Benchmark-adjusted performance of US equity mutual funds and the issue of prospectus benchmarks

This study examines the impact of mismatch between prospectus benchmark and fund objectives on benchmark-adjusted fund performance and ranking in a sample of 1281 US equity mutual funds. All funds in our sample report S&P500 index as a prospectus benchmark, yet 2/3 of those are placed in the Morningstar category with risk and objectives different to those of the S&P500 index. We identify more appropriate ‘category benchmarks’ for those mismatched funds and obtain their benchmark-adjusted alphas using recent Angelidis et al. (J Bank Finance 37(5):1759–1776, 2013) methodology. We find that S&P500-adjusted alphas are higher than ‘category benchmark’-adjusted alphas in 61.2% of the cases. In terms of fund quartile rankings, 30% of winner funds lose that status when the prospectus benchmark is substituted with the one better matching their objectives. In the remaining performance quartiles, there is no clear advantage of using S&P 500 as a benchmark. Hence, the prospectus benchmark can mislead investors about fund’s relative performance and ranking, so any reference to performance in a fund’s prospectus should be treated with caution

Determining the Neutrino Mass Eigenstates and the effective Majorana Mass

This paper aims at solving several open questions in current neutrino physics: the neutrino mass hierarchy, the Dirac CP-violating phase, the absolute mass of neutrinos, the nature of neutrinos (Dirac or Majorana), the Majorana matrix, and the absolute value of the effective Majorana neutrino mass. In the research presented in this paper, we have shown that the precise definition of the mass splittings between neutrino mass eigenstates, done in the latest analysis of experimental data, can be of crucial importance for defining the nature of neutrino mass hierarchy. The Standard Model has three generations of fundamental matter particles. Three generations of the charged lepton mass show a hierarchical structure. Owing to that, there is a belief and it is considered that neutrinos may follow such a hierarchical structure. In our calculations, we have also included the latest data obtained, based on the processing of measurement results, which showed that even with such data, obtained results favor the normal neutrino mass hierarchy. As for the individual neutrino mass calculated in this paper, in today's neutrino physics it is only known that the neutrino mass scale is bounded only from above, and both the Dirac and the Majorana character of neutrinos are compatible with all observations. Among some of the questions resolved in this paper, which are related to the properties of neutrinos, a positive answer was also given to the question of whether light neutrinos are self-conjugate particles or not.Comment: 26 pages, 3 figure

UK equity mutual fund alphas make a comeback

In this study, we re-visit the performance of 887 active UK equity mutual funds using a new approach proposed by Angelidis, Giamouridis, and Tessaromatis. The authors argue that mutual funds stock selection is driven by the benchmark index, so if the benchmark generates alpha, there will be a bias in interpretation of manager's stock-picking ability. In their model, the alpha of a fund is adjusted by the benchmark's alpha. By applying this method, we eliminate bias inflicted by the persistently negative alphas of FTSE 100 Index in the period 1992-2013. We find that adjusted Fama-French and Carhat alphas of UK equity mutual funds are higher than those implied by the standard three- and four-factor models and are overall positive, contrary to most of the existing literature on UK fund performance. This result is consistent across funds' investment styles and robust to the use of FTSE Small Cap as benchmark for a sub-sample of small cap funds

Review of new trends in the literature on factor models and mutual fund performance

In this paper we provide critical review of recent developments in the mutual fund performance evaluation literature. The new literature centres around two main themes: enhancing explanatory power of the standard Fama-French-Carhart factor models by augmenting them with different factors and altering standard models to account for presence of non-zero alphas in passive indices used as fund benchmarks. The latter includes the literature providing solutions for scenarios in which those benchmarks do not match fund objectives. We find that in the plethora of suggested ‘missing’ factors, not one can be universally used to explain all anomalies or price all stocks. We also find that new models that adjust a fund's standard Carhart alpha for alpha of its benchmark or for commonalities in its peer–group, provide additional information on fund performance to that given by the standard models. Specifically, these models give account of fund's relative performance - to the benchmark or the peer-group, which is of use to investors

Morphometric analysis of mandibular canal: clinical aspects

Results of morphometric analysis of the mandibular canal (MC), carried out on 105 conserved mandibles, 70 being dentate and 35 edentate, was performed. The analysis was carried out on consecutive sections, at mutual intervals of 0.5 cm. In the mandibular ramus sections were carried out obliquely, approximately in the frontal plane, and horizontally, from mandibular foramen to the lowest region of the vertical part of the MC (all together two sections). In the mandibular corpus, consecutive transversal sections were carried out between existing teeth, or at mutual intervals of 0.5 cm in edentate regions.The obtained results pointed out the very close relationship between the MC and lingual cortical plate of the mandibular ramus. In its horizontal part, the average diameter of the MC was 2.6 mm. It was situated more lingually in the molar region; towards the front, it approached the vestibular cortical plate, being closest to it in the region of the second premolar. Similar relationships of the MC and both cortical plates existed in edentate jaws. Relationships of the MC and tooth root apices varied; however, the MC was closest to the apices of the third molar. Mesially from the mental foramen, a clearly defined incisive canal was present in 92% of the dentale mandibles, but only in 31% of the edentate ones. The nearest to the incisive canal was the apex of the first premolar.The authors point out the importance of presented results in everyday practice, especially in oral and maxillofacial surgery. Having in mind the existing relationship between the MC and neighbouring structures, it is possible to avoid the injury of its content during several oral surgical procedures in mandibular ramus and corpus.L’analyse morphométrique du canal mandibulaire (CM) a été faite sur 105 mandibules conservées. Parmices mandibules, 70 étaient partiellement édentées et 35 totalement édentées. Les distances du CM de la couche compacte osseuse de la mandibule et des apex des racines dentaires ont été mesurées sur les coupes successives pratiquées à une distance de 0,5 cm. Dans la région de la branche montante mandibulaire les coupes successives ont été pratiquées suivant le plan horizontal, de l'orifice postérieur du canal mandibulaire à la terminaison de la partie verticale du CM. La région du corps mandibulaire a été traitée par des coupes verticales. Ces sections ont été faites successivement à travers l’espace entre chaque deux dents ou à une distance de 0,5 cm dans les régions édentées.Les résultats obtenus montrent que le CM se dirige obliquement de haut en bas et en avant, très proche de la lame osseuse linguale. Dans la partie horizontale son diamètre est de 2,6 mm en moyenne. Dans la région des dents molaires le CM est très proche de la lame osseuse linguale; en cheminant en avant, le CM s’approche de la lame osseuse buccale dont il est le plus proche dans la région de la P2. Dans les mandibules édentées, le CM a des rapports semblables.La distance du CM des apex des racines dentaires est variable, pourtant il est le plus proche des apex des racines de la M3. Mésialement du trou mentonnier, le canal incisif était clairement individualisé dans 92% des mandibules avec la denture conservée, et dans 31% des mandibules édentées. La première prémolaire était la plus proche du canal incisif.Les auteurs montrent l’importance des résultats présentés pour la stomatologie clinique, surtout pour la chirurgie orale et maxillofaciale. Compte tenu des rapports du CM avec les structures voisines on peut éviter des lésions de son contenu au cours de certaines interventions chirurgicales sur la branche montante et sur le corps de la mandibule

Alkali activation of dif ferent type of ash as a production of combustion process

Presented study deals with the final struc ture and radiological properties of different fly-ash based geopolymers. Lig nite fly-ash (lignite Kolubara – Ser bia) and wood fly ash were obtained in combustion process together with commercial fly-ash. Synthesis of the geopolymers was con ducted by mixing fly-ash, sodium silicate solution, NaOH and water. The sam ples were strength ened 60 °C for 48 hours af ter stay ing at room temperature in covering mold for 24 hours. The X-ray dif frac tion, Fou rier trans form in fra red and SAM mea sure ments were conducted on the sam ples af ter 28 days of geopolymerization pro cess. The X-ray dif frac tion measurements of lignite fly-ash sam ples show anhydrite as the main constituent, while wood fly-ash samples consist of cal cite, albite and gypsum minerals. Besides determination of physicochemical properties, the aim of this study was radiological characterization of lignite fly-ash, wood fly-ash and the obtained geopolymer products. Ac tiv ity con cen tra tion of 40 K and radionuclides from the 238 U and 232 Th decay series, in ash sam ples and fly-ash based geopolymers, were determined by means of gamma-ray spectrometry, and the absorbed dose rate, D, and the annual effective dose rate, E, were calcu lated in accordance with the UNSCEAR 2000 report

Exceptional orthogonal polynomials and exactly solvable potentials in position dependent mass Schroedinger Hamiltonians

Some exactly solvable potentials in the position dependent mass background are generated whose bound states are given in terms of Laguerre- or Jacobi-type $X_1$ exceptional orthogonal polynomials. These potentials are shown to be shape invariant and isospectral to the potentials whose bound state solutions involve classical Laguerre or Jacobi polynomials.Comment: To appear in Physics Letters

Soliton effects in dangling-bond wires on Si(001)

Dangling bond wires on Si(001) are prototypical one dimensional wires, which are expected to show polaronic and solitonic effects. We present electronic structure calculations, using the tight binding model, of solitons in dangling-bond wires, and demonstrate that these defects are stable in even-length wires, although approximately 0.1 eV higher in energy than a perfect wire. We also note that in contrast to conjugated polymer systems, there are two types of soliton and that the type of soliton has strong effects on the energetics of the bandgap edges, with formation of intra-gap states between 0.1 eV and 0.2 eV from the band edges. These intra-gap states are localised on the atoms comprising the soliton.Comment: 6 pages, 3 figures, 3 tables, submitted to Phys. Rev.

Selenotriapine – An isostere of the most studied thiosemicarbazone with pronounced pro-apoptotic activity, low toxicity and ability to challenge phenotype reprogramming of 3-D mammary adenocarcinoma tumors

Triapine, the most studied α-N-heterocyclic thiosemicarbazone, revealed potent activity against advanced leukemia, but was ineffective against a variety of solid tumors. Moreover, methemoglobinemia, which is a side effect of triapine administration, may limits all clinical application. To enhance anticancer activity and reduce side effects, we applied an isosteric replacement of sulfur to selenium atom was performed by synthesis and characterization of selenium triapine analog, 3-aminopyridine-2-carboxaldehyde selenosemicarbazone (selenotriapine). Compared to triapine, selenotriapine revealed superior pro-apoptotic activity with activation of intrinsic apoptotic pathway in both human monocytic leukemia (THP-1) and mammary adenocarcinoma (MCF-7) cell lines. For MCF-7 2-D cultures, selenotriapine induced notable increase in mitochondrial superoxide radical generation and dissipation of mitochondrial transmembrane potential. A significant delay in growth of MCF-7 spheroids (3-D culture) was accompanied by phenotypic stem cell reprogramming (Oct-4 expression). Additionally, selenotriapine demonstrated a very low toxicity profile as compared to triapine, confirmed over alleviated extent of methemoglobin formation and higher IC50 value in brine shrimp cytotoxicity assay