Three Essays on Hedge Fund Flows, Regulation, and Economic Geography

Chapter I studies the effect of tax policies (Tax Information Exchange Agreements (TIEAS)) on hedge fund flows and indirectly on hedge fund manager and investor behavior in six tax haven countries. I find that structural changes in both hedge fund dollar flows and net flows occurred in the tax haven countries as a result of TIEAS. I also find that both hedge fund dollar flows and net flows of the countries that signed TIEAS and the countries that did not sign TIEAS increased after their structural break points. Chapter II investigates whether a causal relationship exists between hedge fund flows and performance. Six major offshore tax haven countries (from Chapter I) and the U.S. are included in the study. Applying unit root and cointegration models coupled with a bivariate vector autocorrelation model, I find that hedge fund return leads hedge fund flows in the U.S., Bahamas, and Bermuda. This suggests that hedge fund investors in these countries make their investment decisions based on the aggregated performance of hedge funds. However, data from the U.S. indicates a moderate feedback relationship. Results from impulse response analysis show that while an increase in hedge fund returns leads to an increase in flows in all tax haven countries, U.S. hedge fund flows decrease with increasing performance. Chapter III traces the geographic location of U.S. hedge funds and funds of funds and estimates the determinants of U.S. hedge fund and fund of funds mangers’ location choices. A nested logit model developed by McFadden (1974) is used in the analysis. I find that fund type, lock up period, number of employees, management fees, and performance fees are significant determinants of hedge funds and funds of funds managers’ location choices. High water mark is not a significant determinant of fund managers’ location choices. In addition, hurdle rate is a significant determinant when fund managers are choosing between whether to register in tax haven or non-tax haven

Research on Crash Safety Design of Electric Vehicle Power Battery

By expounding the collision conditions of electric vehicles, analyzing the characteristics of battery collision under different collision conditions, and studying the traditional collision safety design of electric vehicle power batteries, a new safety design method based on battery damage tolerance is proposed, which aims to provide help for improving the safety protection of electric vehicle power batteries in collision and improve the safety of power batteries in collision, Meet people's requirements for vehicle safety

Professional Demographic Factors That Influence Iranian Auditors Perceptions Of The Fraud-Detecting Effectiveness Of Red Flags

The purpose of this study is to explore the relationship between professional demographic factors concerning external and internal auditors and the perceived level of effectiveness of the Statement of Auditing Standard (SAS) No. 99 red flags in detecting fraudulent financial reporting activities as perceived by external and internal auditors. The six hypotheses are: (1) the type of auditors using red flags to detect fraud, (2) highest degrees received by auditors, (3) areas that auditors majored in at universities, (4) auditors’ accumulated knowledge of red flags, (5) auditors who have or have not used red flags to detect fraud, and (6) auditors whohave or have not received in-house red flag training.  The six hypotheses explore how six professional demographic factors may influence the level of fraud-detecting effectiveness of the SAS No. 99 red flags as perceived by 227 external and internal auditors in Iran.  The results of this study indicate that all six hypotheses were accepted.   In conclusion, the level of fraud-detecting effectiveness of these red flags as perceived by the Iranian auditors may be influenced by the following factors: (1) the type of auditors, (2) the highest degrees received by auditors, (3) areas that auditors majored in at universities, (4) knowledge about red flags accumulated by auditors, (5) auditors whohave or have not previously used red flags to detect fraud, and (6) auditors whohave or have not previously received in-house red flag training

Comparative Stress Levels among Residents in Three Chinese Provincial Capitals, 2001 and 2008

Objectives To compare stress levels among residents in large Chinese cities between 2001 and 2008. Methods Survey data were collected in three mainland Chinese capital cities in two waves, in 2001 and 2008, respectively. Participants were recruited through a multi-stage stratified sampling process. Stress was assessed using the Perceived Stress Scale, Chinese version (CPSS). Descriptive methods were used to estimate mean stress levels and associated 95% confidence intervals. Estimates were adjusted by post-stratification weights. Results Indicating stable stress levels, respective adjusted mean stress scores for the combined samples of study participants were 23.90 (95%CI: 23.68–24.12) in 2001 and 23.69 (95%CI: 23.38–24.01) in 2008. A lower stress level in 2008 than in 2001 manifested among residents who were under 25 years of age; female; with a college or higher level education; divorced, widowed, or separated; members of the managerial and clerical group; students or army personnel; or with an annual income of at least 30,000 RMB. Conclusion The overall stress level did not change among the combined sample of residents in the three Chinese study cities between 2001 and 2008. However, levels remained high and varied across social strata, and may have reflected a national trend among urban residents. Findings indicate a need for a new health policy, and call for the design and implementation of evidence-based interventions that target the highest-risk groups

Conventional and genetic evidence on alcohol and vascular disease aetiology:a prospective study of 500 000 men and women in China

Background Moderate alcohol intake has been associated with reduced cardiovascular risk in many studies, in comparison with abstinence or with heavier drinking. Studies in east Asia can help determine whether these associations are causal, since two common genetic variants greatly affect alcohol drinking patterns. We used these two variants to assess the relationships between cardiovascular risk and genotype-predicted mean alcohol intake in men, contrasting the findings in men with those in women (few of whom drink). Methods The prospective China Kadoorie Biobank enrolled 512 715 adults between June 25, 2004, and July 15, 2008, from ten areas of China, recording alcohol use and other characteristics. It followed them for about 10 years (until Jan 1, 2017), monitoring cardiovascular disease (including ischaemic stroke, intracerebral haemorrhage, and myocardial infarction) by linkage with morbidity and mortality registries and electronic hospital records. 161 498 participants were genotyped for two variants that alter alcohol metabolism, ALDH2-rs671 and ADH1B-rs1229984. Adjusted Cox regression was used to obtain the relative risks associating disease incidence with self-reported drinking patterns (conventional epidemiology) or with genotype-predicted mean male alcohol intake (genetic epidemiology—ie, Mendelian randomisation), with stratification by study area to control for variation between areas in disease rates and in genotype-predicted intake. Findings 33% (69 897/210 205) of men reported drinking alcohol in most weeks, mainly as spirits, compared with only 2% (6245/302 510) of women. Among men, conventional epidemiology showed that self-reported alcohol intake had U-shaped associations with the incidence of ischaemic stroke (n=14 930), intracerebral haemorrhage (n=3496), and acute myocardial infarction (n=2958); men who reported drinking about 100 g of alcohol per week (one to two drinks per day) had lower risks of all three diseases than non-drinkers or heavier drinkers. In contrast, although genotype-predicted mean male alcohol intake varied widely (from 4 to 256 g per week—ie, near zero to about four drinks per day), it did not have any U-shaped associations with risk. For stroke, genotype-predicted mean alcohol intake had a continuously positive log-linear association with risk, which was stronger for intracerebral haemorrhage (relative risk [RR] per 280 g per week 1·58, 95% CI 1·36–1·84, p Interpretation Genetic epidemiology shows that the apparently protective effects of moderate alcohol intake against stroke are largely non-causal. Alcohol consumption uniformly increases blood pressure and stroke risk, and appears in this one study to have little net effect on the risk of myocardial infarction.</p

Methodology and applications of city level CO2 emission accounts in China

China is the world's largest energy consumer and CO2 emitter. Cities contribute 85% of the total CO2 emissions in China and thus are considered as the key areas for implementing policies designed for climate change adaption and CO2 emission mitigation. However, the emission inventory construction of Chinese cities has not been well researched, mainly owing to the lack of systematic statistics and poor data quality. Focusing on this research gap, we developed a set of methods for constructing CO2 emissions inventories for Chinese cities based on energy balance table. The newly constructed emission inventory is compiled in terms of the definition provided by the IPCC territorial emission accounting approach and covers 47 socioeconomic sectors, 17 fossil fuels and 9 primary industry products, which is corresponding with the national and provincial inventory. In the study, we applied the methods to compile CO2 emissions inventories for 24 common Chinese cities and examined uncertainties of the inventories. Understanding the emissions sources in Chinese cities is the basis for many climate policy and goal research in the future

Happiness around the world: A combined etic-emic approach across 63 countries.

What does it mean to be happy? The vast majority of cross-cultural studies on happiness have employed a Western-origin, or "WEIRD" measure of happiness that conceptualizes it as a self-centered (or "independent"), high-arousal emotion. However, research from Eastern cultures, particularly Japan, conceptualizes happiness as including an interpersonal aspect emphasizing harmony and connectedness to others. Following a combined emic-etic approach (Cheung, van de Vijver & Leong, 2011), we assessed the cross-cultural applicability of a measure of independent happiness developed in the US (Subjective Happiness Scale; Lyubomirsky & Lepper, 1999) and a measure of interdependent happiness developed in Japan (Interdependent Happiness Scale; Hitokoto & Uchida, 2015), with data from 63 countries representing 7 sociocultural regions. Results indicate that the schema of independent happiness was more coherent in more WEIRD countries. In contrast, the coherence of interdependent happiness was unrelated to a country's "WEIRD-ness." Reliabilities of both happiness measures were lowest in African and Middle Eastern countries, suggesting these two conceptualizations of happiness may not be globally comprehensive. Overall, while the two measures had many similar correlates and properties, the self-focused concept of independent happiness is "WEIRD-er" than interdependent happiness, suggesting cross-cultural researchers should attend to both conceptualizations

An image processing approach for motion artifact suppression in magnectic resonance imaging

Bibliography: p. 143-14