Thus, after buying into winning funds,
investors unwittingly benefit from momentum returns on winning stocks. To
test this reasoning, Sapp and Tiwari calculate abnormal performance following
money f lows with and without accounting for the momentum factor, and find
that inclusion of the momentum factor in the performance evaluation proce-
dure eliminates outperformance of high f low funds. In addition, they show that
investors are not deliberate in seeking to benefit from stock-level momentum:
More popular funds do not have higher exposure to themomentumfactor at the
time they are selected.
Under certain conditions, the Company may use options and futures on securities, indices and interest rates, as described in Section
3.2. "Sub-Fund Details" and Appendix 3 "Restrictions on the use of techniques and instruments" for the purpose of investment, hedging
and efficient portfolio management. In addition, where appropriate, the Company may hedge market and currency risks using futures,
options or forward foreign exchange contracts.
Transactions in futures carry a high degree of risk.
Therefore, we match SRI funds with conventional funds that are initially
similar and estimate the differences over time in performance and fees between the initially
similar funds. We report results for simple and biased-adjusted estimators obtained using one
and four matches per SRI fund. The one-match procedure is the one that most closely
approximates the matched-pair methodology used in previous studies and it maximizes the
quality of the matches, although at the cost of a small sample size.
The issue of disparity and inequalities between black and minority ethnic groups and the
majority white population in rates of mental ill health and equality of service in terms of
experience and outcomes has figured in government policy since Labour took office in 1997.
The death of an African-Caribbean patient named David Bennett in a secure psychiatric unit
whilst detained under the Mental Health Act (1983) and the subsequent inquiry report
published in 2003 found the NHS to be “institutionally racist”.
Psychological rather than informational differences may explain much of the
variation in financial capability reported in the FSA (2006) Baseline Survey. This
applies both to differences between individuals and across competence dimensions.
The Baseline Survey indicates that in most capability categories, scores improve with
age and the level of general education. This is consistent with the importance of
attitudes rather than teachable specific knowledge.
Here’s an example
A group of language schools was unhappy with its system
for issuing end-of-course certificates. These tended simply
to record the level of the class attended and didn’t give
information about real-life communicative competence or
individual progress or achievement. They had a vision of a
coherent system of clearly described levels, of interesting
communicative kinds of assessment recorded in a
certificate which would show – in language accessible to
everybody – the learners’ language competence.
distributors have a limited incentive to
invest on training and improving the
awareness, knowledge and skill of
distributors. Economic compulsions could
see companies move towards a committed
Alternate lower cost distribution channels:
Other avenues for AMCs to diversify
their distribution base could include an
examination of distribution channels
prevalent in other industries, especially
those that involve a low distribution cost—
such as the FMCG industry.
A battle cry of the reform is “Mathematics for all! ” In an attempt to
make this come true, there is presently a conscientious eﬀort to spread the
news that “Math is fun! ” While applauding the good intention, we never-
theless must ask whether the constant repetition of this slogan like a mantra
helps students learn mathematics. Have students been told that this kind of
“fun” includes the fun of working hard to solve diﬃcult problems? Nothing
good comes cheaply, and learning mathematics is no exception.
For example, by insulating our cavity walls we can cut heat loss in our homes by around a third.
It is easily available, cheap and will save all of those homes money in the long run, as well as
reducing their impact on climate change. Yet 11 million houses in the UK that could have cavity
wall insulation have yet to install it. Other individual actions revolve around our choice of
transport, the food we ...
What Is Micromanagement?
Micromanagement has become a very popular descriptor in today’s workplace.Webster's Dictionary defines micromanage as “to manage with great or excessive control or attention to details.” Most people today hear these words and immediately think of the annoying manager who constantly looks over their shoulder, questions
everything they do, won’t let them make any decisions; and runs his/her office like a military command and control center.
A piece of art in an airport has difficult conditions to con-
tend with. It has to compete with signs, advertisements and temp-
ting shop windows for the attention of the passenger. It will never
receive the undivided attention of the observer it would in a
gallery or private home. It must be an integral part of the architec-
tural surroundings and yet be visible enough and demonstrative
enough to catch the eye of the preoccupied passenger rushing
past it. On the other hand, what art gallery can guarantee the artist
an audience of 50,000 people - every day?...
All human activity has an aesthetic aspect. We are always, though at varying
levels of awareness, concerned with the aesthetic qualities of our aural, haptic, kinetic,
and visual sensations. If art were to be defined so broadly as to encompass any human
activity or product with an aesthetic aspect, then none could be denied the status of art.
This seems to me unwarranted; the possible insight seemingly captured by such an
argument is adequately caught by saying that all human activity has an aesthetic aspect. ...
Our measurements show that our strategy can be used as a
way to disable the communication within the Storm botnet to a
large extent. As a side effect, we are able to estimate the size of
the Storm botnet, in general a hard task . Our measurements
are much more precise than previous measurements [12, 17].
This is because measurements previously were based on passive
techniques, e.g., by observing visible network events like the
number of spam mails supposedly sent via the bots.
Tight economic conditions will continue to force the issue of good project portfolio
management. Selection of the right projects and resourcing those projects for success will be
seen as critical to the efficient achievement of an organization’s strategy. Over half of respondents
report frequent use of project portfolio management in their organization, an increase of five
percentage points from the previous survey.
Entering the ADDY competition supports our entire industry, because the AAF and its local and district affiliates use the proceeds to enhance advertising through programs such as public service, internships, advocacy groups, advertising education, and consumer awareness.
Selection of the most creative entry in each category is affected by a scoring process in which a panel of judges evaluates all creative dimensions of every entry. A GOLD ADDY is recognition of the highest level of creative excellence and is judged to be superior to all other entries in the category.
There are several other terms that we will be referring to during discussion, but for
now these will suffice. In distance education, for example, there are management
issues, there are matters concerning the support of learners, identification and
development of courses and programmes. There are also issues of quality
assurance of programmes as well as issues of either adapting or adopting
programmes offered by one institution. This involves contextualisation and broader
consultation. Added to that, there are communication and technology issues as well.
The literary and informational texts chosen for study should be rich in content. Since certain works
are products of exceptional craft and thought, all students should have access to these especially strong
models of thinking and writing. This includes texts that have broad resonance and are referred to and quoted
often, such as influential political documents, foundational literary works, and seminal historical and
Our estimation framework can be
thought of as a modified version of the traditional EKC framework familiar to
economists. The modifications are twofold. First, we do not use emissions
per capita as our dependent variable, but use total emissions and include
population size as a further explanatory variable. The traditional EKC
framework implicitly assumes a population elasticity of one (i.e., population
is only a scale factor), which is of course only one possibility and may
conflict with reality. Instead, our aim is to estimate this elasticity.
Anything that increases costs of production will tend to increase marginal cost and thus
reduce the supply. For example, as wages rise, the supply of goods and services is
reduced, because wages are the input price of labor. Labor accounts for about two-
thirds of all input costs, and thus wage increases create supply reductions (a higher price
is necessary to provide the same quantity) for most goods and services. Costs of
materials of course increase the price of goods using those materials. For example, the
most important input into the manufacture of gasoline is crude oil,...
The population is continuing firms in these time periods. Since we cannot distinguish
organic from acquired growth, we study total growth. In order to relate to previous literature,
we use employment and sales as growth indicators, yet in addition we introduce productivity
and value added.
Productivity growth is defined as growth in value-added based labor
productivity, which is the single most frequently used productivity statistic (OECD, 2001 p.