Closterium cornu Ehrenb. ex Ralfs var. lundellii (Lagerh.) Willi Krieg. 1935 (Desmidiaceae) — eine Taxon-Revision

AbstractThe uncertain systematic placing of the desmid taxon Closterium cornu var. lundellii (nomenclature in modern identification books) is discussed by evaluation of the morphological data of a zygospore-forming population in comparison with vegetative cells of two populations of Cl. cornu and a zygospore-forming population of Cl. gracile. The distinctive features of vegetative cells and zygospores give evidence for independent species status of the discussed taxon, not for that of variety of the species Cl. cornu or Cl. gracile. Therefore return to classification Closterium lundellii Lagerh. 1883 is required. Further, the first detailed description of Closterium lundellii, both vegetative cells and zygospores, is given, illustrated and proved by drawings and scanned microphotographs

Fake Alpha

Why do investors entrust active mutual fund managers with large sums of money while receiving negative excess returns on average? Our explanation is that investors have a coarser information set than fund managers which leads them to systematically misinterpret managers' skill. When investors are unable to correctly quantify risk because they have no knowledge of factor investing on beyond-market-risk factors, Fake Alpha strategies based on factor investing look like skill from the investors' perspective. As running such strategies is relatively cheap for the managers, the investors' coarser information set misleads them to invest beyond the point of zero excess returns in equilibrium. We confirm our theory by analyzing the sample of US equity active managed mutual funds and find significant evidence of decreasing returns to scale at the fund level as well as negative excess returns to investors in equilibrium states