A board’s role is to provide oversight, not to manage risks. Just as a board does not
manage a fund’s investments or its business operations, it also does not manage the
risks associated with those activities. Board oversight includes understanding the risk
management processes employed by the adviser, asking questions where appropriate,
and obtaining appropriate assurances that the processes are reasonably designed to
manage and control the fund’s material risks.
We focus on the dynamics of active management skills, and how an investor might optimally
choose active funds during varying business conditions. Building on studies such as Avramov and
Wermers (2006) and Moskowitz (2000), we allow for the possibility of time-varying mutual fund
alphas and betas among active managers in Europe. Following Christopherson, et al. (1998)
and Ferson and Schadt (1996), we model such time-variation using a publicly available set of
conditioning state variables.
Fees have not received much explicit attention in the literature on SRI mutual funds.
However, several papers report average expense ratios for SRI and conventional funds (Statman,
2000; Bauer et al., 2005; Benson et al., 2006; Benson and Humphrey, 2008; Renneboog et al.,
2008a). In line with our results, none of these papers find significant differences in fees between
SRI and comparable conventional funds with the exception of Benson and Humphrey (2008),
who report that the median expense ratio is significantly higher for conventional funds. ...
However, part of this increase can be due to the inclusion of
new lucky funds. As a consequence, the standard approach does not provide guidance
on the location of funds with differential performance in the tails of the cross-sectional
alpha distribution. For instance, suppose that the number of funds with negative estimated
alphas increases by 50 as γ passes from 0.05 to 0.15. If all these 50 funds are
lucky, we would conclude that the few funds with negative performance are located in
the extreme left tail.
In this paper, with a belief that a language model that embraces a larger context provides better prediction ability, we present two extensions to standard n-gram language models in statistical machine translation: a backward language model that augments the conventional forward language model, and a mutual information trigger model which captures long-distance dependencies that go beyond the scope of standard n-gram language models.
Management is responsible for the identification, assessment,
management and monitoring of risk, for developing, operating and
monitoring the system of internal control and for providing assurance to
the board that it has done so. Except where the board or a risk
committee is expressly responsible for reviewing the effectiveness of the
internal control and risk management systems, the audit committee
should receive reports from management on the effectiveness of the
systems they have established and the results of any testing carried out
by internal and external auditors.
The source of project ideas may come from a variety
of sources, most importantly from prospective
implementing partners (either partner governments,
non-state actors or multi-lateral or regional
development agencies). Local ownership of, and
commitment to, potential projects is a key quality
Furthermore, project ideas should be drawn from the
priorities and targets identified in the relevant
Country Strategy Paper and National Indicative
This difference is substantial and highly statistically significant in all
specifications. These results are consistent with two different hypotheses. First, unobservable
factors at the management company level could be associated with both the decision to
specialize in SRI funds and higher fees and performance. In this case, socially responsible
investing itself would not have any effect on performance or fees.
With a simple gland through the United States history, it is easily seen that propaganda is
no new strategy to persuade the common man or woman’s thoughts. During elections, during
war or peace, propaganda has been used by businesses and our government. Politicians like Ike
Eisenhower used cartoons to try and get him elected. The cartoon diverted people’s attention
away from whether he was a good president or not. This nearly the same idea as having a
popular person tell people that the product shown is great. They want people to think “Of if so
and so uses that, it...
This unit helps managers to understand the dynamics of individual
and group behaviour in organisations, and how different forms of
organisational structure and leadership can influence that behaviour.
It enhances managers’ ability to understand attitudes and to
predict, explain and control behaviour in organisations. The unit
links conceptual tools and experiential activities to understanding
organisations and managing the change process.
Once the committee has given a positive opinion on
the FP, EuropeAID is responsible for the financing
decision procedure. As a general rule, the Commis-
sion adopts financing decisions by written proce-
dure, or in exceptional circumstances by habilitation
After approval of the FP by the Commission,
EuropeAID prepares the Financing Agreement and
takes responsibility for ensuring complete consistency
between the Financing Proposal and the FA. The FA
is based upon a model Financing Agreement,
prepared by EuropeAID.
The manager chose two people from her own department to work on the project. She also asked a
programmer from data processing to join her team. They met, discussed the project, and decided upon a
schedule and deadlines. Then the manager assigned her two employees specific responsibilities. One was
asked to design reports that would meet the treasurer’s criteria. The other was asked to define file
requirements and changes in input. The two were to meet periodically with the programmer to discuss
Another kind of reductionism occurs with attempts to reduce percep-
tion to brain processes or neural events (Ramachandran & Hirstein 1999).
Evidently, the brain is necessary for perceptual processing. Yet, according
to TSC, perceptual processes are constructed in real time in the interaction
between agent and environment. As Harth (2004) remarks in discussing
the relation between neurophysiology and art, a theory of artistic expression
must take into account not only the human brain, but also the world at
Another cultural difference frequently remarked on by Volunteers is amount of time spent in staff
meetings. A former Volunteer in Ghana who later returned to Africa as a Peace Corps staff
member, reminisced about his teaching days, saying:
When I was in Ghana, I would rather have hat my tongue nailed to a tree than sit through
any more staff meetings. Though I've come to realize that these meetings aren't inefficient
or indecisive. What seemed to me repetitious and pointless was a finely tuned
communication machine in action...
Tham khảo sách 'error analysis of the written english essays of pakistani undergraduate students: a case study', ngoại ngữ, kỹ năng viết tiếng anh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
Sulfur trioxide irritates the mucous membranes of the respiratory tract. A concentration of 1
volume of SO3 in a million volumes of air (one part per million or 1 ppm) is enough to
cause coughing and choking. Sulfur trioxide dissolves in water to form sulfuric acid,
which is a strong acid capable of corroding or destroying many materials. Sulfur trioxide
can absorb moisture from the atmosphere to form very fine droplets of sulfuric acid.
Inhalation of these droplets can harm the respiratory system. Chronic exposure leads to a
much greater likelihood of suffering from bronchitis.
It is management’s, not the audit committee’s, responsibility to prepare
complete and accurate financial statements and disclosures in
accordance with financial reporting standards and applicable rules and
regulations. However the audit committee should consider significant
accounting policies, any changes to them and any significant estimates
and judgements. The management should inform the audit committee
of the methods used to account for significant or unusual transactions
where the accounting treatment is open to different approaches.
The Originator makes a copy of the design documents and applies the check
print stamp (Checked Exhibit) for all persons involved in the checking process to sign-
off. The stamp also includes the design package/submittal number and date, check print
number, and signature of the Originator of the document with the date. If all the
individuals involved in the checking process will have consistent roles on the entire
package to be checked, a cover sheet may be added to the package. A single check print
stamp is applied to the cover sheet, instead of each individual sheet in the...
After the training phase, the table T can be used to generate syn-
thetic data; given a key a,b,c it can return the likely x,y,z values of
that key along with the probabilities. Equivalently, T can evaluate
the probability that some value is correct. The neat thing about
this is that the framework allows you to add your own machine-
learning algorithms to this framework. This gives the machine-
learning community a vehicle to make their technology accessible...
In the Oracle Database family of products, there’s an edition to fit all business needs, providing
the necessary foundation to successfully deliver more information with higher quality of service,
and to efficiently manage change within the environment to deliver better value.