The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

A Body Outside the Kremlin

A BODY OUTSIDE THE KREMLIN is a historical mystery novel set in the Northern Camps of Special Significance, a Soviet Russian penal institution based in the Solovetsky Archipelago during the 1920s. The protagonist, working first with the camp authorities, then in spite of their disapproval, solves the murder of a fellow prisoner. In the process he improves his position within the camp, while also becoming hardened to the brutal necessities of camp life. Prior to the establishment of the penal camp, the Solovetsky Archipelago was the site of an important Russian Orthodox monastery, and the mystery proves to involve valuables, particularly icons, seized from the monks by the Soviet secret police. Thus the novel treats themes not only of statist repression, but also religious epiphany and the problems of true perception in a world of symbols.

La mujer en defensa de la mujer: voces femeninas del romanticismo cubano (Poesía y cuento)

Throughout history, women have played an important role in literature. Nevertheless, since Sappho's poetry until now, feminine voices have had to struggle for recognition of their works. Before the nineteenth century, women were almost ignored in Spanish literature. Society kept them as "ángeles de la familia," taking care of their homes, husbands, and children. Some of them, such as María de Zayas y Sotomayor in Spain and Sor Juana Inés de la Cruz in Mexico, complained about their situation in their writings. However, they expressed their fight not as a generation but as individuals. In the nineteenth century, the ideas and ideals of Romanticism, were brought to Latin America from Europe. Cuba was among those countries where the new movement took roots. Initiated by Gertrudis Gómez de Avellaneda, a group of women began to participate in literary reunions, and to found newspapers and magazines where works authored by women, dedicated to feminist ideas, were published. They indeed through literature started to live out womanhood in order to intellectually leave the ideological prisons where society had been keeping them. This study scans the literary works of all Romantic women writers in Cuba. It specifically analyzes poetry and short stories, and investigates how these authors expressed themselves in their works against the patriarchal society, where they lived and wrote their books. An eclectic critical method has been used. Findings were very revealing. Only three of the fourteen writers studied in my dissertation had been previously mentioned by major critics. Most of them had been ignored. However, the greatest discovery was that they prompted something new: For the first time they projected themselves as a group, as a collective consciousness, and this fact established a difference with former women writers in Cuban literature before Romanticism. In other words, they produced a "Renaissance" in Cuba's literature. In spite of how they lived between 1820 and 1900, their struggles for women's rights have linked them to our current times.

Landscape of fear : a social history of the missile during the early years of the cold war, 1950-1965

The missile's significance has been central to national security since the Soviet launching of Sputnik, and became increasingly important throughout the years of the Cold War. Much has been written about missile technology, but little has been written about how the development and deployment of this weapon affected Americans. The missile was developed to both deter war but also to win war. Its presence, however, was not always reassuring. Three areas of the United States are studied to evaluate the social implications of the missile during these pivotal years: San Francisco, home of multiple Nike installations; of Cape Canaveral, Florida, the nation's primary missile test center; the Great Plains, the location of the largest ICBM concentration in the country. Interviews were conducted, tours of facilities were taken, and local newspapers were reviewed. In conjunction with national newspapers and magazines and public opinion polls, this information provided a local social context for missile history. Nationally and locally, Americans both feared and praised the new technology. They were anxious for government funding in their cities and often felt that the danger the missile brought to their communities by making it as a Soviet target was justified in the larger cause for national security.