Gauge-invariant Formulation of the Second-order Cosmological Perturbations

Gauge invariant treatments of the second order cosmological perturbation in a four dimensional homogeneous isotropic universe filled with the perfect fluid are completely formulated without any gauge fixing. We derive all components of the Einstein equations in the case where the first order vector and tensor modes are negligible. These equations imply that the tensor and the vector mode of the second order metric perturbations may be generated by the scalar-scalar mode coupling of the linear order perturbations as the result of the non-linear effects of the Einstein equations.Comment: 5 pages, no figure. RevTeX; short letter version of gr-qc/0605108; some details of explanations are adde

Efficiency of the Mutual Fund Industry: an Examination of U.S. Domestic Equity Funds: 1995-2004

Investors have the ability to choose between two different management styles in the mutual fund industry. These two management styles differ in both the investment strategy type the fund executes and management costs, which are charged to the funds’ investors. First, investors may invest their funds in index funds, which employ a passive investment strategy. Here, investors expect to earn a rate of return equivalent to the market index—minus a small management fee—which the fund seeks to track. Alternatively, investors may choose active fund management. The returns of these mutual funds rely on stock selection ability of portfolio managers. Active portfolio managers perform securities research and obtain information in an attempt to distinguish between undervalued and overvalued securities—allowing them to outperform the market. To compensate for the cost of this research, these funds generally charge a higher management fee which is paid by individual mutual fund investors. In 2004, the average actively managed fund expense ratio was approximately 140 basis points, while the majority of index funds charge fees ranging from 10 basis points to 50 basis points. A expense ratio of 140 basis points would mean that $140 of every$10,000 invested by an individual in a fund will go to the portfolio manager in order to compensate them for their research and management. Some funds carry further expenses in the form of load charges. They take a percentage of an investors initial investment as a sales commission, as these funds are distributed directly by the fund management company. Much debate within the investment community has revolved around the question of whether the fees charged by actively managed mutual funds are justified with higher returns. [excerpt

Divided Families: New Legislative Proposals Would Needlessly Restrict Family-Based Immigration

New legislative proposals to drastically restrict family-based immigration practically ignore the social and economic benefits of the family-based admissions system for both immigrants and the native-born

Implicit amenity prices and the location of retirees in England and Wales

General equilibrium models in which compensation for local amenities occurs in both housing and labour markets have been widely used to generate implicit amenity prices and regional quality of life indices. An implication and prospective test of such models is that individuals who are outside the labour market have an incentive to locate in regions where amenities are capitalized into wages. In this article we construct a measure of the extent of amenity capitalization into wages for each county in England and Wales. We then test the multimarket amenity model by applying this measure to county-level data on the location of retirees. Our results provide strong support for the model

An evaluation of Simventure

This paper discusses the value of providing a simulated experience of how organisations work enabling skills and knowledge from disparate subject areas to be synthesised and assimilated in solving complex business proble

Implicit amenity prices and the location of retirees in England and Wales

General equilibrium models in which compensation for local amenities occurs in both housing and labour markets have been widely used to generate implicit amenity prices and regional quality of life indices. An implication and prospective test of such models is that individuals who are outside the labour market have an incentive to locate in regions where amenities are capitalised into wages. In this paper we construct a measure of the extent of amenity capitalisation into wages for each county in England and Wales. We then test the multimarket amenity model by applying this measure to county-level data on the location of retirees. Our results provide strong support for the mode

Evaluation of 'Advanced Database Management' module

This paper focuses on a discussion on the approach taken in analysing evaluation design for a specific faculty module on enterprise educatio