The Value of Being First: Evidence from Mutual Fund Flows

Much of consumer choice is now driven by online shopping and search results. An open question is how much the value of being the “first” result is. In this paper, I use mutual funds to investigate the value. I find that fund with names that start with letters in the first half of the alphabetic ranking attract 0.85% more net flow every quarter comparing with funds in the second half. I find that this effect is driving by excess inflows rather than outflows, consistent with search results driving the findings. This bias toward early alphabetic funds is driven by retail investors, not institutional investors. Although funds with alphabetical advantage gain more investment flows, they do not necessarily perform worse than those with less flows. However, I also find no evidence that fund companies are taking advantage of this bias. Overall, I find significant economic value from being early in search results

Transmitted unemployment and exchange rate effect on labor market

This thesis examines the link between exchange rate and unemployment. The unemployment problem in an open economy has mostly been discussed at the micro level. Previous studies focus on job losses from trade by the manufacturing industries. However, the macro level relationship between exchange rate and unemployment has been largely ignored. The aims of this study are twofold. Firstly, a simple theoretical relationship between exchange rate and unemployment is established by the PPP and Phillips curve. The model shows that, under the linked exchange rate system, the unemployment in currency-linked country is a function of the unemployment in the base country, the changes in the exchange rate, the rate of price change differential between the two countries, and the natural rate of unemployment differential between the two countries. By using Hong Kong data, we find that one percent increase in the U.S. unemployment rate transmits 0.53 percent increase in Hong Kong. Under the floating system, we analyze this problem in the United Kingdom, Germany, and France, which predominantly represent Europe. We investigate the magnitude of the transmitted unemployment and the exchange rate impact among those countries before and after the new currency. We find that the transmission effects are significant, which partially explain the severity of this long-lasting problem. To shed new light, we construct a three-sector model comprising goods market, labor market, and money market. We postulate that domestic product market faces import competition. Thus the exchange rate comes into play, intrinsically affecting the labor demand. In the meantime, we extend the standard money demand function by including both the domestic and foreign money balances. We believe that this extension better reflects the reality. We then solve the general equilibrium model to get the reduced-form solution with our focus on the relationship between exchange rate and employment. We find that the exchange rate effect is unconditional in that home currency depreciation benefits employment and alleviates the unemployment problem

Incorporation of Extranodal Metastasis of Gastric Carcinoma into the 7th Edition UICC TNM Staging System

BACKGROUND: To assess the clinical significance and prognostic impact of extranodal metastasis (EM) in gastric carcinoma and establish an optimal classification in the staging system. METHODOLOGY/PRINCIPAL FINDINGS: A total of 1343 patients with gastric carcinoma who underwent surgical resection were recruited to determine the frequency and prognostic significance of EMs. EMs were divided into two groups (EM1 and EM2) and then incorporated into the 7(th) edition UICC TNM staging system. EMs was detected in 179 (13.3%) of 1343 patients who underwent radical resection. Multivariate analysis identified EMs as an independent prognostic factor (HR = 1.412, 95%CI = 1.151-1.731, P<0.001). After curative operation, the overall survival rate were worse in patients with ≥3 cases of EM (EM2) than those with the number of 1 and 2 cases (EM1) (P<0.001). Survival of patients with EM1 was found almost comparable to that of N3 stage (P = 0.437). Survival of patients with EM2 showed similar to that of stage IV patients (P = 0.896). By using the linear trend X(2), likelihood ratio X(2), and Akaike information criterion (AIC) test, EM1 treated as N3 stage and EM2 treated as M1 stage performed higher linear trend X(2) scores, likelihood ratio X(2) scores, and lower AIC value than the 7(th) edition UICC TNM staging system, which represented the optimum prognostic stratification, together with better homogeneity, discriminatory ability, and monotonicity of gradients. CONCLUSIONS/SIGNIFICANCE: EMs might be classified based on their number and prognostic information and should incorporate into the TNM staging system

Perlindungan Hukum terhadap Hak Karyawan dengan Sistem Outsourcing pada Perusahaan Badan Usaha Milik Negara (Bumn) di Kota Pontianak

This study aims to determine: 1) the reasons BUMN In Pontianak using a system of Outsourcing in the recruitment of employees. 2) outsourcing practices in BUMN in Pontianak, 3) the factors that cause outsourcing system has not given legal protection of employees and 4) the perspective of the legal regulation of the employees who were recruited by the BUMN system outsourcing in Indonesia. The research was conducted at the Department of Social Welfare and Labor Pontianak, and involve Pontianak Trade Union Chairman, Director of PT. Media Prima HR Solutions in Pontianak, Director of PT. Telkom Pontianak, Director of PT. PLN Pontianak, Director of PT. Pertamina Pontianak and workers / laborers who work in state-owned companies Pontianak. Data collection methods used were interviews, questionnaires, and direct observations. The data obtained in qualitative analysis. The results show that the legal protection of workers / laborers, both contradictory, always found the gap between das sollen (must) and das science (reality) and always appeared discrepancy between the law in the books and law in action. Fact of economic life with the hegemony of financial capitalism has operated through the "dis-solution subject" who do not see the workers / laborers as production subject that should be protected, but rather as an object that can be exploited, this is what happens in the practice of outsourcing in Indonesia, so that the legalization of outsourcing by Law No. 13 Year 2003 on Manpower reap kotroversi. For those who disagree argue useful in outsourced business development and create new jobs. For those who refused to believe the practice of outsourcing is a modern style of capitalism that brought misery to the workers / laborers. Based on the fact that the authors formulate the problem: 1) Why BUMN In Pontianak Still Using Outsourcing System In Recruitment? 2) Why not outsource system provide legal protection for employees? 3) How should the legal arrangements for employees who were recruited by the BUMN system outsourcing in Indonesia? The objectives are: 1) To explain the reasons BUMN In Pontianak using Outsourcing the recruitment system. 2) To determine the state of outsourcing practices in Pontianak. 3) To disclose and explain the factors that cause outsourcing system has not been providing legal protection for employees. 4) To reveal the perspective of the legal regulation of the employees who were recruited by the BUMN system outsourcing in Indonesia. To answer the problems and research objectives, juridical approach used empirical / sociological research Descriptive Analytical specifications. Data types include Primary Data and Secondary Data collected through library research and documentation (library and documentation) as well as field research (field research), while the sampling was done by using non-random sampling with purposive sampling method. From the discussion, note that the legality of many violations of outsourcing in terms of Pontianak, employment protection and working conditions for workers / laborers outsourcing is not given by the employer to the fullest, while legal protection for workers / laborers are constrained due to the weakness in the system employment law, good substance, structure and culture. Therefore, it is necessary revision of labor legislation, the Local Government of Pontianak need to increase the numberof labor inspectors personnel, provide facilities and an adequate budget for the operation of the labor inspection in order to carry out its duties and functions to the fullest and empower Unions / Union to be able to carry out the purposes and functions well.Keywords: Outsourcing employee/ labour and Legal Protection. A B S T R A KPenelitian ini bertujuan untuk mengetahui : 1) alasan BUMN Di Kota Pontianak menggunakan sistem Outsourcing dalam perekrutan karyawan. 2) praktik outsourcing pada BUMN di Kota Pontianak, 3) faktor-faktor penyebab sistem outsourcing belum memberikan perlindungan hukum terhadap karyawan dan 4) perspektif pengaturan hukum terhadap karyawan yang direkrut dengan sistem outsourcing pada BUMN di Indonesia. Penelitian ini dilakukan di Dinas Sosial dan Tenaga Kerja Pontianak, dan melibatkan Ketua Serikat Buruh Kota Pontianak, Direktur PT. Media Prima HR Solutions di Kota Pontianak, Direktur PT. Telkom Kota Pontianak, Direktur PT. PLN Pontianak, Direktur PT. Pertamina Pontianak serta pekerja/buruh yang bekerja pada Perusahaan BUMN Kota Pontianak. Metode pengumpulan data yang digunakan adalah wawancara, kuesioner, dan pengamatan langsung. Data yang diperoleh di analisis secara kualitatif. Hasil penelitian menunjukkan bahwa perlindungan hukum pekerja/buruh, keduanya saling bertentangan, selalu dijumpai kesenjangan antara das sollen (keharusan) dan das sain (Kenyataan) dan selalu muncul diskrepansi antara law in the books dan law in action. Nyatanya kehidupan ekonomi dengan hegemoni kapitalisme financial telah beroperasi melalui dis-solution subject yang tidak memandang pekerja/buruh sebagai subjek produksi yang patut dilindungi, melainkan sebagai objek yang bisa di eksploitasi, inilah yang terjadi dalam praktik outsourcing di Indonesia, sehingga legalisasi outsourcing berdasarkan Undang-Undang Nomor 13 Tahun 2003 Tentang Ketenagakerjaan menuai kotroversi. Bagi yang setuju berdalih outsourcing bermanfaat dalam pengembangan usaha dan membuka lapangan kerja baru. Bagi yang menolak beranggapan praktik outsourcing merupakan corak kapitalisme modern yang membawa kesengsaraan bagi pekerja/buruh. Berdasarkan Kenyataan itu penulis merumuskan masalah : 1) Mengapa BUMN Di Kota Pontianak Masih Menggunakan Sistem Outsourcing Dalam Perekrutan Karyawan ? 2) Mengapa sistem outsourcing tidak memberikan perlindungan hukum terhadap karyawan ? 3) Bagaimana seharusnya pengaturan hukum terhadap karyawan yang direkrut dengan sistem outsourcing pada BUMN di Indonesia ? Tujuannya adalah : 1) Untuk menjelaskan mengenai alasan BUMN Di Kota Pontianak menggunakan sistem Outsourcing dalam perekrutan karyawan. 2) Untuk mengetahui praktik outsourcing pada BUMN di Kota Pontianak. 3) Untuk mengungkapkan dan menjelaskan faktor-faktor penyebab sistem outsourcing belum memberikan perlindungan hukum terhadap karyawan. 4) Untuk mengungkapkan perspektif pengaturan hukum terhadap karyawan yang direkrut dengan sistem outsourcing pada BUMN di Indonesia. Untuk menjawab permasalahan dan tujuan penelitian, digunakan metode pendekatan yuridis empiris/sosiologis dengan spesifikasi penelitian Deskriptif Analitis. Jenis datanya meliputi Data Primer dan Data Skunder yang dikumpulkan melalui penelitian kepustakaan dan dokumentasi(library and documentation) serta penelitian lapangan(field research), sedangkan pengambilan sampel dilakukan dengan menggunakan teknik Non Random Sampling dengan metode Purposive Sampling. Dari hasil pembahasan diketahui bahwa secara legalitas banyak terjadi pelanggaran syarat-syarat outsourcing di Kota Pontianak, perlindungan kerja dan syarat-syarat kerja bagi pekerja/buruh outsourcing tidak diberikan oleh pengusaha secara maksimal, sedangkan perlindungan hukum bagi pekerja/buruh terkendala karena adanyakelemahan dalam system hukum ketenagakerjaan, baik substansi, struktur maupun kulturnya. Oleh karena itu, perlu revisi atas beberapa peraturan Perundang-undangan ketenagakerjaan, Pemerintah Daerah Kota Pontianak perlu menambah jumlah personel pegawai pengawas ketenagakerjaan, menyediakan sarana dan fasilitas serta anggaran yang memadai untuk operasional pengawasan ketenagakerjaan agar dapat menjalankan tugas dan fungsinya secara maksimal serta memberdayakan Serikat Pekerja/Serikat Buruh agar mampu menjalankan tujuan dan fungsinya dengan baik.Kata Kunci : Pekerja/Buruh Outsourcing dan Perlindungan Hukum

Physiological roles of fatty acyl desaturases and elongases in marine fish: Characterisation of cDNAs of fatty acyl delta6 desaturase and elovl5 elongase of cobia (Rachycentron canadum)

In the present paper, we investigated the expression of fatty acyl desaturase and elongase genes in a marine teleost, cobia, a species of great interest due to its considerable aquaculture potential. A cDNA was cloned that, when expressed in yeast, was shown to result in desaturation of 18:3n-3 and 18:2n-6, indicating that it coded for a Δ6 desaturase enzyme. Very low desaturation of 20:4n-3 and 20:3n-6 indicated only trace Δ5 activity. Another cloned cDNA enabled elongation of 18:4n-3, 18:3n-6, 20:5n-3 and 20:4n-6 in the yeast expression system, indicating that it had C18-20 and C20-22 elongase activity. Sequence comparison and phylogenetic analysis confirmed that it was homologous to human ELOVL5 elongase. However, the cobia Elovl5 elongase also had low activity toward C24 HUFA. The cobia Δ6 desaturase had a preference for 18:3n-3, but the elongase was generally equally active with both n-3 and n-6 substrates. Expression of both genes was 1-2 orders of magnitude greater in brain than other tissues suggesting an important role, possibly to ensure sufficient docosahexaenoic acid (DHA, 22:6n-3) synthesis in neural tissues through elongation and desaturation of eicosapentaenoic acid (EPA; 20:5n-3)

Diverse Applications of Nanomedicine

The design and use of materials in the nanoscale size range for addressing medical and health-related issues continues to receive increasing interest. Research in nanomedicine spans a multitude of areas, including drug delivery, vaccine development, antibacterial, diagnosis and imaging tools, wearable devices, implants, high-throughput screening platforms, etc. using biological, nonbiological, biomimetic, or hybrid materials. Many of these developments are starting to be translated into viable clinical products. Here, we provide an overview of recent developments in nanomedicine and highlight the current challenges and upcoming opportunities for the field and translation to the clinic. \ua9 2017 American Chemical Society

The Value of Being First: Evidence from Mutual Fund Flows

Much of consumer choice is now driven by online shopping and search results. An open question is how much the value of being the “first” result is. In this paper, I use mutual funds to investigate the value. I find that fund with names that start with letters in the first half of the alphabetic ranking attract 0.85% more net flow every quarter comparing with funds in the second half. I find that this effect is driving by excess inflows rather than outflows, consistent with search results driving the findings. This bias toward early alphabetic funds is driven by retail investors, not institutional investors. Although funds with alphabetical advantage gain more investment flows, they do not necessarily perform worse than those with less flows. However, I also find no evidence that fund companies are taking advantage of this bias. Overall, I find significant economic value from being early in search results