Do Shareholders' Preferences Affect their Funds' Management? Evidence from the Cross Section of Shareholders and Funds

We consider how fund managers respond to the conflicting preferences of their investors. We focus on the conflict between the taxable and retirement accounts of international funds, which face different tradeoffs between dividends and capital gains. In principle, managers could resolve this conflict through dividend arbitrage, but a proprietary database of dividend-arbitrage transactions shows that in practice they cannot. Thus, managers must resolve it through their investment policies, and we find robust evidence that managers with more retirement money favor the preferences of retirement investors. We find additional evidence in the difference between U.S. and Canadian funds' portfolio weights. Nous étudions comment les gestionnaires de fonds réagissent aux préférences contradictoires de leurs investisseurs. Notre étude se concentre principalement sur les conflits entre les comptes taxés et les comptes de retraite des fonds internationaux qui font l'objet de compromis différents entre les gains en dividendes et les gains de capital. En théorie, les gestionnaires peuvent résoudre ces conflits par des opérations d'arbitrage sur les dividendes, mais une base de données privée d'opérations d'arbitrage fait apparaître qu'en pratique ils ne peuvent pas. Les gestionnaires doivent alors résoudre ces conflits à travers leurs politiques d'investissement, et nous trouvons des résultats significatifs montrant que ceux dont le capital est issu majoritairement des retraites favorisent les investisseurs de fonds de pension. Nous trouvons également des différences entre les poids des portefeuilles de fonds américains et canadiens.Dividend arbitrage, tax efficiency, agency issues, mutual funds, arbitrage sur les dividendes, taxes sur les rendements, placements pour compte, fonds commun de placement

How and Why do Investors Trade Votes, and What Does it Mean?

The standard analysis of corporate governance is that shareholders vote in the ratios that firms choose, such as one-share-one-vote. But if the cost of unbundling and trading votes is sufficiently low, then shareholders vote in the ratios that they themselves choose. We document an active market for votes within the equity-loan market, where we find that the average vote sells for zero. We hypothesize that asymmetric information motivates these vote reallocations, and we find support for this view in the cross section of votes: there is more trade for higher-spread firms and more for poor performers, especially when the vote is close. We also find that the vote reallocations correspond to support for shareholder proposals and opposition to management proposals. L'analyse classique de la gouvernance d'entreprise suppose que les actionnaires votent selon les modalités choisies par la firme, par exemple un vote par action. Mais si les coûts associés à la séparation et à l'échange des votes sont suffisamment faibles, alors les actionnaires votent selon les modalités qu'ils ont eux-mêmes choisies. Nous présentons le cas d'un marché actif de votes au sein du marché des mises de fonds sous forme d'emprunts (equity loans), où nous constatons qu'en moyenne les votes se vendent pour rien. Nous supposons que l'asymétrie d'information provoque cette réallocation des votes, et nous étayons cette hypothèse à travers l'étude transversale des votes : le nombre d'opérations est plus important pour les compagnies dont l'écart acheteur-vendeur est plus élevé ainsi que pour celles dont les résultats sont plus faibles, particulièrement lorsque le vote est clos. Cette étude montre aussi que la réallocation des votes permet de soutenir les propositions des actionnaires et de s'opposer à celles des gestionnaires.vote trading, corporate governance, equity lending, information asymmetry, transaction de votes, gouvernance d'entreprise, prêt d'actions, asymétrie d'information

Acute and chronic effects of multivitamin/mineral supplementation on objective and subjective energy measures

Background: Vitamins and minerals play an essential role within many cellular processes including energy production and metabolism. Previously, supplementation with a multivitamin/mineral (MVM) for ≥28 days resulted in improvements to cognition and subjective state. We have also demonstrated shifts in metabolism during cognitively demanding tasks following MVM in females, both acutely and following 8-week supplementation. The current study aimed to assess these effects further in males and females using metabolically challenging exercise and cognitive tasks. Methods: The current randomised, placebo-controlled, parallel groups study investigated the effects of a MVM complex in 82 healthy young (18-35y) exercisers. Subjective ratings and substrate metabolism were assessed during 30 min each of increasingly effortful incremental exercise and demanding cognitive tasks. Assessments took place on acute study days following a single dose (Day 1) of MVM, containing 3 times recommended daily allowance of water-soluble vitamins plus CoQ10, and following 4-week supplementation (Day 28). Results: Energy expenditure (EE) was increased during cognitive tasks following MVM across Day 1 and Day 28, with greater effects in males. In males, MVM also increased carbohydrate oxidation and energy expenditure during exercise across Day 1 and Day 28. In females, mental tiredness was lower during exercise; increases in physical tiredness following 30 min of exercise were attenuated; and stress ratings following cognitive tasks were reduced following MVM. In males, MVM only lowered mental tiredness following 10 min of exercise. These effects were apparent irrespective of day, but effects on mental tiredness were greater on Day 28. Ferritin levels were also higher on Day 28 in those receiving MVM. Conclusion: These findings extend on existing knowledge, demonstrating increased carbohydrate oxidation and increased energy expenditure in males following MVM supplementation for the first time. Importantly, they show modulation of energy expenditure and subjective tiredness following a single dose, providing further evidence for acute effects of MVM. Differential effects in men and women suggest that sex may play an important role in the effects of MVM on energy metabolism and should be considered in future research. Trial registration: ClinicalTrials.gov, NCT03003442. Registered 22nd November 2016 – retrospectively registere

The Temporary Construction of Consumer Attitudes

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/141498/1/jcpy375.pd

Maturational and social factors contributing to relative age effects in school sports: Data from the London Youth Games

Few studies have investigated whether relative age effects (RAEs) exist in school sport. None have sought to test the competing maturational and social‐agent hypotheses proposed to explain the RAE. We aimed to determine the presence of RAEs in multiple school sports and examine the contribution of maturational and social factors in commonplace school sports. We analyzed birth dates of n=10645 competitors (11‐18 years) in the 2013 London Youth Games annual inter‐school multisport competition and calculated odds ratio (OR) for students competing based on their yearly birth quarter (Q1‐Q4). Multivariate logistic regression was used to determine the relative contribution of constituent year (Grade) and relative age in netball and football which used multiyear age groupings. In girls, RAEs were present in the team sports including hockey, netball, rugby union, cricket and volleyball but not football. In boys, RAEs were stronger in common team sports (football, basketball cricket) as well as athletics and rowing. In netball and football teams with players from two constituent years, birth quarter better‐predicted selection than did constituent year. Relatively older players (Q1) from lower constituent years were overrepresented compared with players from Q3 and Q4 of the upper constituent years. RAEs are present in the many sports commonplace in English schools. Selection of relatively older players ahead of chronologically older students born later in the selection year suggests social agents contribute to RAEs in school sports

Advanced Plant Habitat (APH)

The Advanced Plant Habitat (APH) hardware will be a large growth volume plant habitat, capable of hosting multigenerational studies, in which environmental variables (e.g., temperature, relative humidity, carbon dioxide level light intensity and spectral quality) can be tracked and controlled in support of whole plant physiological testing and Bio-regenerative Life Support System investigations

Relativistic Quantum Mechanics and Relativistic Entanglement in the Rest-Frame Instant Form of Dynamics

A new formulation of relativistic quantum mechanics is proposed in the framework of the rest-frame instant form of dynamics with its instantaneous Wigner 3-spaces and with its description of the particle world-lines by means of derived non-canonical predictive coordinates. In it we quantize the frozen Jacobi data of the non-local 4-center of mass and the Wigner-covariant relative variables in an abstract (frame-independent) internal space whose existence is implied by Wigner-covariance. The formalism takes care of the properties of both relativistic bound states and scattering ones. There is a natural solution to the \textit{relativistic localization problem}. The non-relativistic limit leads to standard quantum mechanics but with a frozen Hamilton-Jacobi description of the center of mass. Due to the \textit{non-locality} of the Poincar\'e generators the resulting theory of relativistic entanglement is both \textit{kinematically non-local and spatially non-separable}: these properties, absent in the non-relativistic limit, throw a different light on the interpretation of the non-relativistic quantum non-locality and of its impact on foundational problems.Comment: 73 pages, includes revision