network...

  8. Predicting RNA Structure Using Mutual Information

    DEFF Research Database (Denmark)

    Freyhult, E.; Moulton, V.; Gardner, P. P.

    2005-01-01

    package. Conclusion: MIfold provides a useful supplementary tool to programs such as RNA Structure Logo, RNAalifold and COVE, and should be useful for automatically generating structural predictions for databases such as Rfam. Availability: MIfold is freely available from http......Background: With the ever-increasing number of sequenced RNAs and the establishment of new RNA databases, such as the Comparative RNA Web Site and Rfam, there is a growing need for accurately and automatically predicting RNA structures from multiple alignments. Since RNA secondary structure...... is often conserved in evolution, the well known, but underused, mutual information measure for identifying covarying sites in an alignment can be useful for identifying structural elements. This article presents MIfold, a MATLAB(R) toolbox that employs mutual information, or a related covariation measure...

  9. 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.

  10. 77 FR 25349 - Mutual Insurance Holding Company Treated as Insurance Company

    Science.gov (United States)

    2012-04-30

    ... same manner as an insurance company. The Final Rule harmonizes the treatment of mutual insurance holding companies under Section 203(e) of the Dodd- Frank Act with the treatment of such companies under... companies have no equity interests. Membership rights are held by their policyholders. Policyholders are...

  11. Tourism versus spatial order: mutual relations

    OpenAIRE

    Meyer, Beata

    2012-01-01

    The relation between tourism and the spatial environment is characterized by mutual interaction. The proliferation of tourism and massive tourism development intensifies its impact on the spatial environment, yet the focus is usually placed on environmental degradation and the resulting distortion of spatial order. Concurrently, the significance of the spatial environment, and spatial order in particular, as one of the determinants of tourism development is understated. On a theoretical plane...

  12. 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...

  13. MISTIC: Mutual information server to infer coevolution.

    Science.gov (United States)

    Simonetti, Franco L; Teppa, Elin; Chernomoretz, Ariel; Nielsen, Morten; Marino Buslje, Cristina

    2013-07-01

    MISTIC (mutual information server to infer coevolution) is a web server for graphical representation of the information contained within a MSA (multiple sequence alignment) and a complete analysis tool for Mutual Information networks in protein families. The server outputs a graphical visualization 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 to explore and characterize the MI network is provided. Several tools are offered for selecting subsets of nodes from the network for visualization. Node coloring can be set to match different attributes, such as conservation, cumulative MI, proximity MI and secondary structure. Finally, a zip file containing all results can be downloaded. The server is available at http://mistic.leloir.org.ar. In summary, MISTIC allows for a comprehensive, compact, visually rich view of the information contained within an MSA in a manner unique to any other publicly available web server. In particular, the use of circos representation of MI networks and the visualization of the cumulative MI and proximity MI concepts is novel.

  14. 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...

  15. 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)

  16. University funding and student funding: international comparisons

    NARCIS (Netherlands)

    Jongbloed, Benjamin W.A.; Vossensteyn, Johan J.

    2016-01-01

    In this article we compare the mechanisms for funding higher education institutions across a set of OECD countries. First, some data on public and private funding levels are presented. The article then discusses two important trends: (i) the increased presence of cost sharing and (ii) the move

  17. 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

    Successful social interactions rely upon the abilities of two or more people to mutually exchange information in real-time, while simultaneously adapting to one another. The neural basis of social cognition has mostly been investigated in isolated individuals, and more recently using two-person p......Successful social interactions rely upon the abilities of two or more people to mutually exchange information in real-time, while simultaneously adapting to one another. The neural basis of social cognition has mostly been investigated in isolated individuals, and more recently using two......-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...

  18. What Do Consumers' Fund Flows Maximize?

    DEFF Research Database (Denmark)

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

    2013-01-01

    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......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...

  19. 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?”

  20. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    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...

  1. 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.

  2. 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

  3. 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.

  4. 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.

  5. 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...

  6. 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

  7. 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.

  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. 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…

  11. 77 FR 25212 - Praxis Mutual Funds and Everence Community Investments, Inc.; Notice of Application

    Science.gov (United States)

    2012-04-27

    ... the investment adviser to the Trust.\\2\\ ECI is a not-for-profit corporation that is exempt from... its investment in Program Notes. Therefore, applicants seek to clarify that the Co-investors may make... proportion to their respective investments provided that a Sustaining Investor may agree to absorb more than...

  12. 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 ...

  13. 26 CFR 1.594-1 - Mutual savings banks conducting life insurance business.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Mutual savings banks conducting life insurance... savings banks conducting life insurance business. (a) Scope of application. Section 594 applies to the... insurance business, if: (1) The conduct of the life insurance business is authorized under State law, (2...

  14. 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...

  15. 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

  16. 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...... 32 municipalities (www.tafatomdansen.dk). Analyses of the co-creative dance practices specifically highlight how processes of transmission unfold between participants’ exploration of interactional potentials within the group and participants’ subjective dance experiences. The discussion centres...

  17. 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...... 32 municipalities (www.tafatomdansen.dk). Analyses of the co-creative dance practices specifically highlight how processes of transmission unfold between participants’ exploration of interactional potentials within the group and participants’ subjective dance experiences. The discussion centres...... on clarifying how embodied narratives are modified and changed on the premise of reciprocity unfolding in social contexts....

  18. 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...

  19. 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.

  20. Speech Intelligibility Prediction Based on Mutual Information

    DEFF Research Database (Denmark)

    Jensen, Jesper; Taal, Cees H.

    2014-01-01

    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......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...

  1. 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.

  2. 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.

  3. 24 CFR 576.51 - Matching funds.

    Science.gov (United States)

    2010-04-01

    ... specific statutory subtitle from which ESG funds are provided), as well as State, local, and private... match a previous ESG grant may not be used to match a subsequent grant award under this part. A grantee...

  4. 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...

  5. International Oil Pollution Compensation Fund

    Energy Technology Data Exchange (ETDEWEB)

    1979-11-01

    The International Oil Pollution Compensation Fund was established under a 1971 Intergovernmental Maritime Consultative Organization Convention to supplement the 1969 Civil Liability Convention (CLC) under which shipowners were held liable for damage caused by oil spills up to $18 million per incident; the new fund increases the amount payable per incident to $57 million as of April 1979. A further increase up to about $76 million is now under consideration. During 1979, the Fund has been concerned in particular with claims arising out of oil spills in Japan and the Baltic Sea. In the former case, some 540 tons of oil was lost by Miya Maru No. 8 after a collision in March 1979 in the Japanese Inland Sea; cleanup costs and compensation to fishermen were about (pound sterling)400,000. In the latter phase, crude oil apparently coming from the Russian tanker Antonio Gramsci, which grounded off Ventspils in February 1979, drifted across the Baltic and was trapped in or under the ice. After the ice melted, it spread to more than 2000 islands in the Swedish Archipelaso; cleanup measures may result in claims as high as (pound sterling) 8 million.

  6. 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...

  7. 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...

  8. SRI funds: Nomen est omen

    OpenAIRE

    Kempf, Alexander; Osthoff, Peer

    2007-01-01

    We test the frequently made claim that SRI funds are conventional funds in disguise. For this purpose, we compare the portfolio holdings of SRI funds to conventional funds concerning their social and environmental standards. Our empirical study of US equity funds shows that SRI funds have a significantly higher ethical ranking than standard funds, i.e., they are not conventional funds in disguise. This result holds for all ethical criteria we investigate. It is stable over time and holds afte...

  9. 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.

  10. Aphid Heritable Symbiont Exploits Defensive Mutualism.

    Science.gov (United States)

    Doremus, Matthew R; Oliver, Kerry M

    2017-04-15

    Insects and other animals commonly form symbioses with heritable bacteria, which can exert large influences on host biology and ecology. The pea aphid, Acyrthosiphon pisum , is a model for studying effects of infection with heritable facultative symbionts (HFS), and each of its seven common HFS species has been reported to provide resistance to biotic or abiotic stresses. However, one common HFS, called X-type, rarely occurs as a single infection in field populations and instead typically superinfects individual aphids with Hamiltonella defensa , another HFS that protects aphids against attack by parasitic wasps. Using experimental aphid lines comprised of all possible infection combinations in a uniform aphid genotype, we investigated whether the most common strain of X-type provides any of the established benefits associated with aphid HFS as a single infection or superinfection with H. defensa We found that X-type does not confer protection to any tested threats, including parasitoid wasps, fungal pathogens, or thermal stress. Instead, component fitness assays identified large costs associated with X-type infection, costs which were ameliorated in superinfected aphids. Together these findings suggest that X-type exploits the aphid/ H. defensa mutualism and is maintained primarily as a superinfection by "hitchhiking" via the mutualistic benefits provided by another HFS. Exploitative symbionts potentially restrict the functions and distributions of mutualistic symbioses with effects that extend to other community members. IMPORTANCE Maternally transmitted bacterial symbionts are widespread and can have major impacts on the biology of arthropods, including insects of medical and agricultural importance. Given that host fitness and symbiont fitness are tightly linked, inherited symbionts can spread within host populations by providing beneficial services. Many insects, however, are frequently infected with multiple heritable symbiont species, providing potential

  11. Growth-independent cross-feeding modifies boundaries for coexistence in a bacterial mutualism.

    Science.gov (United States)

    McCully, Alexandra L; LaSarre, Breah; McKinlay, James B

    2017-09-01

    Nutrient cross-feeding can stabilize microbial mutualisms, including those important for carbon cycling in nutrient-limited anaerobic environments. It remains poorly understood how nutrient limitation within natural environments impacts mutualist growth, cross-feeding levels and ultimately mutualism dynamics. We examined the effects of nutrient limitation within a mutualism using theoretical and experimental approaches with a synthetic anaerobic coculture pairing fermentative Escherichia coli and phototrophic Rhodopseudomonas palustris. In this coculture, E. coli and R. palustris resemble an anaerobic food web by cross-feeding essential carbon (organic acids) and nitrogen (ammonium) respectively. Organic acid cross-feeding stemming from E. coli fermentation can continue in a growth-independent manner during nitrogen limitation, while ammonium cross-feeding by R. palustris is growth-dependent. When ammonium cross-feeding was limited, coculture trends changed yet coexistence persisted under both homogenous and heterogenous conditions. Theoretical modelling indicated that growth-independent fermentation was crucial to sustain cooperative growth under conditions of low nutrient exchange. In contrast to stabilization at most cell densities, growth-independent fermentation inhibited mutualistic growth when the E. coli cell density was adequately high relative to that of R. palustris. Thus, growth-independent fermentation can conditionally stabilize or destabilize a mutualism, indicating the potential importance of growth-independent metabolism for nutrient-limited mutualistic communities. © 2017 Society for Applied Microbiology and John Wiley & Sons Ltd.

  12. 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.

  13. Mutualism between tree shrews and pitcher plants

    Science.gov (United States)

    Moran, Jonathan A; Chin, Lijin

    2010-01-01

    Three species of Nepenthes pitcher plants from Borneo engage in a mutualistic interaction with mountain tree shrews, the basis of which is the exchange of nutritional resources. The plants produce modified “toilet pitchers” that produce copious amounts of exudates, the latter serving as a food source for tree shrews. The exudates are only accessible to the tree shrews when they position their hindquarters over the pitcher orifice. Tree shrews mark valuable resources with feces and regularly defecate into the pitchers when they visit them to feed. Feces represent a valuable source of nitrogen for these Nepenthes species, but there are many facets of the mutualism that are yet to be investigated. These include, but are not limited to, seasonal variation in exudate production rates by the plants, behavioral ecology of visiting tree shrews and the mechanism by which the plants signal to tree shrews that their pitchers represent a food source. Further research into this extraordinary animal-plant interaction is required to gain a better understanding of the benefits to the participating species. PMID:20861680

  14. Multimodal Data Fusion Based on Mutual Information.

    Science.gov (United States)

    Bramon, Roger; Boada, Imma; Bardera, Anton; Rodríguez, Joaquim; Feixas, Miquel; Puig, Josep; Sbert, Mateu

    2012-09-01

    Multimodal visualization aims at fusing different data sets so that the resulting combination provides more information and understanding to the user. To achieve this aim, we propose a new information-theoretic approach that automatically selects the most informative voxels from two volume data sets. Our fusion criteria are based on the information channel created between the two input data sets that permit us to quantify the information associated with each intensity value. This specific information is obtained from three different ways of decomposing the mutual information of the channel. In addition, an assessment criterion based on the information content of the fused data set can be used to analyze and modify the initial selection of the voxels by weighting the contribution of each data set to the final result. The proposed approach has been integrated in a general framework that allows for the exploration of volumetric data models and the interactive change of some parameters of the fused data set. The proposed approach has been evaluated on different medical data sets with very promising results.

  15. 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

  16. 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.

  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. Mutual Antipathies during Early Adolescence: More than Just Rejection

    Science.gov (United States)

    Witkow, Melissa R.; Bellmore, Amy D.; Nishina, Adrienne; Juvonen, Jaana; Graham, Sandra

    2005-01-01

    Recent research suggests that having a mutual antipathy, in comparison to not having an antipathy, is associated with a host of negative outcomes. However, the methods used may not have adequately controlled for rejection and therefore may have provided an incomplete description of the psychosocial correlates of having a mutual antipathy. With a…

  19. Members of opposite sex mutually regulate gonadal recrudescence ...

    Indian Academy of Sciences (India)

    Unknown

    site sex mutually regulate gonadal recrudescence in the C. versicolor. [Shanbhag B A, Radder R S and Saidapur S K 2002 Members of opposite sex mutually regulate gonadal recrudescence in the lizard Ca- lotes versicolor (Agamidae); J. Biosci. 27 529–537]. 1. Introduction. Reproduction in vertebrates involves successful ...

  20. 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

  1. 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

  2. Pension Fund: Clarification

    CERN Multimedia

    Pension Fund

    2006-01-01

    Following numerous calls from members of the personnel, we would like to draw your attention to the fact that in the Staff Rules and Regulations of the Pension Fund, including the recent amendments relating to family composition, the term 'beneficiary' refers to persons who are already in receipt of a pension from the Pension Fund.

  3. Pension Fund: Clarification

    CERN Multimedia

    2006-01-01

    Following numerous calls from members of the personnel, we would like to draw your attention to the fact that, in the Rules and Regulations of the Pension Fund, including the recent amendments relating to family composition, the term 'beneficiary' refers to persons who are already in receipt of a pension from the Pension Fund.

  4. Mutuality: clinical and metapsychological potentials of a failed experiment.

    Science.gov (United States)

    Castillo Mendoza, Carlos Alberto

    2012-03-01

    Ferenczi's experiments with mutual analysis are often dismissed, without acknowledging the results obtained from them and his own cautionary remarks about their limits. Though ultimately failed, Ferenczi's experiments with mutual analysis were a source of clinical and metapsychological knowledge, despite the fact that he was unable to elaborate them in his lifetime. In this paper I connect mutuality to the development of the psyche, especially to the constitutive core of the intrapsychic. To understand the latter, it is necessary to take into account, among others, issues such as the common attribute, the mutual flux between the unconsciouses, the dialogue of unconsciouses, the maternal profundity, the primal relationship with the mother, and, above all, the primal unity between mother and child, which are fundamental for the emergence and development of the primary psychic forces. Incidences of rupture, distortion of the core of mutuality in the psychic life, its loss and disadjustment, by means of external traumatizing forces, and some clinical implications are described.

  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. 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

  7. 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.)

  8. 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...

  9. Funding | Page 2 | IDRC - International Development Research Centre

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

    IDRC funds projects that aim to bring employment, food security, health, peace, and prosperity to developing regions of the world. We offer grants, funding, and awards to researchers and institutions to find solutions for global development challenges. Current opportunities All open calls for funding are found below, under ...

  10. LVIF announces four more funded projects | IDRC - International ...

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

    2018-04-11

    3 days ago ... IDRC/Bartay. Together with its partners, the Bill & Melinda Gates Foundation and Global Affairs Canada, IDRC is pleased to announce the next set of projects funded under the Livestock Vaccine Innovation Fund. To date, 10 projects are being supported for a combined CA$12.4 million in research funding.

  11. 7 CFR 1216.55 - Investment of funds.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Investment of funds. 1216.55 Section 1216.55 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING... Investment of funds. The Board may invest, pending disbursement, funds it receives under this subpart, only...

  12. 11 CFR 9008.55 - Funding for convention committees, host committees and municipal funds.

    Science.gov (United States)

    2010-01-01

    ... general solicitation of funds, without regard to source or amount limitation, for or on behalf of any host committee or municipal fund that is described in 26 U.S.C. 501(c) and exempt from taxation under 26 U.S.C...

  13. Mutual emergency assistance for radiation accidents

    International Nuclear Information System (INIS)

    1980-11-01

    mutual assistance in the event of radiation accidents

  14. 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.

  15. 76 FR 54774 - Notice of Intent To Award Affordable Care Act Funding, Funding Opportunity Announcement CDC-RFA...

    Science.gov (United States)

    2011-09-02

    ... provides notice of CDC's intent to fund continuation cooperative agreement applications under REACH CORE... REACH CORE Funding Opportunity Announcement (FOA). Award Information Approximate Current Fiscal Year... Funds: 2011. Anticipated Award Date: September 30, 2011. Budget Period: 12 months. Project Period: 12...

  16. CERN Pension Fund move

    CERN Document Server

    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.

  17. 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.

  18. 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.

  19. 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.

  20. Discrete phase-space approach to mutually orthogonal Latin squares

    International Nuclear Information System (INIS)

    Gaeta, Mario; Klimov, Andrei B; Matteo, Olivia Di; Guise, Hubert de

    2014-01-01

    We show there is a natural connection between Latin squares and commutative sets of monomials defining geometric structures in finite phase-space of prime power dimensions. A complete set of such monomials defines a mutually unbiased basis (MUB) and may be associated with a complete set of mutually orthogonal Latin squares (MOLS). We translate some possible operations on the monomial sets into isomorphisms of Latin squares, and find a general form of permutations that map between Latin squares corresponding to unitarily equivalent mutually unbiased sets. (paper)

  1. Mutual Information between Reflected and Transmitted Speckle Images

    Science.gov (United States)

    Fayard, N.; Goetschy, A.; Pierrat, R.; Carminati, R.

    2018-02-01

    We study theoretically the mutual information between reflected and transmitted speckle patterns produced by wave scattering from disordered media. The mutual information between the two speckle images recorded on an array of N detection points (pixels) takes the form of long-range intensity correlation loops that we evaluate explicitly as a function of the disorder strength and the Thouless number g . Our analysis, supported by extensive numerical simulations, reveals a competing effect of cross-sample and surface spatial correlations. An optimal distance between pixels is proven to exist that enhances the mutual information by a factor N g compared to the single-pixel scenario.

  2. 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.

  3. 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.

  4. Funding begets biodiversity

    DEFF Research Database (Denmark)

    Ahrends, Antje; Burgess, Neil David; Gereau, Roy E.

    2011-01-01

    Aim Effective conservation of biodiversity relies on an unbiased knowledge of its distribution. Conservation priority assessments are typically based on the levels of species richness, endemism and threat. Areas identified as important receive the majority of conservation investments, often...... facilitating further research that results in more species discoveries. Here, we test whether there is circularity between funding and perceived biodiversity, which may reinforce the conservation status of areas already perceived to be important while other areas with less initial funding may remain overlooked......, and variances decomposed in partial regressions. Cross-correlations are used to assess whether perceived biodiversity drives funding or vice versa. Results Funding explained 65% of variation in perceived biodiversity patterns – six times more variation than accounted for by 34 candidate environmental factors...

  5. 76 FR 60096 - Fifth Third Funds, et al.; Notice of Application

    Science.gov (United States)

    2011-09-28

    ... Adviser is an indirect wholly-owned subsidiary of Fifth Third Bancorp. The Adviser employs Fort Washington..., ``Affiliated Funds,'' together with the Unaffiliated Funds, ``Underlying Funds'') and (b) each Underlying Fund... sale will cause more than 10% of the acquired company's voting stock to be owned by investment...

  6. 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...

  7. Entanglement patterns in mutually unbiased basis sets

    Energy Technology Data Exchange (ETDEWEB)

    Lawrence, Jay [Department of Physics and Astronomy, Dartmouth College, Hanover, New Hampshire 03755 (United States) and The James Franck Institute, University of Chicago, Chicago, Illinois 60637 (United States)

    2011-08-15

    A few simply stated rules govern the entanglement patterns that can occur in mutually unbiased basis sets (MUBs) and constrain the combinations of such patterns that can coexist in full complements of MUBs. We consider Hilbert spaces of prime power dimensions (D=p{sup N}), as realized by systems of N prime-state particles, where full complements of D+1 MUBs are known to exist, and we assume only that MUBs are eigenbases of generalized Pauli operators, without using any particular construction. The general rules include the following: (1) In any MUB, a given particle appears either in a pure state or totally entangled and (2) in any full MUB complement, each particle is pure in (p+1) bases (not necessarily the same ones) and totally entangled in the remaining (p{sup N}-p). It follows that the maximum number of product bases is p+1 and, when this number is realized, all remaining (p{sup N}-p) bases in the complement are characterized by the total entanglement of every particle. This ''standard distribution'' is inescapable for two-particle systems (of any p), where only product and generalized Bell bases are admissible MUB types. This and the following results generalize previous results for qubits [Phys. Rev. A 65. 032320 (2002); Phys. Rev. A 72, 062310 (2005)] and qutrits [Phys. Rev. A 70, 012302 (2004)], drawing particularly upon [Phys. Rev. A 72, 062310 (2005)]. With three particles there are three MUB types, and these may be combined in (p+2) different ways to form full complements. With N=4, there are 6 MUB types for p=2, but new MUB types become possible with larger p, and these are essential to realizing full complements. With this example, we argue that new MUB types that show new entanglement patterns should enter with every step in N and, also, when N is a prime plus 1, at a critical p value, p=N-1. Such MUBs should play critical roles in filling complements.

  8. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

    The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

  9. 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

  10. Comment on "A keystone mutualism drives pattern in a power function".

    Science.gov (United States)

    Alonso, David; Pascual, Mercedes

    2006-09-22

    Vandermeer and Perfecto (Reports, 17 February 2006, p. 1000) reported a general power law pattern in the distribution of a common agricultural pest. However, there is an exact analytical solution for the expected cluster distribution under the proposed null model of density-independent growth in a patchy landscape. Reanalysis of the data shows that the system is not in a critical state but confirms the importance of a mutualism.

  11. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

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

  12. Comparing Working-Capital Funding and Mission Funding for Naval Shipyards

    National Research Council Canada - National Science Library

    Frisk, Daniel; Trunkey, R. D

    2007-01-01

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

  13. Effects of mutual shading on the regulation of photosynthesis in field-grown sorghum.

    Science.gov (United States)

    Li, Tao; Liu, Li-Na; Jiang, Chuang-Dao; Liu, Yu-Jun; Shi, Lei

    2014-08-01

    In the field, close planting inevitably causes mutual shading and depression of leaf photosynthesis. To clarify the regulative mechanisms of photosynthesis under these conditions, the effects of planting density on leaf structure, gas exchange and proteomics were carefully studied in field-grown sorghum. In the absence of mineral deficiency, (1) close planting induced a significant decrease in light intensity within populations, which further resulted in much lower stomatal density and other anatomical characteristics associated with shaded leaves; (2) sorghum grown at high planting density had a lower net photosynthetic rate and stomatal conductance than those grown at low planting density; (3) approximately 62 protein spots changed their expression levels under the high planting density conditions, and 22 proteins associated with photosynthesis were identified by mass spectrometry. Further analysis revealed the depression of photosynthesis caused by mutual shading involves the regulation of leaf structure, absorption and transportation of CO2, photosynthetic electron transport, production of assimilatory power, and levels of enzymes related to the Calvin cycle. Additionally, heat shock protein and oxygen-evolving enhancer protein play important roles in photoprotection in field-grown sorghum. A model for the regulation of photosynthesis under mutual shading was suggested based on our results. Copyright © 2014 The Authors. Published by Elsevier B.V. All rights reserved.

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

    Science.gov (United States)

    Goh, Yong Kheng; Hasim, Haslifah M; Antonopoulos, Chris G

    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.

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

    Directory of Open Access Journals (Sweden)

    Yong Kheng Goh

    Full Text Available 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.

  16. Mutual optical intensity propagation through non-ideal mirrors.

    Science.gov (United States)

    Meng, Xiangyu; Shi, Xianbo; Wang, Yong; Reininger, Ruben; Assoufid, Lahsen; Tai, Renzhong

    2017-09-01

    The mutual optical intensity (MOI) model is extended to include the propagation of partially coherent radiation through non-ideal mirrors. The propagation of the MOI from the incident to the exit plane of the mirror is realised by local ray tracing. The effects of figure errors can be expressed as phase shifts obtained by either the phase projection approach or the direct path length method. Using the MOI model, the effects of figure errors are studied for diffraction-limited cases using elliptical cylinder mirrors. Figure errors with low spatial frequencies can vary the intensity distribution, redistribute the local coherence function and distort the wavefront, but have no effect on the global degree of coherence. The MOI model is benchmarked against HYBRID and the multi-electron Synchrotron Radiation Workshop (SRW) code. The results show that the MOI model gives accurate results under different coherence conditions of the beam. Other than intensity profiles, the MOI model can also provide the wavefront and the local coherence function at any location along the beamline. The capability of tuning the trade-off between accuracy and efficiency makes the MOI model an ideal tool for beamline design and optimization.

  17. 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

  18. 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.

  19. Use of the mutual exclusivity assumption by young word learners

    DEFF Research Database (Denmark)

    Markman, Ellen M.; Wasow, Judith L.; Hansen, Mikkel

    2003-01-01

    A critical question about early word learning is whether word learning constraints such as mutual exclusivity exist and foster early language acquisition. It is well established that children will map a novel label to a novel rather than a familiar object. Evidence for the role of mutual exclusiv......A critical question about early word learning is whether word learning constraints such as mutual exclusivity exist and foster early language acquisition. It is well established that children will map a novel label to a novel rather than a familiar object. Evidence for the role of mutual...... these concerns by having only a familiar object visible. Fifteen to seventeen and 18-20-month-olds were selected to straddle the vocabulary spurt. In Study 1, babies saw a familiar object and an opaque bucket as a location to search. Study 2 handed babies the familiar object to play with. Study 3 eliminated...

  20. Self-stabilizing mutual exclusion on directed graphs

    NARCIS (Netherlands)

    D. Alstein; J.H. Hoepman (Jaap-Henk); B.E. Olivier; P.I.A. van der Put

    1995-01-01

    textabstractThis paper investigates the complexity of self-stabilizing mutual exclusion protocols for distributed systems, where processors communicate through shared memory according to a strongly connected directed communication graph. Tchuente's approach of covering a network with one directed

  1. PLUTO-CHARON MUTUAL EVENTS V1.0

    Data.gov (United States)

    National Aeronautics and Space Administration — During the period 1985-1990, the earth entered the orbital plane of Pluto and its moon Charon, and the mutual eclipse events were observed from ground-based...

  2. Public-channel cryptography based on mutual chaos pass filters.

    Science.gov (United States)

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

    2006-10-01

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

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

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

    -Cold War era: the search for an analytical framework that will help us understand this turbulent and chaotic period in human history. His lucid and visionary analysis rests on the concept of mutual vulnerability: that in an increasingly ...

  4. Louisiana SIP: LAC 33:III Ch. 14 Subchap B, 1431 to 1434--Conformity to State or Federal Implementation Plans of Transportation Plans, Programs, and Projects Developed, Funded, or Approved Under Title 23 U.S.C. or the Federal Transit Laws

    Science.gov (United States)

    Louisiana SIP: LAC 33:III Ch. 14 Subchap B, 1431 to 1434--Conformity to State or Federal Implementation Plans of Transportation Plans, Programs, and Projects Developed, Funded, or Approved Under Title 23 U.S.C. or the Federal Transit Laws

  5. The origin of the attine ant-fungus mutualism.

    Science.gov (United States)

    Mueller, U G; Schultz, T R; Currie, C R; Adams, R M; Malloch, D

    2001-06-01

    from contents of the ant alimentary canal and particularly from the contents of the infrabuccal pocket, a pharyngeal device that filters out solids before liquids pass into the intestine. Infrabuccal pocket contents reveal that ants routinely ingest fungal spores and hyphal material. Infrabuccal contents are eventually expelled as a pellet on nest middens or away from the nest by foragers, suggesting that the pellet provides fungi with a means for the dispersal of spores and hyphae. Associations between such "buccophilous" fungi and ants may have originated multiple times and may have become elaborated and externalized in the case of the attine ant-fungus mutualism. Thus, contrary to the traditional model in which attine fungi are viewed as passive symbionts that happened to come under ant control, this alternative model of a myrmecochorous origin of the attine mutualism attributes an important role to evolutionary modifications of the fungi that preceded the ant transition from hunter-gatherer to fungus farmer.

  6. Mutual emergency assistance arrangements at the international level

    International Nuclear Information System (INIS)

    Swindell, G.E.; Ha Vinh Phuong

    1979-01-01

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

  7. Quantum process reconstruction based on mutually unbiased basis

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  8. 76 FR 32073 - Investing in Innovation Fund

    Science.gov (United States)

    2011-06-03

    ... DEPARTMENT OF EDUCATION 34 CFR Chapter II [Docket ID ED-2011-OII-0001] Investing in Innovation... Improvement amends the final priorities, requirements, and selection criteria under the Investing in.... SUPPLEMENTARY INFORMATION: Purpose of Program: The Investing in Innovation Fund, established under section 14007...

  9. Funding Decommissioning - UK Experience

    International Nuclear Information System (INIS)

    MacKerron, Gordon

    2006-01-01

    'Funding' started with CEGB and SSEB (state-owned electric utilities) in 1976 using the internal un-segregated fund route (i.e unfunded). This continued until privatisation of electricity industry (excluding nuclear) in 1990. Assets bought with the internal un-segregated fund were mostly transferred into non-nuclear private utilities. New state-owned Nuclear Electric (England and Wales) was given a 'Fossil Fuel Levy', a consumer charge of 10% on retail bills, amounting to c. BP 1 bn. annually. This allowed Nuclear Electric to trade legally (A reserve of BP 2.5 bn. was available from Government if company ran out of money). By 1996 the newer nuclear stations (AGRS plus PWR) were privatised as British Energy. British Energy started an external segregated fund, the Nuclear Decommissioning Fund, with a starting endowment of c. BP 225 m. - and BE made annual contributions of British Pound 16 m. into the Fund. Assumptions were that BE had 70 to accumulate cash and could get a 3.5% average annual real return. Older stations (Magnox) were left in private sector and went to BNFL in 1997. Magnox inherited the surplus cash in BE - mostly unspent Fossil Fuel Levy receipts - of c. BP 2.6 bn. Government gave an 'Undertaking' to pay BP 3.8 bn. (escalating at 4.5% real annually) for Magnox liabilities, should Magnox Electric run out of cash. BNFL inherited the BP 2.6 bn. and by 2000 had a 'Nuclear Liabilities Investment Portfolio' of c. BP 4 bn. This was a quasi-segregated internal fund for liabilities in general. [Note: overall UK nuclear liabilities in civilian sector were running at c. BP 48 bn. by now]. BE started profitable and paid BP 100 m. annually in dividends to private investors for several years. BE ran into severe financial problems after 2001 and Government organised restructuring aid, now approved by European Commission. Terms include: - BE now to contribute BP 20 m. a year into an expanded Nuclear Liabilities Fund; - A bond issue of BP 275 m. to go to Fund; - 65

  10. [Complementary medicine and scientific pluralism--from governmental research funding to the dialogue forum of pluralism in medicine].

    Science.gov (United States)

    Matthiessen, Peter F

    2013-01-01

    Medicine is based on a pluralism of different ways of thinking and practical approaches. Given this assumption, the history and experiences of the 2 German governmental research funding programs 'Unconventional Methods of Cancer' (UMK) and 'Unconventional Medicine Directions' (UMR) are described from the perspective of the project supporter of 2 working groups that were based at the University of Witten/Herdecke, Germany, on behalf of the federal government. The results of a nationwide inventory analysis conducted under my direction in the years 1989–1992 showed a distinct lack of human and infrastructural resources for competitive research for complementary medicine at that time. The field of complementary medicine was found to be very heterogeneous and was divided into procedures without any visible research interest, but also contained approaches nourishing mainstream medicine by its different paradigm. The representatives of complementary medicine were and still are recognizably interested in evaluative, empirical research. The following contains our funding recommendations made for the relevant ministries, the advertised funding issues, and the research activities carried out. Although this governmental research funding was limited, a signal function can be awarded, retrospectively. For the subsequent period, there has been a significant improvement in infrastructural, staff, and research conditions. This development led to a significant increase in the level of quality and the acceptability of research results. As a result of an increased willingness for cooperations, the foundations, concerns, and activities of the 'dialogue forum pluralism in medicine' set up in 2000 are presented and compared with the situation at the time of research funding by government. 'Integrative Medicine' is currently being favored and welcomed as a sign of better mutual acceptance. Nevertheless, complementary medicine is still seen as being creative, enriching medical and health

  11. ELECTIONS PENSION FUND

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

  12. ELECTIONS - Pension Fund

    CERN Document Server

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

  13. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

  14. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

  15. Innovative funding solution for special projects: Crowd funding

    Directory of Open Access Journals (Sweden)

    Sentot Imam Wahjono

    2015-06-01

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

  16. Pension Fund governing board

    CERN Multimedia

    HR Department

    2008-01-01

    On 16 March and 7 May, the Pension Fund Governing Board (PFGB) held its fourth and fifth meetings The first of these meetings was primarily dedicated to the examination of the strategic asset allocation. The PFGB reaffirmed the main goal of the new strategic asset allocation: to improve the Pension Fund’s position with regard to risk by lowering overall portfolio volatility through suitable investments in less volatile asset classes such as real estate and absolute return strategies, where the return does not depend on market trends and negative growth is extremely unlikely. The finalised document will be presented to the Finance Committee and the Council at their June meetings for approval, in accordance with the provisions of the Levaux report. The PFGB also took note of the Internal Audit’s report on Pension Fund operations and decided to refer it to Working Group I as a working document for establishing a control and internal monitoring system for Pension Fund oper...

  17. Estimating, budgets, and funds management as related to unused funds

    International Nuclear Information System (INIS)

    Hutterman, L.

    1994-01-01

    The Department of Energy Environmental Restoration Program each year has a large reserve of funds that is uncosted and unobligated (unused funds) each year. These are funds that congress has made available to the Departments Environmental Restoration Program and the Program has not used these funds to perform the scope assigned to the program. This paper raised the question: is this problem related to estimating, budgeting or funds management, and offers some tools to deal with this problem

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

    International Nuclear Information System (INIS)

    1987-01-01

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

  19. Funding strategies for wilderness management

    Science.gov (United States)

    Carolyn Alkire

    2000-01-01

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

  20. 5 CFR 847.503 - Transfers from the CSR Fund.

    Science.gov (United States)

    2010-01-01

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

  1. Mental health community based funding: Ohio's experience in revising its funding allocation methodology.

    Science.gov (United States)

    Seiber, Eric E; Sweeney, Helen Anne; Partridge, Jamie; Dembe, Allard E; Jones, Holly

    2012-10-01

    Over the past 20 years, states have increasingly moved away from centrally financed, state-operated facilities to financing models built around community-based service delivery mechanisms. This paper identifies four important broad factors to consider when developing a funding formula to allocate state funding for community mental health services to local boards in an equitable manner, based on local community need: (1) funding factors used by other states; (2) state specific legislative requirements; (3) data availability; and (4) local variation of factors in the funding formula. These considerations are illustrated with the recent experience of Ohio using available evidence and data sources to develop a new community-based allocation formula. We discuss opportunities for implementing changes in formula based mental health funding related to Medicaid expansions for low income adults scheduled to go into effect under the new Patient Protection and Affordable Care Act.

  2. Funding. Technical Assistance Packet.

    Science.gov (United States)

    Join Together, Boston, MA.

    This paper provides tips and resources that communities can use to reduce substance abuse and gun violence. The names of national organizations, publications, and community leaders with expertise in funding are included. It describes how Join Together Online, a national resource for communities working to reduce substance abuse and gun violence,…

  3. Higher Education Funding Formulas.

    Science.gov (United States)

    McKeown-Moak, Mary P.

    1999-01-01

    One of the most critical components of the college or university chief financial officer's job is budget planning, especially using formulas. A discussion of funding formulas looks at advantages, disadvantages, and types of formulas used by states in budgeting for higher education, and examines how chief financial officers can position the campus…

  4. Nearly assumptionless screening for the mutually-exciting multivariate Hawkes process.

    Science.gov (United States)

    Chen, Shizhe; Witten, Daniela; Shojaie, Ali

    2017-01-01

    We consider the task of learning the structure of the graph underlying a mutually-exciting multivariate Hawkes process in the high-dimensional setting. We propose a simple and computationally inexpensive edge screening approach. Under a subset of the assumptions required for penalized estimation approaches to recover the graph, this edge screening approach has the sure screening property: with high probability, the screened edge set is a superset of the true edge set. Furthermore, the screened edge set is relatively small. We illustrate the performance of this new edge screening approach in simulation studies.

  5. Mutualism Disruption Threatens Global Plant Biodiversity: A Systematic Review.

    Directory of Open Access Journals (Sweden)

    Clare E Aslan

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

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

    Directory of Open Access Journals (Sweden)

    Yuguan Hou

    2015-01-01

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

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

    Science.gov (United States)

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

    2018-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Cláudia Olímpia Neves Mamede Maestri

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

  9. United States Merchant Marine Academy: Internal Control Weaknesses Resulted in Improper Sources and Uses of Funds; Some Corrective Actions Are Under Way. Report to Congressional Committees. GAO-09-635

    Science.gov (United States)

    Franzel, Jeanette M.

    2009-01-01

    The U.S. Merchant Marine Academy (Academy), a component of the Department of Transportation's Maritime Administration (MARAD), is one of five U.S. service academies. The Academy is affiliated with 14 nonappropriated fund instrumentalities (NAFI) and two foundations. The US Government Accountability Office (GAO) was asked to determine whether…

  10. 76 FR 59456 - ASGI Agility Income Fund, et al.; Notice of Application

    Science.gov (United States)

    2011-09-26

    ... COMMISSION ASGI Agility Income Fund, et al.; Notice of Application September 19, 2011. AGENCY: Securities and... sales loads (``CDSCs''). Applicants: ASGI Agility Income Fund (``Agility Fund''), ASGI Aurora... investment company registered under the Act. The Agility Fund is organized as a Delaware statutory trust. The...

  11. 45 CFR 2519.600 - How are funds for Higher Education programs distributed?

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false How are funds for Higher Education programs...) CORPORATION FOR NATIONAL AND COMMUNITY SERVICE HIGHER EDUCATION INNOVATIVE PROGRAMS FOR COMMUNITY SERVICE Distribution of Funds § 2519.600 How are funds for Higher Education programs distributed? All funds under this...

  12. MUTUAL COUPLING REDUCTION BETWEEN MICROSTRIP ANTENNAS USING ELECTROMAGNETIC BANDGAP STRUCTURE

    Directory of Open Access Journals (Sweden)

    G.N. Gaikwad

    2011-03-01

    Full Text Available When the number of antenna elements is placed in forming the arrays, mutual coupling between the antenna elements is a critical issue. This is particularly concern in phase array antennas. Mutual coupling is a potential source of performance degradation in the form of deviation of the radiation pattern from the desired one, gain reduction due to excitation of surface wave, increased side lobe levels etc. EBG (Electromagnetic Band Gap structure (also called as Photonic Bandgap Structure PBG not only enhances the performance of the patch antennas but also provides greater amount of isolation when placed between the microstrip arrays. This greatly reduces the mutual coupling between the antenna elements. The radiation efficiency, gain, antenna efficiency, VSWR, frequency, directivity etc greatly improves over the conventional patch antennas using EBG. The EBG structure and normal patch antenna is simulated using IE3D antenna simulation software.

  13. Thermalization of mutual information in hyperscaling violating backgrounds

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-03-31

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

  14. Occurrence and characteristics of mutual interference between LIDAR scanners

    Science.gov (United States)

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

    2015-05-01

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

  15. Sparse Bayesian Learning for DOA Estimation with Mutual Coupling

    Directory of Open Access Journals (Sweden)

    Jisheng Dai

    2015-10-01

    Full Text Available Sparse Bayesian learning (SBL has given renewed interest to the problem of direction-of-arrival (DOA estimation. It is generally assumed that the measurement matrix in SBL is precisely known. Unfortunately, this assumption may be invalid in practice due to the imperfect manifold caused by unknown or misspecified mutual coupling. This paper describes a modified SBL method for joint estimation of DOAs and mutual coupling coefficients with uniform linear arrays (ULAs. Unlike the existing method that only uses stationary priors, our new approach utilizes a hierarchical form of the Student t prior to enforce the sparsity of the unknown signal more heavily. We also provide a distinct Bayesian inference for the expectation-maximization (EM algorithm, which can update the mutual coupling coefficients more efficiently. Another difference is that our method uses an additional singular value decomposition (SVD to reduce the computational complexity of the signal reconstruction process and the sensitivity to the measurement noise.

  16. Anomalous behaviour of mutual information in finite flocks

    Science.gov (United States)

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

    2017-11-01

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

  17. Meeting of the Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2009-01-01

    Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "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 (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November...

  18. Host–Microbiota Mutualism in Metabolic Diseases

    Directory of Open Access Journals (Sweden)

    Salvatore Fabbiano

    2017-10-01

    Full Text Available The intestinal microbiota is a plastic ecosystem that is shaped by environmental and genetic factors, interacting with virtually all tissues of the host. Many signals result from the interplay between the microbiota with its mammalian symbiont that can lead to altered metabolism. Disruptions in the microbial composition are associated with a number of comorbidities linked to the metabolic syndrome. Promoting the niche expansion of beneficial bacteria through diet and supplements can improve metabolic disorders. Reintroducing bacteria through probiotic treatment or fecal transplant is a strategy under active investigation for multiple pathological conditions. Here, we review the recent knowledge of microbiota’s contribution to host pathology, the modulation of the microbiota by dietary habits, and the potential therapeutic benefits of reshaping the gut bacterial landscape in context of metabolic disorders such as obesity.

  19. Host–Microbiota Mutualism in Metabolic Diseases

    Science.gov (United States)

    Fabbiano, Salvatore; Suárez-Zamorano, Nicolas; Trajkovski, Mirko

    2017-01-01

    The intestinal microbiota is a plastic ecosystem that is shaped by environmental and genetic factors, interacting with virtually all tissues of the host. Many signals result from the interplay between the microbiota with its mammalian symbiont that can lead to altered metabolism. Disruptions in the microbial composition are associated with a number of comorbidities linked to the metabolic syndrome. Promoting the niche expansion of beneficial bacteria through diet and supplements can improve metabolic disorders. Reintroducing bacteria through probiotic treatment or fecal transplant is a strategy under active investigation for multiple pathological conditions. Here, we review the recent knowledge of microbiota’s contribution to host pathology, the modulation of the microbiota by dietary habits, and the potential therapeutic benefits of reshaping the gut bacterial landscape in context of metabolic disorders such as obesity. PMID:29056925

  20. 75 FR 12422 - Notice of Funds Availability

    Science.gov (United States)

    2010-03-15

    ... Development Financial Institutions Fund Notice of Funds Availability Funding Opportunity Title: Notice of Funds Availability (NOFA) inviting Applications for the FY 2010 Funding Round of the Capital Magnet Fund... availability, this NOFA is issued in connection with the FY 2010 Funding Round of the CMF (the FY 2010 Funding...

  1. Alberta Heritage Savings Trust Fund : 1998 annual report

    International Nuclear Information System (INIS)

    1999-01-01

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

  2. Rapid evolution of stability and productivity at the origin of a microbial mutualism

    Energy Technology Data Exchange (ETDEWEB)

    Hillesland, Kristina L.; Stahl, David A.

    2009-12-01

    Mutualistic interactions are taxonomically and functionally diverse. Despite their ubiquity, the basic ecological and evolutionary processes underlying their origin and maintenance are poorly understood. A major reason for this has been the lack of an experimentally tractable model system. We examine the evolution of an experimentally imposed obligate mutualism between sulfate-reducing and methanogenic microorganisms that have no known history of prior interaction. Twenty-four independent pairings (cocultures) of the bacterium Desulfovibrio vulgaris and the archaeon Methanococcus maripaludis were established and followed for 300 community doublings in two environments, one allowing for the development of a heterogeneous distribution of resources and the other not. Evolved cocultures grew up to 80percent faster and were up to 30percent more productive (biomass yield per mole substrate) than the ancestors. The evolutionary process was marked by periods of significant instability leading to extinction of two of the cocultures, but resulted in more stable, efficient, and productive mutualisms for most replicated pairings. Comparisons of evolved cocultures with those assembled from one evolved and one ancestral mutualist showed that evolution of both species contributed to improved productivity. Surprisingly, however, overall improvements in growth rate and yield were less than the sum of individual contributions, suggesting antagonistic interactions between mutations from the coevolved populations. Physical constraints on the transfer of metabolites in the evolution environment affected the evolution of M. maripaludis but not D. vulgaris. Together, these results show that challenges can imperil nascent obligate mutualisms and demonstrate the evolutionary responses that enable their persistence and future evolution.

  3. Mutual Impact of Diabetes Mellitus and Tuberculosis in China.

    Science.gov (United States)

    Cheng, Jun; Zhang, Hui; Zhao, Yan Lin; Wang, Li Xia; Chen, Ming Ting

    2017-05-01

    China has a double burden of diabetes mellitus and tuberculosis, and many studies have been carried out on the mutual impact of these two diseases. This paper systematically reviewed studies conducted in China covering the mutual impact of epidemics of diabetes and tuberculosis, the impact of diabetes on multi-drug resistant tuberculosis and on the tuberculosis clinical manifestation and treatment outcome, the yields of bi-directional screening, and economic evaluation for tuberculosis screening among diabetes patients. Copyright © 2017 The Editorial Board of Biomedical and Environmental Sciences. Published by China CDC. All rights reserved.

  4. ICT technologies and financial innovations: the case of Exchange Traded Funds in Brazil, Japan, Mexico, South Korea and the United States

    OpenAIRE

    Lechman, Ewa; Marszk, Adam

    2014-01-01

    Exchange traded funds (ETFs), funds structured in order to mimic the performance of selected financial assets, are one of the most significant innovative financial instruments recently introduced. They have gained considerable popularity among investors due to their advantages in comparison with conventional mutual funds, investment vehicles with a significantly longer history. This paper contributes by providing extensive knowledge about the empirical links between information and communicat...

  5. Dynamics of vortex tangle without mutual friction in superfluid 4He

    International Nuclear Information System (INIS)

    Tsubota, Makoto; Araki, Tsunehiko; Nemirovskii, Sergey K.

    2000-01-01

    A recent experiment has shown that a tangle of quantized vortices in superfluid 4 He decayed even at mK temperatures where the normal fluid was negligible and no mutual friction worked. Motivated by this experiment, this work studies numerically the dynamics of the vortex tangle without the mutual friction, thus showing that a self-similar cascade process, whereby large vortex loops break up to smaller ones, proceeds in the vortex tangle and is closely related with its free decay. This cascade process which may be covered with the mutual friction at higher temperatures is just the one at zero temperature Feynman proposed long ago. The full Biot-Savart calculation is made for dilute vortices, while the localized induction approximation is used for a dense tangle. The former finds the elementary scenario: the reconnection of the vortices excites vortex waves along them and makes them kinked, which could be suppressed if the mutual friction worked. The kinked parts reconnect with the vortex they belong to, dividing into small loops. The latter simulation under the localized induction approximation shows that such cascade process actually proceeds self-similarly in a dense tangle and continues to make small vortices. Considering that the vortices of the interatomic size no longer keep the picture of vortex, the cascade process leads to the decay of the vortex line density. The presence of the cascade process is supported also by investigating the classification of the reconnection type and the size distribution of vortices. The decay of the vortex line density is consistent with the solution of the Vinen's equation which was originally derived on the basis of the idea of homogeneous turbulence with the cascade process. The cascade process revealed by this work is an intrinsic process in the superfluid system free from the normal fluid. The obtained result is compared with the recent Vinen's theory which discusses the Kelvin wave cascade with sound radiation

  6. Kryolize - KT Fund Project

    CERN Multimedia

    CERN. Geneva

    2016-01-01

    Safety standards and best practices do exist in the field of cryogenics but, as in most domains, they are generally inserted in a few ‘envelope’ cases commonly used in the industry, whereas applicability to the particularity of research facilities are not fully tailored to its needs. The main objective in these cases is to find a harmonised approach, based on lessons learnt and scientific knowledge. The Kryolize Project was created in order to produce tools with a harmonized approach to size pressure relief devices for cryogenic applications. In view of disseminating such tools to other institutes and industrial partners, the project was submitted to CERN’s KT Fund committee. This talk will focus on the process and deliverables of the KT-Funded Kryolize project, including the method on how to cope with the sizing of pressure relief devices and the R&D collaboration agreement between CERN and Karlsruhe Institute of Technology for an experimental programme.

  7. Pension Fund award

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

    The CERN Pension Fund won the Investments & Pensions Europe (IPE) 2013 Gold Award in the Medium Real-Estate Investor category. IPE is the leading European publication on the subject of pensions. The awards were judged by a panel of 22 members, which included leading European investment consultants and pension fund executives.     Théodore Economou (left), the CERN Pension Fund’s Chief Executive Officer, receives the IPE 2013 Gold Award.   The award recognised the “fresh thinking” behind the CERN Pension Fund’s updated real-estate strategy, which has brought it “focus” on “high-quality assets and diversification.” The jury also noted the Fund’s “streamlined and cost-efficient” management, and noted that CERN is “running a tight ship”. While the awards are given by a European institution, they have a worldwide scope, and winners in ot...

  8. Program development fund

    International Nuclear Information System (INIS)

    1989-03-01

    It is the objective of the Fund to encourage innovative research to maintain the Laboratory's position at the forefront of science. Funds are used to explore new ideas and concepts that may potentially develop into new directions of research for the Laboratory and that are consistent with the major needs, overall goals, and mission of the Laboratory and the DOE. The types of projects eligible for support from PDF include: work in forefront areas of science and technology for the primary purpose of enriching Laboratory research and development capabilities; advanced study of new hypotheses, new experimental concepts, or innovative approaches to energy problems; experiments directed toward ''proof of principle'' or early determination of the utility of a new concept; and conception, design analyses, and development of experimental devices, instruments, or components. This report is a review of these research programs

  9. ESG Issues among Fund Managers—Factors and Motives

    Directory of Open Access Journals (Sweden)

    Justyna Przychodzen

    2016-10-01

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

  10. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: MAURIN First Name: Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives. One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted i...

  11. 34 CFR 668.164 - Disbursing funds.

    Science.gov (United States)

    2010-07-01

    ...) For Federal Perkins Loan, FSEOG, Federal Pell Grant, ACG, and National SMART Grant funds, an..., savings, or similar account that underlies a stored-value card or other transaction device. (3) An... card, stored-value card, other type of automated teller machine (ATM) card, or similar transaction...

  12. Public funding of abortions and abortion counseling for poor women.

    Science.gov (United States)

    Edwards, R B

    1997-01-01

    This essay seeks to reveal the weakness in arguments against public funding of abortions and abortion counseling in the US based on economic, ethico-religious, anti-racist, and logical-consistency objections and to show that public funding of abortion is strongly supported by appeals to basic human rights, to freedom of speech, to informed consent, to protection from great harm, to justice, and to equal protection under the law. The first part of the article presents the case against public funding with detailed considerations of the economic argument, the ethico/religious argument, the argument that such funding supports racist genocide or eugenic quality control, and arguments that a logical inconsistency exists between the principles used to justify the legalization of abortions and arguments for public funding. The second part of the article presents the case for public funding by discussing the spending of public funds on morally offensive programs, arguments for public funding of abortion counseling for the poor, and arguments for public funding of abortions for the poor. It is concluded that it is morally unacceptable and rationally unjustifiable to refuse to expend public funds for abortions for low income women, because after all most money for legal abortions for the poor comes from welfare payments made to women. If conservative forces want to insure that no public funds pay for abortions, they must stop all welfare payments to pregnant women.

  13. Namibia - Vocational Training Grant Fund

    Data.gov (United States)

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

  14. Antagonists in Mutual Antipathies: A Person-Oriented Approach

    NARCIS (Netherlands)

    Güroglu, B.; Haselager, G.J.T.; Lieshout, C.F.M. van; Scholte, R.H.J.

    2009-01-01

    This study investigated the heterogeneity of mutual antipathy relationships. Separate cluster analyses of peer interactions of early adolescents (mean age 11 years) and adolescents (mean age of 14) yielded 3 types of individuals in each age group, namely Prosocial, Antisocial, and Withdrawn.

  15. Antagonists in Mutual Antipathies: A Person-Oriented Approach

    Science.gov (United States)

    Guroglu, Berna; Haselager, Gerbert J. T.; van Lieshout, Cornelis F. M.; Scholte, Ron H. J.

    2009-01-01

    This study investigated the heterogeneity of mutual antipathy relationships. Separate cluster analyses of peer interactions of early adolescents (mean age 11 years) and adolescents (mean age of 14) yielded 3 "types of individuals" in each age group, namely Prosocial, Antisocial, and Withdrawn. Prevalence analysis of the 6 possible combinations of…

  16. Mutual Antipathies and Their Significance in Middle Childhood and Adolescence.

    Science.gov (United States)

    Abecassis, Maurissa; Hartup, Willard W.; Haselager, Gerbert J. T.; Scholte, Ron H. J.; Van Lieshout, Cornelis F. M.

    2002-01-01

    Investigated children's and adolescents' involvement in mutual antipathies. Found that children and boys of all ages were more frequently involved in same-sex antipathies; involvement in mixed-sex antipathies was comparable for both genders. Same-sex antipathies were associated with antisocial behavior and social withdrawal for both age and gender…

  17. Collision detection and prediction using a mutual configuration state approach

    NARCIS (Netherlands)

    Schoute, Albert L.; Weiss, N.; Jesse, N.; Reusch, B.

    A configuration state approach is presented that simplifies the mutual collision analysis of objects with known shapes that move along known paths. Accurate and fast prediction of contact situations in games such as robot soccer enables improved anticipatory and corrective actions of the state

  18. 12 CFR 544.5 - Federal mutual savings association bylaws.

    Science.gov (United States)

    2010-01-01

    ... the holder uses a procedure for verifying the identity of the member. All proxies with a term greater... by the association. (3) Corporate governance procedures. A Federal mutual association may elect to follow the corporate governance procedures of the laws of the state where the main office of the...

  19. Eavesdropping on cooperative communication within an ant-butterfly mutualism

    DEFF Research Database (Denmark)

    Elgar, Mark A.; Nash, David Richard; Pierce, Naomi E.

    2016-01-01

    Signalling is necessary for the maintenance of inter-specific mutualisms but is vulnerable to exploitation by eavesdropping. While eavesdropping of intra-specific signals has been studied extensively, such exploitation of inter-specific signals has not been widely documented. The juvenile stages ...

  20. Mutual Coupling Effect on Ultrawideband Linear Antenna Array Performance

    Directory of Open Access Journals (Sweden)

    Osama Ahmed

    2011-01-01

    Full Text Available This paper studies the mutual coupling effect between array elements of two- and four-element ultrawideband (UWB linear arrays on their performances. For simplicity, it is assumed that both antenna arrays are fed by independent microstrip lines with the same power amplitudes and equal phases. From our study, array bandwidth improvement is achieved for both array types when the mutual coupling is strong enough or interelement spacing is small. The mutual coupling also enhances the array realized gain especially in the midfrequency band (5–8.5 GHz while it deteriorates the gain outside that frequency range. Proper tuning for interelement spacing with enough mutual coupling enhances the array realized gain at most frequencies and makes it more stable across the desired frequency range. From the radiation pattern results, the grating lobes appear in UWB arrays when the element spacing is greater than two wavelengths at the upper edge frequency, 10.6 GHz, or half wavelength at the lower edge frequency 3.1 GHz. Two fabricated array prototypes with corporate feed are fabricated and tested to validate the theoretical analysis. The effect of using T-junction power divider is clear on the reflection coefficient |S11|. Both numerically simulated and experimental results successfully demonstrate our analysis.

  1. Gene Regulatory Network Reconstruction Using Conditional Mutual Information

    Directory of Open Access Journals (Sweden)

    Xiaodong Wang

    2008-06-01

    Full Text Available The inference of gene regulatory network from expression data is an important area of research that provides insight to the inner workings of a biological system. The relevance-network-based approaches provide a simple and easily-scalable solution to the understanding of interaction between genes. Up until now, most works based on relevance network focus on the discovery of direct regulation using correlation coefficient or mutual information. However, some of the more complicated interactions such as interactive regulation and coregulation are not easily detected. In this work, we propose a relevance network model for gene regulatory network inference which employs both mutual information and conditional mutual information to determine the interactions between genes. For this purpose, we propose a conditional mutual information estimator based on adaptive partitioning which allows us to condition on both discrete and continuous random variables. We provide experimental results that demonstrate that the proposed regulatory network inference algorithm can provide better performance when the target network contains coregulated and interactively regulated genes.

  2. Is Action Research Necessarily Collaborative? Changing Mutuality within a Project

    Science.gov (United States)

    Sousa, Francisco

    2016-01-01

    This article reports a study on collaboration within an action research project that was conducted by university researchers and elementary school teachers in the Azores, Portugal. More specifically, it examines how different kinds of participants worked together in different phases of the project. The notion of mutuality (i.e., the relative…

  3. In silico comparison of bacterial strains using mutual information

    Indian Academy of Sciences (India)

    PRAKASH KUMAR

    Mutual information M(k) vs base separation k : Bacillus anthracis and Bacillus cereus strains : Ames ancestor – red; Ames. – green; Sterne – blue; cereus: ATCC 10987 – pink; ATCC 14579 – turquoise; E33 – yellow; smoothened plot : Ames ancestor – black;. ATCC 10987 – rust; Bacillus thuringiensis konkukian – grey. 0.01.

  4. On the determination of the mutual exclusion statistics parameter

    Indian Academy of Sciences (India)

    On the determination of the mutual exclusion statistics parameter. SAPTARSHI MANDAL. Department of Theoretical Physics, Indian Association for the Cultivation of Science,. 2A&2B Raja S.C. Mullick Road, Jadavpur, Kolkata 700 032, India. E-mail: mandal.saptarshi1@gmail.com. MS received 7 September 2012; revised ...

  5. Mutual recognition and the right to damages for criminal investigations

    DEFF Research Database (Denmark)

    Bang Fuglsang Madsen Sørensen, Henning

    2015-01-01

    This article considers how the citizen who has been surrendered on an EAW in a case ending with acquittal or non-prosecution may achieve compensation for the loss of freedom and the surrender to another Member State. The analysis shows how the EAW and the principle of mutual recognition have been...

  6. Synchronization scenario of two distant mutually coupled semiconductor lasers

    DEFF Research Database (Denmark)

    Mulet, Josep; Mirasso, Claudio; Heil, Tilmann

    2004-01-01

    We present numerical and experimental investigations of the synchronization of the coupling-induced instabilities in two distant mutually coupled semiconductor lasers. In our experiments, two similar Fabry-Perot lasers are coupled via their coherent optical fields. Our theoretical framework is ba...

  7. Quadratic mutual information for dimensionality reduction and classification

    Science.gov (United States)

    Gray, David M.; Principe, José C.

    2010-04-01

    A research area based on the application of information theory to machine learning has attracted considerable interest in the last few years. This research area has been coined information-theoretic learning within the community. In this paper we apply elements of information-theoretic learning to the problem of automatic target recognition (ATR). A number of researchers have previously shown the benefits of designing classifiers based on maximizing the mutual information between the class data and the class labels. Following prior research in information-theoretic learning, in the current results we show that quadratic mutual information, derived using a special case of the more general Renyi's entropy, can be used for classifier design. In this implementation, a simple subspace projection classifier is formulated to find the optimal projection weights such that the quadratic mutual information between the class data and the class labels is maximized. This subspace projection accomplishes a dimensionality reduction of the raw data set wherein information about the class membership is retained while irrelevant information is discarded. A subspace projection based on this criterion preserves as much class discriminability as possible within the subspace. For this paper, laser radar images are used to demonstrate the results. Classification performance against this data set is compared for a gradient descent MLP classifier and a quadratic mutual information MLP classifier.

  8. Institutionalized Mutuality in Canada-China Management Education Collaboration

    Science.gov (United States)

    Wei, Shuguang; Liu, Xianjun

    2015-01-01

    This paper examines the Canada-China Management Education Program (CCMEP, 1983-1996) between the University of Toronto (UT) and Huazhong University of Science and Technology (HUST). In this paper, we create a "Three Levels/Four Parameters" analytical framework, based on the concept of mutuality from Johan Galtung (1980) and the concept…

  9. High-Contention Mutual Exclusion by Elevator Algorithms

    NARCIS (Netherlands)

    Buhr, Peter A.; Dice, Dave; Hesselink, Wim H.

    2018-01-01

    This paper presents new starvation-free hardware-assisted and software-only algorithms for the N-thread mutual-exclusion problem. The hardware-assisted versions use a single atomic-CAS instruction and no fences. The software-only algorithms simulate the CAS instruction using a variation of

  10. 77 FR 73115 - Mutual Savings Association Advisory Committee

    Science.gov (United States)

    2012-12-07

    ... DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [Docket ID OCC-2012-0018] Mutual Savings Association Advisory Committee AGENCY: Office of the Comptroller of the Currency (OCC... Deale, Designated Federal Official, (202) 874-5020, Office of the Comptroller of the Currency, 250 E...

  11. Application of Joint Error Maximal Mutual Compensation to hexapod robots

    DEFF Research Database (Denmark)

    Veryha, Yauheni; Petersen, Henrik Gordon

    2008-01-01

    A good practice to ensure high-positioning accuracy in industrial robots is to use joint error maximum mutual compensation (JEMMC). This paper presents an application of JEMMC for positioning of hexapod robots to improve end-effector positioning accuracy. We developed an algorithm and simulation ...

  12. Quantum mutual information and the one-time pad

    International Nuclear Information System (INIS)

    Schumacher, Benjamin; Westmoreland, Michael D.

    2006-01-01

    Alice and Bob share a correlated composite quantum system AB. If AB is used as the key for a one-time pad cryptographic system, we show that the maximum amount of information that Alice can send securely to Bob is the quantum mutual information of AB

  13. The Development Of Mutual Trust In British Workplaces Through ?Partnership?

    NARCIS (Netherlands)

    G.R. Dietz (Graham)

    2002-01-01

    textabstractThis article examines the alleged links between 'partnership' forms of managing workplace relationships in Britain, and the development of intra-organisational 'trust'. The potential for mutually complementary linkages between the two are clear, in theory at least: partnership, as

  14. Flexible Use of Mutual Exclusivity in Word Learning

    Science.gov (United States)

    Kalashnikova, Marina; Mattock, Karen; Monaghan, Padraic

    2016-01-01

    From an early age, children apply the mutual exclusivity (ME) assumption, demonstrating preference for one-to-one mappings between words and their referents. However, for the acquisition of referentially overlapping terms, ME use must be suspended. We test whether contextual cues to intended meaning, in the form of presence of a speaker, may be…

  15. Problem decomposition by mutual information and force-based clustering

    Science.gov (United States)

    Otero, Richard Edward

    The scale of engineering problems has sharply increased over the last twenty years. Larger coupled systems, increasing complexity, and limited resources create a need for methods that automatically decompose problems into manageable sub-problems by discovering and leveraging problem structure. The ability to learn the coupling (inter-dependence) structure and reorganize the original problem could lead to large reductions in the time to analyze complex problems. Such decomposition methods could also provide engineering insight on the fundamental physics driving problem solution. This work forwards the current state of the art in engineering decomposition through the application of techniques originally developed within computer science and information theory. The work describes the current state of automatic problem decomposition in engineering and utilizes several promising ideas to advance the state of the practice. Mutual information is a novel metric for data dependence and works on both continuous and discrete data. Mutual information can measure both the linear and non-linear dependence between variables without the limitations of linear dependence measured through covariance. Mutual information is also able to handle data that does not have derivative information, unlike other metrics that require it. The value of mutual information to engineering design work is demonstrated on a planetary entry problem. This study utilizes a novel tool developed in this work for planetary entry system synthesis. A graphical method, force-based clustering, is used to discover related sub-graph structure as a function of problem structure and links ranked by their mutual information. This method does not require the stochastic use of neural networks and could be used with any link ranking method currently utilized in the field. Application of this method is demonstrated on a large, coupled low-thrust trajectory problem. Mutual information also serves as the basis for an

  16. Recent Developments in Hedge Funds

    OpenAIRE

    Financial Systems and Bank Examination Department; Financial Markets Department

    2006-01-01

    Hedge funds are becoming increasingly prominent in global financial markets. Although hedge funds and investment trusts are both forms of pooled investment vehicles, hedge funds are characterized by greater freedom for investment managers in terms of investment strategies. This is because hedge funds' investor base is limited to institutional investors and high net worth individuals, exempting them from the constraints of various regulations, and because they commonly place restrictions on in...

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

    Directory of Open Access Journals (Sweden)

    Vanesa Teitelbaum

    2011-12-01

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

  18. Will Increased Highway Funding Help Rural Areas?

    OpenAIRE

    Brown, Dennis M.

    1999-01-01

    Rural areas in the United States stand to benefit from new highway funding legislation, especially the South. The Transportation Equity Act for the 21st Century (TEA-21) authorizes sharply increased funding for major roads and is the single largest public works bill in U.S. history. Over a 6-year period, it will provide $171 billion to build new roads, widen lanes, put in new interchanges, and construct bridges. Under TEA-21, some spending discrepancies will be addressed and resolved for Stat...

  19. The Funding of Public Service Media

    DEFF Research Database (Denmark)

    Lowe, Gregory F.; Berg, Christian E.

    2013-01-01

    funding public broadcasting is not only about funding; it is about wider issues only partly rooted in the current economic malaise. An underlying dynamic is keyed to the digitalization of the media system at large, co-related with growing complexity in media competition, fuelling debate over......This article provides an overview of the financial situation for public service broadcasting in European Union member countries, situating concerns about the sector's economic value-for-money in a broader discourse about contention over socio-political values. The authors argue that debate about...

  20. Performance-Based Funding Brief

    Science.gov (United States)

    Washington Higher Education Coordinating Board, 2011

    2011-01-01

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

  1. A method and device for the exchange of heat between mutually reactive fluids

    International Nuclear Information System (INIS)

    1973-01-01

    A method is described for the transfer of heat between two mutually reactive fluids, namely a primary, or heating, fluid and secondary fluid to be heated, said method consisting in transferring the primary fluid heat to an intermediate fluid by vaporizing the latter under saturated vapor pressure, transferring to the secondary fluid the heat of the thus vaporized fluid until the latter condenses, causing the condensate to be again in heat-exchange relation with the primary fluid and reproducing, in a closed circuit, the intermediate fluid vaporization and condensation steps [fr

  2. National conference on crowd-funding - Presentations

    International Nuclear Information System (INIS)

    Bour, Daniel; Raguet, Alex; Arnaud, Christophe; Olive, Catherine; Herriou, Jean-Pierre; Lemaignan, Benoit; Camps, Mathieu; Gauduchon, Marie-Veronique; Hostache, Julien; Clerc, Jean-Marc; Feraudy, Nicolas de; Petit, Frederic; Blais, Armaury; Egnell, Luc; Desvigne, Alain; Floc'h, Romain; Forgues, Benoit; Kuzdzal, Matthieu

    2016-12-01

    This conference was organised in the framework of the CrowdFundRES European project (European Union's Horizon 2020 research and innovation programme under grant agreement No. 646435). Its objectives were: - to provide a comprehensive overview of solar energy crowd-funding in Europe and in France; - to inform about the French legal framework; - to answer the pending questions regarding the conditions of application of the call for bids; - to identify the most suitable modalities for project developers; - to shed light on the possibilities offered to local communities and to their citizens; - to present concrete examples of realisations with their experience feedback; - to exchange on crowd-funding structuring at the service of energy transition in France and in regions. This document brings together the different presentations (slides) given at this conference

  3. 5 CFR 847.502 - Transfers to the CSR Fund.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Transfers to the CSR Fund. 847.502 Section 847.502 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE... to the CSR Fund. For elections of CSRS or FERS coverage under § 847.411 or FERS coverage and service...

  4. 7 CFR 220.6 - Use of funds.

    Science.gov (United States)

    2010-01-01

    ... per centum of the funds earned in any fiscal year under the School Breakfast Program. Advance payments... current obligations. (b) Whoever embezzles, willfully misapplies, steals, or obtains by fraud any funds... property have been embezzled, willfully misapplied, stolen, or obtained by fraud, shall be subject to the...

  5. 17 CFR 1.25 - Investment of customer funds.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Investment of customer funds... REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Customers' Money, Securities, and Property § 1.25 Investment of customer funds. (a) Permitted investments. (1) Subject to the terms and conditions set forth in this...

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

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

    2018-04-05

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

  7. 76 FR 708 - Electronic Funds Transfer of Depository Taxes; Correction

    Science.gov (United States)

    2011-01-06

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1, 31, 40, and 301 [TD 9507] RIN 1545-BJ13 Electronic Funds Transfer of Depository Taxes; Correction AGENCY: Internal Revenue Service... Electronic Funds Transfer (EFT). The temporary and final regulations provide rules under which depositors...

  8. 30 CFR 872.21 - What are historic coal funds?

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 3 2010-07-01 2010-07-01 false What are historic coal funds? 872.21 Section... What are historic coal funds? (a) “Historic coal funds” are moneys provided under section 402(g)(5) of SMCRA based on the amount of coal produced before August 3, 1977, in your State or on Indian lands in...

  9. Public Funding of Political Parties

    DEFF Research Database (Denmark)

    Ortuno-Ortin, Ignacio; Schultz, Christian

    This paper concerns public funding of parties. Parteis receive public funds depending on their vote share. Funds finance electoral campaigns. Two cases are investigated. In the first, some voters are policy motivated and some are ?impressionable? ? their vote depends directly on campaign...... expenditures. In the second, campaigning is informative and all voters are policy motivated. Public funds increase policy convergence in both cases. The effect is larger, the more funding depends on vote shares. When campaigns are informative, there may be multiple euqilibria. Intuitively, a large party can...

  10. 76 FR 15961 - Funding Priorities and Selection Criterion; Disability and Rehabilitation Research Projects and...

    Science.gov (United States)

    2011-03-22

    ... (Rehabilitation Act). Under the Disability and Rehabilitation Research Projects and Centers umbrella program, the Department funds projects through a number of funding mechanisms, including the Special Projects and... testing promising interventions. NIDRR funds the SCIMS centers under the Special Projects and...

  11. 78 FR 25291 - Announcement of Funding Awards; Section 3 Program Coordination and Implementation; Fiscal Year 2010

    Science.gov (United States)

    2013-04-30

    ... funding under the Notice of Funding Availability (NOFA) for the Section 3 Program Coordination and.... (The Catalog of Federal Domestic Assistance Number for currently funded Initiatives under the Section 3... Valentine Reid, 816-777-2390. 7 50,000.00 East Armour Boulevard, Jackson, MO 64112-1254. Section 3 Program...

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

    KAUST Repository

    Abadi, Maram

    2015-08-24

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

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

    DEFF Research Database (Denmark)

    Fabbrini, Federico

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    PIRTEA MARILEN

    2013-02-01

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

  15. 25 CFR 900.72 - Who is the guardian of the fund and may the funds be invested?

    Science.gov (United States)

    2010-04-01

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

  16. Spatially resolved detection of mutually locked Josephson junctions in arrays

    International Nuclear Information System (INIS)

    Keck, M.; Doderer, T.; Huebener, R.P.; Traeuble, T.; Dolata, R.; Weimann, T.; Niemeyer, J.

    1997-01-01

    Mutual locking due to the internal coupling in two-dimensional arrays of Josephson junctions was investigated. The appearance of Shapiro steps in the current versus voltage curve of a coupled on-chip detector junction is used to indicate coherent oscillations in the array. A highly coherent state is observed for some range of the array bias current. By scanning the array with a low-power electron beam, mutually locked junctions remain locked while the unlocked junctions generate a beam-induced additional voltage drop at the array. This imaging technique allows the detection of the nonlocked or weakly locked Josephson junctions in a (partially) locked array state. copyright 1997 American Institute of Physics

  17. Network structure embracing mutualism-antagonism continuums increases community robustness.

    Science.gov (United States)

    Montesinos-Navarro, Alicia; Hiraldo, Fernando; Tella, José L; Blanco, Guillermo

    2017-11-01

    Theory predicts that contrasting properties of mutualistic and antagonistic networks differentially promote community resilience to species loss. However, the outcome of most ecological interactions falls within a continuum between mutualism and antagonism, and we ignore the extent to which this interactions' continuum might influence community stability. Using a large data set of interactions, we compared co-extinction cascades that either consider or ignore the mix of beneficial and detrimental actions that parrots exert on plants. When the antagonism-mutualism continuum was considered, a combination of the properties that separately enhance community stability in ecological networks emerged. This combination of properties led to an overall increase of the parrot community robustness to face plant species loss. Our results highlight that the conditional outcomes of interactions can influence the structure of ecological networks, thus affecting our predictions of community stability against eventual changes.

  18. The Mutual Impact of Global Strategy and Organizational Learning

    DEFF Research Database (Denmark)

    Hotho, Jasper J.; Lyles, Marjorie A.; Easterby-Smith, Mark

    2015-01-01

    Despite the interest in issues of knowing and learning in the global strategy field, there has been limited mutual engagement and interaction between the fields of global strategy and organizational learning. The purpose of our article is to reflect on and articulate how the mutual exchange...... of ideas between these fields can be encouraged. To this end, we first conduct a review of the intersection of the fields of global strategy and organizational learning. We then present two recommendations regarding how the interaction between the two fields can be enhanced. Our first recommendation...... is for global strategy research to adopt a broader notion of organizational learning. Our second recommendation is for global strategy research to capitalize on its attention to context in order to inform and enhance organizational learning theory. We discuss the use of context in a number of common research...

  19. Scale-Space Mutual Information for Textural-Patterns Characterization

    Energy Technology Data Exchange (ETDEWEB)

    Seedahmed, Gamal H.; Ward, Andy L.

    2005-08-22

    The essence of image texture is typically understood by two aspects. First, within a texture-pattern there is a significant variation in intensity values between nearby pixels. Second, texture is a homogeneous property at some spatial scale larger than the spatial resolution of the image. Motivated by the essential aspects of image texture, this paper proposes a novel methodology that combines the use of scale-space and mutual information to characterize textural-patterns. Scale-space offers the mechanism for a multi-scale representation of the image, which will be used to address the scale aspect of texture. On the other hand, mutual information provides a measure to quantify the dependency relationship across the scale-space. It has been found that the proposed methodology has the potential to capture different properties of texture such as periodicity, scale, fineness, coarseness, and spatial extent or size. Practical examples are provided to demonstrate the applicability of the proposed methodology.

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

    Science.gov (United States)

    White, Margaret; Kuehn, Larry

    2015-01-01

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

  1. Fund Raising for Haiti

    CERN Multimedia

    Association du personnel

    2010-01-01

    Dear Colleagues, Following the devastating earthquake that hit Haiti on 12 January 2010, the CERN Management and the Staff Association are organizing a collection to help the victims. The money collected will be transferred to associations or bodies guaranteeing proper use of the funds, such as the Association Haïti Ecoles based in Cessy, which our Long Term Collections supported for several years. From today you can pay your donations into a special UBS account, indicating “Séisme Haïti” as the reason for payment . SWIFT : UBSWCHZH12B IBAN : CH85 0027 9279 HU10 6832 1 Account Holder : Association du personnel du CERN We are counting on the generosity of the CERN community to support the Haitian people at this very difficult time. Thank you on their behalf. Rolf Heuer Director-General Gianni Deroma President of the Staff Association

  2. Risk analytics for hedge funds

    Science.gov (United States)

    Pareek, Ankur

    2005-05-01

    The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

  3. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Hobart, L.

    1984-01-01

    The Nuclear Waste Fund involves a number of features which make it a unique federal program. Its primary purpose is to finance one of the largest and most controversial public works programs in the history of the United States. Despite the program's indicated size and advance publicity, no one knows exactly where the anticipated projects will be built, who will construct them, what they will look like when they are done or how they will be operated and by whom. Implimentation of this effort, if statutory targets are actually met, covers a 16-year period. To cover the costs of the program, the Federal Government will tax nuclear power at the rate of 1 mil per kilowatt hour generated. This makes it one of the biggest and longest-lived examples of advance collections for construction work in progress in the history of the United States. While the Department of Energy is authorized to collect funds for the program the Nuclear Regulatory Commission has the authority to cut off this revenue stream by the shutdown of particular reactors or particular reactor types. If all goes well, the Federal Government will begin receiving spent nuclear fuel by 1998, continuing to assess a fee which will cover operating and maintenance costs. If all does not go well, the Federal Government and/or utilities will have to take other steps to solve the problem of permanent disposal. Should the latter circumstance prevail, presumably not only used to date but the $7.5 billion would be spent. The Nuclear Waste Policy Act of 1982, contains no clear provision for utility refunds in that case

  4. Observation and Analysis of Jovian and Saturnian Satellite Mutual Events

    Science.gov (United States)

    Tholen, David J.

    2001-01-01

    The main goal of this research was to acquire high time resolution photometry of satellite-satellite mutual events during the equatorial plane crossing for Saturn in 1995 and Jupiter in 1997. The data would be used to improve the orbits of the Saturnian satellites to support Cassini mission requirements, and also to monitor the secular acceleration of Io's orbit to compare with heat flow measurements.

  5. Nordic Mutual Emergency Assistance Agreement in Connection with Radiation Accidents

    International Nuclear Information System (INIS)

    1963-01-01

    The text of the Nordic Mutual Emergency Assistance Agreement in Connection with Radiation Accidents, which was signed on 17 October 1963 by the Director General and by representatives of the Governments of Denmark, Finland, Norway and Sweden, is reproduced in this document for the information of all Members. The entry into force of the Agreement in accordance with Article IX will be notified to Members in an Addendum to this document [es

  6. Mutual information for enhanced feature selection in visual tracking

    Science.gov (United States)

    Stamatescu, Victor; Wong, Sebastien; Kearney, David; Lee, Ivan; Milton, Anthony

    2015-05-01

    In this paper we investigate the problem of fusing a set of features for a discriminative visual tracking algorithm, where good features are those that best discriminate an object from the local background. Using a principled Mutual Information approach, we introduce a novel online feature selection algorithm that preserves discriminative features while reducing redundant information. Applying this algorithm to a discriminative visual tracking system, we experimentally demonstrate improved tracking performance on standard data sets.

  7. Does the third mutual friction coefficient B'' exist

    International Nuclear Information System (INIS)

    Mathieu, P.; Placais, B.; Simon, Y.

    1985-01-01

    Precise measurements of the attenuation of a second-sound wave propagation axially in rotating He II at first sight suggest that the third mutual-friction coefficient B'' has a non-zero value (B'' = 0.021 at 1.9 K). But the observation of metastable states associated with various levels of attenuation is not reconcilable with the semi-classical model of the vortex line [fr

  8. Nordic Mutual Emergency Assistance Agreement in Connection with Radiation Accidents

    International Nuclear Information System (INIS)

    1963-01-01

    The text of the Nordic Mutual Emergency Assistance Agreement in Connection with Radiation Accidents, which was signed on 17 October 1963 by the Director General and by representatives of the Governments of Denmark, Finland, Norway and Sweden, is reproduced in this document for the information of all Members. The entry into force of the Agreement in accordance with Article IX will be notified to Members in an Addendum to this document

  9. The Development Of Mutual Trust In British Workplaces Through ?Partnership?

    OpenAIRE

    Dietz, G.R.

    2002-01-01

    textabstractThis article examines the alleged links between 'partnership' forms of managing workplace relationships in Britain, and the development of intra-organisational 'trust'. The potential for mutually complementary linkages between the two are clear, in theory at least: partnership, as defined here, should produce, nurture and enhance levels of interpersonal trust inside organisations, while in turn trust, as defined here, legitimates and helps reinforce an organisation's 'partnership'...

  10. Mutually unbiased bases and complementary spin 1 observables

    Energy Technology Data Exchange (ETDEWEB)

    Kurzynski, Pawel; Kaszub, Wawrzyniec; Czechlewski, Mikolaj, E-mail: cqtpkk@nus.edu.s [Faculty of Physics, Adam Mickiewicz University, Umultowska 85, 61-614 Poznan (Poland)

    2010-07-02

    The two observables are incompatible if they cannot be measured simultaneously; however, they become maximally incompatible (complementary) if their eigenstates are mutually unbiased. Only then does the measurement of one observable give no information about the other observable. The spin projection operators onto three mutually orthogonal directions are complementary only for spin 1/2. For higher spin numbers the corresponding eigenstates are no longer unbiased. In this work we examine the properties of spin 1 mutually unbiased bases (MUB) and look for the physical meaning of the corresponding operators. We show that if the computational basis is chosen to be the eigenbasis of the spin projection operator along some direction z, then all the states, which are unbiased to this basis, have to be squeezed. Next, we study the generation and the measurement of MUB states by introducing the Fourier-like transform through spin squeezing. Finally, we try to ascribe some classical interpretation to the operators corresponding to MUB and study what information the observer gains while measuring them. Higher spin numbers are also considered.

  11. Yucca aloifolia (Asparagaceae) opts out of an obligate pollination mutualism.

    Science.gov (United States)

    Rentsch, Jeremy D; Leebens-Mack, Jim

    2014-12-01

    • According to Cope's 'law of the unspecialized' highly dependent species interactions are 'evolutionary dead ends,' prone to extinction because reversion to more generalist interactions is thought to be unlikely. Cases of extreme specialization, such as those seen between obligate mutualists, are cast as evolutionarily inescapable, inevitably leading to extinction rather than diversification of participating species. The pollination mutualism between Yucca plants and yucca moths (Tegeticula and Parategeticula) would seem to be locked into such an obligate mutualism. Yucca aloifolia populations, however, can produce large numbers of fruit lacking moth oviposition scars. Here, we investigate the pollination ecology of Y. aloifolia, in search of the non-moth pollination of a Yucca species.• We perform pollinator exclusion studies on Yucca aloifolia and a sympatric yucca species, Y. filamentosa. We then perform postvisit exclusion treatments, an analysis of dissected fruits, and a fluorescent dye transfer experiment.• As expected, Yucca filamentosa plants set fruit only when inflorescences were exposed to crepuscular and nocturnal pollinating yucca moths. In contrast, good fruit set was observed when pollinators were excluded from Y. aloifolia inflorescences from dusk to dawn, and no fruit set was observed when pollinators were excluded during the day. Follow up experiments indicated that European honeybees (Apis mellifera) were passively yet effectively pollinating Y. aloifolia flowers.• These results indicate that even highly specialized mutualisms may not be entirely obligate interactions or evolutionary dead ends. © 2014 Botanical Society of America, Inc.

  12. Synchronization in human musical rhythms and mutually interacting complex systems.

    Science.gov (United States)

    Hennig, Holger

    2014-09-09

    Though the music produced by an ensemble is influenced by multiple factors, including musical genre, musician skill, and individual interpretation, rhythmic synchronization is at the foundation of musical interaction. Here, we study the statistical nature of the mutual interaction between two humans synchronizing rhythms. We find that the interbeat intervals of both laypeople and professional musicians exhibit scale-free (power law) cross-correlations. Surprisingly, the next beat to be played by one person is dependent on the entire history of the other person's interbeat intervals on timescales up to several minutes. To understand this finding, we propose a general stochastic model for mutually interacting complex systems, which suggests a physiologically motivated explanation for the occurrence of scale-free cross-correlations. We show that the observed long-term memory phenomenon in rhythmic synchronization can be imitated by fractal coupling of separately recorded or synthesized audio tracks and thus applied in electronic music. Though this study provides an understanding of fundamental characteristics of timing and synchronization at the interbrain level, the mutually interacting complex systems model may also be applied to study the dynamics of other complex systems where scale-free cross-correlations have been observed, including econophysics, physiological time series, and collective behavior of animal flocks.

  13. Long-range RNA pairings contribute to mutually exclusive splicing.

    Science.gov (United States)

    Yue, Yuan; Yang, Yun; Dai, Lanzhi; Cao, Guozheng; Chen, Ran; Hong, Weiling; Liu, Baoping; Shi, Yang; Meng, Yijun; Shi, Feng; Xiao, Mu; Jin, Yongfeng

    2016-01-01

    Mutually exclusive splicing is an important means of increasing the protein repertoire, by which the Down's syndrome cell adhesion molecule (Dscam) gene potentially generates 38,016 different isoforms in Drosophila melanogaster. However, the regulatory mechanisms remain obscure due to the complexity of the Dscam exon cluster. Here, we reveal a molecular model for the regulation of the mutually exclusive splicing of the serpent pre-mRNA based on competition between upstream and downstream RNA pairings. Such dual RNA pairings confer fine tuning of the inclusion of alternative exons. Moreover, we demonstrate that the splicing outcome of alternative exons is mediated in relative pairing strength-correlated mode. Combined comparative genomics analysis and experimental evidence revealed similar bidirectional structural architectures in exon clusters 4 and 9 of the Dscam gene. Our findings provide a novel mechanistic framework for the regulation of mutually exclusive splicing and may offer potentially applicable insights into long-range RNA-RNA interactions in gene regulatory networks. © 2015 Yue et al.; Published by Cold Spring Harbor Laboratory Press for the RNA Society.

  14. An overlooked plant–parakeet mutualism counteracts human overharvesting on an endangered tree

    Science.gov (United States)

    Gleiser, Gabriela; Tella, José L.; Hiraldo, Fernando; Aizen, Marcelo A.

    2018-01-01

    The exponential growth of the human population often causes the overexploitation of resources and disruption of ecological interactions. Here, we propose that the antagonist effect of humans on exploited species might be alleviated with the advent of a second predator species. We focused on the complex interactions between an endangered conifer (Araucaria araucana) and two seed exploiters: the Austral parakeet (Enicognathus ferrugineus) and human seed collectors. We tested the importance of partial seed consumption by parakeets as an escape from human seed harvesting. Although parakeets frequently ate whole seeds, a substantial proportion of the seeds found under trees were only partially eaten and avoided by human seed collectors. These seeds germinated at a similar proportion but faster than intact seeds under laboratory conditions. Our results revealed an overlooked mutualism between parakeets and an endangered tree. Incomplete seed eating by parakeets, plus selection against these eaten seeds by humans, may enhance regeneration possibilities for this conifer species subject to human seed collection, turning the scale of the antagonism–mutualism continuum to the mutualistic side. In this context, parakeets might be providing an important service in those forests subject to human harvesting by allowing a fraction of seeds to escape human predation. PMID:29410848

  15. An overlooked plant-parakeet mutualism counteracts human overharvesting on an endangered tree.

    Science.gov (United States)

    Speziale, Karina L; Lambertucci, Sergio A; Gleiser, Gabriela; Tella, José L; Hiraldo, Fernando; Aizen, Marcelo A

    2018-01-01

    The exponential growth of the human population often causes the overexploitation of resources and disruption of ecological interactions. Here, we propose that the antagonist effect of humans on exploited species might be alleviated with the advent of a second predator species. We focused on the complex interactions between an endangered conifer ( Araucaria araucana ) and two seed exploiters: the Austral parakeet ( Enicognathus ferrugineus ) and human seed collectors. We tested the importance of partial seed consumption by parakeets as an escape from human seed harvesting. Although parakeets frequently ate whole seeds, a substantial proportion of the seeds found under trees were only partially eaten and avoided by human seed collectors. These seeds germinated at a similar proportion but faster than intact seeds under laboratory conditions. Our results revealed an overlooked mutualism between parakeets and an endangered tree. Incomplete seed eating by parakeets, plus selection against these eaten seeds by humans, may enhance regeneration possibilities for this conifer species subject to human seed collection, turning the scale of the antagonism-mutualism continuum to the mutualistic side. In this context, parakeets might be providing an important service in those forests subject to human harvesting by allowing a fraction of seeds to escape human predation.

  16. Geometric k-nearest neighbor estimation of entropy and mutual information

    Science.gov (United States)

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

    2018-03-01

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

  17. Selective flower abortion maintains moth cooperation in a newly discovered pollination mutualism.

    NARCIS (Netherlands)

    Goto, R.; Okamoto, T.; Kiers, E.T.; Kawakita, A.; Kato, M.

    2010-01-01

    The evolutionary stability of mutualisms is enhanced when partners possess mechanisms to prevent overexploitation by one another. In obligate pollination-seed consumption mutualisms, selective abortion of flowers containing excessive eggs represents one such mechanism, but empirical tests have long

  18. 26 CFR 1.581-2 - Mutual savings banks, building and loan associations, and cooperative banks.

    Science.gov (United States)

    2010-04-01

    ... general principles for determining the taxable income of a corporation are applicable to a mutual savings... dividends. See also section 594 and § 1.594-1 for special rules governing the taxation of a mutual savings...

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

    Directory of Open Access Journals (Sweden)

    Rafael Felipe Schiozer

    2014-03-01

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

  20. Developments in trusteed pension funds

    OpenAIRE

    Jacobo De Leon

    1996-01-01

    Trusteed pension funds are one of the most important sources of retirement income for Canadians. They have also been one of the fastest-growing sectors of the Canadian financial market. Trusteed pension funds play an important role in capital markets, channelling billions of dollars of their members' contributions into investments in financial and real assets. This article presents an overview of the trusteed pension funds sector. It provides a context for this overview by briefly presenting ...