1,673 research outputs found
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One size fits all: How many default funds does a pension scheme need?
In this paper, we analyse the number of default investment funds appropriate for an occupational defined contribution pension scheme. Using a unique dataset of member risk attitudes and characteristics from a survey of a large UK pension scheme, we apply cluster analysis to identify two distinct groups of members in their 40s and 50s. Further analysis indicated that the risk attitudes of the two groups were not significantly different, allowing us to conclude that a single lifestyle default fund is appropriate
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Grouping Individual Investment Preferences in Retirement Savings: A Cluster Analysis of a USS Members Risk Attitude Survey
Cluster analysis is used to identify homogeneous groups of members of USS in terms of risk attitudes. There are two distinct clusters of members in their 40s and 50s. One had previously ‘engaged’ with USS by making additional voluntary contributions. It typically had higher pay, longer tenure, less interest in ethical investing, lower risk capacity, a higher percentage of males, and a higher percentage of academics than members of the ‘disengaged’ cluster. Conditioning only on the attitude to risk responses, there are 18 clusters, with similar but not identical membership, depending on which clustering method is used. The differences in risk aversion across the 18 clusters could be explained largely by differences in the percentage of females and the percentage of couples. Risk aversion increases as the percentage of females in the cluster increases, while it reduces as the percentage of couples increases because of greater risk sharing within the household. Characteristics that other studies have found important determinants of risk attitudes, such as age, income and (pension) wealth, do not turn out to be as significant for USS members. Further, despite being on average more highly educated than the general population, USS members are marginally more risk averse than the general population, controlling for salary, although the difference is not significant
Early Cretaceous biogeographic and oceanographic synthesis of Leg 123 (off Northwestern Australia)
Biogeographic observations made by Leg 123 shipboard paleontologists for Lower Cretaceous nannofossils, foraminifers,
radiolarians, belemnites, and inoceramids are combined in this chapter to evaluate the paleoceanographic history
of the northwestern Australian margin and adjacent basins. Each fossil group is characterized at specific intervals of
Cretaceous time and compared with data from Tethyan and Southern Hemisphere high-latitude localities. Special attention
is given to the biogeographic observations made for the Falkland Plateau (DSDP Legs 36 and 71) and the Weddell Sea
(ODP Leg 113). Both areas have yielded valuable Lower Cretaceous fossil records of the circumantarctic high latitudes.
In general, the Neocomian fossil record from DSDP and ODP sites off northwestern Australia has important southern
high-latitude affinities and weak Tethyan influence. The same is true for the pelagic lithofacies: radiolarian chert and/or
nannofossil limestone, dominant in the Tethyan Lower Cretaceous, are minor lithologies in the Exmouth-Argo sites.
These observations, together with the young age of the Argo crust and plate tectonic considerations, suggest that the Argo
Basin was not part of the Tethys Realm.
The biogeography of the Neocomian radiolarian and nannofossil assemblages suggests opening of a seaway during
the Berriasian that connected the circumantarctic area with the Argo Basin, which resulted in the influx of southern
high-latitude waters.
This conclusion constrains the initial fit and break-up history of Gondwana. Our results favor the loose fit of the
western Australian margin with southeast India by Ricou et al. (1990), which accounts for a deeper water connection with
the Weddell-Mozambique basins via drowned marginal plateaus as early as the Berriasian. In fits of the du Toit-type
(1937), India would remain attached to Antarctica, at least until the late Valanginian, making such a connection
impossible.
After the Barremian, increasing Tethyan influence is evident in all fossil groups, although southern high-latitude taxa
are still present. Biogeographic domains, such as the southern extension of Nannoconus and Ticinella suggest paleolatitudes
of about 50°S for the Exmouth-Argo area. Alternatively, if paleolatitudes of about 35° are accepted, these
biogeographic limits were displaced northward at least 15° along Australia in comparison to the southern Atlantic. In this
case, the proto-circumantarctic current was deflected northward into an eastern boundary current off Australia and carried
circumantarctic cold water into the middle latitudes.
Late Aptian/early Albian time is characterized by mixing of Tethyan and southern faunal elements and a significant
gradient in Albian surface-water temperatures over 10° latitude along the Australian margin, as indicated by planktonic
foraminifers. Both phenomena may be indicative of convergence of temperate and antarctic waters near the Australian
margin. High fertility conditions, reflected by radiolarian cherts, are suggestive of coastal upwelling during that time
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How do savers think about and respond to risk? Evidence from a population survey and lessons for the investment industry
Maternal thyroid function and child educational attainment: prospective cohort study
Objective: To determine if first trimester maternal thyroid dysfunction is a critical determinant of child scholastic performance and overall educational attainment.
Design: Prospective cohort study.
Setting: Avon Longitudinal Study of Parents and Children cohort in the UK.
Participants: 4615 mother-child pairs with an available first trimester sample (median 10 weeks gestation, interquartile range 8-12).
Exposures: Free thyroxine, thyroid stimulating hormone, and thyroid peroxidase antibodies assessed as continuous measures and the seven clinical categories of maternal thyroid function.
Main outcome measures: Five age-specific national curriculum assessments in 3580 children at entry stage assessment at 54 months, increasing up to 4461 children at their final school assessment at age 15.
Results: No strong evidence of clinically meaningful associations of first trimester free thyroxine and thyroid stimulating hormone levels with entry stage assessment score or Standard Assessment Test scores at any of the key stages was found. Associations of maternal free thyroxine or thyroid stimulating hormone with the total number of General Certificates of Secondary Education (GCSEs) passed (range 0-16) were all close to the null: free thyroxine, rate ratio per pmol/L 1.00 (95% confidence interval 1.00 to 1.01); and thyroid stimulating hormone, rate ratio 0.98 (0.94 to 1.02). No important relationship was observed when more detailed capped scores of GCSEs allowing for both the number and grade of pass or when language, mathematics, and science performance were examined individually or when all educational assessments undertaken by an individual from school entry to leaving were considered. 200 (4.3%) mothers were newly identified as having hypothyroidism or subclinical hypothyroidism and 97 (2.1%) subclinical hyperthyroidism or hyperthyroidism. Children of mothers with thyroid dysfunction attained an equivalent number of GCSEs and equivalent grades as children of mothers with euthyroidism.
Conclusions: Maternal thyroid dysfunction in early pregnancy does not have a clinically important association with impaired child performance at school or educational achievement
Serological variants of Salmonela typhi-murium isolated from South African animals
A number of epizootics in domestic animals caused by Loefflers Bacterium typhi-murium, containing both factors IV and V, have been described by Henning (1939). In the description given here we have confined ourselves mainly to the study of strains of typhi-murium lacking factor V. These were obtained from outbreaks of paratyphoid in pigeons, horses and cattle.The articles have been scanned in colour with a HP Scanjet 5590: 300dpi.
Adobe Acrobat XI Pro was used to OCR the text and also for the merging and conversion to the final presentation PDF-format
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