Private hedge fund firms' incentives and performance: Evidence from audited filings

Using an entirely new dataset of audited filings from firms that manage hedge funds, this study examines whether the hedge fund compensation contract aligns managerial incentives and investor interests. Our novel dataset allows us to distinguish between firms focused exclusively on hedge fund management and diversified firms offering products in addition to hedge funds. Our results for compensation data of hedge fund only management firms confirm that compensation increases as assets under management increase, despite increased costs and performance diseconomies of scale. Hedge funds managed by diversified firms have significantly lower performance. A relatively small proportion of the compensation from these firms is generated from hedge funds. The results are consistent with diversified hedge fund firms having weaker alignment between managerial incentives and investment performance

The Photocatalytic Activity of the Bi2O3-B2O3-ZnO-TiO2 Glass Coating

Due to the low melting temperature, the glazes based on the Bi2O3-B2O3-ZnO system are used as coatings on the surface of industrial glass substrates. Moreover, the composition of these coatings does not contain PbO, meeting the optical and environmental properties requirements. In this study, TiO2 was used in the Bi2O3-B2O3-ZnO glaze system to improve its photocatalytic ability. This can be considered a four – component glass system Bi2O3-B2O3-ZnO-TiO2. The heating microscopy results show that the melting temperature of the glaze system is 606 °C. The Fourier transform infrared spectroscopy results show that the TiO2 polyhedra are located independently in the structure without participating in forming a glass network. Thanks to that, the photocatalytic properties of TiO2 are maintained. The X-ray diffraction patterns results show that the formed TiO2 nanocrystals are rutile and anatase crystals. The results of determining the band gap energy using UV-Vis show that the band gap energy of the base glaze system increases with the addition of TiO2. The methylene blue decomposition results also showed that the ability to decompose organic increased when TiO2 was added to the glaze coating. The characteristics such as melting temperature, microstructure, and photocatalytic capacity of Bi2O3-B2O3-ZnO-TiO2 white glazes (5 and 10 % weight of TiO2) also were indicated in this paper

FDA approval announcements: Attention-grabbing or event-day misspecification?

The attention-grabbing hypothesis has been offered as a behavioural explanation for post-event abnormal returns for FDA drug approval announcements for NYSE listed firms. We show that when event-day mis-specification is accounted for, the market reaction is centred on the event-day and that the increase in firm value is driven by after-market-close approval announcements

Insights from financial data - old and new

This thesis investigates financial data — the backbone of empirical research in finance — to provide insights into the importance of precisely interpreting existing data as well as the power of findings from new data. Specifically, the first study in this thesis examines the impact of event-day misspecification on the market reaction to FDA new drug approval announcements granted by NYSE listed firms. The second study uses an entirely new dataset of company filings from hedge fund management companies registered in the UK to investigate the true profitability of investment companies which manage hedge funds and to explain why it varies across firms over time. The last study utilizes the same new hedge fund manager filings dataset to investigate whether the hedge fund compensation contract effectively aligns managerial incentives with investor interests. Previous research has offered the attention-grabbing hypothesis as a behavioural explanation for abnormal returns in the day after FDA approval announcements. The first empirical study shows that when the precise timing of announcements is properly identified (i.e. existing data is precisely interpreted), the market reaction is centred on the event day and the increase in firm value is driven by after-market-close approval announcements. The second study shows that hedge fund management companies generated incredibly high profitability and revenue growth prior to 2008. With the onset of the global financial crisis, profitability and growth rates dropped. Analysis of cross-sectional variability in hedge fund management firm profitability finds that the key determinant is firm size. That is, larger firms generate significantly higher profitability and this relationship is particularly severe during the financial crisis period. Existing evidence shows that the standard hedge fund compensation contract incentivises the manager to grow the fund assets they manage, even if it deteriorates investment performance. Facilitated by the novel hedge fund dataset in this thesis, firms which are entirely focused on hedge fund management are distinguished from diversified firms (which generate a relatively small proportion of compensation from hedge funds). The third empirical chapter in this study confirms that the actual compensation of hedge fund only firms increases as fund assets grow, despite the increased cost and performance diseconomies of scale. This result also holds for diversified firms, even though there is a weaker alignment between managerial incentives and fund performance within these firms. Hedge funds managed by diversified firms have a markedly lower performance

Evaluating the Motor Imagery Classification Performance of a Double-Layered Feature Selection on Two Different-Sized Datasets

Numerous investigations have been conducted to enhance the motor imagery-based brain–computer interface (BCI) classification performance on various aspects. However, there are limited studies comparing their proposed feature selection framework performance on both objective and subjective datasets. Therefore, this study aims to provide a novel framework that combines spatial filters at various frequency bands with double-layered feature selection and evaluates it on published and self-acquired datasets. Electroencephalography (EEG) data are preprocessed and decomposed into multiple frequency sub-bands, whose features are then extracted, calculated, and ranked based on Fisher’s ratio and minimum-redundancy-maximum-relevance (mRmR) algorithm. Informative filter banks are chosen for optimal classification by linear discriminative analysis (LDA). The results of the study, firstly, show that the proposed method is comparable to other conventional methods through accuracy and F1-score. The study also found that hand vs. feet classification is more discriminable than left vs. right hand (4–10% difference). Lastly, the performance of the filter banks common spatial pattern (FBCSP, without feature selection) algorithm is found to be significantly lower (p = 0.0029, p = 0.0015, and p = 0.0008) compared to that of the proposed method when applied to small-sized data

Developing a Herbal Drink from Green Asparagus (Asparagus officinalis L.): Effect of Process Parameters on the Quality of the Product

Green asparagus is widely consumed fresh due to its high nutritional value and a low calorie content. However, its short shelf-life due to a high water content causes high postharvest losses. In this study, we aimed to develop an innovative asparagus herbal drink to ease postharvest losses and diversify asparagus-derived products. We investigated the effects of process parameters on the quality of the herbal drink from green asparagus. In particular, we determined the optimal length and grinding size for asparagus and selected suitable blanching and drying methods. Analytical responses included the contents of total soluble solids, polyphenol, carbohydrates, and vitamin C, as well as the visual appearance of asparagus samples. The length of 5 mm was found suitable for subsequent steps as it facilitated an increase in solute in the asparagus infusion. Microwave blanching and convective drying were selected to achieve high contents of total soluble solids, polyphenol, carbohydrates, and vitamin C in the asparagus infusion. Dried asparagus ground into 1.5–2.0 mm particles was packaged into tea bags. The asparagus infusion subjected to sensory evaluation had a yellowish color, a characteristic asparagus flavor, and a relatively sweet taste. Total soluble solids in the infusion amounted to 26%. Our results showed a possibility of developing an asparagus herbal drink which could be a potent product in the commercial market. Therefore, further large-scale studies of the asparagus herbal drink should be carried out to enhance its feasibility in the food industry

A Facile Synthesis Process and Evaluations of α-Calcium Sulfate Hemihydrate for Bone Substitute

Alpha-calcium sulfate hemihydrate (α-HH) has been used effectively in grafting through its desired features to support bone regeneration. In recent years, many synthetic methods have been proposed. Among them, the autoclave method for manufacturing α-HH is best suited for cost-savings due to its simple operation and limited use of additives. Despite these advantages, the synthesis of surgical grade products without the use of any additives has not yet been clearly discussed. In this study, surgical grade α-HH was successfully produced from calcium sulfate dihydrate (DH) using the autoclave method at an elevated temperature and pressure. The synthesized powder had a high purity of about 98.62% α-HH with a prismatic morphology (20.96 ± 8.83 µm in length and 1.30 ± 0.71 µm in diameter). The screening tests, in simulated body fluid (SBF) solution, for the product properties showed no bioactivity, and fast degradation accompanied by a slight decrease in pH. The lactate dehydrogenase (LDH) assay showed good biocompatibility of the material, however, its potential for cytotoxicity was also observed in NIH 3T3 cells. Briefly, despite some unfavorable properties, the autoclave-synthesized α-HH is a promising bone graft substitute that can be applied in orthopedic and maxillofacial surgeries

TiO2/Diazonium/Graphene Oxide Composites: Synthesis and Visible-Light-Driven Photocatalytic Degradation of Methylene Blue

In the present article, the synthesis of TiO2/diazonium/graphene oxide and its photocatalytic activity for methylene blue (MB) degradation have been demonstrated. The functionalization of graphene oxide (GO) with diazonium salt (diazonium-GO) was conducted for enhancing the dispersibility of GO in distilled water. TiO2 was highly dispersed in diazonium-GO to form TiO2/diazonium/graphene. The obtained specimens were characterized by X-ray diffraction, FT-IR spectroscopy, Raman spectroscopy, UV-Vis spectroscopy, scanning electron microscope, transmission electron microscopy, and X-ray photoelectron spectroscopy. It was found that the TiO2 phase in TiO2/diazonium/GO composites can be controlled by adjusting the amount of ethanol or titanium oxide in the reactant mixture. The obtained composites exhibited photocatalytic activities for methylene blue degradation (MB). The composite with ac. 70% anatase can provide the highest MB degradation efficiency. The studying of some intermediates for MB photocatalytic degradation using LC-MS showed that structure of MB by the cleavage and oxidation of one or more of the methyl group substituent on the amine groups lead to form compounds with low molecular masses. Total organic carbon studies confirmed a complete mineralization of MB. The present catalyst was stable and recyclable after three times with a negligible loss of catalytic activity. In addition, the TiO2/diazonium/GO can also photocatalyze for the degradation of some other dyes (phenol, methyl red, and Congo red)

Single-Atom Ni Heterogeneous Catalysts Supported UiO-66 Structure: Synthesis and Catalytic Activities

Herein, the single-atom Ni site heterogeneous catalysts supported by the UiO-66 structure (University of Oslo-66 metal organic framework) were successfully synthesized by a postsynthetic metalation method, where Ni ions are covalently attached to the missing-linker defect sites at zirconium oxide clusters (Zr6O4(OH)4) in as-prepared UiO-66 structure, [Zr6O4(OH)4(BDC)(DMF)10(OH)10] (BDC (benzene-1,4-dicarboxylate), DMF (dimethylformamide)). The structure properties of the catalysts were characterized using powder X-ray diffraction (PXRD), Fourier transform infrared (FT-IR), scanning electron microscopy (SEM), transmission electron microscopy (TEM), energy-dispersive X-ray spectroscopy (EDX), N2 adsorption-desorption isotherms (BET), thermogravimetric analysis (TGA), X-ray photoelectron spectroscopy (XPS), and photoluminescence spectroscopy (PL). It was found that single-atom Ni heterogeneous catalysts supported by the UiO-66 structure, UiO-66/Ni1.0 [Zr6O4(OH)4(C8H4O4)(DMF)10(OH)8Ni2(OH)2(Cl)2], showed a sphere-like morphology with a high specific surface area as well as good thermal stability. Specifically, the as-prepared UiO-66/Ni1.0 exhibited the excellent catalytic activity and stability for 4-nitrophenol reduction in terms of low activation energy (Ea=23.15 kJ mol−1), high turnover frequency (76.19 molecules g-1 min-1), and high apparent rate constant (kapp=0.956min−1). In addition, methylene blue (MB) was also chosen as the organic dye model for catalytic reduction reaction. The kapp and TOF for the reduction of MB using UiO-66/Ni1.0 were 0.787 min−1 and 33.89×1020 molecules g−1 min−1, respectively