We rst construct Pan-European size, book-to-market, and momentum risk factors for stocks.
Then, we report on the average performance of European mutual funds over our time period using
these benchmarks. Our ndings are similar to those of many studies of U.S. mutual funds (e.g.,
Carhart, 1997 and Wermers, 2000). Specically, the median one-factor and four-factor alphas are
-0.90%/year and -0.32%/year, respectively. This nding indicates that our benchmarks successfully
control for common variation in European equity mutual fund returns....
The research study was carried out by researchers with investment fund experience in
developing countries. It included a desk study review and assessment to take stock of existing
agriculture investment funds in developing countries in order to better understand their nature,
magnitude, and most of all, the lessons learned from their experiences to date. Based on the
initial work and characterization, more comprehensive case reviews were undertaken of six
distinct types of investment funds and one fund management company.
Collins COBUILD Keywords for IELT5 : Book 3 Advanced is the final book in the Keywords for IELTS series. It covers the words and phrases that will help you to raise the level of your English to achieve the high IELTS score required by some universities for more challenging courses and postgraduate study. Mastering the vocabulary in this book will give you the skills you need to confidently use Academic English in an English-medium university context.
This research also differs from that of O’Loughlin and Arkoudis in that whereas the participants in
their study were both undergraduate and postgraduate, in the current study they are undergraduates
only, but representing a range of disciplines, namely, Nursing, Business, Engineering and Information
Technology. Also differing from the O’Loughlin and Arkoudis study is the fact that for most of the
participants in the research reported here, the results obtained in the July 2010 IELTS Test were not
If your entry is awarded a Silver ADDY at the local or district level, you have won the right to compete at the next level of competition and may choose to pay the applicable entry fee in order to be forwarded. You will be contacted with information regarding your entries that qualify to be forwarded to the next level of competition, entry fees, due dates and how to submit payment.
The rules, divisions and categories defined here serve as the official policy for the AAF ADDY competition and replace all others from previous competitions. The name ADDY Awards, ADDY and the...
The Backchecker (usually the Originator of the document, but may be
another designated designer other than the Checker) reviews the Checker corrections and
comments (red and blue/pencil marks). If the Backchecker agrees with the comments, he
places a green check next to the red. If the Backchecker does not agree with the
comments and then explains to the Checker a valid reason why the original item is
correct, the Backchecker then writes the word “stet” in green adjacent to the red marks to
indicate that the red is no longer valid and that the Checker has withdrawn his...
Volunteers report on a variety of staff meeting survival tactics. Some do Zen exercises in their
heads. Others doodle. Some prepare lessons. Others plan their vacations. The winners are those
who listen. Some listen for information. Others analyze the speakers' language skills, listening for
clues to their students' use of language and rhetoric. Some listen to the group dynamics and the
power plays. Others listen to the bits they are interested in and tune out for the rest. But just as
you are taking measure of your colleagues, so they are taking measure of you.
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....
Equity and fixed income funds play an important role for the impressive Thai mutual fund
growth. With an in depth analysis, we found two major facts. Firstly, Thai mutual fund industry is
concentrated in fixed income mutual funds especially short-term money market funds. Secondly,
approximately 50% of the AUM invested in Thai equity mutual funds are from LTF and RMF or
growth in equity mutual funds is affected by tax incentive.
Since the issue of urban poverty cuts at the heart of social policy in the United States, it
is not surprising that ideology plays a substantial role in many of the debates about it. The
hypotheses often reflect ideological, as well as empirical, social science debates. This is
unavoidable. Nonetheless, the focal point of this article is not on ideology but rather on
what may reasonably be claimed to be known about inner-city poverty. Ideology may
well be critical to the decision about what to believe and what policies are to be preferred.
This paper addresses all these issues by measuring the impact of luck on mutual fund performance.
Specifically, we use the False Discovery Rate (F DR) introduced by Benjamini
and Hochberg (1995) in the statistical literature—the F DR measures the proportion of
lucky funds among the significant funds. We extend this methodology by developing
a new approach which allows us to separately compute the F DR among funds with
significant positive estimated alphas (called hereafter the best funds) and funds with
significant negative estimated alphas (called hereafter the worst funds).
For example, SLAT Prime Obligation Fund disclosed a variety of asset purchases occurring in the year
ended June 30, 2009, but did not disclose transaction dates. Second, even if the date of the support was
disclosed, in many cases that date represented when the sponsor chose to provide direct support, but the
direct support may have been preceded by indirect support such as guarantees that were important in
stabilizing the NAV, reassuring investors and preventing runs.
Furthermore, the explanatory scope of TSC sometimes is misunder-
stood as stopping short at the boundaries of the physical body, leaving
embeddedness out of the account. However, the main unit of the analysis
of cognition arguably is the on-going interaction between the embodied
agent and the context of action. An adequate description of bodily-based
experience should begin in the agent’s relationship to the surroundings,
because experience arises from the interaction between agent and context.
Session handling, credit card transactions, and password recovery are just a few examples of
Web-enabled business logic processes that malicious hackers have abused to compromise major
websites. There are many forms of business logic vulnerabilities commonly exploited by attackers.
These vulnerabilities are routinely overlooked during QA because the process is intended to test
what a piece of code is supposed to do and not what it can be made to do.
In project evaluation, there’s a distinction between “outcome evaluation” –
what should we do with the results of the project? – “accountability evaluation”
– has the project team done the job properly? – and “developmental evaluation”
– what can we learn from the project about how to do projects better?
In assessing a project, it’s a good idea to combine assessment of the “product”
– the outcome of the project – with the process of carrying it out.
This very brief presentation of the claims of Anthropology for a recognized place in institutions of the higher education in the United States will, I hope, receive the thoughtful consideration of the officers and patrons of our Universities and PostGraduate Departments. The need of such a presentation was urged upon me not long since by the distinguished president of a New England University.
Improving the efficiency and effectiveness of Arlington’s transportation connections within and beyond our
borders is critical, because of our central location in the region. We know that we need to be connected to the
rest of North Texas through regional transportation partnerships for today and for tomorrow such as high-
speed rail opportunities.
Areas with high concentrations of air-borne particulate matter are more
likely to experience fogs, because these particles are preferred nucleation sites for water
droplets. Smoke and soot are also very undesirable aesthetically.
Soot is formed during combustion when the supply of oxygen is insufficient for
complete conversion of carbon to carbon oxides. Its formation is mainly a problem in the
combustion of liquid and solid fuels (oil, coal, or wood), because molecular-scale mixing
of fuel and oxygen is not as easy here as it is in the combustion of natural gas (see below).
A new large section of the airport shopping centre was
opened in 1989. On the same occasion, a painting on enamelled
steel plates was unveiled on the outside wall of the terminal building
facing the central Nytorv Square. The artist Hanne Salamon was
given a free hand to create this work of art. She says that her main
intention was to create something simple with bright colours that
would catch the eye of the busy passers-by. The strong colours of
this work add life to the huge grey and white surfaces so
characteristic of the airport buildings.
Oil prices rebounded in the first quarter of this year with Brent crude reaching
over 60 dollars per barrel, following a temporary dip to around 55 dollars per
barrel in November last year1, as geopolitical issues in Iran and Nigeria,
coupled with cold weather in Russia and cyclones in Australia, curbed crude
supply. Nonetheless, compared to the extremely tight market condition in the
immediate aftermath of Hurricanes Katrina and Rita during September 2005,
current oil market conditions are somewhat more subdued. ...