Determinants and implications of fee changes in the hedge fund industry

We examine the determinants and consequences of changes in hedge fund fee structures. We show that fee changes are asymmetric with much greater incidence of fee increases compared to fee decreases. We find that managers of younger and smaller funds are more likely to increase fees after good performance. Investors view the fee increases following good performance as a signal of managerial ability only to be disappointed by their worse future performance. Taken together, these findings are consistent with opportunistic behavior of emerging fund managers in expropriating surplus from their investors. --

Development and Validation of UV Spectroscopic Method for Simultaneous Estimation of Dapagliflozin and Saxagliptin in marketed formulation

Simple, precise and accurate UV-Spectrophotometric simultaneous equation method for estimation of dapagliflozin (DAPA) and saxagliptin (SAXA) were developed and validated as per ICH guidelines. This Method involves solving of simultaneous equations based on measurement of absorbance at two wavelengths 222 nm and 276 nm (λmax of SAXA and DAPA) in phosphate buffer pH 6.8. Both the drugs obey the Beer’s law in the concentration ranges 5-25µg/ml. % Recovery for both the drugs were in the range of 98.44-99.05% indicating excellent accuracy. The methods were precise, with a relative standard deviation of less than 2% for both drugs. The developed methods were validated according to ICH guidelines and values of accuracy, precision and other statistical analysis were found to be in good accordance with the prescribed values. Thus, method can be used for routine monitoring of drugs in industry for the assay of bulk drugs and commercial formulation (QTERN tablets, Astra Zeneca). Keywords: Dapagliflozin, Saxagliptin, Spectrophotometric analysis, Simultaneous equation method

Partnering in a Haze: Interdependence Misspecification and Firm Performance in Strategic Alliances

We examine the implications for firm performance of managers having only a partial understanding of the true nature of their inter-firm interdependence. While operating with such ex-ante uncertainty regarding inter-firm interdependency is common when selecting an approach to governing an alliance relationship, the literature offers limited guidance as to the performance implications of such “misspecifications.” We employ an agent-based simulation to model inter-firm decision making in a context where firms have either under- or over-specified views of their inter-firm interdependencies. Consistent with intuition, firm performance declines with interdependence misspecifications. We find, however, interesting variation in this effect across alternate governance modes and across levels of actual interdependency. We also find that interdependence misspecifications have differing effects on exploration and coordination, leading to tradeoffs between performance and other alliance objectives

Opportunity Recognition Amongst Entrepreneurs

This research paper focuses mainly on various underlying issues of opportunity recognition that are faced by entrepreneurs. I have tried to understand the factors that help people to discover and execute business opportunities. I have tried to test the behavior and their attitudes by a literature review which has revealed many theoretical frameworks. I have used the case study method to analyze the frameworks and presented my conclusion with some realities about entrepreneurship in today’s era. Through this paper, I have tried to examine the processes of opportunity recognition which will aid entrepreneurs to formulate and implement strategies when they choose to start new business ventures. It will also help them to use available resources which they can exploit with ease. By examining the various interviews, the paper concludes that there exist several crucial elements that impact opportunity recognition processes. Once we understand these elements, they can be utilized to form strategies so that entrepreneurs can implement the function of recognition of suitable opportunities that best suits them

EPASAD: Ellipsoid decision boundary based Process-Aware Stealthy Attack Detector

Due to the importance of Critical Infrastructure (CI) in a nation's economy, they have been lucrative targets for cyber attackers. These critical infrastructures are usually Cyber-Physical Systems (CPS) such as power grids, water, and sewage treatment facilities, oil and gas pipelines, etc. In recent times, these systems have suffered from cyber attacks numerous times. Researchers have been developing cyber security solutions for CIs to avoid lasting damages. According to standard frameworks, cyber security based on identification, protection, detection, response, and recovery are at the core of these research. Detection of an ongoing attack that escapes standard protection such as firewall, anti-virus, and host/network intrusion detection has gained importance as such attacks eventually affect the physical dynamics of the system. Therefore, anomaly detection in physical dynamics proves an effective means to implement defense-in-depth. PASAD is one example of anomaly detection in the sensor/actuator data, representing such systems' physical dynamics. We present EPASAD, which improves the detection technique used in PASAD to detect these micro-stealthy attacks, as our experiments show that PASAD's spherical boundary-based detection fails to detect. Our method EPASAD overcomes this by using Ellipsoid boundaries, thereby tightening the boundaries in various dimensions, whereas a spherical boundary treats all dimensions equally. We validate EPASAD using the dataset produced by the TE-process simulator and the C-town datasets. The results show that EPASAD improves PASAD's average recall by 5.8% and 9.5% for the two datasets, respectively.Comment: Submitte