The relationship between pension funds and the stock market: Does the aging population of Europe affect it?

In recent decades, pension fund investment has increased rapidly because of population aging and growing doubts about the viability of western public pension systems. As a result, pension funds have become dominant in stock markets. This paper examines the influence of the pension fund assets invested in equities on stock market development and the market efficiency of 13 European countries, from 1999 to 2014. Our results vary by country, by pension model and among the one-model countries. Nevertheless, revealing a concern about saving for retirement. Finally, our efficiency analysis reveals that the influence of pension funds varies over time and across markets, due to arbitrage opportunities that provoke adaptive managerial strategies

Manager characteristics and manager-replacement: How is pension fund performance affected?

Pension funds are professionally managed investment products designed to cover the retirement needs of individual investors, so managerial control mechanisms are crucial to future retirement income. In this paper, we analyze the effectiveness of the manager replacement mechanism in pension funds. We first examine possible determinants (raw return, excess return, risk and manager and fund characteristics) of manager replacement in a sample of Spanish pension funds. We also analyze the impact of manager replacement on funds’ returns (raw and excess returns) and risk via an analysis of manager characteristics. Finally, we employ an event-study methodology to examine the capacity of new managers to generate positive abnormal returns. Our empirical results show that manager replacement is not motivated only by poor excess returns, but is also linked to manager characteristics. Pension funds with good performance in the pre-replacement period suffer deterioration after replacement, and new managers need about one year to achieve good results. In funds without replacement, managers with longer tenure underperform and female managers are market-risk averse

ESG fund scores in UK SRI and conventional pension funds: Are the ESG concerns of the SRI niche affecting the conventional mainstream?

This paper analyses the increasing practice of considering environmental, social, and governance (ESG) factors by conventional pension funds. We study whether the SRI (Social Responsible Investing) concerns are affecting traditional management. In an initial sample of 22 SRI and 221 conventional UK domestic equity pension funds from 2016 to 2018, we apply the nearest-neighbour matching to account for fund-characteristic differences, selecting 20 matched conventional funds. We then analyse the influence of fund characteristics on ESG fund scores, and the ESG-score impact on performance and flows with linear models. Our results show that the ESG scores of conventional and SRI funds are influenced by some common characteristics (age/turnover and expenses negatively/positively influence ESG scores), which are consistent with SRI features. Additionally, a higher ESG screening intensity provides greater return and larger flows. Nonetheless, SRI funds do not lose their identity, positively influencing into ESG scores to a greater extent and outperforming

Product differentiation in the socially responsible mutual fund industry

In this study, we analyse the effect of product differentiation on prices and clients’ attraction in the socially responsible (SR) mutual fund industry. Using three proxies for differentiation, including a text-based indicator, a return-based indicator, and a portfolio-holding indicator, we analyse a sample of US SR equity mutual funds in the period 1999–2019. Our findings show that the text differentiation measure better explains the product differentiation impact on prices and flows than the measures based on funds’ characteristics. Our text differentiation results indicate that younger SR funds and funds belonging to smaller families are more differentiated. In addition, differentiation allows SR funds to charge higher fees and attract more money flows. Finally, our results indicate that SR fund investors are sensitive to differentiation regarding other funds implementing the same SR strategies, but not in relation to other funds in the same Morningstar financial style category

PROJECT-BASED CHEMISTRY LEARNING DESIGN THROUGH LOCAL RESOURCES USE AT SMA NEGERI KAHAYAN TENGAH, PULANG PISAU DISTRICT

Central Kahayan State High School is located in Central Kahayan District, Pulang Pisau Regency, Central Kalimantan. The pandemic period resulted in several changes in the implementation of learning. One is that face-to-face learning activities must be carried out online, resulting in limited interaction between teachers and students. The allocation of cut learning time leads to a lack of time for learners to understand the concept of the material. These obstacles experienced result in a reduction in the quality of learning and a decrease in student motivation in the learning process. Based on the existing problems, the idea emerged as a solution by holding project-based learning design training through local resources. Through this training, it is hoped that teachers will have more knowledge and insight into designing innovative learning by utilizing local wisdom and potential. In general, the objectives of community service implemented are 1) increasing motivation to provide innovation in learning activities, 2) improving skills for teachers to design project-based learning activities, and 3) increasing the motivation and enthusiasm for learning of student

Rock engravings of Fieiral, Castro Laboreiro, Melgaço

Artigo bilingue, em português e inglêsNotice about the schemathic rock carving of Fieiral, in Northwestern Portugal.This work was develloped in the scope of the project Espaços naturais, arquiteturas, arte rupestre e deposições na pré-história recente da fachada ocidental do centro-norte português: das acções aos significados – ENARDAS / Natural spaces, architecture, rock art and depositions from the Late Prehistory of the Western front of Central and Northern Portugal: from actions to meanings (reference PTDC/HIS-ARQ/112983/2009) financed by the Operational Programme “Thematic Factors of Competitiveness” (COMPETE) and by the European Regional Development Fund (Fundo Europeu de Desenvolvimento Regional - FEDER).info:eu-repo/semantics/publishedVersio

The Environmental Influence On Personality Development In Jeannette Walls The Glass Castle Memoir (2005): A Behaviorist Perspective

This research focuses on the issue of environmental influence on personality development portrayed in the memoir entitled The Glass Castle written by Jeannette Walls (2005). The theory that is used in analyzing this memoir is Behaviorist perspective. This research is conducted to analyze the indicators of environmental influence on personality development in the memoir, how the environmental influence is portrayed by the author, and the reason of the author addressing the topic of environmental influence on personality development. The researcher uses primary data and secondary data source. The primary data is the memoir entitled The Glass Castle and e-books which related with the issue, dictionaries, and website relates information needed as the secondary data. There are three main findings in this memoir. First, there are found three indicators of the environmental influence in the memoir such as family, peers in school, and community or society. Second, the author delivers the issue of environmental influence on personality development through character, event, setting of place, and style in the memoir. Third, the author addresses the topic of environmental influence on personality development based on her life journey as a kid of a nomadic family that always moving away to lived, that in every her new place to live has its different condition and situation that finally influencing her personality development

Analysis of Cadmium (Cd) Heavy Metal Content in Mosambique Tilapia Fish (Oreochromis mossambicus) Derived from Rawa Taliwang Lake to Enrich Ecotoxicology Lecture Material in 2022

Rawa Taliwang Lake is used as a tourist spot, recreation, irrigation of agricultural land and fishing grounds by local fishermen. Increased community activity around the lake causes heavy metal pollution to enter the waters. The purpose of this study was to determine the levels of cadmium (Cd) in mosambique tilapia fish from Rawa Taliwang Lake thus enrich ecotoxicology lecture material and find out whether mosambique tilapia fish from Rawa Taliwang Lake is still safe for consumption based on the Food and Drug Control Agency (BPOM) Regulation No. 9 of 2022 concerning requirements for heavy metal contamination in food processing. Sampling used a purposive sampling method and analysis of cadmium using Atomic Absorption Spectrophotometer. The results showed that the concentration of cadmium heavy metal in mosambique tilapia fish 0,1977 mg/kg and it is still safe for consumption by the public because it still below 0,30 mg/kg. Suggested further research regarding analysis of metals in various types of fish and fish body tissues such as kidneys, liver and gills as a comparison