Re-Mutualizing the Mutual fund Industry-The Alpha and the Omega

The mutual fund industry began in 1924 with the formation of a truly mutual mutual fund: one organized, operated, and managed, not by a separate management. company with its own commercial interests, but by its own trustees; compensated not on the basis of the trust\u27s principal, but, under traditional fiduciary standards, its income. This model of the mutual fund (the Alpha model) has been replaced by the mutual fund complex of 2004 (the Omega model). Although most mutual funds utilize this model, this Essay argues it is contrary to the intent and language of the Investment Company Act of 1940 as it benefits managers and directors as opposed to shareholders. This Essay compares the actual benefit to shareholders from funds utilizing the Omega model versus those using the Alpha model and proposes it is time to return to the Alpha model of 1924

Public Accounting: Profession or Business? The Seymour Jones Distinguished Lecture at the Vincent C. Ross Institute of Accounting Research Stern School of Business, New York University (abstract)

https://egrove.olemiss.edu/aicpa_assoc/1734/thumbnail.jp

Dust emission at Franklin Lake Playa, Mojave Desert (USA): Response to meteorological and hydrologic changes 2005-2008

Playa type, size, and setting; playa hydrology; and surface-sediment characteristics are important controls on the type and amount of atmospheric dust emitted from playas. Soft, evaporite-rich sediment develops on the surfaces of some Mojave Desert (USA) playas (wet playas), where the water table is shallow (\u3c 4 m). These areas are sources of atmospheric dust because of continuous or episodic replenishment of wind-erodible salts and disruption of the ground surface during salt formation by evaporation of ground water. Dust emission at Franklin Lake playa was monitored between March 2005 and April 2008. The dust record, based on day-time remote digital camera images captured during high wind, and compared with a nearby precipitation record, shows that aridity suppresses dust emission. High frequency of dust generation appears to be associated with relatively wet periods, identified as either heavy precipitation events or sustained regional precipitation over a few months. Several factors may act separately or in combination to account for this relation. Dust emission may respond rapidly to heavy precipitation when the dissolution of hard, wind-resistant evaporite mineral crusts is followed by the development of soft surfaces with thin, newly formed crusts that are vulnerable to wind erosion and (or) the production of loose aggregates of evaporite minerals that are quickly removed by even moderate winds. Dust loading may also increase when relatively high regional precipitation leads to decreasing depth to the water table, thereby increasing rates of vapor discharge, development of evaporite minerals, and temporary softening of playa surfaces. The seasonality of wind strength was not a major factor in dust-storm frequency at the playa. The lack of major dust emissions related to flood-derived sediment at Franklin Lake playa contrasts with some dry-lake systems elsewhere that may produce large amounts of dust from flood sediments. Flood sediments do not commonly accumulate on the surface of Franklin Lake playa because through-going drainage prevents frequent inundation and deposition of widespread flood sediment

Will 2000-Era Retirees Experience the Worst Retirement Outcomes in U.S. History? A Progress Report after 10 Years

We find evidence that retirees in 2000, in particular, are on course to potentially experience the worst retirement outcomes of any retiree since 1926. This holds for a wide variety of asset allocations and withdrawal rate strategies. Wealth depletion is taking place more rapidly for 2000-era retirees than for retirees who even endured the Great Depression or the stagflation of the 1970s. Though moderate inflation during the past decade has resulted in current withdrawal rates that are a bit less for the 2000 retiree than for some retirees in the 1960s, this is hardly reassuring with further analysis based on the required future asset returns needed for sustainability. Our findings cast doubt as to whether the 4 percent withdrawal rate rule will be sustainable for turn-of-the-century retirees

BOXIT—A Randomised Phase III Placebo-controlled Trial Evaluating the Addition of Celecoxib to Standard Treatment of Transitional Cell Carcinoma of the Bladder (CRUK/07/004)

BACKGROUND:Non-muscle-invasive bladder cancer (NMIBC) has a significant risk of recurrence despite adjuvant intravesical therapy. OBJECTIVE:To determine whether celecoxib, a cyclo-oxygenase 2 inhibitor, reduces the risk of recurrence in NMIBC patients receiving standard treatment. DESIGN, SETTING, AND PARTICIPANTS:BOXIT (CRUK/07/004, ISRCTN84681538) is a double-blinded, phase III, randomised controlled trial. Patients aged ≥18 yr with intermediate- or high-risk NMIBC were accrued across 51 UK centres between 1 November 2007 and 23 July 2012. INTERVENTION:Patients were randomised (1:1) to celecoxib 200mg twice daily or placebo for 2 yr. Patients with intermediate-risk NMIBC were recommended to receive six weekly mitomycin C instillations; high-risk NMIBC cases received six weekly bacillus Calmette-Guérin and maintenance therapy. OUTCOME MEASUREMENTS AND STATISTICAL ANALYSIS:The primary endpoint was time to disease recurrence. Analysis was by intention to treat. RESULTS AND LIMITATIONS:A total of 472 patients were randomised (236:236). With median follow-up of 44 mo (interquartile range: 36-57), 3-yr recurrence-free rate (95% confidence interval) was as follows: celecoxib 68% (61-74%) versus placebo 64% (57-70%; hazard ratio [HR] 0.82 [0.60-1.12], p=0.2). There was no difference in high-risk (HR 0.77 [0.52-1.15], p=0.2) or intermediate-risk (HR 0.90 [0.55-1.48], p=0.7) NMIBC. Subgroup analysis suggested that time to recurrence was longer in pT1 NMIBC patients treated with celecoxib compared with those receiving placebo (HR 0.53 [0.30-0.94], interaction test p=0.04). The 3-yr progression rates in high-risk patients were low: 10% (6.5-17%) and 9.7% (6.0-15%) in celecoxib and placebo arms, respectively. Incidence of serious cardiovascular events was higher in celecoxib (5.2%) than in placebo (1.7%) group (difference +3.4% [-0.3% to 7.2%], p=0.07). CONCLUSIONS:BOXIT did not show that celecoxib reduces the risk of recurrence in intermediate- or high-risk NMIBC, although celecoxib was associated with delayed time to recurrence in pT1 NMIBC patients. The increased risk of cardiovascular events does not support the use of celecoxib. PATIENT SUMMARY:Celecoxib was not shown to reduce the risk of recurrence in intermediate- or high-risk non-muscle-invasive bladder cancer (NMIBC), although celecoxib was associated with delayed time to recurrence in pT1 NMIBC patients. The increased risk of cardiovascular events does not support the use of celecoxib

The Global Financial Crisis and a New Capitalism?

The 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the hegemony of a reactionary ideology-namely, neoliberalism-based on self-regulated and efficient markets. Although laissez-faire capitalism is intrinsically unstable, the lessons of the 1929 stock market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the '30 glorious years of capitalism' (1948-77) and that could have helped avoid a financial crisis as profound as the present one. But it did not, because a coalition of rentiers and 'financists' achieved hegemony and, while deregulating the existing financial operations, refused to regulate the financial innovations that made these markets even riskier. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and 'scientifically,' neoliberal ideology and deregulation. From this crisis a new democratic capitalist system will emerge, though its character is difficult to predict. It will not be financialized, but the glory years' tendencies toward a global and knowledge-based capitalism in which professionals have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will be resumed