The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.mutual fund, fee caps, censored data

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross-sectionally with betas estimated relative to two competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2002), is associated with the strength of volume-related return reversals. Our marketwide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid-ask spread and returns with low sensitivities to those changes. Our empirical results show that neither of these proxies for systematic liquidity risk seems to be priced in the Spanish stock market. Further international evidence is deserved.expected returns, systematic liquidity risk, order flow, bid ask spread

Understanding the ex-ante cost of liquidity in the limit order book: A note

This paper estimates a new measure of liquidity costs in a market driven by orders. It represents thecost of simultaneously buying and selling a given amount of shares, and it is given by a single measure of ex-ante liquidity that aggregates all available information in the limit order book for a given number of shares. The cost of liquidity is an increasing function relating bid-ask spreads with the amounts available for trading. This measure completely characterizes the cost of liquidity of any given asset. It does not suffer from the usual ambiguities related to either the bid-ask spread or depth when they are considered separately. On the contrary, with a single measure, we are able to capture all dimensions of liquidity costs on ex-ante basis.liquidity cost, liquidity function, open limit order book, depth, bid ask spread

Ciencias Sociales: Economía y Humanidades

Este volumen I contiene 29 capítulos arbitrados que se ocupan de estos asuntos en Tópicos Selectos de Ciencias Sociales: Economía y Humanidades, elegidos de entre las contribuciones, reunimos algunos investigadores y estudiantes.Gómez, presenta un breve examen de la producción y comercialización de rosa en México; Arpi y Portillo realiza un estudio en México sobre el ingreso mínimo de las familias que identifica la línea de pobreza alimentaria en el área rural del sur de México, 2012; Bravo realiza un pequeño estudio donde hablará sobre el análisis comparado del Sector Gubernamental y la Economía Mexicana desde la perspectiva de los eslabonamientos productivos Hirshman-Rasmuss; Caamal, Pat, Jerónimo y Romero realizan un estudio sobre los canales de comercialización de limón persa en el municipio de Martínez de la Torre, Veracruz; Macías y Perales nos hablarán sobre una análisis del comercio estratégico en el TLCAN: El Estado en la política agrícola de biocombustibles; Figueroa, Pérez y Godínez se expresan acerca de la importancia de la comercialización del café en México; Sepúlveda, Sepúlveda y Pérez realizan un diagnóstico, retos del comercio electrónico en el Sector Agroindustrial Mexicano; Duana mediante su trabajo nos muestra y habla sobre la inversión extranjera directa y su impacto en crecimiento de México, un análisis en prospectiva: 1999-2010; Figueroa, Pérez y Ramírez hacen un estudio acerca sobre la importancia de la Banca en México; Pérez, Figueroa, Godínez y Pérez presenta un trabajo acerca de la competitividad de la producción agrícola en México, un análisis regional; Rodríguez, Espinosa y Márquez analizan todo acerca de el SIAL productor de quesos en Poxtla, competividad y territorio; Garza nos habla acerca de la intermediación financiera al servicio de la comunidad indígena: el fondo regional indígena Tarhiata Keri; Arroyo, Aguilar, Santoyo y Muñoz realizan un estudio acerca de la demanda de Importaciones de durazno (Prunus pérsica L. Batsch) en México procedentes de Estados Unidos de América (1982-2011); Loera y Sepúlveda analizan los parámetros de la productividad forestal en la producción de madera en rollo; Pérez, Morett y Tecpan realizan un análisis de factores sociales, ambientales y económicos del territorio rural cercano a la ciudad de México; Godínez, Figueroa y Pérez realizan un estudio acerca de la crisis económica mundial y su efecto sobre los flujos migratorios de América Latina; Magadán, Hernández y Escalona presentan la tipología de los sujetos sociales que intervienen en el mercado campesino de Ocotlán Oaxaca; Tavera y Cobos nos hablan de la normalización del proceso de compostaje: una opción para desarrollar el mercado de la composta; Piña y Pérez hablan acerca de la reestructuración del capitalismo y crisis política en México; Gonzáles, Rucoba y Ramírez realizan un estudio de la rentabilidad de la producción de miel en el municipio de León, Guanjuato; Ramírez, Gutiérrez y Figueroa realizan un estudio acerca de la economía del maíz en la región metropolitana, Chiapas, 2014; Bueno, Méndez y Cruz realizan un estudio y análisis de los centros de educación y cultura ambiental, necesidad de profesionalización Pedagógica de facilitadores ambientales; Pat, Caamal, Jerónimo y Mendoza presentan un estudio acerca de los Costos y competitividad de la producción del limón persa en el municipio de Martínez de la Torre, Veracruz. Vizuet presenta un trabajo de la construcción polisémica e histórica del concepto de la pobreza; Navarrete, Ríos y Arévalo presentan un estudio acerca de la producción ejidal de tomate rojo (Lycopersicum esculentum) en el DR-017, y su huella hídrica; Pérez y Piña hablan acerca de la productividad e inversión extranjera: La industria de Alimentos; Pérez, Figueroa, Godínez y Gómez presentan el trabajo sobre el sector primario en México; Pérez, Figueroa, Godínez y Gómez presentan acerca de los subsidios al campo como instrumento de política económica en México; Venegas, Perales y Del Valle realizan un estudio de rentabilidad de biodigestores y motogeneradores para diferentes tamaños de granjas porcinas en Michoacán

La remuneración sobre resultados a los gestores de los fondos de inversión españoles

This study provides an empirical analysis in cross-sectional of the main characteristics of the Spanish mutual funds which determine the choice among establishing the management fee on the basis of the total asset of the fund ( non- incentive fee) or the mutual fund performace (incentive fee). We found significant differences between the funds that choose a type or other of management fee regarding investing vocation, obtained returns, volatility, size and charged expenses. In particular, it is obtained that the probability of establishing the management fee based on the performace increases significantly for the funds that invest high percentages of its portfolio in equity funds, those are the yongest in the investing vocation and the most expensiveEn este trabajo se realiza un análisis empírico en sección cruzada de las principales características de los fondos de inversión españoles que determinan la elección entre establecer la comisión de gestión sobre el patrimonio gestionado o sobre los resultados obtenidos. El estudio muestra diferencias significativas entre los fondos que eligen un tipo u otro de comisión de gestión en cuanto a vocación inversora, rentabilidad obtenida, volatilidad, tamaño y gastos cobrados. En particular, se obtiene que la probabilidad de establecer la comisión de gestión sobre los resultados se incrementa significativamente para los fondos que invierten elevados porcentajes de su cartera en activos de renta variable, los de menor antigüedad en la vocación inversora y los que tiene mayor cuantía de gasto

Modelling of a supercritical CO2 power cycle for nuclear fusion reactors using RELAP5-3D

A supercritical recompression CO2 power cycle has been simulated using the system code RELAP5-3D. This code is being developed by INL and has traditionally been used in the simulation of operational and accidental transients in fission nuclear plants. The aim of the work presented here, developed within the framework of the Spanish Fusion Technology Program Consolider TECNO_FUS, is to take advantage of the simulation capabilities of RELAP5-3D in a field where little if any experience exists in the use of the code; i.e., the simulation of the heat fluxes and the thermodynamic cycle that, in a fusion power plant, will convert thermal power from plasma into mechanical power as a previous step to electricity generation. Code capabilities that make it suitable for this purpose are, for instance, the compressor model and the libraries of fluid properties (among them CO2 and LiPb).; The reference plant for the simulation is the one being designed under TECNO_FUS, which is the Spanish proposal for DEMO. The model of the plant includes the primary coolant systems, i.e. helium and LiPb in the Spanish dual coolant modular design (doble refrigerante modular, DRM), compressors, turbine and heat exchangers (Printed Circuit type).; After the model has been set-up, several steady-state calculations have been run to test the performance of the model. After designing some minimal control features and adjusting their parameters, a few transient calculations have been run in order to demonstrate the capabilities of code and model. Finally, strengths and weaknesses of code and model are highlighted, along with some conclusions on their suitability for fusion technology applications

Modelado de un ciclo de potencia de CO2 supercrítico para reactores de fusión utilizando RELAP5-3D

En el marco del programa español de Tecnología de Fusión TECNO_FUS se ha avanzado en la definición de sistemas para DEMO, entre ellos las unidades reproductoras de tritio y el ciclo de potencia. Para las primeras, se ha propuesto un diseño modular a doble refrigerante (PbLi-He). Para la conversión de potencia térmica a eléctrica se han investigado ciclos de CO2 supercrítico. Mediante el código de sistema RELAP5-3D© se ha simulado un ciclo de potencia de CO2 supercrítico con recompresión. El código está desarrollado por el Idaho National Laboratory de EEUU y ha sido aplicado tradicionalmente a la simulación de transitorios operacionales y accidentales de plantas nucleares de fisión. El objetivo del presente trabajo es estudiar las capacidades del código en el ámbito de la Tecnología de Fusión. En GET/T4F se ha desarrollado un modelo basado en la propuesta española de diseño TECNO_FUS. Dicho modelo incluye los sistemas de refrigerante primario (helio y PbLi), compresores, turbina e intercambiadores de calor (del tipo circuito impreso). Tras la puesta a punto del modelo se han ejecutado cálculos de estado estacionario para comprobar la adecuación de los parámetros seleccionados. Tras diseñar algunos sistemas de control se han ejecutado cálculos transitorios para demostrar las capacidades del código y del modelo. El estudio ha permitido aprovechar las capacidades de RELAP5-3D© in un ámbito donde existía poca experiencia en el uso del código, como es la simulación de los flujos de calor y de los ciclos termodinámicos que, en una futura planta de fusión, convertirán la potencia emitida por el plasma en energía mecánica como paso previo a la generación eléctrica. Como fruto de los análisis se destacan las fortalezas y debilidades de código y modelo, junto con conclusiones sobre su aplicabilidad a la Tecnología de Fusión

Assessment of plasma chitotriosidase activity, CCL18/PARC concentration and NP-C suspicion index in the diagnosis of Niemann-Pick disease type C : A prospective observational study

Niemann-Pick disease type C (NP-C) is a rare, autosomal recessive neurodegenerative disease caused by mutations in either the NPC1 or NPC2 genes. The diagnosis of NP-C remains challenging due to the non-specific, heterogeneous nature of signs/symptoms. This study assessed the utility of plasma chitotriosidase (ChT) and Chemokine (C-C motif) ligand 18 (CCL18)/pulmonary and activation-regulated chemokine (PARC) in conjunction with the NP-C suspicion index (NP-C SI) for guiding confirmatory laboratory testing in patients with suspected NP-C. In a prospective observational cohort study, incorporating a retrospective determination of NP-C SI scores, two different diagnostic approaches were applied in two separate groups of unrelated patients from 51 Spanish medical centers (n = 118 in both groups). From Jan 2010 to Apr 2012 (Period 1), patients with ≥2 clinical signs/symptoms of NP-C were considered 'suspected NP-C' cases, and NPC1/NPC2 sequencing, plasma chitotriosidase (ChT), CCL18/PARC and sphingomyelinase levels were assessed. Based on findings in Period 1, plasma ChT and CCL18/PARC, and NP-C SI prediction scores were determined in a second group of patients between May 2012 and Apr 2014 (Period 2), and NPC1 and NPC2 were sequenced only in those with elevated ChT and/or elevated CCL18/PARC and/or NP-C SI ≥70. Filipin staining and 7-ketocholesterol (7-KC) measurements were performed in all patients with NP-C gene mutations, where possible. In total across Periods 1 and 2, 10/236 (4%) patients had a confirmed diagnosis o NP-C based on gene sequencing (5/118 [4.2%] in each Period): all of these patients had two causal NPC1 mutations. Single mutant NPC1 alleles were detected in 8/236 (3%) patients, overall. Positive filipin staining results comprised three classical and five variant biochemical phenotypes. No NPC2 mutations were detected. All patients with NPC1 mutations had high ChT activity, high CCL18/PARC concentrations and/or NP-C SI scores ≥70. Plasma 7-KC was higher than control cut-off values in all patients with two NPC1 mutations, and in the majority of patients with single mutations. Family studies identified three further NP-C patients. This approach may be very useful for laboratories that do not have mass spectrometry facilities and therefore, they cannot use other NP-C biomarkers for diagnosis

Evolution over Time of Ventilatory Management and Outcome of Patients with Neurologic Disease∗

OBJECTIVES: To describe the changes in ventilator management over time in patients with neurologic disease at ICU admission and to estimate factors associated with 28-day hospital mortality. DESIGN: Secondary analysis of three prospective, observational, multicenter studies. SETTING: Cohort studies conducted in 2004, 2010, and 2016. PATIENTS: Adult patients who received mechanical ventilation for more than 12 hours. INTERVENTIONS: None. MEASUREMENTS AND MAIN RESULTS: Among the 20,929 patients enrolled, we included 4,152 (20%) mechanically ventilated patients due to different neurologic diseases. Hemorrhagic stroke and brain trauma were the most common pathologies associated with the need for mechanical ventilation. Although volume-cycled ventilation remained the preferred ventilation mode, there was a significant (p < 0.001) increment in the use of pressure support ventilation. The proportion of patients receiving a protective lung ventilation strategy was increased over time: 47% in 2004, 63% in 2010, and 65% in 2016 (p < 0.001), as well as the duration of protective ventilation strategies: 406 days per 1,000 mechanical ventilation days in 2004, 523 days per 1,000 mechanical ventilation days in 2010, and 585 days per 1,000 mechanical ventilation days in 2016 (p < 0.001). There were no differences in the length of stay in the ICU, mortality in the ICU, and mortality in hospital from 2004 to 2016. Independent risk factors for 28-day mortality were age greater than 75 years, Simplified Acute Physiology Score II greater than 50, the occurrence of organ dysfunction within first 48 hours after brain injury, and specific neurologic diseases such as hemorrhagic stroke, ischemic stroke, and brain trauma. CONCLUSIONS: More lung-protective ventilatory strategies have been implemented over years in neurologic patients with no effect on pulmonary complications or on survival. We found several prognostic factors on mortality such as advanced age, the severity of the disease, organ dysfunctions, and the etiology of neurologic disease