The ownership of listed companies in East Asia is typically concentrated in the
hands of large shareholders. This concentrated control is achieved through complicated
ownership arrangements, i.e., stock pyramids and cross-shareholdings.3 In this section,
we discuss the forces that shape the ownership structure. We then discuss how the
ownership structure shapes the firms’ agency problems, through its entrenchment and
incentive alignment effects on controlling owners.
We obtain our list of SRI funds from the Social Investment Forum's (SIF) reports published
in 1997, 1999, 2001, 2003, and 2005.
Each report contains comprehensive information about
SRI in the US for both the publication year and the preceding one. In particular, the reports
contain a list of SRI mutual funds compiled by SIF. To construct this list SIF employs a direct
survey methodology and gathers information from third parties. A fund is included in the SIF
list if it utilizes one or more social or environmental criteria as part of a formal investment
To be included in...
For the investor types believing that active managers can generate alphas, we nd that the
ability to identify superior performing funds is further improved, albeit slightly, by augmenting the
four-factor model with country indices, even if these indices represent non-priced factors, consis-
tent with Pastor and Stambaugh (2002a). To illustrate, our baseline analysis nds CAPM alpha
enhancements of up to 5% per year from using macroeconomic state variables to choose funds,
relative to active manager choice using an unconditional CAPM model.
To transcend these limitations, Greenplum assembled a team of the world’s leading database experts and built a
shared-nothing massively parallel processing database, designed from the ground up to achieve the highest levels of
parallelism and efficiency for complex BI and analytical processing. In this architecture, each unit acts as a self-containe
database management system that owns and manages a distinct portion of the overall data. The system automatically
distributes data and parallelizes query workloads across all available hardware.
The high-technology answer seemed to lie in the creation of new manufacturing sectors,
which—by virtue of high growth and rising productivity—might restore the promise of
high-wage, stable employment. Such sectors were emerging in Silicon Valley and other
centers that increasingly looked to a combination of electronics and information as their
stock in trade. But also taking place were profound changes in the nature of manufactur-
ing; these changes would be fatal to the cities’ hopes for new sectors.
Third, we find that after accounting for luck, the percentage of funds with negative
alphas in the population is approximately equal to 20% across all categories, while the
proportion of funds with positive performance is much lower (it amounts to 1.9% of all
funds in the population). It implies that the performance of the industry as a whole is
not so bad because about 80% of the funds generate a performance sufficiently high to
cover their expenses. The negative average performance documented in past studies is
not due to the majority of funds but is caused by 20% of the funds....
This nding is strongly in
line with the prediction of our model that when one of the products is on the deepest
discount the other one is priced high. Van den Poel et al. (2004) also nd that:\[t]he
situation in which a complementary product is in promotion when the main product
is not in promotion does not occur frequently." The \main" product is dened as the
highest sales and prot generator.
The Madoff case brought to the fore an essential development in the UCITS sphere: while the
UCITS provisions on depositaries have remained unchanged, the investment environment for
UCITS has evolved. UCITS are now able to invest in a wider range of financial assets, which
may be more complex and also may be issued and held in custody outside the EU (for
instance, in emerging markets); fund portfolios are increasingly diverse and international.
This thesis makes several meaningful contributions to the literature and the practical
perspective. First, it is conducted in a different setting from most previous studies. Thus, it
provides an out-of-sample test for the theories and empirical models so far established.
Second, this study fills one of the gaps in mutual fund studies by asking whether the
findings in developed markets carry over to emerging markets.
The largest support instance noted relative to AUM was the $336.8 million, or 6.3% of AUM, support to
the Russell Money Market Fund. This entire amount was due to the purchase of the Fund’s Lehman
holdings, as noted in the following disclosure, “On September 14, 2009, the Lehman Securities were
purchased by Frank Russell Company from the Fund at amortized cost of $402,764,934 plus accrued
interest of $775,756.
The countries in which you are serving most likely inherited educational systems from Britain or
France. The original goal of these systems was to provide education to the children of the local
elites and to supply the colonial administrations and trading companies with clerical staff.
Remarkable progress has been made since the former colonies achieved independence.
Educational opportunities have been expanded at all levels as national leaders put a priory on
productivity and economic growth.
Cosmetic surgery is the latest beauty mantra in India , as more and more people want to look young
and feel good. Be it a crooked nose, cleft lip or excessive body flab, cosmetic surgery can correct
it all. Moreover, in the last decade , the popularity of medical tourism has soared among people in
developed nations due to the elevated cost of healthcare in their own countries. A career as a
cosmetic surgeon entails years of training and developing exceptional skill. However, once established,
clients will flow in.
In 2003, the National Research Council (NRC) published the first decadal strategy for solar and
space physics: The Sun to the Earth—and Beyond: A Decadal Research Strategy in Solar and Space
Physics.1 That report included a recommended suite of NASA missions that were ordered by priority,
presented in an appropriate sequence, and selected to fit within the expected resource profile for the next
The addition to gasoline of a lead-containing compound called tetraethyllead was an
attempt to enhance engine performance. The use of this compound was phased out when it
was found to destroy the effectiveness of the catalytic converter (described below) which is
used to reduce emissions of carbon monoxide, hydrocarbons and NOx. Tetraethyllead is
just one member of a group of compounds, called octane boosters, which can be added to
gasoline to increase its octane number. Other compounds that have been used as octane
enhancers over the years include methanol (CH3OH) and ethanol (C2H5OH).
The Final Design submittal package is prepared when the design for a given element or area is
100% complete. The submittal may include plan sheets, specifications, technical memos,
reports, calculations, and other pertinent data, as applicable. The submittal shall include Form
RCSR resulting from the Preliminary Design Submittal. As a result of the on-going discussion
and resolution of design and construction issues via the regularly scheduled Task Force
Meetings, Core Meetings, and informal reviews, it is anticipated that there will be very few
revisions or changes at this stage.
During this process, a survey for leadership in project management is
designed and sent via e-mail; telephone interviews are also conducted. After the response
period ended, the data and statistics are collected, reduced and analyzed. For some of the
surveys, several respondents did not reply or answered less than half of the questions.
Those responses are reduced from the data, in order to maintain the authenticity and
accuracy of the survey data. Then key leadership skills are introduced and generalized in
a list for reference purposes. ...
In line with this, TSC disagrees with theories that model cognition on
conscious reasoning, as reﬂecting the ways thought processes are conceptu-
alised in language. Instead, TSC states that cognition is ‘active’ in the sense
that cognitive processes emerge in concrete situations of physical action
and socio-cultural practices. In integrating conation and aﬀect, cognition is
driven by, on the one hand, the agent’s current needs and motivation and,
on the other, the contingent, contextual elements that support immediate
Cognitive load and listening in foreign language learning
From the perspective of the modality effect, double mode, including visual and
auditory, will be expected to enhance learning performance. A study done by
Markham (1999) revealed that foreign language learners who learned with double
mode had better listening comprehension. However, from the perspective of the
redundancy effect, double mode will not be beneficial to learning. Research...
Previously, after completing an engineering degree in India,
then working as a project manager in the Middle East, George
had decided he needed some formal qualifications to back up
his practical skills. He focused on an MBA specialising in project
management but researched his options thoroughly before
choosing Deakin. ‘I was quite fascinated by Australia as the land
of opportunity, and I looked at university ratings,’ he says.
I thought Deakin was one of the most progressive and its MBA
has been around for about 20 years. It was definitely the place to
The United Nations Fourth World Conference on Women held in Beijing in 1995 established gender
equality as a basic principle in development cooperation. Gender equality refers to equality of
opportunity, rights, distribution of resources and benefits, responsibilities for women and men in
private and public life and in the value accorded to male and female characteristics. Promotion of
gender equality is not only concerned with women’s issues, but also covers broader actions to be taken
by both women and men.