Cross-Sectional Differences between Topic 1: Money Market Mutual Funds and their Role in the Mutual Fund Families. Topic 2: Innovations in Financial Products. Conventional Mutual Funds versus Exchange Traded Funds.

The first essay examines cross-sectional differences between money market mutual funds (MMMFs), in the context of the sponsoring fund family. While extant studies have shown that fund family characteristics impact the management of open-end equity mutual funds, results of this study’s analysis find that fund family characteristics also affect the management of MMMF assets, contributing to differences in the maturity of the fund’s holdings, expenses, and realized returns. I find that an MMMF is not simply a transitional account with a short-term low-risk investment objective, but rather, a critical role player within the fund family. Differences in maturity, yield, and expenses in MMMFs can be explained by family-specific characteristics, including diversification and cash management strategies at the family level. The second essay examines implications of substitutability of two similar financial assets: conventional index mutual funds and exchange traded funds (ETFs). I seek to explain the coexistence of these fund types, since both offer a claim on the same underlying index return process, but have different organizational structures. This study compares conventional open-end index funds with matched ETFs on various underlying indexes. Aggregate flows are used to detect substitution and clientele effects. I show that conventional funds and ETFs are substitutes, while ETFs have smaller tracking errors and lower fund expenses. However, I find that these fund types are not perfect substitutes, and their coexistence can be explained by a clientele effect that segregates them into different market niches

Guest editorial: A short review of the role of ESG activities in business and research

©2024 Emerald Publishing Limited. This manuscript version is made available under the Creative Commons Attribution–NonCommercial 4.0 International (CC BY–NC 4.0) license, https://creativecommons.org/licenses/by-nc/4.0/fi=vertaisarvioimaton|en=nonPeerReviewed

Analysis of problems in the development of the national single window mechanism in the Russian Federation

The article analyzed the problems of the development of the single window mechanism in Russia as a country of the EAEU

Analysis of Obstacles In The Functioning Of The EAEU Domestic Market

The article contains an analysis of obstacles to the functioning of the EAEU domestic market. The main reasons for the ineffectiveness of the measures applied to eliminate barriers to free trade in the domestic market of the Union were highlighted

Assessment Of The Macroeconomic Situation In The Countries Of North Africa And The Prospects For The Region's Interaction With The Russian Federation

Today Africa is the world leader in terms of consumption growth. Agriculture, chemical industry and agro-technologies, oil refining and extractive industries, energy and peaceful nuclear technologies are rapidly developing on the continent. Most countries are interested in the development of infrastructure, the demand for cars and special equipment is growing. Russia is ready to act as a partner for all African countries in a number of areas. These include projects for the supply of the latest Russian equipment for metallurgical and mining enterprises, the development of a transport and logistics system - including not only the supply of rolling stock for railways, aircraft and helicopters of various classes and purposes, but also control and safety systems for the respective modes of transport. In addition, Russia is interested in participating in the creation of energy infrastructure in the countries of the African region - oil and gas and generating capacities, including hydro and nuclear energy, ensuring food security, as well as developing a health care system and drug supply

The Countries of North Africa And the Prospects for The Region's Interaction with The Russian Federation

Today Africa is the world leader in terms of consumption growth. Agriculture, chemical industry and agro-technologies, oil refining and extractive industries, energy and peaceful nuclear technologies are rapidly developing on the continent. Most countries are interested in the development of infrastructure, the demand for cars and special equipment is growing. Russia is ready to act as a partner for all African countries in a number of areas. These include projects for the supply of the latest Russian equipment for metallurgical and mining enterprises, the development of a transport and logistics system - including not only the supply of rolling stock for railways, aircraft and helicopters of various classes and purposes, but also control and safety systems for the respective modes of transport. In addition, Russia is interested in participating in the creation of energy infrastructure in the countries of the African region - oil and gas and generating capacities, including hydro and nuclear energy, ensuring food security, as well as developing a health care system and drug supply

Assessment of The Macroeconomic Situation in North African Countries and Their Role in The System of World Economic Relations

In this article, based on the analysis of the macroeconomic situation of the North African countries, their role in the system of world economic relations is determined. It is proved that despite a certain similarity of the economic model of development of the countries of North Africa, based on the use of raw materials, the impact of external shocks causes different reactions and consequences that are incomparable in scale. It has been determined that the political and economic instability of the North African countries is reflected, among other things, in the ratings of socio-economic development published by international organizations and leading expert and analytical centers. It was revealed that the progress that was achieved by the countries of the region in previous years is largely leveled by factors of a political and religious nature, as well as a strong dependence on world markets for raw materials, which in modern conditions adds certain difficulties to these countries in the world economy

World Economy: Introduction to the Profession

The tutorial covers the basic concepts of world economy and foreign economic activity, tasks, directions of activity, skills of an economist in the field of world economy and foreign economic activity. Particular attention is paid to the organization of scientific research

31st Annual Meeting and Associated Programs of the Society for Immunotherapy of Cancer (SITC 2016) : part two

Background The immunological escape of tumors represents one of the main ob- stacles to the treatment of malignancies. The blockade of PD-1 or CTLA-4 receptors represented a milestone in the history of immunotherapy. However, immune checkpoint inhibitors seem to be effective in specific cohorts of patients. It has been proposed that their efficacy relies on the presence of an immunological response. Thus, we hypothesized that disruption of the PD-L1/PD-1 axis would synergize with our oncolytic vaccine platform PeptiCRAd. Methods We used murine B16OVA in vivo tumor models and flow cytometry analysis to investigate the immunological background. Results First, we found that high-burden B16OVA tumors were refractory to combination immunotherapy. However, with a more aggressive schedule, tumors with a lower burden were more susceptible to the combination of PeptiCRAd and PD-L1 blockade. The therapy signifi- cantly increased the median survival of mice (Fig. 7). Interestingly, the reduced growth of contralaterally injected B16F10 cells sug- gested the presence of a long lasting immunological memory also against non-targeted antigens. Concerning the functional state of tumor infiltrating lymphocytes (TILs), we found that all the immune therapies would enhance the percentage of activated (PD-1pos TIM- 3neg) T lymphocytes and reduce the amount of exhausted (PD-1pos TIM-3pos) cells compared to placebo. As expected, we found that PeptiCRAd monotherapy could increase the number of antigen spe- cific CD8+ T cells compared to other treatments. However, only the combination with PD-L1 blockade could significantly increase the ra- tio between activated and exhausted pentamer positive cells (p= 0.0058), suggesting that by disrupting the PD-1/PD-L1 axis we could decrease the amount of dysfunctional antigen specific T cells. We ob- served that the anatomical location deeply influenced the state of CD4+ and CD8+ T lymphocytes. In fact, TIM-3 expression was in- creased by 2 fold on TILs compared to splenic and lymphoid T cells. In the CD8+ compartment, the expression of PD-1 on the surface seemed to be restricted to the tumor micro-environment, while CD4 + T cells had a high expression of PD-1 also in lymphoid organs. Interestingly, we found that the levels of PD-1 were significantly higher on CD8+ T cells than on CD4+ T cells into the tumor micro- environment (p < 0.0001). Conclusions In conclusion, we demonstrated that the efficacy of immune check- point inhibitors might be strongly enhanced by their combination with cancer vaccines. PeptiCRAd was able to increase the number of antigen-specific T cells and PD-L1 blockade prevented their exhaus- tion, resulting in long-lasting immunological memory and increased median survival

Directions for the Development of a Single Window to Facilitate International Trade

The article analyses the concept of "single window mechanism" used abroad and in the practice of the EAEU countries. It has been shown that the transition to paperless technologies is a feature of customs control is one of the important indicators of the development of the national single window mechanism. The work analyzed the correspondence of such elements as Interagency Electronic Interaction System and ST «Portal Seaport» with the reference model of the national single window mechanism. It was established that KPS «Portal Seaport» can be considered as a pilot project for the implementation of the single window mechanism, but is not a product that is a single window, because it does not meet the requirements for creating a single window mechanism. It was also established that the mechanism of the "single window" existing in Russia, as a member country of the EAEU, did not work out the interaction between the business community (B2B) and between business and the state (B2G). The article shows that the reference model of the "single window" existing abroad contains a comprehensive idea of the single window mechanism, its scope, and a single information space. The problems of further development of the single window mechanism, as well as the directions for their solution, were identified