The performance and persistence of exchange-traded funds: evidence for iShares MSCI country-specific ETFs

The aim of this paper is to investigate the performance and persistence of 20 iShares MSCI country-specific exchange-traded funds (ETFs) in comparison with S&P 500 index over the period July 2001 to June 2006. There are several studies analysing mutual funds performance in past years, but very little is known about ETFs. In our analysis the Sharpe, Treynor and Sortino ratios are used as risk-adjusted performance measures. To evaluate performance persistence and therefore if there is any relationship among past performance and future performance, we apply to the Spearman Rank Correlation Coefficient and the Winner-loser Contingency Table. The main findings are at two levels. First, ETFs can beat the U.S. market index based on risk-adjusted performance measures. Second, there is evidence of ETFs performance persistence based on annual return.

Projected impacts of climate change on marine fish and fisheries

This paper reviews current literature on the projected effects of climate change on marine fish and shellfish, their fisheries, and fishery-dependent communities throughout the northern hemisphere. The review addresses the following issues: (i) expected impacts on ecosystem productivity and habitat quantity and quality; (ii) impacts of changes in production and habitat on marine fish and shellfish species including effects on the community species composition, spatial distributions, interactions, and vital rates of fish and shellfish; (iii) impacts on fisheries and their associatedcommunities; (iv) implications for food security and associated changes; and (v) uncertainty andmodelling skill assessment. Climate change will impact fish and shellfish, their fisheries, and fishery-dependent communities through a complex suite of linked processes. Integrated interdisciplinary research teams are forming in many regions to project these complex responses. National and international marine research organizations serve a key role in the coordination and integration of research to accelerate the production of projections of the effects of climate change on marine ecosystems and to move towards a future where relative impacts by region could be compared on a hemispheric or global level. Eight research foci were identified that will improve the projections of climate impacts on fish, fisheries, and fishery-dependent communities.

Power-law behaviour, heterogeneity, and trend chasing

Long-range dependence in volatility is one of the most prominent examples in financial market research involving universal power laws. Its characterization has recently spurred attempts to provide some explanations of the underlying mechanism. This paper contributes to this recent line of research by analyzing a simple market fraction asset pricing model with two types of traders---fundamentalists who trade on the price deviation from estimated fundamental value and trend followers whose conditional mean and variance of the trend are updated through a geometric learning process. Our analysis shows that agent heterogeneity, risk-adjusted trend chasing through the geometric learning process, and the interplay of noisy fundamental and demand processes and the underlying deterministic dynamics can be the source of power-law distributed fluctuations. In particular, the noisy demand plays an important role in the generation of insignificant autocorrelations (ACs) on returns, while the significant decaying AC patterns of the absolute returns and squared returns are more influenced by the noisy fundamental process. A statistical analysis based on Monte Carlo simulations is conducted to characterize the decay rate. Realistic estimates of the power-law decay indices and the (FI)GARCH parameters are presented.

Civil society as a contested field of meanings

Purpose – During recent years, the concept of civil society, particularly global civil society, has come to the fore in both academia and policy circles. A key component of recent theoretical and policy research is the attempt to do international comparative research on the meaning of civil society. The purpose of this paper is to argue that the language and the terminology used to describe the agents of civil society are reflective of cultural and historical contexts of societies, have distinct meanings and cannot be used interchangeably.

Design/methodology/approach – In different national contexts, the key agents of civil society are referred to differently; nonprofit sector, voluntary and community sector, third sector and social economy. In comparative studies, scholars often list these concepts to indicate that they recognise that the agents of civil society are referred to differently in different societies. The article offers a socio-historical analysis of each concept. It is concluded that teasing out the differences, as well as the similarities, between the nonprofit sector, voluntary and community sector, third sector and social economy, is crucial to robust comparative research on civil society.

Findings – This paper exposes a number of limitations of each of the terminologies used to describe civil society. They all present a much more limiting notion of civil society than that proposed by the founding fathers. None seem to capture the range of civil associations in any society. Yet, assumptions are made that the terminologies used have similar meanings rather than attempting to clarify and define exactly what is being written or described. This is exacerbated by the interchangeable usage of nonprofit/third sector/community and voluntary sector/social economy. In order to progress beyond culturally specific understandings of civil society, it is necessary to examine the terminology used and how it emanates from a specific cultural and political context. Having a clear understanding of the language used and what it signifies is crucial to robust cross-national comparative research.

Originality/value – This paper examines context specific understandings of civil society and the terminology used to define it; a question not previously addressed. It is hoped that this article will generate much needed further debate on cross-national meanings of civil society.