Heads We Win, Tails You Lose. Why Don't More Fund Managers Offer Symmetric Performance Fees?

In this paper we use Monte Carlo simulation techniques to gauge the impact of three mutual fund fee structures on the utility of investors and fund managers: a fee fixed as a proportion of AUM; an asymmetric performance-based fee; and a symmetric performance-based fee. Our study identifies a clear 'incentive mismatch' between the best interests of investors and managers, more specifically, there is no single structure that simultaneously maximises both the investors’ and the managers’ utility. In fact, the results show that the most prevalent fee structure currently in the UK market (a fixed fee as a proportion of AUM) is generally the best structure for the manager and the worst for the investor! To verify the robustness of our results, we stress-test the model parameters, however, none of these model variations change the base results and our main conclusion. The results in this paper give rise to a natural question: "Since investors would prefer symmetric performance-based fees, why don't more fund managers offer such fees?

Psychosocial Interventions Delivered by Primary Care Physicians to Patients with Depression

Few high-quality studies have been conducted examining the effectiveness of psychosocial interventions performed by primary care physicians for patients with major depression. Two randomized controlled clinical trials (RCTs) found that a psychosocial intervention, specifically problem-solving therapy, is as effective as pharmacotherapy for symptoms of major depression. (Strength of recommendation: B) However, these results should be interpreted with some degree of caution because of the limited number of studies and their small sample size

Optical Spectra of SNR Candidates in NGC 300

We present moderate-resolution (<5A) long-slit optical spectra of 51 nebular objects in the nearby Sculptor Group galaxy NGC 300 obtained with the 2.3 meter Advanced Technology Telescope at Siding Spring Observatory, Australia. Adopting the criterion of [SII]/Ha>=0.4 to confirm supernova remnants (SNRs) from optical spectra, we find that of 28 objects previously proposed as SNRs from optical observations, 22 meet this criterion with six showing [SII]/Ha of less than 0.4. Of 27 objects suggested as SNRs from radio data, four are associated with the 28 previously proposed SNRs. Of these four, three (included in the 22 above) meet the criterion. In all, 22 of the 51 nebular objects meet the [SII]/Ha criterion as SNRs while the nature of the remaining 29 objects remains undetermined by these observations.Comment: Accepted for publication in Astrophysics & Space Scienc

Examining a Peak-Luminosity/Decline-Rate Relationship for Tidal Disruption Events

We compare the luminosity, radius, and temperature evolution of the UV/optical blackbodies for 21 well-observed tidal disruption events (TDEs), 8 of which were discovered by the All-Sky Automated Survey for Supernovae. We find that the blackbody radii generally increase prior to peak and slowly decline at late times. The blackbody temperature evolution is generally flat, with a few objects showing small-scale variations. The bolometric UV/optical luminosities generally evolve smoothly and flatten out at late times. Finally, we find an apparent correlation between the peak luminosity and the decline rate of TDEs. This relationship is strongest when comparing the peak luminosity to its decline over 40 days. A linear fit yields $\log_{10}( L_{peak}) = (44.1^{+0.1}_{-0.1}) + (1.6^{+0.4}_{-0.2})(\Delta L_{40} + 0.5)$ in cgs, where $\Delta L_{40} = \log_{10}(L_{40} / L_{peak})$.Comment: 10 pages, 4 figures. Updated to reflect changes made in the published ApJL version. Six new objects added to sample. Updated video description can be found at https://youtu.be/TtZU22eyHv

A Search for Hierarchical Triples using Kepler Eclipse Timing

We present the first results of a Kepler survey of 41 eclipsing binaries that we undertook to search for third star companions. Such tertiaries will periodically alter the eclipse timings through light travel time and dynamical effects. We discuss the prevalence of starspots and pulsation among these binaries and how these phenomena influence the eclipse times. There is no evidence of short period companions (P < 700 d) among this sample, but we do find evidence for long term timing variations in 14 targets (34%). We argue that this finding is consistent with the presence of tertiary companions among a significant fraction of the targets, especially if many have orbits measured in decades. This result supports the idea that the formation of close binaries involves the deposition of angular momentum into the orbital motion of a third star.Comment: AJ, in press, 104 pages, 2 figure sets plus 1 regular figur

Time-resolved in-situ X-ray diffraction study of CaO and CaO:Ca3Al2O6 composite catalysts for biodiesel production

The authors would like to acknowledge Innovate UK (Project Nos. 103498 and 106037) and EPSRC (EP/K015540/1 and EP/P007821/1) for funding. This work was carried out with the support of the Diamond Light Source, instrument I12 (proposal EE20820).Alternative and sustainable waste sources are receiving increasing attention as they can be used to produce biofuels with a low carbon footprint. Waste fish oil is one such example and can be considered an abundant and sustainable waste source to produce biodiesel. Ultimately this could lead to fishing communities having their own "off-grid" source of fuel for boats and vehicles. At the industrial level biodiesel is currently produced by homogeneous catalysis because of the high catalyst activity and selectivity. In contrast, heterogeneous catalysis offers several advantages such as improved reusability, reduced waste and lower processing costs. Here we investigate the phase evolution of two heterogeneous catalysts, CaO and a Ca3Al2O6:CaO ('C3A:CaO') composite, under in-situ conditions for biodiesel production from fish oil. A new reactor was designed to monitor the evolution of the crystalline catalyst during the reaction using synchrotron powder X-ray diffraction (PXRD). The amount of calcium diglyceroxide (CaDG) began to increase rapidly after approximately 30 minutes, for both catalysts. This rapid increase in CaDG could be linked to ex-situ NMR studies which showed that the conversion of fish oil to biodiesel rapidly increased after 30 minutes. The key to the difference in activity of the two catalysts appears to be that the Ca3Al2O6:CaO composite maintains a high rate of calcium diglyceroxide formation for longer than CaO, although the initial formation rates and reaction kinetics are similar. Overall this specialised in-situ set-up has been shown to be suitable to monitor the phase evolution of heterogeneous crystalline catalysts during the triglycerides transesterification reaction, offering the opportunity to correlate the crystalline phases to activity, deactivation and stability.Publisher PDFPeer reviewe

For richer or poorer in sickness for wealth: what price consumerism?

Affluence and material goods of varying types are portents of a millennium age consumer culture that encourages the masses to voluntarily participate in the need to buy, buy and buy! This trend to spend creates a purchasing fervour that preoccupies many consumers with the ongoing yearning to shop until they drop. Clever marketing tactics such as enticing smells, catchy jingles, prize-draw entries, lucrative sales, discounts and the recruitment of celebrities to advertise a range of different wares are just some of the ploys adopted by vendors and retailers to maintain the sustainability of this cycle of consumer spending. This scenario promotes what could be perceived as a never-ending desire to procure yet more products and merchandise, which can create social dilemmas such as personal debt due to, for example, impulse buying, excessive spending and unnecessary borrowing. Retailers and manufacturers are driven by a quest to sell so constantly tout their goods to tempt consumers including those with a need for personal and social respect, to take the bait in order to encourage them to keep buying. This, coupled with the rapid advances in technology over recent decades, has made it easier for consumers to shop, order, obtain and pay for their goods from the comfort of an armchair or via handheld devices, and all at a tap of a button. In essence, technology has added to, or even exacerbated, the materialistic consumer trend as witnessed across many global societies today – from the east and the west to the north and the south. But what impact does consumerism have on the well-being of humankind and, in turn, the environment? This chapter adopts a comparative approach to answer this question by exploring the implications of consumerism as a means for broadening the topic’s framework and to contribute to debates regarding consumerism, well-being, social dilemma, sustainability and techno-economics

Bichromatic electromagnetically induced transparency in cold rubidium atoms

In a three-level atomic system coupled by two equal-amplitude laser fields with a frequency separation 2$\delta$, a weak probe field exhibits a multiple-peaked absorption spectrum with a constant peak separation $\delta$. The corresponding probe dispersion exhibits steep normal dispersion near the minimum absorption between the multiple absorption peaks, which leads to simultaneous slow group velocities for probe photons at multiple frequencies separated by $\delta$. We report an experimental study in such a bichromatically coupled three-level $\Lambda$ system in cold $^{87}$Rb atoms. The multiple-peaked probe absorption spectra under various experimental conditions have been observed and compared with the theoretical calculations.Comment: RevTex, 4 pages, 6 figures, Email address: [email protected]