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.

Bottle and Pumpcast Data from the 1988 Black Sea Expedition

This report contains inorganic nutrient chemistry, sulfide and oxygen data collected during cruises 2 through 5 of the 1988 Black Sea Oceanographic Expedition aboard the R/V Knorr. Continuous nutrient and sulfide data were obtained in the upper 375 m using a pumped profiling system. Discrete samples were collected from rosette-CTD casts. The corresponding physical oceanographic data have been presented by White et al. (1989). Although all of the data reported has been edited at least twice, errors may remain. We encourage queries and plan to distribute updates on electronic media if there are any non-trivial changes.

Species Profiles: Life Histories and Environmental Requirements of Coastal Fishes and Invertebrates (Pacific Southwest): Black, green, and red abalones

All abalones belong to the genus Haliotis sensu latu, family Haliotidae. The 75 species known worldwide (Booloot ian et, al. 1962) are anatomically similar and all are adapted for attachment to hard substrates. Seven species are widely distributed along the coast of California (Cox 1962; Mottet 19781, of which several are important in the comercial and sport fisheries of the Pacific Southwest. (PDF has 19 pages.)

Movement of yellowtail snapper (Ocyurus chrysurus Block 1790) and black grouper (Mycteroperca bonaci Poey 1860) in the northern Florida Keys National Marine Sanctuary as determined by acoustic telemetry

We tagged a total of 14 yellowtail snapper (Ocyurus chrysurus Bloch 1790) and black grouper (Mycteroperca bonaci Poey 1860) inside the Conch Reef Research Only Area (a no-take marine reserve) in the northern Florida Keys National Marine Sanctuary in November 2001. Both species are heavily exploited in the region. Our objective was to characterize site fidelity and movement behavior along the reef tract to the north and south of the release point. Fishes were collected by baited hook and line from the surface, surgically-tagged with coded-acoustic transmitters, and returned to the reef by snorkelers. Tracking of fish movement behavior was conducted by five acoustic receivers deployed on the seafloor from Davis Reef in the south to Pickles Reef in the north. Fishes were tracked for up to eight months. Results indicated that the majority of signal detections for individual fish from both species were recorded at the two Conch Reef receivers. Limited movement from Conch Reef to Davis Reef was recorded, but no signal detections were recorded at the two sites to the north of Conch Reef. These results suggest that both species show site fidelity to Conch Reef. Future studies will seek to characterize this site fidelity with increased temporal and spatial resolution at Conch Reef. (PDF contains 25 pages.)

Development of kelp rockfish, Sebastes atrovirens (Jordan and Gilbert 1880), and brown rockfish, S. auriculatus (Girard 1854), from birth to pelagic juvenile stage, with notes on early larval development of black-and-yellow rockfish, S. chrysomelas (Jordan and Gilbert 1880), reared in the laboratory (Pisces: Sebastidae).

Larval kelp (Sebastes atrovirens), brown (S. auriculatus), and blackand-yellow (S. chrysomelas) rockfish were reared from known adults, to preflexion stage, nine days after birth for S. chrysomelas, to late postflexion stage for S. atrovirens, and to pelagic juvenile stage for S. auriculatus. Larval S. atrovirens and S. chrysomelas were about 4.6 mm body length (BL) and S. auriculatus about 5.2 mm BL at birth. Both S. atrovirens and S. auriculatus underwent notochord flexion at about 6–9 mm BL. Sebastes atrovirens transform to the pelagic juvenile stage at about 14–16 mm BL and S. auriculatus transformed at ca. 25 mm BL. Early larvae of all three species were characterized by melanistic pigment dorsally on the head, on the gut, on most of the ventral margin of the tail, and in a long series on the dorsal margin of the tail. Larval S. atrovirens and S. auriculatus developed a posterior bar on the tail during the flexion or postflexion stage. In S. atrovirens xanthic pigment resembled the melanistic pattern throughout larval development. Larval S. auriculatus lacked xanthophores except on the head until late preflexion stage, when a pattern much like the melanophore pattern gradually developed. Larval S. chrysomelas had extensive xanthic pigmentation dorsally, but none ventrally, in preflexion stage. All members of the Sebastes subgenus Pteropodus (S. atrovirens, S. auriculatus, S. carnatus, S. caurinus, S. chrysomelas, S. dalli, S. maliger, S. nebulosus, S. rastrelliger) are morphologically similar and all share the basic melanistic pigment pattern described here. Although the three species reared in this study can be distinguished on the basis of xanthic pigmentation, it seems unlikely that it will be possible to reliably identify field-collected larvae to species using traditional morphological and melanistic pigmentation characters. (PDF file contains 36 pages.)

The Summer Flounder, Scup, and Black Sea Bass Fishery of the Middle Atlantic Bight and Southern New England Waters

Summer flounder, Paralichthys dentatus, scup, Stenotomus chrysops, and black sea bass, Centropristis striata, cooccur within the Middle Atlantic Bight and off southern New England and are important components of commercial and recreational fisheries. The commercial otter trawl fishery for these species is primarily a winter fishery, whereas the recreational fishery takes place between late spring and autumn. The otter trawl fishery generally targets summer flounder, and less frequently scup, while black sea bass occurs as bycatch. Trips in which all three species were present yielded highest aggregate landings per unit of effort (LPUE) levels and occurred more often than trips landing only one or two species. More than 50% of the trips in the trawl fishery landed at least two of the three species. In contrast, greater than 75% of the recreational landings of each species occurred as a result of trips landing only one species. Differences in the fisheries resulted from the interactions of seasonal changes in species distributions and gear selectivity. (PDF file contains 18 pages.)

Black Holes, Cosmological Solutions, Future Singularities, and Their Thermodynamical Properties in Modified Gravity Theorie

54 p.

Validation of daily growth increments and estimation of growth rates of larval and early juvenile black skipjack, Euthynnus lineatus, using otoliths

ENGLISH: Increments in otoliths (sagittae) were examined, using light and scanning electron microscopy, to determine ages and estimate growth rates of larval and early-juvenile black skipjack, Euthynnus lineatus. Larvae and juveniles were collected between 1987 and 1989 from coastal waters of Panama in the eastern Pacific Ocean. Results from a laboratory experiment indicated that immersion for 6 and 12 hours in a 200 mg/L solution of tetracycline hydrochloride adequately marks otoliths and that increments are formed daily in the sagittae of postflexion larvae and early juveniles. Further, survival rates of tetracycline-treated fish were not significantly different from those of control fish. Growth rates were derived from length-age relationships of 218 field-collected specimens ranging in size from 5.7 to 20.3 mm SL. A growth rate of 0.70 mm/d was estimated from the weighted regression of standard length on age for all specimens. This rate lies within the range reported for larvae and early juveniles of other species of subtropical and tropical scombrids. Growth rates of postflexion larvae and early juveniles were not significantly different between the rainy season in July-August 1988 and the dry, upwelling season in January-February 1989. Growth was, however, significantly more variable for older individuals in July-August than in January-February, and may correspond, in part, to seasonal patchiness of prey. The growth rates of the otoliths relative to fish length were also not significantly different between seasons; however, the otoliths were larger relative to the lengths of fish collected in the rainy season, which may reflect slower growth during earlier larval stages. SPANISH: Se examinaron incrementos en otolitos (ságitas), usando microscopia de luz y de barrido electrónico, a fin de determinar la edad y estimar las tasas de crecimiento de barriletes negros, Euthynnus lineatus, larvales y juveniles tempranos. Entre 1987 y 1989 se capturaron larvas y juveniles en las aguas costeras de Panamá en el Océano Pacífico oriental. Los resultados de un experimento de laboratorio indicaron que una inmersión de 6 a 12 horas de duración en una solución de 200 mg/L de hidrocloro de tetraciclina marca los otolitos adecuadamente y que los incrementos se forman a diario en las ságitas de larvas en postflexión y juveniles tempranos. Además, las tasas de supervivencia de los peces tratados con tetraciclina no fueron significativamente diferentes a aquellas de los peces de control. Se calcularon las tasas de crecimiento a partir de las relaciones de talla-edad de 218 especímenes de TE entre 5.7 y 20.3 mm capturados en el mar. Se estimó.una tasa de crecimiento de 0.70 mm/día a partir de la regresión ponderada de talla estándar sobre edad para todos los especímenes. Esta tasa cae dentro del rango reportado para larvas y juveniles tempranos de otras especies de escómbridos subtropicales y tropicales. Las tasas de crecimiento de larvas en postflexión y juveniles tempranos no fueron significativamente diferentes entre la temporada de lluvias en julio-agosto de 1988 y la temporada de sequía y afloramiento en enero-febrero de 1989. Sin emoargo, el crecimiento fue significativamente más variable para los individuos de mayor edad en julio-agosto que en enero-febrero, y quizás corresponda parcialmente a la irregularidad temporal de la abundancia de presas. Las tasas de crecimiento de los otolitos en relación a la talla de los peces tampoco fueron significativamente diferentes entre temporadas; sin embargo, los otolitos eran más grandes en relación a la talla en peces capturados en la temporada de lluvias, lo cual podría reflejar crecimiento más lento durante las etapas larvales más tempranas. (PDF contains 42 pages.)

Reproductive biology of black skipjack, Euthynnus lineatus, an Eastern Pacific tuna

(PDF contains 94 pages.)

Absorption of food in the black-jaw tilapia, Sarotherodon melanotheron (Ruppell) from a small tropical man-made lake in Ibadan, Nigeria

The carbohydrate, protein and lipid contents of the food ingested and their absorption in the intestine of Sarotherodon melanotheron inhabiting Awba lake in Ibadan, Nigeria, were investigated. Total carbohydrates of the ingested food ranged from 39.33 to 55.38% (mean = 48.70% while total protein and total lipid ranged from 10.10 to 17.13% (mean = 12.91%) and 7.79 to 8.96% (mean = 8.28%) dry weight, respectively. Calculated total percentages absorbed were 54.86-62.01 (mean 58.07) carbohydrates 47.33-54.06 (mean = 50.43) protein and 43.27-52.23% (mean 46.56) lipid. Absorption of protein and carbohydrate occurred mostly in the fore-gut (the first one-third of the intestine), while lipid was mostly absorbed in the mid-gut (the second one-third of the intestine). Dietary carbohydrate, protein and lipid contents of the food as well as the absorptive capacity of the intestine for these components of the food varied with size of fish

Multiwavelength observations of the black hole candidate 1E 1740.7-2942

Observations of the Galactic center region black hole candidate 1E 1740.7-2942 have been carried out using the Caltech Gamma-Ray Imaging Payload (GRIP), the Röntgensatellit (ROSAT) and the Very Large Array (VLA). These multiwavelength observations have helped to establish the association between a bright emitter of hard X-rays and soft γ-rays, the compact core of a double radio jet source, and the X-ray source, 1E 1740.7-2942. They have also provided information on the X-ray and hard X-ray spectrum.

The Galactic center region was observed by GRIP during balloon flights from Alice Springs, NT, Australia on 1988 April 12 and 1989 April 3. These observations revealed that 1E 1740.7-2942 was the strongest source of hard X-rays within ~10° of the Galactic center. The source spectrum from each flight is well fit by a single power law in the energy range 35-200 keV. The best-fit photon indices and 100 keV normalizations are: γ = (2.05 ± 0.15) and K_(100) = (8.5 ± 0.5) x 10^(-5) cm^(-2) s^(-1) keV^(-1) and γ = (2.2 ± 0.3) and K_(100) = (7.0 ± 0.7) x 10^(-5) cm^(-2) s^(-1) keV^(-1) for the 1988 and 1989 observations respectively. No flux above 200 keV was detected during either observation. These values are consistent with a constant spectrum and indicate that 1E 1740.7-2942 was in its normal hard X-ray emission state. A search on one hour time scales showed no evidence for variability.

The ROSAT HRI observed 1E 1740.7-2942 during the period 1991 March 20-24. An improved source location has been derived from this observation. The best fit coordinates (J2000) are: Right Ascension = 17^h43^m54^s.9, Declination = -29°44'45".3, with a 90% confidence error circle of radius 8".5. The PSPC observation was split between periods from 1992 September 28- October 4 and 1993 March 23-28. A thermal bremsstrahlung model fit to the data yields a column density of N_H = 1.12^(+1.51)_(0.18) x cm^(-2) , consistent with earlier X- ray measurements.

We observed the region of the Einstein IPC error circle for 1E 1740.7-2942 with the VLA at 1.5 and 4.9 GHz on 1989 March 2. The 4.9 GHz observation revealed two sources. Source 'A', which is the core of a double aligned radio jet source (Mirabel et al. 1992), lies within our ROSAT error circle, further strengthening its identification with 1E 1740.7-2942.

Black holes in the early universe, in compact binaries, and as energy sources inside solar-type stars

This thesis consists of three separate studies of roles that black holes might play in our universe.

In the first part we formulate a statistical method for inferring the cosmological parameters of our universe from LIGO/VIRGO measurements of the gravitational waves produced by coalescing black-hole/neutron-star binaries. This method is based on the cosmological distance-redshift relation, with "luminosity distances" determined directly, and redshifts indirectly, from the gravitational waveforms. Using the current estimates of binary coalescence rates and projected "advanced" LIGO noise spectra, we conclude that by our method the Hubble constant should be measurable to within an error of a few percent. The errors for the mean density of the universe and the cosmological constant will depend strongly on the size of the universe, varying from about 10% for a "small" universe up to and beyond 100% for a "large" universe. We further study the effects of random gravitational lensing and find that it may strongly impair the determination of the cosmological constant.

In the second part of this thesis we disprove a conjecture that black holes cannot form in an early, inflationary era of our universe, because of a quantum-field-theory induced instability of the black-hole horizon. This instability was supposed to arise from the difference in temperatures of any black-hole horizon and the inflationary cosmological horizon; it was thought that this temperature difference would make every quantum state that is regular at the cosmological horizon be singular at the black-hole horizon. We disprove this conjecture by explicitly constructing a quantum vacuum state that is everywhere regular for a massless scalar field. We further show that this quantum state has all the nice thermal properties that one has come to expect of "good" vacuum states, both at the black-hole horizon and at the cosmological horizon.

In the third part of the thesis we study the evolution and implications of a hypothetical primordial black hole that might have found its way into the center of the Sun or any other solar-type star. As a foundation for our analysis, we generalize the mixing-length theory of convection to an optically thick, spherically symmetric accretion flow (and find in passing that the radial stretching of the inflowing fluid elements leads to a modification of the standard Schwarzschild criterion for convection). When the accretion is that of solar matter onto the primordial hole, the rotation of the Sun causes centrifugal hangup of the inflow near the hole, resulting in an "accretion torus" which produces an enhanced outflow of heat. We find, however, that the turbulent viscosity, which accompanies the convective transport of this heat, extracts angular momentum from the inflowing gas, thereby buffering the torus into a lower luminosity than one might have expected. As a result, the solar surface will not be influenced noticeably by the torus's luminosity until at most three days before the Sun is finally devoured by the black hole. As a simple consequence, accretion onto a black hole inside the Sun cannot be an answer to the solar neutrino puzzle.

Topics in black hole perturbation theory and the visualization of curved spacetime

This thesis presents recent research into analytic topics in the classical theory of General Relativity. It is a thesis in two parts. The first part features investigations into the spectrum of perturbed, rotating black holes. These include the study of near horizon perturbations, leading to a new generic frequency mode for black hole ringdown; an treatment of high frequency waves using WKB methods for Kerr black holes; and the discovery of a bifurcation of the quasinormal mode spectrum of rapidly rotating black holes. These results represent new discoveries in the field of black hole perturbation theory, and rely on additional approximations to the linearized field equations around the background black hole. The second part of this thesis presents a recently developed method for the visualization of curved spacetimes, using field lines called the tendex and vortex lines of the spacetime. The works presented here both introduce these visualization techniques, and explore them in simple situations. These include the visualization of asymptotic gravitational radiation; weak gravity situations with and without radiation; stationary black hole spacetimes; and some preliminary study into numerically simulated black hole mergers. The second part of thesis culminates in the investigation of perturbed black holes using these field line methods, which have uncovered new insights into the dynamics of curved spacetime around black holes.

Coastal plant growth and CO2 enrichment: Can the productivity of black needle rush keep pace with sea level rise?

The rate of sea level change has varied considerably over geological time, with rapid increases (0.25 cm yr-1) at the end of the last ice age to more modest increases over the last 4,000 years (0.04 cm yr-1; Hendry 1993). Due to anthropogenic contributions to climate change, however, the rate of sea level rise is expected to increase between 0.10 and 0.25 cm year-1 for many coastal areas (Warrick et al. 1996). Notwithstanding, it has been predicted that over the next 100 years, sea levels along the northeastern coast of North Carolina may increase by an astonishing 0.8 m (0.8 cm yr-1); through a combination of sea-level rise and coastal subsidence (Titus and Richman 2001; Parham et al. 2006). As North Carolina ranks third in the United States with land at or just above sea level, any additional sea rise may promote further deterioration of vital coastal wetland systems. (PDF contains 4 pages)

Topics in gravitational-wave science : macroscopic quantum mechanics and black hole physics

The theories of relativity and quantum mechanics, the two most important physics discoveries of the 20th century, not only revolutionized our understanding of the nature of space-time and the way matter exists and interacts, but also became the building blocks of what we currently know as modern physics. My thesis studies both subjects in great depths --- this intersection takes place in gravitational-wave physics.

Gravitational waves are "ripples of space-time", long predicted by general relativity. Although indirect evidence of gravitational waves has been discovered from observations of binary pulsars, direct detection of these waves is still actively being pursued. An international array of laser interferometer gravitational-wave detectors has been constructed in the past decade, and a first generation of these detectors has taken several years of data without a discovery. At this moment, these detectors are being upgraded into second-generation configurations, which will have ten times better sensitivity. Kilogram-scale test masses of these detectors, highly isolated from the environment, are probed continuously by photons. The sensitivity of such a quantum measurement can often be limited by the Heisenberg Uncertainty Principle, and during such a measurement, the test masses can be viewed as evolving through a sequence of nearly pure quantum states.

The first part of this thesis (Chapter 2) concerns how to minimize the adverse effect of thermal fluctuations on the sensitivity of advanced gravitational detectors, thereby making them closer to being quantum-limited. My colleagues and I present a detailed analysis of coating thermal noise in advanced gravitational-wave detectors, which is the dominant noise source of Advanced LIGO in the middle of the detection frequency band. We identified the two elastic loss angles, clarified the different components of the coating Brownian noise, and obtained their cross spectral densities.

The second part of this thesis (Chapters 3-7) concerns formulating experimental concepts and analyzing experimental results that demonstrate the quantum mechanical behavior of macroscopic objects - as well as developing theoretical tools for analyzing quantum measurement processes. In Chapter 3, we study the open quantum dynamics of optomechanical experiments in which a single photon strongly influences the quantum state of a mechanical object. We also explain how to engineer the mechanical oscillator's quantum state by modifying the single photon's wave function.

In Chapters 4-5, we build theoretical tools for analyzing the so-called "non-Markovian" quantum measurement processes. Chapter 4 establishes a mathematical formalism that describes the evolution of a quantum system (the plant), which is coupled to a non-Markovian bath (i.e., one with a memory) while at the same time being under continuous quantum measurement (by the probe field). This aims at providing a general framework for analyzing a large class of non-Markovian measurement processes. Chapter 5 develops a way of characterizing the non-Markovianity of a bath (i.e.,whether and to what extent the bath remembers information about the plant) by perturbing the plant and watching for changes in the its subsequent evolution. Chapter 6 re-analyzes a recent measurement of a mechanical oscillator's zero-point fluctuations, revealing nontrivial correlation between the measurement device's sensing noise and the quantum rack-action noise.

Chapter 7 describes a model in which gravity is classical and matter motions are quantized, elaborating how the quantum motions of matter are affected by the fact that gravity is classical. It offers an experimentally plausible way to test this model (hence the nature of gravity) by measuring the center-of-mass motion of a macroscopic object.

The most promising gravitational waves for direct detection are those emitted from highly energetic astrophysical processes, sometimes involving black holes - a type of object predicted by general relativity whose properties depend highly on the strong-field regime of the theory. Although black holes have been inferred to exist at centers of galaxies and in certain so-called X-ray binary objects, detecting gravitational waves emitted by systems containing black holes will offer a much more direct way of observing black holes, providing unprecedented details of space-time geometry in the black-holes' strong-field region.

The third part of this thesis (Chapters 8-11) studies black-hole physics in connection with gravitational-wave detection.

Chapter 8 applies black hole perturbation theory to model the dynamics of a light compact object orbiting around a massive central Schwarzschild black hole. In this chapter, we present a Hamiltonian formalism in which the low-mass object and the metric perturbations of the background spacetime are jointly evolved. Chapter 9 uses WKB techniques to analyze oscillation modes (quasi-normal modes or QNMs) of spinning black holes. We obtain analytical approximations to the spectrum of the weakly-damped QNMs, with relative error O(1/L^2), and connect these frequencies to geometrical features of spherical photon orbits in Kerr spacetime. Chapter 11 focuses mainly on near-extremal Kerr black holes, we discuss a bifurcation in their QNM spectra for certain ranges of (l,m) (the angular quantum numbers) as a/M → 1. With tools prepared in Chapter 9 and 10, in Chapter 11 we obtain an analytical approximate for the scalar Green function in Kerr spacetime.