Colombian mutual funds that invest in stocks: Do they create value?

Esta investigación evalúa el desempeño de 73 fondos de inversión colectiva (FIC) colombianos enfocados en acciones de 2005 a 2015 -- Para cuantificar el valor generado por estos fondos en comparación con sus respectivos activos de referencia (“benchmarks”), se calcula el alfa de Jensen mediante dos metodologías de regresión: Mínimos Cuadrados Ordinarios (MCO) y Regresión por Cuantiles -- También se analiza si estos fondos muestran evidencia de “market timing” o no, utilizando dos modelos: efecto cuadrático y variable binaria interactiva -- De igual manera, nuestro estudio propone la creación de una empresa privada en Colombia que provea a los inversores de información precisa sobre las características y desempeño histórico de estos fondos de inversión colectiva, como lo hace Morningstar Inc. en Estados Unidos -- Esto permitiría a los inversores seleccionar los fondos con mejores perspectivas y, como es de esperarse, haría este mercado más eficiente y atractivo para nuevos inversores potenciales

Inter-industry analysis and monetary policy evaluations in the Korean flow of funds accounts

This study mainly aims to provide an inter-industry analysis through the subdivision of various industries in flow of funds (FOF) accounts. Combined with the Financial Statement Analysis data from 2004 and 2005, the Korean FOF accounts are reconstructed to form "from-whom-to-whom" basis FOF tables, which are composed of 115 institutional sectors and correspond to tables and techniques of input–output (I–O) analysis. First, power of dispersion indices are obtained by applying the I–O analysis method. Most service and IT industries, construction, and light industries in manufacturing are included in the first quadrant group, whereas heavy and chemical industries are placed in the fourth quadrant since their power indices in the asset-oriented system are comparatively smaller than those of other institutional sectors. Second, investments and savings, which are induced by the central bank, are calculated for monetary policy evaluations. Industries are bifurcated into two groups to compare their features. The first group refers to industries whose power of dispersion in the asset-oriented system is greater than 1, whereas the second group indicates that their index is less than 1. We found that the net induced investments (NII)–total liabilities ratios of the first group show levels half those of the second group since the former's induced savings are obviously greater than the latter.

The conditional performance of euro bond funds: evidence from Portugal during the debt crisis

This paper evaluates the performance of a survivorship bias-free data set of Portuguese funds investing in Euro-denominated bonds by using conditional models that consider the public information available to investors when the returns are generated. We find that bond funds underperform the market significantly and by an economically relevant magnitude. This underperformance cannot be explained by the expenses they charge. Our findings support the use of conditional performance evaluation models, since we find strong evidence of both time-varying risk and performance, dependent on the slope of the term structure and the inverse relative wealth variables. We also show that survivorship bias has a significant impact on performance estimates. Furthermore, during the European debt crisis, bond fund managers performed significantly better than in non-crisis periods and were able to achieve neutral performance. This improved performance throughout the crisis seems to be related to changes in funds’ investment styles.

Financial and Criminal Responsibility for Public Funds – Protection of the Constitutional Fundamental Social Law of Health

Abstract: The implementation of Fundamental Constitutional Health and Social Rights is necessary, appropriate and proportionate, following the demands of the population. Accountability and self-responsibility play a very important role. This requires the development of constitutional principles that protect public funds against corruption and offer a constitutional right to health protection. Financial and criminal liability might provide an incentive to improve the management of public funds and reinforce fundamental constitutional principles, particularly regarding the right to health. Constitutional, administrative and criminal issues, as well as public management and administration and the science of good governance, should be articulated in a single strategy also in the health sector. In Portugal and Brazil, as examples, the Federal Court / Constitutional Court, the Supreme Court / High Court of Justice or the Court of Auditors should be considered together.

Sovereign wealth funds and state immunity

The study sheds light on the application of the rule of state immunity to sovereign wealth funds (SWFs). SWFs are Janus-faced investment vehicles established by their parent states to invest public resources in financial markets, with the aim of increasing long-term returns and pursuing macroeconomic goals. The ultimate purpose of the study is to assess if the hybrid nature of SWFs results in changes to the rule of state immunity when applied to them, and whether a generally accepted standard in this regard can be deduced from state practice. The research is conducted through a comparative analysis. It is based on the provisions of the UN Convention on Jurisdictional Immunities of States and Their Property (UNCSI), as well as on six domestic jurisdictions (US, UK, France, Germany, Italy and China) among those that have contributed most significantly to the international debate on state immunity and which host the largest amount of SWF investments.

Intercâmbios acadêmicos internacionais: bolsas Capes, CNPq e Fapesp

This article is part of a study considering the growing importance of the international transit of people, knowledge, and practices in the schooling and professional education processes of some social segments. Considering the public funds made available by the Coordination for the Improvement of Higher Education Personnel - Capes -, the National Council for Scientific and Technological Development - CNPq - and the State of São Paulo Research Foundation - Fapesp - to support researchers' fellowships abroad, aming to improve research and investments on Science and Technology on the context of international exchanges, we have dedicated this article to the preliminary description and analysis of the database of fellows funded abroad by these research agencies from 1970 to 2000. The movement of flows based on the quantitative methodology of the correlation of variables draws the trends of international academic exchange programs in the three research institutions and in the different areas of knowledge, and we intend to analyse them taking into account the scientific and technological development policies adopted by Brazilian State on the period.

A systematic review of diapoma (teleostei: characiformes: characidae: stevardiinae: diapomini) with descriptions of two new species from southern Brazil

Diapoma is reviewed and four species are recognized: (1) Diapoma thauma, new species, from streams of the rio Jacuí basin, state of Rio Grande do Sul; (2) D. pyrrhopteryx, new species collected from the rio Canoas and streams flowing into this basin in the states of Rio Grande do Sul and Santa Catarina, Brazil; (3) Diapoma terofali, from streams flowing into rio Uruguay in Uruguay and Rio Grande do Sul, Brazil and streams flowing into rio de la Plata, Argentina; and (4) Diapoma speculiferum, from lowland coastal streams in Rio Grande do Sul, Brazil and Uruguay. Diapoma pyrrhopteryx possess the posteroventral opercular elongation typical of D. speculiferum, type species of the genus, but which is absent in D. thauma and D. terofali. Nonetheless, all the diapomin species have the caudal pouch organ about equally developed in both sexes and the dorsal portion of the pouch opening bordered by a series of 3 to 8 elongated scales, the two derived features that characterize the group. The two previously described species, D. speculiferum and D. terofali, are redescribed. Previous hypotheses of relationships among the diapomin genera Planaltina, Diapoma and Acrobrycon are discussed on the basis of preliminary morphological information. It is proposed that the Diapomini is a monophyletic group. An identification key, information on sexual dimorphism, gonad anatomy, reproductive mode and distribution of the species of Diapoma are provided.

Near infrared polarimetry of a sample of YSOs

Aims. Our goal is to study the physical properties of the circumstellar environment of young stellar objetcs (YSOs). In particular, the determination of the scattering mechanism can help us to constrain the optical depth of the disk and/or envelope in the near infrared. Methods. We used the IAGPOL imaging polarimeter along with the CamIV infrared camera at the LNA observatory to obtain near infrared polarimetry measurements in the H band of a sample of optically visible YSOs, namely, eleven T Tauri stars and eight Herbig Ae/Be stars. An independent determination of the disk (or jet) orientation was obtained for twelve objects from the literature. The circumstellar optical depth could then be estimated by comparing the integrated polarization position angle (PA) with the direction of the major axis of the disk projected onto the plane of the sky. Optically thin disks have, in general, a polarization PA that is perpendicular to the disk plane. In contrast, optically thick disks have polarization PAs parallel to the disks. Results. Among the T Tauri stars, three are consistent with having optically thin disks (AS 353A, RY Tau and UY Aur) and five with optically thick disks (V536 Aql, DG Tau, DO Tau, HL Tau and LkH alpha 358). Among the Herbig Ae/Be stars, two stars exhibit evidence of optically thin disks (Hen 3-1191 and VV Ser) and two of optically thick disks (PDS 453 and MWC 297). Our results seem consistent with optically thick disks at near infrared bands, which are more likely to be associated with younger YSOs. Marginal evidence of polarization reversal is found in RY Tau, RY Ori, WW Vul, and UY Aur. In the first three cases, this feature can be associated with the UXOR phenomenon. Correlations with the IRAS colors and the spectral index yielded evidence of an evolutionary segregation in which the disks tend to be optically thin when they are older.

Measurement of the depth of maximum of extensive air showers above 10(18) eV

We describe the measurement of the depth of maximum, X(max), of the longitudinal development of air showers induced by cosmic rays. Almost 4000 events above 10(18) eV observed by the fluorescence detector of the Pierre Auger Observatory in coincidence with at least one surface detector station are selected for the analysis. The average shower maximum was found to evolve with energy at a rate of (106 +/- 35-21) g/cm(2)/decade below 10(18.24) +/- (0.05) eV, and d24 +/- 3 g/cm(2)/ecade above this energy. The measured shower-to-shower fluctuations decrease from about 55 to 26 g/cm(2). The interpretation of these results in terms of the cosmic ray mass composition is briefly discussed.

Limit on the diffuse flux of ultrahigh energy tau neutrinos with the surface detector of the Pierre Auger Observatory

Data collected at the Pierre Auger Observatory are used to establish an upper limit on the diffuse flux of tau neutrinos in the cosmic radiation. Earth-skimming nu(tau) may interact in the Earth's crust and produce a tau lepton by means of charged-current interactions. The tau lepton may emerge from the Earth and decay in the atmosphere to produce a nearly horizontal shower with a typical signature, a persistent electromagnetic component even at very large atmospheric depths. The search procedure to select events induced by tau decays against the background of normal showers induced by cosmic rays is described. The method used to compute the exposure for a detector continuously growing with time is detailed. Systematic uncertainties in the exposure from the detector, the analysis, and the involved physics are discussed. No tau neutrino candidates have been found. For neutrinos in the energy range 2x10(17) eV < E(nu)< 2x10(19) eV, assuming a diffuse spectrum of the form E(nu)(-2), data collected between 1 January 2004 and 30 April 2008 yield a 90% confidence-level upper limit of E(nu)(2)dN(nu tau)/dE(nu)< 9x10(-8) GeV cm(-2) s(-1) sr(-1).

Discrete-time mean variance optimal control of linear systems with Markovian jumps and multiplicative noise

In this article, we consider the stochastic optimal control problem of discrete-time linear systems subject to Markov jumps and multiplicative noise under three kinds of performance criterions related to the final value of the expectation and variance of the output. In the first problem it is desired to minimise the final variance of the output subject to a restriction on its final expectation, in the second one it is desired to maximise the final expectation of the output subject to a restriction on its final variance, and in the third one it is considered a performance criterion composed by a linear combination of the final variance and expectation of the output of the system. We present explicit sufficient conditions for the existence of an optimal control strategy for these problems, generalising previous results in the literature. We conclude this article presenting a numerical example of an asset liabilities management model for pension funds with regime switching.

A new flat mite (Acari: Prostigmata: Tenuipalpidae) from date palm in the Sultanate of Oman

Tenuipalpus omani n. sp. (Acari: Tenuipalpidae) is described from the Sultanate of Oman, based on adults of both sexes collected on date palm, Phoenix dactylifera L. (Arecaceae). This new species is most similar to T. eriophyoides Baker, T. pareriophyoides Meyer & Gerson and T. yarensis Hasan, Bashir & Wakil, also collected from date palm.

The effect of host plants on Tetranychus evansi, Tetranychus urticae (Acari: Tetranychidae) and on their fungal pathogen Neozygites floridana (Entomophthorales: Neozygitaceae)

In a series of tritrophic-level interaction experiments, the effect of selected host plants of the spider mites, Tetranychus evansi and Tetranychus urticae, on Neozygites floridana was studied by evaluating the attachment of capilliconidia, presence of hyphal bodies in the infected mites, mortality from fungal infection, mummification and sporulation from fungus-killed mite cadavers. Host plants tested for T. evansi were tomato, cherry tomato, eggplant, nightshade, and pepper while host plants tested for T. urticae were strawberry, jack bean, cotton and Gerbera. Oviposition rate of the mites on each plant was determined to infer host plant suitability while host-switching determined antibiosis effect on fungal activity. T. evansi had a high oviposition on eggplant, tomato and nightshade but not on cherry tomato and pepper. T. urticae on jack bean resulted in a higher oviposition than on strawberry, cotton and Gerbera. Attachment of capilliconidia to the T. evansi body, presence of hyphal bodies in infected T. evansi and mortality from fungal infection were significantly higher on pepper, nightshade and tomato. The highest level of T. evansi mummification was observed on tomato. T. evansi cadavers from tomato and eggplant produced more primary conidia than those from cherry tomato, nightshade and pepper. Switching N. floridana infected T. evansi from one of five Solanaceous host plants to tomato had no prominent effect on N. floridana performance. For T. urticae, strawberry and jack bean provided the best N. floridana performance when considering all measured parameters. Strawberry also had the highest primary conidia production. This study shows that performance of N. floridana can vary with host plants and may be an important factor for the development of N. floridana epizootics. (C) 2011 Elsevier Inc. All rights reserved.

Information and wildlife valuation: Experiments and policy

The authors use experimental surveys to investigate the association between individuals' knowledge of particular wildlife species and their stated willingness to allocate funds to conserve each. The nature of variations in these allocations between species (e.g., their dispersion) as participants' knowledge increases is examined. Factors influencing these changes are suggested. Willingness-to-pay allocations are found not to measure the economic value of species, but are shown to be policy relevant. The results indicate that poorly known species, e.g., in remote areas, may obtain relatively less conservation support than they deserve.

Knowledge of birds and willingness to pay for their conservation: An Australian case study

This case study concentrates on the extent of knowledge of members of the Australian public of Australia’s tropical bird species and their willingness to pay for their conservation. In order to place this issue in context, it first provides background information on the status of Australian bird species, focusing attention on species that occur in tropical Australia. Then, using survey results, this study considers the hypothesis that the public’s relative support for the conservation of different bird species depends on its comparative knowledge of their existence and status. Based on experimental results from a sample of residents of Brisbane, Queensland (Australia), it is found that their knowledge of bird species that occur exclusively in the Australian tropics (including tropical Queensland) is very poor compared to those that also occur in the Brisbane area and are relatively common. Experimental results indicate that when respondents in the sample had an option to allocate $1,000 between ten bird species listed in the survey, it resulted in a greater allocation of funds to the better known and more common species than when they were provided with balanced information about all the selected species. With balanced information the average allocation to bird species confined mostly to the Australian tropics, particularly those threatened or endangered, increased. The general consequences of this for policies for the conservation of birds are discussed.