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

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

Radio Continuum Study of Supernova Remnants in the Large Magellanic Cloud - SNR J0519-6926

We present the results of new high resolution ATCA observations of SNR J0519-6926. We found that this SNR exhibits a typical "horseshoe" appearance with alpha = -0.55 +- 0.08 and D=28+-1 pc. No polarization (or magnetic fields) are detected to a level of 1%. This is probably due to a relatively poor sampling of the uv plane caused be observing in "snap-shot" mode.Comment: 6 pages 4 figures, to be published in Serbian Astronomical Journa

Subspace representations in ab initio methods for strongly correlated systems

We present a generalized definition of subspace occupancy matrices in ab initio methods for strongly correlated materials, such as DFT+U and DFT+DMFT, which is appropriate to the case of nonorthogonal projector functions. By enforcing the tensorial consistency of all matrix operations, we are led to a subspace projection operator for which the occupancy matrix is tensorial and accumulates only contributions which are local to the correlated subspace at hand. For DFT+U in particular, the resulting contributions to the potential and ionic forces are automatically Hermitian, without resort to symmetrization, and localized to their corresponding correlated subspace. The tensorial invariance of the occupancies, energies and ionic forces is preserved. We illustrate the effect of this formalism in a DFT+U study using self-consistently determined projectors.Comment: 15 pages, 8 figures. This version (v2) matches that accepted for Physical Review B on 15th April 201

Generalized Wannier functions: a comparison of molecular electric dipole polarizabilities

Localized Wannier functions provide an efficient and intuitive means by which to compute dielectric properties from first principles. They are most commonly constructed in a post-processing step, following total-energy minimization. Nonorthogonal generalized Wannier functions (NGWFs) [Skylaris et al., Phys. Rev. B 66, 035119 11 (2002); Skylaris et al., J. Chem. Phys. 122, 084119 (2005)] may also be optimized in situ, in the process of solving for the ground-state density. We explore the relationship between NGWFs and orthonormal, maximally localized Wannier functions (MLWFs) [Marzari and Vanderbilt, Phys. Rev. B 56, 12847 (1997); Souza, Marzari, and Vanderbilt, ibid. 65, 035109 (2001)], demonstrating that NGWFs may be used to compute electric dipole polarizabilities efficiently, with no necessity for post-processing optimization, and with an accuracy comparable to MLWFs.Comment: 5 pages, 1 figure. This version matches that accepted for Physical Review B on 4th May 201

Proof of concept of diffuse optical tomography using time-of-flight range imaging cameras

Diffuse optical tomography is an optical technique to create 3-dimensional images of the inside of highly scattering material. Research groups around the world have been developing imaging systems using various source-detector arrangements to determine optical properties of biological tissue with a focus on medical applications. In this paper we investigate whether a range imaging camera can be used as a detector array. We used time-of-flight range imaging cameras instead of the conventional source-detector array used by others. The results provided in this paper show reconstructed images of absorption and reduced scattering of an object submerged in a tissue simulating phantom. Using the ranging camera XZ422 Demonstrator and the NIRFAST software package, we reconstructed 2D images of a 6 mm metal rod submerged in the centre of a 5 cm deep tank filled with 1% IntralipidTM. We have shown for the first time that range imaging cameras can replace the traditional detectors in diffuse optical tomography