Mutual fund performance and management location

In this article we develop and explore the most comprehensive database of fund manager performance delineated by location. We use this database and four performance evaluation techniques to determine whether a fund manager's location relative to the location of the securities they manage are listed and traded has any impact on fund performance. The main results of our article are very positive for the US fund management industry. Any investor wishing to invest in a US equity mutual fund would be well advised to have this portfolio managed by a manager based in the United States. Compared with European managers of US equity mutual funds, US managers produce higher mean alpha and display a far greater tendency for positive performance persistence

Highly Dispersive Spin Excitations in the Chain Cuprate Li2CuO2

We present an inelastic neutron scattering investigation of Li2CuO2 detecting the long sought quasi-1D magnetic excitations with a large dispersion along the CuO2-chains studied up to 25 meV. The total dispersion is governed by a surprisingly large ferromagnetic (FM) nearest-neighbor exchange integral J1=-228 K. An anomalous quartic dispersion near the zone center and a pronounced minimum near (0,0.11,0.5) r.l.u. (corresponding to a spiral excitation with a pitch angle about 41 degree point to the vicinity of a 3D FM-spiral critical point. The leading exchange couplings are obtained applying standard linear spin-wave theory. The 2nd neighbor inter-chain interaction suppresses a spiral state and drives the FM in-chain ordering below the Ne'el temperature. The obtained exchange parameters are in agreement with the results for a realistic five-band extended Hubbard Cu 3d O 2p model and L(S)DA+U predictions.Comment: 6 pages, 4 figures, submitted to Europhys. Let

Sound Multi-Party Business Protocols for Service Networks

Service networks comprise large numbers of long-running, highly dynamic complex end-to-end service interactions reflecting asynchronous message flows that typically transcend several organizations and span several geographical locations. At the communication level, service network business protocols can be flexible ranging from conventional inter-organizational point-to-point service interactions to fully blown dynamic multi-party interactions of global reach within which each participant may contribute its activities and services. In this paper we introduce a formal framework enriched with temporal constraints to describe multiparty business protocols for service networks. We extend this framework with the notion of multi-party business protocol soundness and show how it is possible to execute a multi-party protocol consistently in a completely distributed manner while guaranteeing eventual termination

Brain glucose utilization in systemic lupus erythematosus with neuropsychiatric symptoms: A controlled positron emission tomography study

In contrast to morphological imaging [such as magnetic resonance imaging (MRI) or computed tomography], functional imaging may be of advantage in the detection of brain abnormalities in cases of neuropsychiatric systemic lupus erythematosus (SLE). Therefore, we studied 13 patients (aged 40±14 years, 11 female, 2 male) with neuropsychiatric SLE who met four of the American Rheumatism Association criteria for the classification of SLE. Ten clinically and neurologically healthy volunteers served as controls (aged 40±12 years, 5 female, 5 male). Both groups were investigated using fluorine-18-labelled fluorodeoxyglucose brain positron emission tomography (PET) and cranial MRI. The normal controls and 11 of the 13 patients showed normal MRI scans. However, PET scan was abnormal in all 13 SLE patients. Significant group-to-group differences in the glucose metabolic index (GMI=region of interest uptake/global uptake at the level of the basal ganglia and thalamus) were found in the parieto-occipital region on both sides: the GMI of the parieto-occipital region on the right side was 0.922±0.045 in patients and 1.066±0.081 in controls (P<0.0001, Mann WhitneyU test), while on the left side it was 0.892±0.060 in patients and 1.034±0.051 in controls (P=0.0002). Parietooccipital hypometabolism is a conspicuous finding in mainly MRI-negative neuropsychiatric SLE. As the parieto-occipital region is located at the boundary of blood supply of all three major arteries, it could be the most vulnerable zone of the cerebrum and may be affected at an early stage of the cerebrovascular diseas

948-46 Preserved Cardiac Baroreflex Control of Renal Cortical Blood Flow in Advanced Heart Failure Patients: A Positron Emission Tomography Study

Cardiac baroreflex (CBR) control of forearm blood flow (FBF) is blunted or reversed in humans with heart failure (HF). but little is known about CBR control of renal cortical blood flow (RCBF) in HF due to technical limitations. Positron emission tomography (PET) 0–15 water is a new, precise method to measure RCBF quantitatively. We compared CBR control of RCBF and FBF (venous plethysmography) in 8 patients with HF (mean age, 47±3 y, ejection fraction 0.25±0.02) and 10 normal humans (mean age 35±5 y) during CBR unloading with phlebotomy (450ml). In 5 normals, cold pressor test was used as a strong, non-baroreflex mediated stimulus to vasoconstriction.ResultsPhlebotomy decreased central venous pressure (p &lt;0.001), but did not change mean arterial pressure or heart rate in HF patients or controls. The major findings of the study are: 1) At rest, RCBF is markedly diminished in HF vs normals (2.4±0.1 vs 4.3±0.2ml/min/g, p &lt; 0.001). 2) In normal humans during phlebotomy, FBF decreased substantially (basal vs phlebotomy: 3.3±0.4 vs 2.6±0.3 ml/min/100 ml, p=0.021, and RCBF decreased slightly, but significantly (basal vs phlebotomy: 4.3±0.2 vs 4.0±0.3 ml/min/g, p=0.01). 3) The small magnitude of reflex renal vasoconstriction is not explained by the inability of the renal circulation to vasoconstrict since the cold pressor stimulus induced substantial decreases in RCBF in normals (basal vs cold pressor: 4.4±0.1 vs 3.7±0.1 ml/min/g, p=0.003). 4) In humans with heart failure during phlebotomy, FBF did not change (basal vs phlebotomy: 2.6±0.3 vs 2.7±0.2 ml/min/100 ml, p=NS), but RCBF decreased slightly but significantly (basal vs phlebotomy: 2.4±0.1 vs 2.1±0.1 ml/min/g, p=0.01). Thus, in patients with heart failure, there is an abnormality in cardiopulmonary baroreflex control of the forearm circulation, but not the renal circulationConclusionThis study 1) shows the power of PET to study physiologic and pathophysiologic reflex control of the renal circulation in humans, and 2) describes the novel finding of selective dysfunction of cardiac baroreflex control of the forearm circulation, but its preservation of the renal circulation, in patients with heart failur

Quantification and parametric imaging of renal cortical blood flow in vivo based on Patlak graphical analysis

Quantification and parametric imaging of renal cortical blood flow in vivo based on Patlak graphical analysis. Patlak graphical analysis was applied to quantify renal cortical blood flow with N-13 ammonia and dynamic positron emission tomography. Measurements were made in a swine model of kidney transplantation with a wide range of normal and abnormal renal blood flows (N = 57 studies) and in 20 healthy human volunteers (N = 45 studies). Estimates of renal cortical blood flow by the Patlak method were compared to those from a two-compartment model for N-13 ammonia. In addition, estimates of renal cortical blood flow by the N-13 ammonia PET approach were compared in 10 normal human volunteers to estimates by the metabolically inert, freely diffusible O-15 water and a one-compartment model. Patlak graphical analysis estimates of renal cortical blood flow correlated linearly with the standard two-compartment model in pigs (y = -0.05 + 1.01x, r = 0.99) and in humans (y = 0.57 + 0.88x, r = 0.93). Estimates of renal cortical blood flow by O-15 water in human volunteers were also linearly correlated with those by N-13 ammonia and the Patlak graphical analysis (y = 0.71 + 0.84x, r = 0.86). Renal cortical blood flow estimates were highly reproducible both with N-13 ammonia and O-15 water measurements in humans. It is concluded that the Patlak graphical analysis with N-13 ammonia dynamic positron emission tomographic imaging renders accurate and reproducible estimates of renal cortical blood flow. Moreover, the graphical analysis approach is 1,000 times faster than the standard model fitting approach and suitable for generating parametric images of renal blood flow in the clinical setting

Challenges and Progress in improving Safety and Managing Radioactive Wastes at Chornobyl NPP and in the Chornobyl Exclusion Zone

The commissioning of the New Safe Confinement at the Chornobyl Nuclear Plant Unit 4 site will mark the achievement of one important milestone within the process “conversion of the Chornobyl Unit 4 into safe ecologic conditions”. New radioactive waste management facilities have been developed at Chornobyl Nuclear Plant and at Vektor Complex to ensure the safe management of radioactive wastes in the Chornobyl Exclusion Zone. The continued investigations and safety assessments of different legacy waste sites which were created as part of the accident response measures confirm the efficiency of the measures of the past are and consolidate the basis for the strategy for the safe management of legacy wastes. All these together demonstrates that the national and international efforts vested to manage the consequences of the Chornobyl accident have achieved substantial and visible progress in safety and long term safety will be achieved by their consistent continuation.Уведення в експлуатацію нового безпечного конфайнмента на майданчику № 4 ЧАЕС ознаменує досягнення однієї важливої віхи у процесі перетворення чорнобильського енергоблока № 4 на екологічну безпечну систему. Нові об'єкти з поводження з радіоактивними відходами були розроблені на ЧАЕС і в комплексі "Вектор" для забезпечення безпечного поводження з радіоактивними відходами в чорнобильській зоні відчуження. Тривалі дослідження та оцінки безпеки різних майданчиків відходів, що були створені в рамках робіт із мінімізації наслідків катастрофи, підтверджують ефективність заходів, проведених у минулому та формують основу стратегії безпечного поводження з відходами, що залишились у спадщину. Усе це разом показує, що національні та міжнародні зусилля, спрямовані на контроль впливу наслідків Чорнобильської аварії, досягли суттєвого й помітного прогресу в галузі безпеки, і довгострокова безпека буде досягнута завдяки їхньому послідовному продовженню.Введение в эксплуатацию нового безопасного конфайнмента на площадке № 4 ЧАЭС ознаменует достижение важной вехи в процессе преобразования чернобыльского энергоблока № 4 в экологически безопасную систему. Новые объекты по обращению с радиоактивными отходами были построены на ЧАЭС и в комплексе "Вектор" для обеспечения безопасного обращения с радиоактивными отходами в чернобыльской зоне отчуждения. Длительные исследования и оценки безопасности различных наследственных площадок отходов, которые были созданы в рамках мероприятий по реагированию на катастрофу, подтверждают эффективность мер прошлого и закрепляют основу стратегии безопасного обращения с наследственными отходами. Все это вместе показывает, что национальные и международные усилия, направленные на контроль над воздействиями последствий Чернобыльской аварии, достигли существенного и заметного прогресса в области безопасности, и долгосрочная безопасность будет достигнута благодаря их последовательному продлению