La délégation incertaine renforcée

La chambre commerciale de la Cour de cassation admet dans un arrêt du 11 avril 2012 qu’un délégué puisse opposer au délégataire la minoration de sa dette envers le délégant, alors même qu\u27il avait renoncé à se prévaloir des exceptions affectant cette obligation. Pour la Cour de cassation, la déduction ici opérée ne constituait pas une exception, inopposable au délégataire, « mais la méthode de détermination de la dette du délégué envers le déléguant ». La solution s’explique par l’idée qu’avait été mise en place ici une opération originale : une délégation incertaine renforcée

Le cautionnement, la mention manuscrite et le droit de gage général

International audienc

Performance Evaluation of Balanced Pension Plans

This paper examines the ability of balanced pension plan managers to successfully time the equity and bond market and select the appropriate assets within these markets. In order to evaluate both market timing abilities in these balanced pension plans, we extend the traditional equity market timing models to also account for bond market timing. As far as we know, we are among the first to apply this multifactor timing model to investigate equity and bond market timing simultaneously. This performance evaluation has been conducted on two samples of Spanish balanced pension plans, one with Euro Zone and one with World investment focus. This allows us to decompose managers’ skills in three components: selectivity, equity market timing, and bond market timing. Our findings suggest that the average stock picking ability of pension plans is positive. World schemes tend to have positive bond timing skills, while Euro Zone pension plans are on average not able to time equity or bond markets

Diversification and manager autonomy in fund families: Implications for investors

This paper aims to investigate the consequences of investing in a single fund family for investors. In essence, we focus on the correlation among portfolio holdings of funds with effects in terms of under-diversification for mutual fund investors, especially, if they invest in the same fund family. We also explore the fund manager autonomy in portfolio holding allocation within families and determine the characteristics of those fund families with higher autonomy. Our results show that a higher correlation among funds not only implies that families offer a lower diversification to investors; it also has a negative effect on their performance. However, investors’ performance benefits from a higher manager autonomy. Consequently, investors who select a single fund family could obtain higher returns in smaller fund families with considerable experience that do not belong to a banking or insurance group, as in the former, diversification and manager autonomy are higher

Risk shifting consequences depending on manager characteristics

This paper investigates the performance consequences of the risk shifting behavior shown by domestic equity mutual funds through the analysis of monthly portfolio holdings. The objective of this paper is to assess the implications of risk shifting for mutual fund investors. Specifically, we study the performance consequences of different mechanisms of risk shifting, such as the change in the composition between equity and cash holdings and the change of the systematic or idiosyncratic risk within the equity positions. We find that funds that increase their risk level obtain significantly better performance than funds with stable or reduced risk levels. This finding is robust when controlling for fund characteristics such as past performance and fund size. Additionally, we examine whether the performance consequences of risk shifting depends on fund manager characteristics and find that manager gender, education and level of specialization are revealed as important variables to differentiate the performance consequences of risk shifting

The convergence between sustainability and conventional stock indices. Are we on the right track?

The growth of passive and socially responsible (SR) investment makes that sustainability indices play an important role in defining what constitutes a sustainable investment. In order to know the suitability of sustainability indices as benchmarks for SR investors, we used different linear regressions to compare the compositions of sustainability indices and their conventional counterparts and to compare the levels of corporate social responsibility (CSR) of both types of indices. We showed that the composition of sustainability indices gradually converged towards their conventional peers. Moreover, the difference between the CSR levels of both type of indices remained the same or even decreased over time. We concluded that a change in the weighting method of sustainability indices such as the equally weighted criterion would significantly increase the difference from their conventional counterparts. However, due to the relationship between CSR and size, this change would penalize the CSR level of the index. These results raise the question of whether SR passive investors will be able to meet their non-financial expectations as a consequence of the convergence. © 2021 by the authors. Licensee MDPI, Basel, Switzerland

Mutual fund performance attribution and market timing using portfolio holdings

We propose a novel performance attribution model for equity fund portfolios. The model analyses investment decisions based on portfolio holdings and measures the value added from different sources of performance such as past return strategies, security selection, market timing and passive timing. The model was tested for a sample of mutual funds. Empirical results show that security selection is the main contributor to fund performance regardless of the sample period considered or the asset pricing model used. The evidence of timing ability is mixed with low significance. Nevertheless there are noticeable differences between the timing ability of the best and worst performing funds, especially in crisis periods. Analysing the relationship between mutual fund performance (and its different components) and fund characteristics, we find that top funds are significantly smaller and more concentrated than other funds. Finally, we also examine the persistence in the performance and in its components finding evidence of positive persistence in past return strategies and picking skills although this persistence is not shown in the overall performance

Microclimate modification by tree windbreaks in Florida farms

Paper presented at the 11th North American Agroforesty Conference, which was held May 31-June 3, 2009 in Columbia, Missouri.In Gold, M.A. and M.M. Hall, eds. Agroforestry Comes of Age: Putting Science into Practice. Proceedings, 11th North American Agroforestry Conference, Columbia, Mo., May 31-June 3, 2009.Florida citrus and vegetable crops generate billions in revenue every year. However, winds, freezes, hurricanes, and citrus canker (Xanthomonas campestris) impact production. Windbreaks located perpendicular to the prevailing wind can reduce soil erosion and increase irrigation efficiency and farm production mostly by simply modifying microclimate. Windbreaks can also control the spread of pathogens such as citrus canker. To study how tree windbreaks modify microclimate in southern Florida, weather stations were established in 2008 along transects behind a 1-row eastern redcedar (Juniperus virginiana) windbreak at the Southwest Florida Research and Education Center (SWFREC/University of Florida) at Immokalee, and a 1-row cadaghi (Corymbia torelliana) windbreak at C&B Farms, Clewiston, to assess spatial variation in wind speed, temperature, and relative humidity at 2m above the ground. The windbreaks significantly reduced wind speed; minimum wind speed was at two times the windbreak height (2H) behind dense (17 [percent] porosity) redcedar and at 6H behind relatively porous (20 [percent] porosity) cadaghi when the wind direction was nearly perpendicular to the windbreak. Wind speed at 2H behind eastern redcedar was approximately 5 [percent] of the open wind speed and at 6H behind cadaghi was approximately 3-30 [percent]. Wind speed at 14H behind cadaghi and redcedar windbreak was approximately 60 [percent] and 80 [percent] of the open wind speed, respectively. Temperature behind both windbreaks was relatively warmer than in the open. However, the extent of temperature and relative humidity modification was less compared to wind speed. Windbreaks are an effective use of forest trees to modify microclimate and appreciably enhance Florida farm production.Bijay Tamang (1), Donald L Rockwood1 and Michael G. Andreu (2) ; 1. PO Box 110410, School of Forest Resources and Conservation, University of Florida, Gainesville, FL 32611. 2. SFRC, University of Florida, Gulf Coast REC - Plant City, 1200 N Park Road, Plant City, FL 33563.Includes bibliographical references

Museum visitors’ heterogeneity and experience processing

This research examines the relationships between affective and cognitive antecedents and consequences of satisfaction under a market heterogeneity approach. It includes co-creation of preparatory activities. The sample consisted of 276 museum visitors in London. Two analysis have been conducted: structural equation model and latent class path analysis. The paper contributes to the development of a theoretical framework for further understanding of service experience in which co-creation plays an important role. Two segments were identified: 1) emotional (with lower degree of co-creation, equally distributed by age and nationality); 2) rational (higher degree of co-creation, younger and domestic visitors). Our research shows significant differences between the two segments regarding variables such as satisfaction, loyalty, service experience, emotion, positive disconfirmation and willingness to pay more

Energy solutions to one-dimensional singular parabolic problems with BVBV data are viscosity solutions

We study one-dimensional very singular parabolic equations with periodic boundary conditions and initial data in $BV$, which is the energy space. We show existence of solutions in this energy space and then we prove that they are viscosity solutions in the sense of Giga-Giga.Comment: 15 page