Passive investing before and after the crisis: investors' views on exchange-traded funds and competing index products

Investment in exchange-traded funds (ETFs) has been remarkably robust in the course of the recent financial crisis. This paper analyzes investors' perceptions of ETFs and other indexing products by comparing the answers to two surveys of ETF users carried out in 2008 and 2009, before and after the height of the financial crisis. We find that the crisis has divided the ETF market in two segments. Whereas ETFs in standard asset classes have been unaffected by the crisis, ETFs for alternative asset classes face challenges. However, ETFs are generally well ranked in comparison to other indexing products – presumably because of an increased focus on liquidity and transparency

Completeness of Flat Coalgebraic Fixpoint Logics

Modal fixpoint logics traditionally play a central role in computer science, in particular in artificial intelligence and concurrency. The mu-calculus and its relatives are among the most expressive logics of this type. However, popular fixpoint logics tend to trade expressivity for simplicity and readability, and in fact often live within the single variable fragment of the mu-calculus. The family of such flat fixpoint logics includes, e.g., LTL, CTL, and the logic of common knowledge. Extending this notion to the generic semantic framework of coalgebraic logic enables covering a wide range of logics beyond the standard mu-calculus including, e.g., flat fragments of the graded mu-calculus and the alternating-time mu-calculus (such as alternating-time temporal logic ATL), as well as probabilistic and monotone fixpoint logics. We give a generic proof of completeness of the Kozen-Park axiomatization for such flat coalgebraic fixpoint logics.Comment: Short version appeared in Proc. 21st International Conference on Concurrency Theory, CONCUR 2010, Vol. 6269 of Lecture Notes in Computer Science, Springer, 2010, pp. 524-53

O⋆O^\star-algebras and quantum dynamics: some existence results

We discuss the possibility of defining an algebraic dynamics within the settings of $O^\star$-algebras. Compared with our previous results on this subject, the main improvement here is that we are not assuming the existence of some hamiltonian for the {\em full} physical system. We will show that, under suitable conditions, the dynamics can still be defined via some limiting procedure starting from a given {\em regularized sequence}

The Prospects of Capital Markets in Central and Eastern Europe

The picture of the securities exchanges and financial sectors in CEE countries is still relatively unfavorable. The CEE securities exchanges – with the only exception of the Warsaw Stock Exchange – are, in comparison with their western counterparts, underdeveloped and less important for the domestic economies in general and for corporate finance in particular. The CEE securities exchanges are under pressure for several reasons and should change their form of (international) organization to ensure future success. Stronger international integration of the exchanges could also improve the integration of CEE companies into international capital markets