The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance

Inducing narrative tension in the viewer through suspense, surprise, and curiosity

Producción CientíficaResearch into narrative tension is of interest in terms of the progress of knowledge of the processes and mechanisms by which stories are received and enjoyed. We have created four versions of an audiovisual story with three different structures of fiction (suspense, surprise, curiosity) and one of non-fiction. We have investigated the effects of the narrative tension of these stories with four groups of subjects (N=94). The results show that the organization of the stories, depending on their structures of suspense, surprise, or curiosity, induces narrative tension, while the non-fictional story, induces cognitive and affective effects of another kind. Narrative tension appears during narrative progression. It is manifested by cognitive-affective responses that include anticipations, diagnoses, retrospections, and emotions. In narrative tension, curiosity plays a triggering and organizing role in suspense and surprise. The emotions and cognitions that result from narrative tension during plot construction underpin the experience of enjoyment. The Multidimensional Narrative Tension Theory of Enjoyment that emerges from this research allows establishing connections between narrative theory concerned with narrative progression and plot, the psychology of interest, and the psychology of media enjoyment

Qué referencias bibliográficas han sido utilizadas en orientación vocacional. Un estudio a través de la Revista Española de Orientación y Psicopedagogía (1990-2006)

XV Congreso Internacional INFADThe purpose of this paper is to conduct a study of the reference documents most widely used by the authors who have published their articles on vocational guidance in Revista Española de Orientación y Psicopedagogía (REOP), this being the most representative journal in the field of vocational guidance in Spain since it is the organ of information dissemination of the Spanish Guidance and Psychopedagogy Association. By taking into consideration the “Bibliographic References” scientometric indicator, we created a scientometric card. From this card, we present the results corresponding to “reference document”, where we consider authors, type of document and language of publication. The results allow us to know which authors are more influential in our country in the field of vocational guidance, as well as the documents most widely consulted and used in this field.El objetivo de este trabajo es realizar un estudio de los Documentos de Referencia que han sido más utilizados por los autores que han publicado sus artículos sobre Orientación Vocacional en la Revista Española de Orientación y Psicopedagogía, ya que esta viene a ser la más representativa en el campo de Orientación Vocacional en nuestro país, como órgano de difusión de la Asociación Española de Orientación y Psicopedagogía. Teniendo en cuenta el Indicador Cientimétrico “Referencias Bibliográficas”, llevamos a cabo la elaboración de la ficha cientimétrica. De ella presentamos los resultados correspondientes a “Documento de Referencia”, teniendo en cuenta los autores, tipo de documento e idioma de publicación. Esto nos permiten conocer cuales son los autores que ejercen más influencia en nuestro país en el campo de la Orientación Vocacional, así como los documentos que son más consultados y utilizados en este campo

La orientación vocacional a través de la Revista española de orientación y psicopedagogía : estudio cientimétrico

Studies into research activity are possible by quantifying certain variables present in articles published in specialist journals. Once quantified, numerical data are obtained which summarise research activity characteristics. These data are obtained through scientometric indicators. This is an objective and verifiable method whose results can be both reproduced and applied to a large amount of data, thus allowing significant results to be obtained in statistical Studies. This work analyses the Scientometric indicators of the articles published in the Revista Española de Orientación y Psicopedagogía (REOP) between 1990 and 2008. Of these articles, we selected those that expressly refer to vocational guidance, and we centred the study on personal productivity, institutional productivity, and on analysing the contents, instruments that researchers used in their works and references. From these results, we note that most of the authors who publish in the REOP are Spanish and belong to the university. Also, the most important issue was the Program / Systems Intervention and Counseling / Vocational Guidance conduct. Also, we stress that these studies provide direct communication between researchers and guidance professionals, allowing science to reach everyone.El estudio de la actividad investigadora es posible recurriendo a la cuantificación de determinadas variables presentes en los artículos publicados en las revistas científicas. Una vez cuantificadas obtenemos cifras que reflejan resumidamente las características de la actividad investigadora. Estas cifras las obtenemos a través de los Indicadores Cientimétricos. Se trata de un método objetivo y verificable, cuyos resultados son reproducibles, y que puede aplicarse a un gran volumen de datos, lo que hace posible la obtención de resultados significativos en los estudios estadísticos. En el presente trabajo llevamos a cabo un estudio de los artículos publicados en la Revista Española de Orientación y Psicopedagogía (REOP) durante el periodo 1990-2008. De estos artículos, hemos seleccionado aquellos que hacen referencia expresa a la Orientación Vocacional, con el fin de realizar un análisis cientimétrico de los mismos. Así nos hemos centrado, por un lado, en el estudio de la Productividad Personal, Productividad Institucional, en el Análisis del Contenido y de los Instrumentos que los investigadores han utilizado en sus trabajos, y por otro lado, en el estudio de las Referencias Bibliográficas. De los resultados obtenidos, señalar que la mayor parte de los autores que publican en la REOP son españoles y pertenecen al ámbito universitario. La temática más relevante ha sido la de Programas/Sistemas de Intervención y Asesoramiento/Orientación de la conducta Vocacional. Asimismo, destacar que este tipo de estudios facilitan la comunicación directa entre los investigadores y los profesionales de la Orientación, permitiendo que la ciencia llegue a todos

Educational guidance in the ‘Revista Española de Orientación y Psicopedagogía’: a study diachronic and sinchronic (1990-2006)

El presente artículo sobre orientación educativa forma parte de una investigación más amplia que hemos llevado a cabo sobre la orientación en España a través de los artículos publicados en la Revista Española de Orientación y Psicopedagogía (REOP) durante el periodo de 1990 a 2006. Hemos utilizado los indicadores cientimétricos y en concreto el referido al análisis de contenido: campo y temática, incidencia, tipo y palabras clave. El estudio contiene un análisis diacrónico y un análisis sincrónico de la productividad de la Revista. Los resultados ponen de manifiesto cuáles han sido las tendencias tanto teóricas como investigadoras que durante este tiempo han predominado en nuestro país. Entre otras destacamos: estudios sobre el Departamento de Orientación, las competencias de los orientadores, el proceso de enseñanza/aprendizaje y la atención a la diversidad.This article on educational guidance is part of a wider study that we have conducted on guidance in Spain by means of the articles published in the Revista Española de Orientación and Psicopedagogía (REOP) over the period between 1990 and 2006. We used scientometric indicators and more specifically the one referring to content analysis: field and subject matter, incidence, type and keywords. The study contains a diachronic and a synchronic analysis of the productivity of the Revista. The results reveal both the theoretical and the research tendencies that were predominant in our country over that period of time. Among others, the following can be highlighted: studies on the Department of Guidance, counsellor competencies, the teaching/learning process and attention to diversity

Эмбрион человека как социально-правовой критерий оценки соответствия уровня нравственных норм, общественных отношений и социального устройства

HUMAN EMBRYO AS A SOCIO-LEGAL CRITERIA OF EVALUATION OF THE CORRESPONDENCE OF MORAL NORMS, SOCIAL RELATIONS AND SOCIAL STRUCTURE. Y. LITVINTSAVAРассматривается одна из основных актуальных проблем современности в рамках брачно-семейных отношений – феномен правового положения статуса эмбриона человека. Отмечается, что умеренные позиции в обществе относительно признания за человеческим эмбрионом права на жизнь значительно разнятся с современным законодательством, в котором, в сущности, отрицается данный факт. Показано, что пренебрежение человеческими правами на начальном внутриутробном периоде развития плода поспособствует формированию негативного отношения и к человеческой жизни в целом после его рождения. Выступая за фиксацию узаконенного статуса человеческого эмбриона, приходим к выводу о необходимости введения дополнений и преобразований различных отраслей законодательства в вопросе теоретического соотношения понятия «эмбрион человека» к терминам «члены семьи» или «близкие родственники». Для более углубленного понимания содержательной основы этих понятий на основе сравнительного анализа за критерий был взят законодательный опыт стран СНГ.= The legal status of the human embryo is one of the main challenges of the modern marriage and family relations. It should be noted that the moderate position in society towards the recognition of the right of the human embryo to life contradicts the current legislation, which denies this phenomenon. Consequently, the negligence of human rights at the early stage of fetal development will contribute to the formation of a negative attitude towards human life in general after birth. Advocating for the legalizatiоn of the human embryo status, the author comes to the conclusion that it is necessary to amend and transform various branches of law in terms of theoretical correlation between the concepts of the “human embryo” and “family members” or “close relatives”. In order to show a more profound meaning of the notions such as “family”, “close relatives” and “family members” the author has conducted comparative analysis of the legislative practice of the CIS countries. The results of the analysis of the foreign legal acts show that the value of the Belarusian termbase shall be improved in terms of theory

Digital twins for monitoring and predicting the cooking of food products: A case study for a French crêpe

The food industry is shifting toward automated and customized processes, leading to the emergence of smart cooking devices that improve cooking outcomes. However, these devices can be invasive, costly, and only applicable to certain foods. To address these issues, a noninvasive digital twin that monitors food during cooking using a common frying pan with a temperature sensor and a weighing scale is proposed. A case study for a French crêpe is presented, in which we developed a digital twin using a neural network trained on over 400,000 simulation data points. The results show that the digital twin can accurately estimate the properties of the crêpe during cooking in real time with a mean absolute percentage error of less than 5% and predict when it will be cooked according to user criteria. The approach offers significant benefits over existing smart cooking devices, as it can be applied to a wide range of cooking processes. The proposed technology enables food process automation and has potential applications in both home and professional kitchens

Testing Einstein’s Formula on Brownian Motion Using Membrane Computing

Brownian motion refers to erratic movements of small particles of solid matter suspended in a fluid and it is the basis of the development of many fractals found in Nature. In this paper we use the Membrane Computing model of P systems with membrane creation and the software tool JPLANT in order to check the Einstein’s theory on the Mean Square Displacement of Brownian motion.Ministerio de Educación y Ciencia TIN2006-13425Junta de Andalucía TIC-58

Opinión de un grupo de expertos sobre facilitadores para la implantación del seguimiento farmacoterapéutico en las farmacias comunitarias españolas

En el contexto de un estudio de investigación sobre priorización de facilitadores para la implantación del Seguimiento Farmacoterapéutico en las farmacias comunitarias españolas, se realizó un grupo focal compuesto por miembros de Foro de Atención Farmacéutica en Farmacia Comunitaria. El objetivo era explorar sus opiniones sobre los facilitadores priorizados en dicho estudio que se habían definido como “Incentivos”, “Campañas externas”, “Experto en SFT” y “Profesionalidad del farmacéutico”. El facilitador prioritario del estudio, denominado “incentivos”, incluye fundamentalmente incentivos económicos, imprescindibles en la implantación y sostenibilidad del Seguimiento Farmacoterapéutico, aunque también hace referencia a otro tipo de incentivo como el reconocimiento profesional.Los participantes estaban de acuerdo con los resultados del estudio, que indican la necesidad de un pago previo para implantar nuevos servicios profesionales. Se considera que este pago queda justificado por los beneficios que la realización del Seguimiento Farmacoterapéutico aporta a la salud del paciente y a la reducción del gasto sanitario derivado de un buen uso de la medicación. Por consiguiente, se plantearon distintos métodos para incentivar económicamente a la farmacia que realiza Seguimiento Farmacoterapéutico. En cuanto al reconocimiento profesional, se consideró como un incentivo la acreditación de la farmacia que realiza SFT y que su provisión tenga relevancia a nivel curricular. Se confirma también como de gran importancia tanto la realización de campañas externas como la existencia de un experto farmacéutico profesional, preparado y acreditado para realizar nuevos SPF

Drug assessment by a Pharmacy and Therapeutics committee: from drug selection criteria to use in clinical practice

Background: In Spain, hospital medicines are assessed and selected by local Pharmacy and Therapeutics committees (PTCs). Of all the drugs assessed, cancer drugs are particularly important because of their budgetary impact and the sometimes arguable added value with respect to existing alternatives. This study analyzed the PTC drug selection process and the main objective was to evaluate the degree of compliance of prescriptions for oncology drugs with their criteria for use. Methods: This was a retrospective observational study (May 2007 to April 2010) of PTC-assessed drugs. The variables measured to describe the committee's activity were number of drugs assessed per year and number of drugs included in any of these settings: without restrictions, with criteria for use, and not included in formulary. These drugs were also analyzed by therapeutic group. To assess the degree of compliance of prescriptions, a score was calculated to determine whether prescriptions for bevacizumab, cetuximab, trastuzumab, and bortezomib were issued in accordance with PTC drug use criteria. Results: The PTC received requests for inclusion of 40 drugs, of which 32 were included in the hospital formulary (80.0%). Criteria for use were established for 28 (87.5%) of the drugs included. In total, 293 patients were treated with the four cancer drugs in eight different therapeutic indications. The average prescription compliance scores were as follows: bevacizumab, 83% for metastatic colorectal cancer, 100% for metastatic breast cancer, and 82.3% for non-small-cell lung cancer; cetuximab, 62.0% for colorectal cancer and 50% for head and neck cancer; trastuzumab, 95.1% for early breast cancer and 82.4% for metastatic breast cancer; and bortezomib, 63.7% for multiple myeloma. Conclusion: The degree of compliance with criteria for use of cancer drugs was reasonably high. PTC functions need to be changed so that they can carry out more innovative tasks, such as monitoring conditions for drug use