The flow-performance relationship around the world

We use a new dataset to study how mutual fund flows depend on past performance across 28 countries. We show that there are marked differences in the flow-performance relationship across countries, suggesting that US findings concerning its shape do not apply universally. We find that mutual fund investors sell losers more and buy winners less in more developed countries. This is because investors in more developed countries are more sophisticated and face lower costs of participating in the mutual fund industry. Higher country-level convexity is positively associated with higher levels of risk taking by fund managers

Tuberculosis of the Gallbladder

Analysis of 5 patients with gallbladder tuberculosis who had open cholecystectomy and review of literature have shown that, although still rare it presents as a part of systemic miliary tuberculosis, abdominal tuberculosis, isolated gallbladder tuberculosis and as acalculus cholecystitis in anergic patients. There are no pathognomonic signs, the diagnosis depends on suspicion of tuberculosis, peroperative findings and histological examination

Uncertainty Avoidance and Mutual Funds

We study how culture influences mutual funds around the world. Uncertainty Avoidance (UA), which is related to ambiguity aversion, is negatively associated with flow-performance sensitivity, deviation from the fund benchmark, fund alpha, and the fraction of active management across the 25 countries in our sample. This is true even when controlling for an exhaustive set of fund- and country-level characteristics. We also find that a fund’s deviation from its benchmark is not only affected by the UA of its domicile country but also by the UA of its fund family’s country of origin. Our results highlight the importance of considering cultural characteristics, and UA in particular, when studying mutual funds across countries

Direct Numerical Simulation Of Turbulent Multispecies Channel Flow With Wall Ablation

The design of solid rocket motors requires the prediction of changes induced by the ablation process occurring at the nozzle throat. The present study aims at understand-ing the effects of ablation on the turbulent boundary layer performing direct numerical simulations in a channel flow configuration. An ablation boundary condition for arbitrary chemical composition and pyrolysis scheme is developed and presented in this paper. Then, two DNS of a seven species reacting flow are performed: a) with inert walls; b) with ablated walls. Generated data are compared and analyzed looking at first order statistics. It is shown that the classical law of the wall for velocity and temperature are not appropriate to represent the numerical result. The chemical equilibrium assumption is shown to be valid in the inert case and a wall function consistent with this assumption is in fair agreement with the results. Nomenclature m ̇ wall mass flux, kg · m−2 · s−1 ṙc carbon surface recession rate, m/s ṡk surface production rate of k, kg · m−2 · s−

Do mutual funds have consistency in their performance?

Using a comprehensive data set of 714 Chinese mutual funds from 2004 to 2015, the study investigates these funds’ performance persistence by using the Capital Asset Pricing model, the Fama-French three-factor model and the Carhart Four-factor model. For persistence analysis, we categorize mutual funds into eight octiles based on their one year lagged performance and then observe their performance for the subsequent 12 months. We also apply Cross-Product Ratio technique to assess the performance persistence in these Chinese funds. The study finds no significant evidence of persis- tence in the performance of the mutual funds. Winner (loser) funds do not continue to be winner (loser) funds in the subsequent time period. These findings suggest that future performance of funds cannot be predicted based on their past performance.info:eu-repo/semantics/publishedVersio

A spatially-VSL gravity model with 1-PN limit of GRT

A scalar gravity model is developed according the 'geometric conventionalist' approach introduced by Poincare (Einstein 1921, Poincare 1905, Reichenbach 1957, Gruenbaum1973). In principle this approach allows an alternative interpretation and formulation of General Relativity Theory (GRT), with distinct i) physical congruence standard, and ii) gravitation dynamics according Hamilton-Lagrange mechanics, while iii) retaining empirical indistinguishability with GRT. In this scalar model the congruence standards have been expressed as gravitationally modified Lorentz Transformations (Broekaert 2002). The first type of these transformations relate quantities observed by gravitationally 'affected' (natural geometry) and 'unaffected' (coordinate geometry) observers and explicitly reveal a spatially variable speed of light (VSL). The second type shunts the unaffected perspective and relates affected observers, recovering i) the invariance of the locally observed velocity of light, and ii) the local Minkowski metric (Broekaert 2003). In the case of a static gravitation field the model retrieves the phenomenology implied by the Schwarzschild metric. The case with proper source kinematics is now described by introduction of a 'sweep velocity' field w: The model then provides a hamiltonian description for particles and photons in full accordance with the first Post-Newtonian approximation of GRT (Weinberg 1972, Will 1993).Comment: v1: 11 pages, GR17 conf. paper, Dublin 2004, v2: WEP issue solved, section on acceleration transformation added, text improved, more references, same results, v3: typos removed, footnotes, added and references updated, v4: appendix added, improved tex

Clinical outcomes of EUS-guided drainage of debris-containing pancreatic pseudocysts: a large multicenter study

Background and study aims Data on clinical outcomes of endoscopic drainage of debris-free pseudocysts (PDF) versus pseudocysts containing solid debris (PSD) are very limited. The aims of this study were to compare treatment outcomes between patients with PDF vs. PSD undergoing endoscopic ultrasound (EUS)-guided drainage via transmural stents. Patients and methods Retrospective review of 142 consecutive patients with pseudocysts who underwent EUS-guided transmural drainage (TM) from 2008 to 2014 at 15 academic centers in the United States. Main outcome measures included TM technical success, treatment outcomes (symptomatic and radiologic resolution), need for endoscopic re-intervention at follow-up, and adverse events (AEs). Results TM was performed in 90 patients with PDF and 52 with PSD. Technical success: PDF 87 (96.7 %) vs. PSD 51 (98.1 %). There was no difference in the rates for endoscopic re-intervention (5.5 % in PDF vs. 11.5 % in PSD; P = 0.33) or AEs (12.2 % in PDF vs. 19.2 % in PSD; P = 0.33). Median long-term follow-up after stent removal was 297 days (interquartile range [IQR]: 59 - 424 days) for PDF and 326 days (IQR: 180 - 448 days) for PSD (P = 0.88). There was a higher rate of short-term radiologic resolution of PDF (45; 66.2 %) vs. PSD (21; 51.2 %) (OR = 0.30; 95 % CI: 0.13 - 0.72; P = 0.009). There was no difference in long-term symptomatic resolution (PDF: 70.4 % vs. PSD: 66.7 %; P = 0.72) or radiologic resolution (PDF: 68.9 % vs. PSD: 78.6 %; P = 0.72) Conclusions There was no difference in need for endoscopic re-intervention, AEs or long-term treatment outcomes in patients with PDF vs. PSD undergoing EUS-guided drainage with transmural stents. Based on these results, the presence of solid debris in pancreatic fluid collections does not appear to be associated with a poorer outcome