The performance of socially responsible mutual funds: the role of fees and management companies

In this paper, we shed light on the debate about the financial performance of socially responsible investment (SRI) mutual funds by separately analyzing the contributions of before-fee performance and fees to SRI funds' performance and by investigating the role played by fund management companies in the determination of those variables. We apply the matching estimator methodology to obtain our results and find that in the period 1997-2005, US SRI funds had significantly higher fees and better before- and after-fee performance than conventional funds with similar characteristics. Differences, however, were driven exclusively by SRI funds run by management companies specialized in socially responsible investment.Socially responsible investment, Mutual fund fees, Mutual fund performance, Matching estimators

On the choice of covariance specifications for portfolio selection problems

Two crucial aspects to the problem of portfolio selection are the specification of the model for expected returns and their covariances, as well as the choice of the investment policy to be adopted. A common trade-off is to consider dynamic covariance specifications vis-a-vis static models such as those based on shrinkage methods. This work empirically shows that these two aspects are intrinsically attached to the impact of transaction costs. To address this question, we implement a broad range of covariance specifications to generate a set of 16 portfolio selection policies in a high dimensional sample composed by the 50 most traded stocks of the S\&P100 index. We find that GARCH-type dynamic covariances yield portfolios with superior risk-adjusted performance only in the absence of transaction costs. In more realistic scenarios involving alternative levels of transaction costs, portfolios based on static covariance models outperform. In particular, we find that a risk-averse investor with quadratic utility function is willing to pay an annualized fee of 368 basis points (bp) on average in order to switch from the dynamic covariance models to a static covariance specification when the level of transaction costs is 20 bp. Finally, portfolio policies that seek to alleviate estimation error by ignoring off-diagonal covariance elements as those proposed in Kirby and Ostdiek (2012) are more robust specially in scenarios with higher transaction costs

On the choice of covariance specifications for portfolio selection problems

Two crucial aspects to the problem of portfolio selection are the specification of the model for expected returns and their covariances, as well as the choice of the investment policy to be adopted. A common trade-off is to consider dynamic covariance specifications vis-a-vis static models such as those based on shrinkage methods. This work empirically shows that these two aspects are intrinsically attached to the impact of transaction costs. To address this question, we implement a broad range of covariance specifications to generate a set of 16 portfolio selection policies in a high dimensional sample composed by the 50 most traded stocks of the S\&P100 index. We find that GARCH-type dynamic covariances yield portfolios with superior risk-adjusted performance only in the absence of transaction costs. In more realistic scenarios involving alternative levels of transaction costs, portfolios based on static covariance models outperform. In particular, we find that a risk-averse investor with quadratic utility function is willing to pay an annualized fee of 368 basis points (bp) on average in order to switch from the dynamic covariance models to a static covariance specification when the level of transaction costs is 20 bp. Finally, portfolio policies that seek to alleviate estimation error by ignoring off-diagonal covariance elements as those proposed in Kirby and Ostdiek (2012) are more robust specially in scenarios with higher transaction costs

A feasibility study with survival in swine model

Transrectal access still has some unsolved issues such as spatial orientation, infection, access and site closure. This study presents a simple technique to perform transcolonic access with survival in a swine model series. A new technique for NOTES perirectal access to perform retroperitoneoscopy, peritoneoscopy, liver and lymphnode biopsies was performed in 6 pigs, using Totally NOTES technique. The specimens were extracted transanally. The flexible endoscope was inserted through a posterior transmural incision and the retrorectal space. Cultures of bacteria were documented for the retroperitoneal space and intra abdominal cavity after 14 days. Rectal site was closed using non-absorbable sutures. There was no bowel cleansing, nor preoperative fasting. The procedures were performed in 6 pigs through transcolonic natural orifice access using available endoscopic flexible instruments. All animals survived 14 days without complications, and cultures were negative. Histopathologic examination of the rectal closure site showed adequate healing of suture line and no micro abscesses. The results of feasibility and safety of experimental Transcolonic NOTES potentially brings new frontiers and future wider applications for minimally invasive surgery. The treatment of colorectal, abdominal and retroperitoneal diseases through a flexible Perirectal NOTES Access (PNA) is a promising new approach

Blood Group Antigen Studies Using Cdte Quantum Dots And Flow Cytometry.

New methods of analysis involving semiconductor nanocrystals (quantum dots [QDs]) as fluorescent probes have been highlighted in life science. QDs present some advantages when compared to organic dyes, such as size-tunable emission spectra, broad absorption bands, and principally exceptional resistance to photobleaching. Methods applying QDs can be simple, not laborious, and can present high sensibility, allowing biomolecule identification and quantification with high specificity. In this context, the aim of this work was to apply dual-color CdTe QDs to quantify red blood cell (RBC) antigen expression on cell surface by flow cytometric analysis. QDs were conjugated to anti-A or anti-B monoclonal antibodies, as well as to the anti-H (Ulex europaeus I) lectin, to investigate RBCs of A1, B, A1B, O, A2, and Aweak donors. Bioconjugates were capable of distinguishing the different expressions of RBC antigens, both by labeling efficiency and by flow cytometry histogram profile. Furthermore, results showed that RBCs from Aweak donors present fewer amounts of A antigens and higher amounts of H, when compared to A1 RBCs. In the A group, the amount of A antigens decreased as A1 > A3 > AX = Ael, while H antigens were AX = Ael > A1. Bioconjugates presented stability and remained active for at least 6 months. In conclusion, this methodology with high sensibility and specificity can be applied to study a variety of RBC antigens, and, as a quantitative tool, can help in achieving a better comprehension of the antigen expression patterns on RBC membranes.104393-440

In vitro antileishmanial and antitrypanosomal activities of flavanones from Baccharis retusa DC. (Asteraceae)

Leishmaniasis and Chagas' are parasitic protozoan diseases that affect the poorest population in the world, causing a high mortality and morbidity. As a result of highly toxic and long-term treatments, novel, safe and more efficacious drugs are essential. in this work, the CH2Cl2 phase from MeOH extract from the leaves of Baccharis retusa DC. (Asteraceae) was fractioned to afford two flavonoids: naringenin (1) and sakuranetin (2). These compounds were in vitro tested against Leishmania spp. promastigotes and amastigotes and Ttypanosoma cruzi trypomastigotes and amastigotes. Compound 2 presented activity against Leishmania (L) amazonensis, Leishmania (V.) braziliensis, Leishmania (L) major, and Leishmania (L) chagasi with IC50 values in the range between 43 and 52 mu g/mL and against T. cruzi trypomastigotes (IC50= 20.17 mu g/mL). Despite of the chemical similarity, compound 1 did not show antiparasitic activity. Additionally, compound 2 was subjected to a methylation procedure to give sakuranetin-4'-methyl ether (3), which resulted in an inactive compound against both Leishmania spp. and T. cnizi. the obtained results indicated that the presence of one hydroxyl group at C-4' associated to one methoxyl group at C-7 is important to the antiparasitic activity. Further drug design studies aiming derivatives could be a promising tool for the development of new therapeutic agents for Leishmaniasis and Chagas' disease. (C) 2011 Elsevier Inc. All rights reserved.Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Conselho Nacional de Pesquisa e DesenvolvimentoUniversidade Federal de São Paulo, Inst Ciencias Ambientais Quim & Farmaceut, Diadema, SP, BrazilInst Adolfo Lutz Registro, Dept Parasitol, São Paulo, BrazilUniv Fed ABC, Ctr Ciencias Nat & Humanas, Santo Andre, SP, BrazilUniv Presbiteriana Mackenzie, Ctr Ciencias & Humanidades, São Paulo, BrazilUniversidade Federal de São Paulo, Inst Ciencias Ambientais Quim & Farmaceut, Diadema, SP, BrazilFAPESP: 06/57626-5FAPESP: 08/11496-9Conselho Nacional de Pesquisa e Desenvolvimento: 473405/2008-3Conselho Nacional de Pesquisa e Desenvolvimento: 477422/2009-8Web of Scienc

Sensing Structure based on Surface Plasmonic Resonance in Single Mode Optical Fibers Chemically Etched

Many optical systems based on Surface Plasmon Resonance (SPR) have been developed for work as refractometers, chemical sensors or even for measure the thickness of metal and dielectric thin films. These kinds of systems are usually large, expensive and cannot be used for remote sensing. Optical fiber sensors based on SPR has been widely studied for the last 20 years with several configurations mostly using multimode optical fibers with large cores and plastic claddings. Sensors based on SPR present very high sensitivity to refractive index variations when compared to the traditional refractive index sensors. Here we propose a SPR sensor based in a single mode fiber. The fiber end is chemically etched by emersion in a 48% hydrofluoric acid solution, resulting a single mode fiber with the cladding removed in a small section. A resonance dip around 1580 nm was attained in good agreement with the simulation scenario that takes into account the real characteristics of the fiber

Testing synchrotron models and frequency resolution in BINGO 21 cm simulated maps using GNILC

To recover the 21 cm hydrogen line, it is essential to separate the cosmological signal from the much stronger foreground contributions at radio frequencies. The BINGO radio telescope is designed to measure the 21 cm line and detect BAOs using the intensity mapping technique. This work analyses the performance of the GNILC method, combined with a power spectrum debiasing procedure. The method was applied to a simulated BINGO mission, building upon previous work from the collaboration. It compares two different synchrotron emission models and different instrumental configurations, in addition to the combination with ancillary data to optimize both the foreground removal and recovery of the 21 cm signal across the full BINGO frequency band, as well as to determine an optimal number of frequency bands for the signal recovery. We have produced foreground emissions maps using the Planck Sky Model, the cosmological Hi emission maps are generated using the FLASK package and thermal noise maps are created according to the instrumental setup. We apply the GNILC method to the simulated sky maps to separate the Hi plus thermal noise contribution and, through a debiasing procedure, recover an estimate of the noiseless 21 cm power spectrum. We found a near optimal reconstruction of the Hi signal using a 80 bins configuration, which resulted in a power spectrum reconstruction average error over all frequencies of 3%. Furthermore, our tests showed that GNILC is robust against different synchrotron emission models. Finally, adding an extra channel with CBASS foregrounds information, we reduced the estimation error of the 21 cm signal. The optimisation of our previous work, producing a configuration with an optimal number of channels for binning the data, impacts greatly the decisions regarding BINGO hardware configuration before commissioning.Comment: Submitted to A&

The BINGO Project VI: HI Halo Occupation Distribution and Mock Building

BINGO (Baryon Acoustic Oscillations from Integrated Neutral Gas Observations.) is a radio telescope designed to survey from 980 MHz to 1260 MHz, observe the neutral Hydrogen (HI) 21-cm line and detect BAO (Baryon Acoustic Oscillation) signal with Intensity Mapping technique. Here we present our method to generate mock maps of the 21-cm Intensity Mapping signal covering the BINGO frequency range and related test results. (Abridged)Comment: 16 pages, 20 figures, 1 table. Accepted for publication in A&

The BINGO Project IV: Simulations for mission performance assessment and preliminary component separation steps

The large-scale distribution of neutral hydrogen (HI) in the Universe is luminous through its 21 cm emission. The goal of the Baryon Acoustic Oscillations from Integrated Neutral Gas Observations -- BINGO -- radio telescope is to detect baryon acoustic oscillations (BAOs) at radio frequencies through 21 cm intensity mapping (IM). The telescope will span the redshift range 0.127 $< z <$ 0.449 with an instantaneous field-of-view of $14.75^{\circ} \times 6.0^{\circ}$. In this work we investigate different constructive and operational scenarios of the instrument by generating sky maps as they would be produced by the instrument. In doing this we use a set of end-to-end IM mission simulations. The maps will additionally be used to evaluate the efficiency of a component separation method (GNILC). We have simulated the kind of data that would be produced in a single-dish IM experiment such as BINGO. According to the results obtained, we have optimized the focal plane design of the telescope. In addition, the application of the GNILC method on simulated data shows that it is feasible to extract the cosmological signal across a wide range of multipoles and redshifts. The results are comparable with the standard principal component analysis method.Comment: 16 pages. Version to appear in A&