Mutual Fund Expense Disclosures: A Behavioral Perspective

Mutual funds have enjoyed phenomenal growth with their numbers exceeding the number of public companies and their assets aggregating in excess of $9 trillion. Increasingly they are the investment instrument of choice by the proverbial widows, widowers and orphans, and a few school teachers are included as well. But how are best can that choice be one that is not only informed but informed in a way more likely to elicit a wise decision? This paper examines from a behavioral perspective how regulation can best disclose information related to two key factors for investors to compare competing mutual funds: fund returns and fund expenses. Our analysis reflects that the current disclosure process is deficient because it fails to reflect the insights of research on judgment and decision making, and particularly the need to distinguish between the availability of information and its processability by its user. The message of our article is straightforward: if regulators adhered to the insights provided by our paper, not only investors, but also the fund\u27s directors, would be greatly empowered so that better returns and lower costs could be expected

The scholarly hunter: a textual analysis of the ways in which Bloodborne’s narrative and environment invites player involvement and initiates critical debate

This thesis discusses Bloodborne's narrative and its ability to make players invested in its narrative through its genres, environmental storytelling, high-intensity gameplay, and the open-ended nature of the narrative. The thesis uses Henry Jenkin’s narrative architecture as a structure to present current academic findings on Bloodborne while also delving into the roles of environmental storytelling, game mechanics, and the action horror genre in relation to player investment and agency. Further on, paratextual narrative co-construction is examined, and this concept carries us into the final chapter of the thesis. Before looking into the co-authoring of a narrative between players and game developers, this thesis will first break down Bloodborne's narrative in its first chapter. In the second chapter, I explore the gameplay and difficulty of Bloodborne in relation to the horror genre and its ability to evoke strong emotions. Finally, the third chapter investigates my claim that Bloodborne’s narrative and cryptic storytelling style have created a lore-hunting culture and community that inspires players to co-construct the narrative and solve unanswered questions. Suggesting that the developer of Bloodborne intentionally creates narratives and worlds in such a way as to sow the seeds for critical debate and discussion surrounding the narrative

Quadrupole moment of a magnetically confined mountain on an accreting neutron star: effect of the equation of state

Magnetically confined mountains on accreting neutron stars are promising sources of continuous-wave gravitational radiation and are currently the targets of directed searches with long-baseline detectors like the Laser Interferometer Gravitational Wave Observatory (LIGO). In this paper, previous ideal-magnetohydrodynamic models of isothermal mountains are generalized to a range of physically motivated, adiabatic equations of state. It is found that the mass ellipticity drops substantially, from \epsilon ~ 3e-4 (isothermal) to \epsilon ~ 9e-7 (non-relativistic degenerate neutrons), 6e-8 (relativistic degenerate electrons) and 1e-8 (non-relativistic degenerate electrons) (assuming a magnetic field of 3e12 G at birth). The characteristic mass M_{c} at which the magnetic dipole moment halves from its initial value is also modified, from M_{c}/M_{\sun} ~ 5e-4 (isothermal) to M_{c}/M_{\sun} ~ 2e-6, 1e-7, and 3e-8 for the above three equations of state, respectively. Similar results are obtained for a realistic, piecewise-polytropic nuclear equation of state. The adiabatic models are consistent with current LIGO upper limits, unlike the isothermal models. Updated estimates of gravitational-wave detectability are made. Monte Carlo simulations of the spin distribution of accreting millisecond pulsars including gravitational-wave stalling agree better with observations for certain adiabatic equations of state, implying that X-ray spin measurements can probe the equation of state when coupled with magnetic mountain models.Comment: 20 pages, 15 figures, to be published in MNRA

Thermal performance of high voltage power cables

The UK high voltage electricity transmission network continues to face annual rises in demand, with ever greater volumes of power supplied to load centres throughout the country. To operate this network effectively, it is vital to accurately calculate the maximum allowable electric current which can be safely carried by each component in the power system. In high voltage power cables, this limit is defined by the maximum operating temperature of the cable insulation. Specify this current rating to be too low and the cable asset will never be used to its full potential; conversely setting the rating to be too high risks damage to the asset as the excessive heating can cause premature failure. Thus the rating calculation must be optimised to maintain security of supply by minimising the risk of cable failure, while also maximising the returns from capital investment on the power network. This project has employed a variety of mathematical techniques to improve the methods by which current ratings are calculated. Modern computational techniques such as finite element analysis (e.g Figure 1) and computational fluid dynamics are used to create more advanced circuit rating techniques. These have been compared and refined with input gained from field data. By eliminating simplifications from existing methods, it has been possible to identify ways of increasing the utilisation of the existing network. In addition the new techniques allow examination of the potential benefits of future developments in cable technology. Benefits are being derived from this work on both a day to day and strategic planning levels. For instance, by re-evaluating the current rating method for cables installed in tunnels, it has proved possible to consider the benefits from co-locating more cables in one tunnel to best use these expensive assets. The application of this method has allowed the quantification of the benefits which might be available from next generation cable technologies, enabling the prioritisation of future research effort in cable materials. Upon completion, the knowledge gained from this work is to be used to revise the international standard on calculating current ratings in cable tunnels. Techniques such as these underpin the concept of smart grids with improved operational flexibility and capability. Simultaneously the requirement to build expensive new components into the network is limited, whilst still meeting the need to supply ever increasing volumes of power across the country

Empirical Traffic Data and Their Implications for Traffic Modeling

From single vehicle data a number of new empirical results about the temporal evolution, correlation, and density-dependence of macroscopic traffic quantities have been determined. These have relevant implications for traffic modeling and allow to test existing traffic models.Comment: For related work see http://www.theo2.physik.uni-stuttgart.de/helbing.htm

The gender and access to health services study: final report

Men and women frequently think and behave differently. To observe this is not to suggest anything so absurdly simple as that there are only male and female ways of being; behaviours and thought processes vary according to numerous other factors besides gender. That this is very generally the case however, does mean that there are broad - and often broadly predictable - differences in the way men and women engage with the world. Most commercial organisations understand this very well and plan accordingly. Many public authorities recognise it too and take these differences into account when developing and providing services. For historical reasons however the NHS has rarely done so. It is widely known that there are differences between men and women in the incidence and prevalence of most health conditions. Sometimes there are clear biological reasons for these differences but often there are not. Where biology offers little or no enlightenment, other questions need to be asked: · Do men and women behave in ways that predispose them to particular health conditions to different degrees? · Do men and women use health services with different degrees of effectiveness? · Do men and women receive differerent kinds of service from the NHS? The answer is – yes, these things happen frequently. This is sometimes to the disadvantage of one sex and sometimes to the disadvantage of the other. Sometimes it is to the disadvantage of both. And when these things happen, health outcomes are often affected. This report looks at the reasons why gender is such an important and fundamental determinant of health status and considers the ways in which gender inequalities can be tackled within the present legislative and policy framework. It also brings together the knowledge and evidence in relation to six specific areas of health concerns