Exploring the conditional performance of UK unit trusts

We evaluate the conditional performance of U.K. equity unit trusts using the approach of Lynch and Wachter (2007, 2008) relative to three conditional linear factor models. We find significant time variation in the conditional performance of some trust portfolios and individual trusts using the lag term spread as the information variable. The conditional performance of the trusts is countercyclical and larger trusts have more countercyclical performance than smaller trusts within certain investment sectors. These patterns in conditional trust performance cannot be fully explained by the underlying securities that the trusts hold.

ATR-FTIR spectroscopy and spectroscopic imaging of solvent and permeant diffusion across model membranes

The uptake and diffusion of solvents across polymer membranes is important in controlled drug delivery, effects on drug uptake into, for example, infusion bags and containers, as well as transport across protective clothing. Attenuated Total Reflectance Fourier Transform Infrared (ATR-FTIR) spectroscopy has been used to monitor the effects of different solvents on the diffusion of a model compound, 4-cyanophenol (CNP) across silicone membrane and on the equilibrium concentration of CNP obtained in the membrane following diffusion. ATR-FTIR spectroscopic imaging of membrane diffusion was used to gain an understanding of when the boundary conditions applied to Fick's second law, used to model the diffusion of permeants across the silicone membrane do not hold. The imaging experiments indicated that when the solvent was not taken up appreciably into the membrane, the presence of discrete solvent pools between the ATR crystal and the silicone membrane can affect the diffusion profile of the permeant. This effect is more significant if the permeant has a high solubility in the solvent. In contrast, solvents that are taken up into the membrane to a greater extent, or those where the solubility of the permeant in the vehicle is relatively low, were found to show a good fit to the diffusion model. As such these systems allow the ATR-FTIR spectroscopic approach to give mechanistic insight into how the particular solvents enhance permeation. The solubility of CNP in the solvent and the uptake of the solvent into the membrane were found to be important influences on the equilibrium concentration of the permeant obtained in the membrane following diffusion. In general, solvents which were taken up to a significant extent into the membrane and which caused the membrane to swell increased the diffusion coefficient of the permeant in the membrane though other factors such as solvent viscosity may also be important.

Journal citation among heterodox economists 1995-2007: Dynamics of community emergence

Purpose – This study aims to investigate the pattern among 17 heterodox economic journals over a prolonged period to provide evidence about the social dynamics among the group of researchers who publish in them and the extent to which they hold or develop a collective identity as heterodox economists. Design/methodology/approach – Traditional approaches to citation analysis are extended by the use of techniques from social network analysis. In addition to citation counts, measures of network position and clique membership are used to identify key journals and turning points in a longitudinal analysis. Findings – Important shifts in the nature of citation within the network of journals are identified in the 1998-2001 period and evidence is found of the emergence of a collective identity. Research limitations/implications – The methods prove a valuable extension of citation analysis and also focus greater consideration on the social relationships that citations represent. They are well suited to addressing the principal limitation of the study, its restriction to journals within the defined community rather than journals in general. Originality/value – This extends traditional approaches to citation analysis, provides an important new technique in identifying emergent collective identities and provides insight into the history and nature of the heterodox economic community.