The changing incentive structure of institutional asset managers: implications for financial markets.

This article presents the principal findings of the Working Group on Incentive Structures in Institutional Asset Management set up under the aegis of the Commitee on the Global Financial System (CGFS). These findings, which have recently been published in a report, aim to give the central bank community – and beyond that, the financial community – a better understanding of ongoing developments in the fund management industry and their potential implications for financial markets. The report, based on a comprehensive literature review and extensive interviews with market practitioners, has identified various features and trends in the industry with a potential effect on the functioning of financial markets. However, as many of these effects are at least partially offsetting, the lack of reliable empirical evidence has not allowed the working group to come to a clear-cut conclusion on the aggregate effect of these various features and trends at the current juncture. Still, one broad conclusion may be drawn from this report: ongoing and future developments in the fund management industry have the potential to change institutional behaviour in ways that can be important for financial markets. This relates to the general issue of preserving the diversity of investment behaviour, and partially results from the fact that parts of the institutional asset management industry have moved towards becoming a «commodity» industry offering investors more and more standardised investments products and approaches. Therefore, developments in the industry may require further attention by the financial community as a whole. More specifically, the report points to four broad areas where particular attention should be paid: risk management and disclosure, conflicts of interest, explicit and implicit barriers to market entry, and regulatory trade-offs.

Dynamics of Carroll Strings

We construct the canonical action of a Carroll string doing the Carroll limit of a canonical relativistic string. We also study the Killing symmetries of the Carroll string, which close under an infinite dimensional algebra. The tensionless limit and the Carroll $p$-brane action are also discussed.Comment: Footnote and references adde

Strategy Options for Disaster Risk Reduction Through Institutional Improvements and Enhanced Financial Sustainability: Recommendations

This presentation was commissioned by the Natural Disaster Network of the Regional Policy Dialogue for the V Hemispheric Meeting celebrated on June 13th and 14th, 2005.Disasters, Management Network Gestión de la Red

State and Origin Branding in Hispanic Food Markets

Evaluations on the effectiveness of state and origin branding programs remain relatively scant and generally have not focused on specific target populations, including Hispanic consumers, the fastest-growing group. This study evaluates the effectiveness of the Arizona Grown brand and the nascent Mexico Selected Quality brand in differentiating and promoting food products in Hispanic markets. It was found that Hispanic consumers tend to view these food-product brands as nearly identical in perceived quality. Furthermore, they are willing to pay nearly equal premiums for products branded as such. These consumers saw no value in country-of-origin information alone.Agribusiness,

Predictive validity of the CriSTAL tool for short-term mortality in older people presenting at Emergency Departments: a prospective study

© 2018, The Author(s). Abstract: To determine the validity of the Australian clinical prediction tool Criteria for Screening and Triaging to Appropriate aLternative care (CRISTAL) based on objective clinical criteria to accurately identify risk of death within 3 months of admission among older patients. Methods: Prospective study of ≥ 65 year-olds presenting at emergency departments in five Australian (Aus) and four Danish (DK) hospitals. Logistic regression analysis was used to model factors for death prediction; Sensitivity, specificity, area under the ROC curve and calibration with bootstrapping techniques were used to describe predictive accuracy. Results: 2493 patients, with median age 78–80 years (DK–Aus). The deceased had significantly higher mean CriSTAL with Australian mean of 8.1 (95% CI 7.7–8.6 vs. 5.8 95% CI 5.6–5.9) and Danish mean 7.1 (95% CI 6.6–7.5 vs. 5.5 95% CI 5.4–5.6). The model with Fried Frailty score was optimal for the Australian cohort but prediction with the Clinical Frailty Scale (CFS) was also good (AUROC 0.825 and 0.81, respectively). Values for the Danish cohort were AUROC 0.764 with Fried and 0.794 using CFS. The most significant independent predictors of short-term death in both cohorts were advanced malignancy, frailty, male gender and advanced age. CriSTAL’s accuracy was only modest for in-hospital death prediction in either setting. Conclusions: The modified CriSTAL tool (with CFS instead of Fried’s frailty instrument) has good discriminant power to improve prognostic certainty of short-term mortality for ED physicians in both health systems. This shows promise in enhancing clinician’s confidence in initiating earlier end-of-life discussions

Anomalies of the infrared-active phonons in underdoped YBCO as an evidence for the intra-bilayer Josephson effect

The spectra of the far-infrared c-axis conductivity of underdoped YBCO crystals exhibit dramatic changes of some of the phonon peaks when going from the normal to the superconducting state. We show that the most striking of these anomalies can be naturally explained by changes of the local fields acting on the ions arising from the onset of inter- and intra-bilayer Josephson effects.Comment: Revtex, epsf, 6 pages, 3 figures encapsulated in tex

Influence of social and work exchange relationships on organizational citizenship behavior, The

Previous studies explain situational antecedents of OCB using social exchange theory. However, the effects of factors such as perceptions of job characteristics on OCB seem to require a different explanatory mechanism. We propose that these effects can be explained through a new exchange relationship that we call work exchange. We develop a theory for the situational antecedents of OCB that includes economic, work, and social exchange relationships. The theory is tested using structural equations.exchange relationship; organizational citizenship behavior; organizational commitment; perceived organizational support; job characteristics;