Copycat Funds: Information Disclosure Regulation and the Returns to Active Management in the Mutual Fund Industry

Mutual funds must disclose their portfolio holdings to investors semiannually. The costs and benefits of such disclosures are a long-standing subject of debate. For actively managed funds, one cost of disclosure is a potential reduction in the private benefits from research on asset values. Disclosure provides public access to information on the assets that the fund manager views as undervalued. This paper tries to quantify this potential cost of disclosure by testing whether 'copycat' mutual funds, funds that purchase the same assets as actively-managed funds as soon as those asset holdings are disclosed, can earn returns that are similar to those of the actively-managed funds. Copycat funds do not incur the research expenses associated with the actively-managed funds that they are mimicking opportunity to invest in assets that managers identify as positive return opportunities between disclosure dates. Our results for a limited sample of high expense funds in the 1990s suggest that while returns before expenses are significantly higher for the underlying actively managed funds relative to the copycat funds, after expenses copycat funds earn statistically indistinguishable, and possibly higher, returns than the underlying actively managed funds. These findings contribute to the policy debate on the optimal level and frequency of fund disclosure.

A study of preferences from nineteen selections in current children's literature.

Thesis (Ed.M.)--Boston Universit

A Short and Plain Solution to the Medical Malpractice Crisis: Why Charles E. Clark Remains Prophetically Correct about Special Pleading and the Big Case

Antitrust. Patent infringement. Civil rights. Employment discrimination. And now, medical malpractice. The common thread among each of these categories of cases is that judges and advocates have, at one time or another, sought to elevate the pleading requirements in federal court for these so-called big cases. To date, every such effort has failed.6 But none of the previous attempts have garnered the wide range of support now coming from such influential sources as the majority of physicians, Congress, and the President of the United States.Our country is in the middle of a similar predicament-a medical malpractice crisis that is influencing, and attempting to alter, the rules of pleading in federal court. Essentially, doctors and their advocates assert that without stiff and immediate limitations on medical malpractice litigation, doctors will be unable to afford the escalating costs of medical malpractice insurance coverage and will eventually be run out of town or at least out of business, leaving many of us without the aid of a physician when we need medical care. Although many reforms have already been enacted, those challenging the reforms assert that medical malpractice continues to occur and that victims continue to need access to a forum for judicial relief.\u27 Without seeking to embrace or advance the merits of either camp\u27s arguments, this Article will instead seek to respond to the residual quandary posed by the current national crisis-how pleading requirements in medical malpractice cases are infringing upon the Federal Rules in diversity actions.Because there are very few instances where medical malpractice issues arise under federal statute, invariably, the majority of medical malpractice cases filed in federal court will enter via diversity jurisdiction. Thus, while doctors and plaintiffs lawyers debate the finer points of the medical malpractice crisis, this Article focuses on resolving the impending Erie question regarding heightened pleading in federally filed medical malpractice actions. Part II of this Article provides a brief overview of the medical malpractice crisis and its impact on litigation. Part III evaluates the proffered solution-heightened pleading-and assesses the various approaches taken by federal courts in resolving the Erie issue presented by heightened pleading. Part IV critiques the proffered solution from the perspective of history, the Federal Rules, and precedent. In doing so, Part IV will trace the evolution of notice pleading and underscore the lasting and unchanging nature of Rule 8 from Dioguardi to Conley to Leatherman to Swierkiewicz. Finally, Part V offers an improved solution to the medical malpractice crisis that more fully addresses the concerns of overburdened physicians while more closely meeting the equally important needs of injured patients and keeping intact the important procedural design of the Federal Rules. For now, it appears the big case is once again upon us

Decision aids can support cancer clinical trials decisions: Results of a randomized trial

BACKGROUND. Cancer patients often do not make informed decisions regarding clinical trial participation. This study evaluated whether a web-based decision aid (DA) could support trial decisions compared with our cancer center’s website. METHODS. Adults diagnosed with cancer in the past 6 months who had not previously participated in a cancer clinical trial were eligible. Participants were randomized to view the DA or our cancer center’s website (enhanced usual care [UC]). Controlling for whether participants had heard of cancer clinical trials and educational attainment, multivariable linear regression examined group on knowledge, self-efficacy for finding trial information, decisional conflict (values clarity and uncertainty), intent to participate, decision readiness, and trial perceptions. RESULTS. Two hundred patients (86%) consented between May 2014 and April 2015. One hundred were randomized to each group. Surveys were completed by 87 in the DA group and 90 in the UC group. DA group participants reported clearer values regarding trial participation than UC group participants reported (least squares [LS] mean = 15.8 vs. 32, p < .0001) and less uncertainty (LS mean = 24.3 vs. 36.4, p = .025). The DA group had higher objective knowledge than the UC group’s (LS mean = 69.8 vs. 55.8, p < .0001). There were no differences between groups in intent to participate. CONCLUSIONS. Improvements on key decision outcomes including knowledge, self-efficacy, certainty about choice, and values clarity among participants who viewed the DA suggest web-based DAs can support informed decisions about trial participation among cancer patients facing this preference-sensitive choice. Although better informing patients before trial participation could improve retention, more work is needed to examine DA impact on enrollment and retention. IMPLICATIONS FOR PRACTICE: This paper describes evidence regarding a decision tool to support patients’ decisions about trial participation. By improving knowledge, helping patients clarify preferences for participation, and facilitating conversations about trials, decision aids could lead to decisions about participation that better match patients’ preferences, promoting patient-centered care and the ethical conduct of clinical research

Nurses\u27 Alumnae Association Bulletin - Volume 2 Number 1

March of Activities Treasurer\u27s Report It\u27s a Date Loyalty Coming Events Jefferson News In Florida for Winter The A.N.A. Convention Greetings! Keeping Up the Fight Eight Hour Committee Nurses Wanted Class of 1926 Convention Notes Attention Members Pine Street News Class of 1915 Class of 1916 Fifth Anniversary Prize Winners - 1932 Class of 1940 Owners of Scrap Books Sick List - 1939 and 1940 A Program of Nursing Information Please Private Duty Section Excerpts from Alumnae Minutes Staff News Please Remember Personals Engagements Marriages Deaths Hospital News Ballot for Officers Recent Births Lest You Forget! Please Change My Addres

Weed Management Strategies for Organic Flax, 2005–2006

Demand for certified organic flax has increased due to a rise in human consumption of food products rich in omega-3 oil and due to the recent construction of a certified organic oilseed expelling facility in Cherokee, IA. Challenges exist to raising organic flax in the upper Midwest due to competition from weeds and limited information about weed management strategies for organic farmers. Weeds can reduce flax yield and re-populate the soil seed bank, increasing weed pressure in the future. In 2005 and 2006, research was conducted to assess: 1) which weed management strategies can best control weeds in flax, and 2) how do weeds affect flax grain yield

The speaking vocabulary of 454 third grade children.

Thesis (Ed.M.)--Boston Universit