Mutual Fund Tournament: Risk Taking Incentives Induced by Ranking Objectives

There is now extensive empirical evidence showing that fund managers have relative performance objectives and adapt their investment strategy in the last part of the calendar year to their performance in the early part of the year. However, emphasis was put on returns in excess of some exogenous benchmark return.In this paper, we investigate whether fund managers have ranking objectives (as in a tournament).First, in a two-period model, we analyze the game played by two risk-neutral fund managers with ranking objectives.We derive conditions on the set of possible strategies under which the aggregate amount of risk undertaken in the late period is larger than in the first period.In the second part of the paper, we provide evidence that (i) funds have risk incentives generated by ranking objectives, (ii) risk induced by ranking objectives is mainly idiosyncratic, and (iii) risk incentives generated by ranking objectives are stronger for funds ranked in the top decile after the first part of the year.investment trusts;financial management;financial risk;performance

INDICATIVE ROLE OF VEGETATION IN THE RECLAMATION OF PRECASPIAN ARID LANDSCAPES (THE REPUBLIC OF KALMYKIA)

Aim. The paper studies the influence of water reclamation on vegetation in the central part of the Caspian depression. Findings are necessary for the monitoring studies of natural ecosystems in their modern usage.Methods. The use of key site method and eco-dynamic profiling makes it possible to trace changes in the horizontal structure of vegetation in the coastal and canal areas of the salt lakes. Results. The findings of field research allowed identifying the environmental levels: low, medium, high. Xerophilous species fall out of the phytocenosis composition, while the typical salt-loving plants become widespread, forming endogenous succession of progressive type in a Precaspian desert zone. It aims to desalinize the upper layers of the soil, lower the groundwater and salinity levels. Conclusions. Fluctuation and succession processes can be observed in the central part of the Precaspian depression, the indicator of which is vegetation, its species composition

A scenario of pulsed ecrh wall conditioning in hydrogen for the Wendelstein 7-X helias

A new wall conditioning scenario in hydrogen atmosphere for the Wendelstein 7-X stellarator-helias (W7-X) has been proposed and tested in part. Feasibility of the proposed scenario has been demonstrated on W7-X at OP1.2b experimental campaign during investigation of a chain of ultra-short pulsed electron cyclotron resonance heating plasma discharges.Був запропонований і випробуваний новий сценарій кондиціонування стінки в атмосфері водню для стеларатора-хеліаса Wendelstein 7-X (W7-X). Застосовано принцип кондиціонування стінок камери атомарним воднем, виробленим в плазмі, який хімічно взаємодіє з домішками, адсорбованими на поверхні камери, зверненої до плазми. Можливість реалізації запропонованого сценарію було підтверджено на W7-X під час експериментальної кампанії OP1.2b при дослідженні ланцюжка ультракоротких імпульсів з нагріванням за допомогою електронного циклотронного резонансу.Был предложен и испытан новый сценарий кондиционирования стенки в атмосфере водорода для стелларатора-хелиаса Wendelstein 7-X (W7-X). Использован принцип кондиционирования стенок камеры атомарным водородом, производимым в плазме, который химически взаимодействует с примесями, адсорбированными на поверхности камеры, обращенной к плазме. Возможность реализации предложенного сценария была подтверждена на W7-X во время экспериментальной кампании OP1.2b при изучении цепочки ультракоротких импульсов в плазме с нагревом в условиях электронного циклотронного резонанса

First divertor physics studies in Wendelstein 7-X

The Wendelstein 7-X (W7-X) optimized stellarator fusion experiment, which went into operation in 2015, has been operating since 2017 with an un-cooled modular graphite divertor. This allowed first divertor physics studies to be performed at pulse energies up to 80 MJ, as opposed to 4 MJ in the first operation phase, where five inboard limiters were installed instead of a divertor. This, and a number of other upgrades to the device capabilities, allowed extension into regimes of higher plasma density, heating power, and performance overall, e.g. setting a new stellarator world record triple product. The paper focuses on the first physics studies of how the island divertor works. The plasma heat loads arrive to a very high degree on the divertor plates, with only minor heat loads seen on other components, in particular baffle structures built in to aid neutral compression. The strike line shapes and locations change significantly from one magnetic configuration to another, in very much the same way that codes had predicted they would. Strike-line widths are as large as 10 cm, and the wetted areas also large, up to about 1.5 m(2), which bodes well for future operation phases. Peak local heat loads onto the divertor were in general benign and project below the 10 MW m(-2) limit of the future water-cooled divertor when operated with 10 MW of heating power, with the exception of low-density attached operation in the high-iota configuration. The most notable result was the complete (in all 10 divertor units) heat-flux detachment obtained at high-density operation in hydrogen