Portfolio Concentration and Investment Performance

This study examines the relationship between investment performance and concentration in active equity portfolios. Active management is dependent on the success of two important components in the investment process – stock selection skill and portfolio management. Our study documents a positive relationship between fund performance and portfolio concentration. The relationship is stronger for stocks in which active managers hold overweight positions, as well as for stocks outside the largest 50 stocks listed on the Australian Stock Exchange (ASX). We find more concentrated funds tend to be those implementing growth styles, having smaller aggregate assets under management, being institutions which are not affiliated with a bank or life-office entity, whose funds experience past period outflows, and who are benchmarked to narrower indexes than the S&P/ASX 300

Trends in methylamphetamine availability, use and treatment, 2003–04 to 2013–14

There have been several corresponding trends in the availability, use and treatment of methylamphetamines since 2003–04. Following a decline between 2006–07 and 2009–10, there have been increases across many factors relating to methylamphetamines to 2013–14. Arrests, seizures and detections have all increased. Users are now favouring the crystal form of methylamphetamine. They are using it more frequently, and, there appear to be more new users of crystal. There are more people in treatment reporting smoking as their usual method of use for amphetamines than previously. See related content for policy related to methylamphetamine in Australia between 2003-04 and 2013-14 (PDF

Rangeland Ecosystem Services: Improving Decisions with a Systematic Approach

Delivering ecosystem services from rangelands represents a unique challenge. While social, ecological and economic complexity and diversity often lend stability to rangeland systems, the broad array of services, users and connections makes the process of identifying what services to manage for, which management practices are most effective and how to deliver them challenging. In addition, lag times between management changes and responses, climatic variability and changes in demand can further complicate decision-making. We propose a structured process that includes: (1) inventory of existing conditions; (2) identification of relevant scenarios; (3) stakeholder involvement; and (4) monitoring for verification based on the unique nature of rangelands as complex socio-ecological systems. Our objectives are to improve the quality of management planning and implementation by land managers, better inform the policies and programs that assist managers and to enhance the credibility of delivery systems. The goal of this approach is to improve sustainability by expanding the mix of ecosystem services rangelands can deliver and stabilizing income to support people who depend on rangelands

Categorifying the Knizhnik-Zamolodchikov Connection

In the context of higher gauge theory, we construct a flat and fake flat 2-connection, in the configuration space of $n$ particles in the complex plane, categorifying the Knizhnik-Zamolodchikov connection. To this end, we define the differential crossed module of horizontal 2-chord diagrams, categorifying the Lie algebra of horizontal chord diagrams in a set of $n$ parallel copies of the interval. This therefore yields a categorification of the 4-term relation. We carefully discuss the representation theory of differential crossed modules in chain-complexes of vector spaces, which makes it possible to formulate the notion of an infinitesimal 2-R matrix in a differential crossed module.Comment: 30 pages, 2 figures; v3: final version to be published in Differential Geometry and its Application

Changes in systolic blood pressure over time in healthy cats and cats with chronic kidney disease

BACKGROUND: Hypertension is a common problem in older cats, most often associated with chronic kidney disease (CKD). Cross‐sectional studies have suggested that blood pressure in cats increases with age. HYPOTHESIS/OBJECTIVES: To determine whether blood pressure in cats increases with age and whether this occurs independently of the presence of CKD. To investigate risk factors for developing hypertension. ANIMALS/SUBJECTS: Two hundred and sixty‐five cats with CKD and 133 healthy cats ≥9 years were retrospectively identified. METHODS: Four groups were created according to status at initial evaluation (CKD or healthy) and blood pressure at the last included visit (normotensive [NT] or developed hypertension [DH]): Healthy‐NT, Healthy‐DH, CKD‐NT and CKD‐DH. Systolic blood pressure (SBP) over time slopes were compared with 0 and between groups. Risk factors for the development of hypertension were investigated, and associations of biochemical and clinical variables with SBP were examined. RESULTS: Cats that were hypertensive at CKD diagnosis (n = 105) were not included in further analyses. Twenty‐seven cats with CKD and 9 healthy cats developed hypertension ≥3 months after diagnosis of CKD or their first visit. Systolic blood pressure significantly increased with age in all cats (P < .001). Healthy cats were at less risk than cats with CKD to become hypertensive (hazard ratio 0.2, P < .001), with creatinine being an independent risk factor for the development of hypertension. CONCLUSIONS AND CLINICAL IMPORTANCE: The high prevalence of hypertension in azotemic cats in this study shows the importance of monitoring of SBP in elderly cats, and in particular in cats with CKD

Social-sexual Autonomy, Person-Centered Planning, and Individuals with Intellectual Disabilities

Abstract Sexual autonomy is the right and capacity of each individual to decide and make choices about whom, when, and how they express themselves sexually. Individuals with intellectual disabilities have frequently been marginalized, oppressed, and left out of discussions about sexuality placing them at risk of abuse, unsafe sex practices, and unplanned pregnancies. The purpose of this qualitative study was to examine the usefulness of person-centered planning techniques in the development of an individual service plan that address the social-sexual needs of individuals with intellectual disabilities. Purposeful sampling was used to select 8 participants for this study. Specific participants were selected because they possessed personal perspectives and experiences regarding person-centered planning techniques. Data collection included semi-structured, open-ended questions with face-to-face interviews and document review. Code development began with systematic organization of narrative data that was thematically analyzed using open-coding. Findings showed the person-centered individual service plan is a tool that can empower and promote social-sexual autonomy for individuals with intellectual disabilities if service and support administrators initiate a conversation about social-sexual activity. Implications for social change include increased advocacy for sexual autonomy, greater social acceptance of relationships, inclusive sexuality programming for individuals with intellectual disabilities and professional development training for service and support administrators

Sex differences in 50 kHz call subtypes emitted during tickling-induced playful behaviour in rats.

‘Tickling’ induces positive affective states in laboratory rats as evidenced by the production of 50-kHz ultrasonic vocalisations (USVs), although this has mostly been investigated in males. Juvenile rats emit distinctive 50-kHz USV subtypes. Frequency-modulated (FM) 50-kHz USVs are thought to be associated with positive affect and flat 50-kHz USVs with social communication. FM and flat USVs are produced by both sexes during tickling, but it is unclear whether these calls are produced in relation to particular play-related behaviours, and whether USV subtypes are used in a sexually dimorphic manner during tickling. We tested the hypotheses that FM USVs are associated with tickle-induced play behaviours in a sex-specific way, and that flat USVs are associated with non-play activities. Rats were allocated to one of two treatment groups: tickling (tickled, n = 16/sex) or no hand contact (control, n = 16/sex). Play behaviours (hopping, darting and hand approaches) and FM and flat USVs emitted during the testing session were quantified for each rat, with the frequency of FM and flat USVs made in anticipation of, and during, each behaviour analysed. In females, play behaviours were associated with more flat USVs than in males (before and during; p < 0.001), irrespective of treatment. FM USVs were paired with hopping and darting (before and during; p < 0.001), and in anticipation of hand approaches (p < 0.001) in both tickled females and males compared to controls (both sexes) suggesting that FM USVs are linked with play behaviour. The higher call rate of flat USVs paired with play behaviour in females suggests that there may be sex differences in the role of flat USVs during play. This result is evidence of sex differences in tickle-induced behaviours and has implications for our understanding of the function of different USVs in juvenile female and male rats

Endogenous growth and property rights over renewable resources

We study how different regimes of access rights to renewable natural resources - namely, open access versus full property rights – affect sustainability, growth and welfare in the context of modern endogenous growth theory. Resource exhaustion may occur under both regimes but is more likely to arise under open access. Moreover, under full property rights, positive resource rents increase expenditures on manufacturing goods and temporarily accelerate productivity growth, but also yield a higher resource price at least in the short-to-medium run. We characterize analytically and quantitatively the model’s dynamics to assess the welfare implications of differences in property rights enforcement