Aggregate Price Effects of Institutional Trading: A Study of Mutual Fund Flow and Market Returns

We study the relation between market returns and aggregate flow into U.S. equity funds, using daily flow data. The concurrent daily relation is positive. Our tests show that this concurrent relation reflects flow and institutional trading affecting returns. This daily relation is similar in magnitude to the price impact reported for an individual institution's trades in a stock. Aggregate flow also follows market returns with a one-day lag. The lagged response of flow suggests either a common response of both returns and flow to new information, or positive feedback trading.

Closing the Financial Need Gap through Annual Giving and Donor Relations

Higher education is currently in a crisis that is affecting institutions of all sizes. As the allotted funds from federal and state governments decrease and additional revenue-generating areas such as tuition fail to close the need gap, many universities and colleges find themselves in a budget crisis. This crisis affects public and private higher education institutions, resulting in the need for philanthropic support from outside sources. Institutions of higher education, private and public alike, are turning to private giving to meet budgetary demands. As a result of this crisis, both public and private higher education institutions turn to philanthropy to help them receive the funding needed to serve their constituents adequately. (Drezner, 2011, p. 2) My project explored and evaluated the University Libraries’s annual giving and donor relations program of a large, public institution specifically identifying results, strengths, and weaknesses to determine recommendations to bolster the University Libraries’s programs. To meet the immediate funding needs, the University Libraries welcomed implementing my project in Fiscal Years 2021 and 2022 to learn and examine the success of the existing programs. As a result, the goal of my project was to create an annual giving and donor relations plan that led to 10% increases in Fiscal Year 2021 and Fiscal Year 2022. The recommendations and deliverables given to the University Libraries will propel it as it enters the last 6 months of its university-wide capital campaign, which ends December 31, 2022

Extension the Noether's theorem to Lagrangian formulation with nonlocality

A Lagrangian formulation with nonlocality is investigated in this paper. The nonlocality of the Lagrangian is introduced by a new nonlocal argument that is defined as a nonlocal residual satisfying the zero mean condition. The nonlocal Euler-Lagrangian equation is derived from the Hamilton's principle. The Noether's theorem is extended to this Lagrangian formulation with nonlocality. With the help of the extended Noether's theorem, the conservation laws relevant to energy, linear momentum, angular momentum and the Eshelby tensor are determined in the nonlocal elasticity associated with the mechanically based constitutive model. The results show that the conservation laws exist only in the form of the integral over the whole domain occupied by body. The localization of the conservation laws is discussed in detail. We demonstrate that not every conservation law corresponds to a local equilibrium equation. Only when the nonlocal residual of conservation current exists, can a conservation law be transformed into a local equilibrium equation by localization.Comment: 13 page

Explaining Churn: Mass Society, Social Capital, & Community Churn

Population churn--the population turnover experienced by a community--can have differential effects on a community. Mass society theory suggests that because the churn rate experienced by communities can contribute to their uprooting, fragmentation, and isolation, churn is a potent threat to the stability of our modern day communities. Social capital theory, to the contrary, suggests otherwise. Social capital theory suggests that churn can have positive effects on communities by bringing new migrants with valuable human capital skills and experiences to communities. These migrants bring to their new communities the potential for creating new jobs, spurring economic development, and for initiating housing starts that expand housing options for the poor and minorities. In so doing, they help create and sustain vibrant, growing modern day communities. Yet in spite of the significant role churn may play in determining the health and viability of modern day communities, it has been overlooked in the migration literature, which is mostly dominated by individual-level research on the causes and effects of migration, particularly the pecuniary benefits to movers. Using county-level data and multivariate analyses, this research seeks to fill this gap in the literature by examining the relationship between the community and churn, from the perspectives provided by social capital and mass society theories