Exposure to socially responsible investing of mutual funds in the Euronext stock markets

This paper analyses fund management and exposure on the Euronext stock exchanges. Especially, we investigate to what extent mutual funds are engaged in socially responsible investing (SRI). In order to accomplish this goal, we use regression analysis to measure the exposure of mutual funds to stock market indices based on a selection of companies that satisfy criteria of SRI. We measure the exposure in Belgium, France, and the Netherlands for almost 800 investment funds during the 1990s. We conclude that most funds have a significant exposure to the SRI index. Furthermore, we find a home bias in SRI as the exposure to the SRI index for Europe is much higher than that for America (JEL G11, G24, Z13).

Anticipatory attention: An event-related desynchronization approach

This paper addresses the question of whether anticipatory attention - i.e. attention directed towards an upcoming stimulus in order to facilitate its processing - is realized at the neurophysiological level by a pre-stimulus desynchronization of the sensory cortex corresponding to the modality of the anticipated stimulus, reflecting then opening of a thalamocortical gate in the relevant sensory modality. It is argued that a technique called Event-Related Desynchronization (ERD) of rhythmic 10-Hz activity is well suited to study the thalamocortical processes that are thought to mediate anticipatory attention. In a series of experiments, ERD was computed on EEG and MEG data, recorded while subjects performed a time estimation task and were informed about the quality of their time estimation by stimuli providing Knowledge of Results (KR). The modality of the KR stimuli (auditory, visual, or somatosensory) was manipulated both within and between experiments. The results indicate to varying degrees that preceding the presentation of the KR stimuli, ERD is present over the sensory cortex, which corresponds to the modality of the KR stimulus. The general pattern of results supports the notion that a thalamocortical gating mechanism forms the neurophysiological basis of anticipatory attention. Furthermore, the results support the notion that Event-Related Potential(ERP) and ERD measures reflect fundamentally different neurophysiological processes

Sovereign Wealth Funds: Good for Funding?

Since the start of the financial crisis,firms increasingly search for new financesources. Sovereign Wealth Funds – rapidlygrowing government-owned investment vehicles– are investing heavily in equity nowadays. Weaim to find out how stock markets respond totheir investments and disinvestments. Whenanalysing a global sample for the period January2004 - July 2011, we find significantly positive(negative) stock market returns on theannouncement of an investment (divestment).Additionally, we find that the market reactsstronger to announcements of divestments since2008. This provides some evidence for the ideathat investors look more favourable uponSovereign Wealth Funds nowadays. It appearsthat fears for too much corporate governanceimpact have weakened. This opens up fundingopportunities for CFO’s of today’s moneyhungryfirms

Event-related desynchronization related to the anticipation of a stimulus providing knowledge of results

In the present paper, event-related desynchronization (ERD) in the alpha and beta frequency bands is quantified in order to investigate the processes related to the anticipation of a knowledge of results (KR) stimulus. In a time estimation task, 10 subjects were instructed to press a button 4 s after the presentation of an auditory stimulus. Two seconds after the response they received auditory or visual feedback on the timing of their response. Preceding the button press, a centrally maximal ERD is found. Preceding the visual KR stimulus, an ERD is present that has an occipital maximum. Contrary to expectation, preceding the auditory KR stimulus there are no signs of a modalityspecific ERD. Results are related to a thalamo-cortical gating model which predicts a correspondence between negative slow potentials and ERD during motor preparation and stimulus anticipation

Intentional and unintentional contributions to nonspecific preparation: Electrophysiological evidence.

The authors hypothesized that there are distinct intentional and unintentional influences on nonspecific preparation for a future event. In 2 experiments, participants responded to an imperative stimulus (