Mutual Fund Flows and Performance in Rational Markets

We develop a simple rational model of active portfolio management that provides a natural benchmark against which to evaluate observed relationship between returns and fund flows. We show that many effects widely regarded as anomalous are consistent with this simple explanation. In the model, investments with active managers do not outperform passive benchmarks because of the competitive market for capital provision, combined with decreasing returns to scale in active portfolio management. Consequently, past performance cannot be used to predict future returns, or to infer the average skill level of active managers. The lack of persistence in active manager returns does not imply that differential ability across managers is nonexistent or unrewarded, that gathering information about performance is socially wasteful, or that chasing performance is pointless. A strong relationship between past performance and the ow of funds exists in our model, indeed this is the market mechanism that ensures that no predictability in performance exists. Calibrating the model to the fund flows and survivorship rates, we nd these features of the data are consistent with the vast majority (80%) of active managers having at least enough skill to make back their fees.

Rheumatoid meningitis sine arthritis.

Rheumatoid meningitis is a rare and very serious extra-articular manifestation of rheumatoid arthritis. We present a case of a 7()year-old female with no history of arthritis who developed stroke-like symptoms, seizures, psychosis and compulsive behavior. Serial brain magnetic resonance images (MRI) over four months demonstrated progressive interhemispheric meningeal thickening. She had mild lymphocytic pleocytosis on the cerebrospinal fluid analysis and serum anti-cyclic citrullinated peptide antibodies resulted positive in high titers. She underwent a brain biopsy showing necrotizing granulomas consistent with rheumatoid meningitis. Her symptoms resolved with treatment with glucocorticoids and cyclophosphamide. She has not been diagnosed with rheumatoid arthritis even after 1 year of follow up. Clinicians should be aware of the possibility of rheumatoid meningitis without rheumatoid arthritis and keep it on the differential for patients with aseptic meningitis and otherwise negative work up

Determination of the proper checkerboard target for V.E.R. refraction

The VER will be in widespread use in optometric clinics within the near future. The VER, in the experimental laboratory, is showing itself to be a valuable tool in precise objective measurements in the visual analysis of an individual. The VER will not only be able to do refractions, but will be able to take phorias, ductions, measure fixation disparity, color vision defects, visual acuity, and check on the cause of amblyopia. In doing refraction, the sinusoidally presented checkboard has proven to be the best visual stimulus. This paper deals with trying to determin the optimum checkboard parameters in doing clinical refraction. These parameters include pattern rate and relative contrast.

A Continuous Review Replenishment-Disposal Policy for an Inventory System with autonomous supply and fixed disposal costs

Cataloged from PDF version of article.In this study, we analyze an inventory system facing stochastic external demands and an autonomous supply (independent return flow) in the presence of fixed disposal costs and positive lead times under a continuous review replenishment-disposal policy. We derive the analytical expressions of the operating characteristics of the system; and, construct the objective function to minimize the total expected costs of ordering, holding, purchasing and disposal per unit time subject to a fill rate constraint. An extensive numerical analysis is conducted to study the sensitivity of the policy parameters and the benefit of employing a policy which allows for disposal of excess stock in this setting. We model the net demand process as the superposition of normally distributed external demand and inflows, which is expressed as a Brownian motion process. Our findings indicate that the disposal option results in considerable savings even (i) in the presence of non-zero fixed disposal costs, (ii) large actual demand rates with high return ratios (resulting in small net demands) and (iii) for moderate return ratios with high demand variability. (C) 2007 Elsevier B.V. All rights reserved

Performance and value implications of cross-border acquisitions in telecommunications industry : the case of US Telecom companies

Version of RecordThis study analyzes the impact of cross-border acquisitions of US Telecom Operators on the shareholder value and firm performance. We analyzed the value implications of 33 acquisitions made by US Telecommunication companies in 18 countries located in North America, Europe, Latin America and Asia Pacific. While 15 of the target companies were domiciled in developed countries, 18 were located in Latin American and Asian emerging markets. Total value of acquisitions included in the sample was $12.3bn with a mean transaction value of$363.8m. Our small sample analyses revealed that cross-border acquisitions of US Telecom companies on the average did not create value for the shareholders. We also could not identify any significant performance improvements in the post acquisition period. An interesting result of our empirical analysis was the finding that acquisitions of targets in emerging markets generated higher cumulative abnormal returns than the targets in developed country markets.Aybar, C. B. & Kan, O. B. (2003, July). Performance and value implications of cross-border acquisitions in the telecommunications industry: The case of US Telecom multinationals. Paper presented at the Annual Meeting of the Academy of International Business, Monterey California. Retrieved from http://academicarchive.snhu.ed

Fat fraction mapping using bSSFP Signal Profile Asymmetries for Robust multi-Compartment Quantification (SPARCQ)

Purpose: To develop a novel quantitative method for detection of different tissue compartments based on bSSFP signal profile asymmetries (SPARCQ) and to provide a validation and proof-of-concept for voxel-wise water-fat separation and fat fraction mapping. Methods: The SPARCQ framework uses phase-cycled bSSFP acquisitions to obtain bSSFP signal profiles. For each voxel, the profile is decomposed into a weighted sum of simulated profiles with specific off-resonance and relaxation time ratios. From the obtained set of weights, voxel-wise estimations of the fractions of the different components and their equilibrium magnetization are extracted. For the entire image volume, component-specific quantitative maps as well as banding-artifact-free images are generated. A SPARCQ proof-of-concept was provided for water-fat separation and fat fraction mapping. Noise robustness was assessed using simulations. A dedicated water-fat phantom was used to validate fat fractions estimated with SPARCQ against gold-standard 1H MRS. Quantitative maps were obtained in knees of six healthy volunteers, and SPARCQ repeatability was evaluated in scan rescan experiments. Results: Simulations showed that fat fraction estimations are accurate and robust for signal-to-noise ratios above 20. Phantom experiments showed good agreement between SPARCQ and gold-standard (GS) fat fractions (fF(SPARCQ) = 1.02*fF(GS) + 0.00235). In volunteers, quantitative maps and banding-artifact-free water-fat-separated images obtained with SPARCQ demonstrated the expected contrast between fatty and non-fatty tissues. The coefficient of repeatability of SPARCQ fat fraction was 0.0512. Conclusion: The SPARCQ framework was proposed as a novel quantitative mapping technique for detecting different tissue compartments, and its potential was demonstrated for quantitative water-fat separation.Comment: 20 pages, 7 figures, submitted to Magnetic Resonance in Medicin

Improved redshifts for SDSS quasar spectra

A systematic investigation of the relationship between different redshift estimation schemes for more than 91000 quasars in the Sloan Digital Sky Survey (SDSS) Data Release 6 (DR6) is presented. The publicly available SDSS quasar redshifts are shown to possess systematic biases of Dz/(1+z)>=0.002 (600km/s) over both small (dz~0.1) and large (dz~1) redshift intervals. Empirical relationships between redshifts based on i) CaII H & K host galaxy absorption, ii) quasar [OII] 3728, iii) [OIII] 4960,5008 emission, and iv) cross-correlation (with a master quasar template) that includes, at increasing quasar redshift, the prominent MgII 2799, CIII] 1908 and CIV 1549 emission lines, are established as a function of quasar redshift and luminosity. New redshifts in the resulting catalogue possess systematic biases a factor of ~20 lower compared to the SDSS redshift values; systematic effects are reduced to the level of Dz/(1+z)<10^-4 (30km/s) per unit redshift, or <2.5x10^-5 per unit absolute magnitude. Redshift errors, including components due both to internal reproducibility and the intrinsic quasar-to-quasar variation among the population, are available for all quasars in the catalogue. The improved redshifts and their associated errors have wide applicability in areas such as quasar absorption outflows, quasar clustering, quasar-galaxy clustering and proximity-effect determinations.Comment: Accepted to MNRAS. The QSO redshift catalogue and QSO template spectrum can be downloaded from ftp://ftp.ast.cam.ac.uk/pub/phewett/ until 1st May 201

Supplier diversification under binomial yield

Cataloged from PDF version of article.We consider supplier diversification in an EOQ type inventory setting with multiple suppliers and binomial yields. We characterize the optimal policy for the model and show that, in this case, it does not pay to diversify, in contrast to previous results in the random yield literature. © 2008 Elsevier B.V. All rights reserved

An integrated approach to the monitoring of rising damp in historic brick masonry

Monitoring rising damp in historic masonry buildings requires an integrated approach, including not only the quantification of moisture in materials over time, but also the investigation of the supply of water from the ground, the evaporative capacity of the surrounding air, and the presence of potentially hygroscopic salts. However, this approach is seldom applied, hence our knowledge of the phenomenon of rising damp in real historic masonry structures is often only partial. In this paper, the proposed approach was applied to the church of Santa Croce in Ravenna, Italy, an outstanding example of masonry building affected by rising damp and related materials’ deterioration. Santa Croce is a Byzantine church surrounded by an archaeological site and the whole area is presently located under the water table level, requiring a continuously operating pumping system to prevent the flooding of the entire zone. The testing and monitoring of moisture and salts in the church's materials started in September 2020 and is presently running. The data collected so far are presented and discussed in this paper, providing a contribution to a better understanding of this phenomenon. Moreover, during the monitoring period, a pumping system failure caused the flooding of the area in the period August-November 2021, allowing to investigate the impact of this event on the moisture in the materials. The protocol of testing described in this paper may provide a promising and effective method to investigate rising damp and is a starting point in view of its mitigation