Institutional benchmarking and equilibrium asset pricing

In this thesis we develop an asset pricing model with heterogeneous institutional investors, and we provide a comprehensive analysis of the effects of benchmark heterogeneity on equilibrium prices and portfolio allocations. We find that an institution’s holdings are higher for those assets that are exclusively part of its benchmark, are negative for those assets that are in the other institution’s benchmarks and are zero for the risk free asset. These results imply that correlation across benchmarks is negative. We define a measure of asymmetry between benchmarks and show how it affects asset prices and portfolio allocations. Institutions revert their holdings to their benchmarks when fundamental volatility is high – flight to benchmark – thus creating a demand pressure on the overlapping part of benchmarks, which in turn pushes prices up and market prices of risk down even further. Our model also allows to study the twin stocks discrepancy, the low volatility puzzle and the asset class effect. We conclude our analysis by characterizing an endogenous choice of benchmark, and show that institutions optimally select the same fully diversified index.2017-06-01T00:00:00

Exploring the Potential of Mentoring Programs for Public Sector Management

A major challenge facing Romania, as a new member of the European Union (EU), is the implementation of Public Administration Reform. Among the significant supporting initiatives it can mention the project Young Professionals Scheme launched in 2003 that includes mentoring as a basic component of training Romanian public managers under this scheme. On the other hand, an extended documentary research on recent international approaches of mentoring in public sector allowed us to note a considerable gap relative to other sectors and relative to the situation of implementing government mentoring programs in EU countries and in other countries such as USA, Canada, or Australia. Against this background our paper attempts to point out why and how mentoring programs could and should be used not only as a component of initial training of public managers, but also as a current managerial practice for ensuring continuity and sustainability of the reform in Romania.public administration reform, civil service, public manager, mentoring, government mentoring programs.

The depth of Tsirelson's norm

Tsirelson's norm $\|\cdot \|_T$ on $c_{00}$ is defined as the supremum over a certain collection of iteratively defined, monotone increasing norms $\|\cdot \|_k$. For each positive integer $n$, the value $j(n)$ is the least integer $k$ such that for all $x \in \mathbb{R}^n$ (here $\mathbb{R}^n$ is considered as a subspace of $c_{00}$), $\|x\|_T = \|x\|_k$. In 1989 Casazza and Shura asked what is the order of magnitude of $j(n)$. It is known that $j(n) \in \mathcal{O}(\sqrt{n})$. We show that this bound is tight, that is, $j(n) \in \Omega(\sqrt{n})$. Moreover, we compute the tight order of magnitude for some norms being modifications of the original Tsirelson's norm.Comment: 26 pages, 1 figure. Comments welcom

The Dynamics and Regulation of Mesenchymal Cell Fusion in the Sea Urchin Embryo

AbstractCell–cell fusion occurs in a wide variety of developmental contexts, yet the mechanisms involved are just beginning to be elucidated. In the sea urchin embryo, primary mesenchyme cells (PMCs) fuse to form syncytial filopodial cables within which skeletal spicules are deposited. Taking advantage of the optical transparency and ease of micromanipulation of sea urchin embryos, we have developed methods for directly observing the dynamics of PMC fusionin vivo.A fraction of the PMCs was labeled with fluorescent dextran and transfer of the dye to unlabeled PMCs was followed by time-lapse, fluorescence microscopy. Fusion was first detected about 2 h after PMCs began to migrate within the blastocoel. Fusion proceeded in parallel with the assembly of the PMC ring pattern and was complete by the early gastrula stage. The formation of a single, extensive PMC syncytium was confirmed by DiI labeling of fixed embryos. When single micromeres were isolated and cultured in unsupplemented seawater, they divided and their progeny underwent fusion. This shows that the capacity to fuse is autonomously programmed in the micromere–PMC lineage by the 16-cell stage. PMC transplantations at late embryonic stages revealed that these cells remain fusion-competent long after their fusion is complete. At late stages, other mesenchyme cells (blastocoelar cells) are also present within the blastocoel and are migrating and fusing with one another. Fusion-competent blastocoelar cells and PMCs come into contact but do not fuse with one another, indicating that these two cell types fuse by distinct mechanisms. When secondary mesenchyme cells convert to a skeletogenic fate they alter their fusogenic properties and join the PMC syncytium, as shown by transfer of fluorescent dextran. Our analysis has provided a detailed picture of the cellular basis and regulation of mesodermal cell fusion and has important implications regarding molecular mechanisms that underlie fusion

Counting Unions of Schreier Sets

A subset of natural numbers $F$ is called a Schreier set if $|F|\leqslant \min F$ (where $|F|$ is the cardinality of $F$). Let $\mathcal{S}$ denote the family of Schreier sets. Alistair Bird observed that if $\mathcal{S}^n$ denotes all Schreier sets with maximum element $n$, then $(|\mathcal{S}^n|)_{n=1}^\infty$ is the Fibonacci sequence. In this paper, for each $k\in \mathbb{N}$ we consider the family $k\mathcal{S}$, where each set is the union of $k$ many Schreier sets, and prove that each sequence $(|(k\mathcal{S})^n|)_{n=1}^\infty$ is a linear recurrence sequence and moreover, the recursions themselves can be generated by a simple inductive procedure. Moreover, we develop some more interesting formulas describing the sequence.Comment: comments welcom

Effective regulatory frameworks for constructive journalism: a study of China’s media systems

Journalism practice in China is unique and different from the rest of the other countries in the world. Many scholars have attributed this to the effective regulatory systems and the structure of the media system thus the six forces controlling media space in China. This study adopted a qualitative condensed thematic analysis technique through in-depth interviews to examine how the regulatory framework in China affects the media ecosystem and constructive journalism practice. Through the snowball technique of sampling, the researchers collected data from fifteen (N=15) senior media professionals working within private and state-owned news outlets in China, to find answers to the nature of the media system in China and how this system has influenced and shaped constructive journalism practice during the COVID-19 pandemic between November and December 2021. One of the key findings of this study indicates that the robust media regulatory system practice in China has resulted in effective interactions among stakeholders, media houses, and journalists within the Chinese media system, which has significantly contributed to attaining effective constructive journalism practices. Again, our findings suggest that the effectiveness and constant interactions of the six forces of the Chinese media system have also helped enforce professionalism, dedication to duty, and patriotism among journalists and different media outlets in China. Finally, our study reveals that the Chinese Media giants such as China Global Television Network (CGTN), China Central Television (CCTV), and China Radio International (CRI) which serve millions of global audiences are very factual in their reportage. To avoid fake news in their reportage, CGTN and China Radio International, for instance, have designed specialized fact-checking programs for their news stories before airing them for public consumption

Asset pricing implications of the mismatch between performance window and benchmark duration

Short performance windows shrink fund managers' investment horizons well below value investors' long-term investment mandates. We unravel that the frictions tied to the asset management industry are responsible for the recent empirical  ndings show- ing that the risk premium, volatility, and Sharpe ratio on short-term dividend strips are higher than long-term dividend strips |  ndings that are at odds with the lead- ing equilibrium asset pricing models. The interplay between fund managers' relative performance objective and short-term performance window is the primary equilibrium channel, which remains robust to various extensions. Our continuous-time setup admits closed-form expressions and is supported by additional empirical evidence.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3852487First author draf

CONSIDERATIONS REGARDING REMUNERATION OF THE FACTOR OF PRODUCTION “ORE” - THE MINING RENT SYSTEM IN ROMANIA

The setting mechanism of the remuneration proper to the factors of production is not different from the merchandise price determination, in this case the type of the market pattern being. When the price of the production factors is determined it must be considered both the type of the market where the goods are sold (as output of the manufacture process) and the type of the market where the production factors are provided (engaged). Among the incomes determined by using the production factors mix, the rent represents a very important one. Due to its long term existence, the revenue of rent is one of the economical notion, which has the largest application and the most different signification. For a long time, the rent was attached to the use of the natural resources, especially to those of the earth. Nowadays the application area of this notion has been extended over some other factors of production. In Romania, on the ground of the mining branch development, there were not too many reason of the economic efficiency and the theoretical developments with reference to the costs generated by using the factors of production were ignored. The correct substantiation of the decisions with reference to the application of the national mineral potential can’t ignore the costs generated by the remuneration of the production factor in the mining revenue system

Thermal decomposition of foundry resins: A determination of organic products by thermogravimetry–gas chromatography–mass spectrometry (TG–GC–MS)

AbstractThe article presents the results of research on thermal decomposition of Ester-Cured Alkaline Phenolic No-Bake (ALPHASET) binders used in molding technology. In the ALPHASET system phenol-formaldehyde resin of resole type is cured with a liquid mixture of esters. Under the influence of the molten metal the thermal decomposition of the binder follows, resulting in the evolution of gases, often harmful, e.g. from benzene, toluene, ethylbenzene and xylenes (BTEX) or Polycyclic Aromatic Hydrocarbon (PAH) groups. The identification of gases evolved during the pyrolysis of the binders was carried out and their decomposition temperatures were determined using the Thermogravimetry–Gas Chromatography–Mass Spectrometry (TG–GC–MS) technique. The tests were subjected to two types of binders from different manufacturers. Among the products of pyrolysis there have been identified mainly benzene and its derivatives, and phenol and its derivatives. Compounds identified in pyrolytic gas are largely considered to be harmful to humans and the environment (some of the compounds are carcinogenic and mutagenic). The presented results of the TG–GC–MS measurements show that the applied analytic methods are feasible to perform a qualitative and also quantitative characterization of the binder samples