A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Celso Furtado, o retorno à polêmica fundamental

Celso Furtado, the return to the basic controversy. A reading of the work of Celso Furtado in its completion opens an enriching view of the interaction between theoretical thinking and the unveiling of Latin-America history. Starting from an appraisal of the pre-Classic and Classic authors, Furtado outlined an approach of surplus theory. That would enable development theory to deal with the unevenly industrialized economies like Brazil. His thorough analysis of development and underdevelopment processes broke away from the initial ECLA experiences to build a planning proposal the uprising country. The French roots of his academic profile helped him to keep an orderly explanation of capital demand that kept him siding with Wicksell against the subjective theory of Schumpeter.

Qualidade do gasto público municipal em ensino fundamental no Brasil

Quality of municipal public spending on primary education in Brazil. The focus of this paper was to analyze the relationship between municipal public education spending and students' academic achievement, evaluated according to IDEB (Index of Basic Education Development) of 2005. The following databases were used: School Census 2005, Brazil Exam (mathematics evaluation applied to students from fourth grade of elementary school) and Finance of Brazil (FINBRA). A multilevel model was estimated and the results suggest that simply increasing the percentage of municipal expenditures on education or the percentage of spending on primary education in relation to municipal expenditures on education do not automatically guarantee improvements in the quality of education.

A verdade como um problema fundamental em Kant

O principal ponto de desacordo sobre a abordagem kantiana do problema da verdade é se ela pode ser compreendida nos moldes da filosofia contemporânea como coerentista ou como correspondentista. Primando por uma consideração sistemática da argumentação de Kant em confronto com a literatura existente sobre o problema, este trabalho defende a segunda alternativa. Sustenta-se a tese de que a definição da verdade como a "concordância do conhecimento com o seu objeto" é cogente em todo o percurso do pensamento kantiano e que, nessa acepção, a verdade culmina por ser abordada não a partir de uma teoria estabelecida, mas como um problema cuja solução não pode ser dada nos limites da filosofia crítico-transcendental. Pondera-se, primeiramente, a literatura que situa Kant quer como coerentista quer como correspondentista e sistematiza-se a segunda alternativa em quatro grupos: a leitura ontológica, a leitura isomórfica, a leitura "consequencialista" e a leitura regulativa. Num segundo momento, em atenção ao período pré-crítico, argumenta-se que a alternativa coerentista deixa de se confirmar já nessa mesma época e que, na década de 1750, Kant descarta uma suposta teoria correspondentista isomórfica. Num último momento, considera-se a argumentação crítica e defende-se que a mesma concebe a verdade como um problema fundamental que não cabe ao tratamento de uma teoria correspondentista concebida de modo "consequencialista" ou regulativo.

The study of ligand binding specificities of the lipid binding proteins : recombinant human a-tocopherol transport protein (a-ttp), supernatant protein factor (spf) and S. cerevisiae Sec 14p for vitamin e (rrr-a-tocopherol) and other hydrophobic ligands.

One of the various functions of proteins in biological systems is the transport of small molecules, for this purpose proteins have naturally evolved special mechanisms to allow both ligand binding and its subsequent release to a target site; a process fundamental to many biological processes. Transport of Vitamin E (a-tocopherol), a lipid soluble antioxidant, to membranes helps in the protection of polyunsaturated fatty acids against peroxidative damage. In this research, the ligand binding characteristics of several members of the CRALTRIO family of lipid binding proteins was examined; the recombinant human a-Tocopherol Transfer Protein (a-TIP), Supernatant Protein Factor (SPF)ffocopherol Associated Protein (TAP), Cellular Retinaldehyde Binding Protein (CRALBP) and the phosphatidylinositol transfer protein from S. cerevisiae Sec 14p. Recombinant Sec 14p was expressed and purified from E. coli for comparison of tocopherol binding to the two other recombinant proteins postulated to traffic a-tocopherol. Competitive binding assays using [3H]-a-tocopherol and Lipidex-l000 resin allowed determination of the dissociation constants ~) of the CRAL-TRIO proteins for a-tocopherol and - 20 hydrophobic ligands for evaluation of the possible biological relevance of the binding interactions observed. The KIs (nM) for RRR-a-tocopherol are: a-TIP: 25.0, Sec 14p: 373, CRALBP: 528 and SPFffAP: 615. This indicates that all proteins recognize tocopherol but not with the same affinity. Sec 14p bound its native ligand PI with a KI of381 whereas SPFffAP bound PI (216) and y-tocopherol (268) similarly in contrast to the preferential binding ofRRR-a-tocopherol by a-TIP. Efforts to adequately represent biologically active SPFff AP involved investigation of tocopherol binding for several different recombinant proteins derived from different constructs and in the presence of different potential modulators (Ca+2, Mg+2, GTP and GDP); none of these conditions enhanced or inhibited a-tocopherol binding to SPF. This work suggests that only aTTP serves as the physiological mediator of a-tocopherol, yet structural homology between proteins allows common recognition of similar ligand features. In addition, several photo-affmity analogs of a-tocopherol were evaluated for their potential utility in further elucidation of a-TTP function or identification of novel tocopherol binding proteins.

The normal co-ordinate analysis, vibrational spectra and theoretical infrared intensities of some thiocarbonyl halide molecules /

TITLE: The normal co-ordinate analysis, vibrational spectra and theoretical infrared intensities of some thiocarbonyl halides. AUTHOR: J. L. Brema SUPERVISOR: Dr. D. C. Moule NUMBER OF PAGES: 89 ABSTRACT: The vibrational assignment of the five-in-plane fundamental modes of CSClBr has been made on the basis of infrared gas phase and liquid Raman spectral analyses to supplement our earlier vibrational studies. Even though the one out-of-plane fundamental was not observed spectroscopically an attempt has been made to predict its frequency. The vibrational spectra contained impurity bands and the CSClBr assignment was made only after a thorough analysis of the impurities themselves. A normal co-ordinate analysis calculation was performed assuming a Urey-Bradley force field. This calculation yielded the fundamental frequencies in good agreement with those observed after refinement of the originally transferred force constants. The theoretical frequencies are the eigenvalues of the secular equation and the calculation also gave the corresponding eigenvectors in the form of the very important LLj matrix. The [l] matrix is the transfoirmation between internal co-ordinates and normal co-ordinates and it is essential for Franck-Condon calculations on electronically excited molecules and for infrared Integrated band intensity studies. Using a self-consistent molecular orbital calculation termed "complete neglect of differential overlap" (CNDO/2) , theoretical values of equilibrium bond lengths and angleswere calcuted for a series of carbonyl and thlocarbonyl molecules. From these calculations valence force field force constants were also determined but with limited success. With the CNIX)/2 method theoretical dipole moment derivatives with respect to symmetrized internal co-ordinates were calculated and the results should be useful in a correlation with experimentally determined values.

Brillouin spectroscopy : measurement of elastic and photoelastic constants of some alkali holide crystals

The assembly and testing of apparatus for the measurement of elastic and photoelastic constants by Brillouin scattering, using a Fabry-Perot interferometer and with argon ion laser excitation is described. Such measurements are performed on NaCI, KBr and LiF using the A = 488.0 nm laser line. The elastic constants obtained here are in very good agreement with the ultrasonic data for all three materials. The discrepancy between ultrasonic and hypersonic sound velocities which was reported by some authors for KBr and LiF is not confirmed, and the elastic constants obtained for LiF are the most accurate to date. Also, the present photoelastic constants are in good agreement with the data obtained by ultrasonic techniques for all three crystals. The results for the KBr and LiF crystals constitute the first set of photoelastic constants obtained for these materials by Brillouin spectroscopy. Our results for LiF are the best available to date.

Icewine fermentation by Saccharomyces cervisiae : fundamental stress responses and comparative fermentation dynamics

Please consult the paper edition of this thesis to read. It is available on the 5th Floor of the Library at Call Number: Z 9999.5 B63 P54 2007

La satisfacción del empleado elemento fundamental en el nivel de productividad de una empresa por Erika Hernández Jaramillo

Tesis (Maestría en Ciencias de la Administración con Especialidad en Producción y Calidad) U.A.N.L.

El concepto de idea fundamental y su aplicación en la propuesta curricular para el curso de Física para Ingenieros I, de la Facultad de Ingeniería Civil de la Universidad Autónoma de Nuevo León por Víctor Manuel Aguilera Reyes.

Tesis (Maestría en Enseñanza de las Ciencias con Especialidad en Física) U.A.N.L.

Teoría del derecho electoral como conjunto de bloques normativos que configuran y garantizan el derecho fundamental de voto

Tesis (Maestro en Derecho Público) U.A.N.L.

La capacitación como presupuesto fundamental en el desarrollo organizacional.

Tesis (Maestría en Psicología Laboral y Organizacional) UANL, 2014.

Código Fundamental de los Estados Unidos Mexicanos

UANL