Market returns and mutual fund flows

With the increased popularity of mutual funds come increased concerns. Namely, could a sharp drop in stock and bond prices set off a cascade of redemptions by mutual fund investors and could the redemptions exert further downward pressure on asset markets? The authors analyze this relationship by using instrumental variables--a measuring technique previously unapplied to market returns and mutual fund flows--to determine the effect of returns on flows. Despite market observers' fears of a downward spiral in asset prices, the authors conclude that the short-term effect of market returns on mutual fund flows typically has been too weak to sustain such a spiral.Mutual funds ; Stock - Prices

Bounded diameter tree-decompositions

When does a graph $G$ admit a tree-decomposition in which every bag has diameter at most $d$? One necessary condition is that there is no ``geodesic'' cycle of length more than $3d$; but this is not sufficient, even qualitatively, because one can make graphs in which every geodesic cycle has length at most four, and yet every tree-decomposition has a bag with large diameter. But there is a more general necessary condition. A ``geodesic loaded cycle'' in $G$ is a pair $(C,F)$, where $C$ is a cycle of $G$ and $F\subseteq E(C)$, such that for every pair $u,v$ of vertices of $C$, one of the paths of $C$ between $u,v$ contains at most $d_G(u,v)$ $F$-edges, where $d_G(u,v)$ is the distance between $u,v$ in $G$. We will show that $G$ admits a tree-decomposition in which every bag has small diameter, if and only if $|F|$ is small for every geodesic loaded cycle $(C,F)$. Admitting a tree-decomposition with bags of bounded diameter is known as having ``bounded tree-length'' in algorithmic graph theory, and our proof of the theorem above is similar to an algorithm to approximate tree-length by Dourisboure and Gavoille. Also, admitting such a tree-decomposition turns out to be equivalent to a popular property from metrical geometry, being ``boundedly quasi-isometric to a tree'', and our theorem above about geodesic loaded cycles is essentially a rediscovery of Manning's theorem in metric space theory. The goal of this paper is to tie all these concepts together, and add a few more related ideas. For instance, we prove a conjecture of Rose McCarty, that $G$ admits a tree-decomposition in which every bag has small diameter, if and only if for all vertices $u,v,w$ of $G$, some ball of small radius meets every path joining two of $u,v,w$

Determination of the glycoforms of human chorionic gonadotropin b-core fragment by matrix-assisted laser desoption/ionisation time of flight mass spectrometry

Background: Metabolism of human chorionic gonadotropin (hCG) in the serum and kidney yields the terminal urinary product hCG ß-core fragment (hCGßcf), comprising two disulfide-linked peptides (ß6-ß40 and ß55-ß92) of which one (ß6-ß40) retains truncated N-linked sugars. Hyperglycosylated hCGßcf may indicate choriocarcinoma or Down syndrome, but the glycosylation profile of hCGßcf has not been thoroughly evaluated. Methods: hCGßcf, purified from pregnancy urine, was reduced by "on-target" dithiothreitol (DTT) reduction and analyzed by matrix-assisted laser desorption/ionization time-of-flight mass spectrometry (MALDI-TOF MS). The mass ([M+H]+) of the primary sequence of the glycosylated peptide ß6-ß40 was subtracted from the m/z values of the discrete peaks observed to give the masses of the carbohydrate moieties. Carbohydrate structure was predicted by sequentially subtracting the masses of the monosaccharide residues corresponding to N-linked carbohydrates of the hCG ß-subunit reported in the literature. Results: Mass spectra of hCGßcf revealed a broad triple peak at m/z 8700–11300. After reduction, the triple peak was replaced by a discrete set of peaks between m/z 4156 and 6354. A peak at m/z 4156.8 corresponded to the nonglycosylated peptide (ß55-ß92). The remaining nine peaks indicated that urinary hCGßcf comprises a set of glycoforms smaller and larger than the trimannosyl core. Conclusions: hCGßcf comprises a wider set of glycoforms than reported previously. Peaks of highest mass indicate evidence of hyperglycosylated carbohydrate moieties. The data support previous reports that hCGßcf oligosaccharides lack sialic acid and galactose residues. No indication was found of a ß6-ß40 peptide that was entirely devoid of carbohydrate

I Wish I Had My Old Girl Back Again

https://digitalcommons.library.umaine.edu/mmb-vp/3578/thumbnail.jp

Capital structure and the issuance of corporate bonds in emerging Asia

In emerging Asia's local-currency bond market, the government bond segments have largely come of age while the corporate bond markets have remained immature. This paper focuses on the question of what drives corporate bond issuance, an issue of great practical relevance for policymakers in the region. We analyse the financing decisions of some 4,600 firms in eight countries in emerging Asia. We analyse these decisions within the context of the firms'capital structure. We also analyse the effect of market depth, relying on market-wide indicators from the BIS. We find that for both seasoned and unseasoned issuers, size and leverage both matter for the decision to issue. The availability of tangible assets matters for the decision to issue in foreign currency. At the level of the markets, the depth of the market and interest differentials matter