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.

The role of the term spread in an augmented Taylor rule: An empirical investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of an augmented version of the Taylor rule (ATR) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of switching regimes, one characterized by low volatility and the other by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the term spread, inflation and the economic activity index depend on the regime. The estimation results also show robust empirical evidence that the ATR has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period. However, a closer look at the Greenspan period shows the existence of two alternative regimes and that the response of the Fed funds rate to inflation has not been significant during this period once the term spread is considered.

Evaluation of the conventional surveying equipment applied to deformation analysis of heritage buildings. A case study: the bell tower of Santa María la Blanca church in Agoncillo (La Rioja, Spain)

Contributed to: "Measuring the Changes": 13th FIG International Symposium on Deformation Measurements and Analysis; 4th IAG Symposium on Geodesy for Geotechnical and Structural Enginering (Lisbon, Portugal, May 12-15, 2008).

Importancia de la cartera de referencia en la evaluación de los fondos de inversión españoles a través del alfa de Jensen

Este trabajo ha sido presentado como ponencia en el XI Congreso Internacional de la Asociación de Dirección y Economía de la Empresa (AEDEM), celebrada en París en septiembre de 2002.

La fiscalidad de las cooperativas. Un modelo que fortalece los fondos propios

[ES] Las cooperativas son un modelo de empresa que tiene unas características particulares, entre las que destacan la distribución y el ejercicio del poder, la manera particular de distribución de resultados, la existencia de unos fondos obligatorios, la autoregulación del régimen de trabajo, el procedimiento de atribución de fondos económicos en el momento de la baja de un socio, y la participación de los asalariados en los resultados económicos positivos.

La gestión del turismo en los programas de innovación rural de Castilla-La Mancha

[ES] Los programas de innovación rural han supuesto un verdadero revulsivo para determinadas regiones europeas, por cuanto han representado una cuantiosa inversión que ha necesitado de una adecuada gestión para dirigir el destino de unos fondos estructurales. En este sentido, el presente trabajo analiza la inversión de estos programas de desarrollo en medidas de apoyo al sector del turismo rural, que han supuesto un importante incremento de la oferta a diversos niveles: aumento de alojamientos rurales, del número de plazas disponibles para turistas, rehabilitación del patrimonio, puesta en valor de elementos históricos y recuperación, en definitiva, del patrimonio histórico, cultural, arquitectónico y natural del mundo rural.

Interim report on the progress of an inventory of artesian wells in Florida: leading to the enforcement of sections 370.051 - 370.54, Florida statues

One of the causes of lower artesian pressure, water waste and aquifer contamination is the misuse and insufficient care of artesian wells. In 1953, Senate Bill No. 57, entitled "An Act to Protect and Control the Artesian Waters of the State" (see Appendix) became a law. This law was passed through the efforts exerted by leading members of the Senate and the House of Representatives, who understood the need for a wise and controlled expenditure of our most valuable natural resource. The State Geologist and his authorized representatives were designated by this law to enforce this conservation measure; however, no financial provision was included for the 1953-55 biennium. The proposed program of the Florida Geological Survey for this biennium did not include the funds nor provide any full-time personnel for the enforcement of this statute. As a result, little actual work was accomplished during these two years, although much time was given to planning and discussion of the problem. Realizing that this program could provide additional basic data needed in the analysis of the water-supply problem, the State Geologist sought and was granted by the 1955 Legislature adequate funds with which to activate the first phase of the enforcement of Florida Statute No. 370.051-054. Enumerated below is a summary of the progress made on this investigation as outlined previously: 1. Data have been collected on 967 wildly flowing wells in 22 counties. 2. Chloride determinations have been run on 850 of the 967 wells. 3. Of the 967 wells, 554 have chlorides in excess of the 250 ppm, the upper limit assigned by the State Board of Health for public consumption. 4. Water escapes at the rate of 37, 762 gallons per minute from these 967 wells. This amounts to 54, 377, 280 gallons per day. The investigation is incomplete at this time; therefore, no final conclusions can be reached. However, from data already collected, the following recommendations are proposed: 1. That the present inventory of wildly flowing wells be completed for the entire State. 2. That the current inventory of wildly flowing wells be expanded at the conclusion of the present inventory to include all flowing wells. 3. That a complete statewide inventory program be established and conducted in cooperation with the Ground Water Branchof the U.S. Geological Survey. 4. That the enforcement functions as set down in Sections 370.051/.054, Florida Statutes, be separated from the program to collect water-resource data and that these functions be given to the Water Resources Department, if such is created (to be recommended by the Water Resources Study Commission in a water policy law presented to the 1957 Legislature). 5. That the research phase (well inventory) of the program remain under the direction of the Florida Geological Survey. (PDF contains 204 pages.)

Sistema eletrônico de votação da Câmara dos Deputados : um estudo à luz da segurança da informação

A informação é considerada hoje um dos maiores ativos nas organizações, e, como tal, necessita ser protegida de forma adequada às necessidades do negócio. Conforme o valor da informação cresce, aumenta também o interesse em interceptar e adulterar seu conteúdo, levando a um comprometimento dos sistemas que suportam o negócio. A Câmara dos Deputados é um dos órgãos integrantes do Poder Legislativo Brasileiro e cabe a ela representar o povo, legislar sobre os assuntos de interesse nacional e fiscalizar a aplicação dos recursos públicos. Por meio de seu Sistema Eletrônico de Votação, ocorrem votações em que são tomadas decisões que afetam a vida de toda a nação. Com o uso da pesquisa documental, realizada a partir de um estudo de caso efetuado com base na análise de documentos existentes no âmbito da Coordenação do Sistema Eletrônico de Votação, este trabalho pretende comparar os controles de segurança da informação em uso e os controles recomendados para obtenção da certificação ISO 27001, para que se dê transparência ao processo de votação. Este trabalho apresenta como resultado o percentual dos controles recomendados pela norma que estão em uso, permitindo demonstrar que a segurança da informação é seriamente considerada durante o processo eletrônico de votação no Plenário Ulysses Guimarães da Câmara dos Deputados.

La gestión de Fondos de Inversión en Activos de Renta Fija

[ES]En el presente trabajo analizamos la evolución de la inversión colectiva en Estados Unidos y Gran Bretaña, países que son el inicio de la misma, y su posterior nacimiento y desarrollo en España, para centrarnos exclusivamente en los Fondos de Inversión de Renta Fija. En la segunda parte, estudiamos la gestión de carteras de renta fija y su posible aplicación a la gestión de carteras de Fondos de Inversión, incorporando las posibilidades que ofrecen los productos financieros derivados. Finalizamos el trabajo con un análisis empírico sobre el comportamiento de los FIM de Renta Fija en España, con el objeto de contrastar cómo es realmente la gestión de Fondos en nuestro país.

An Integrated Assessment of the Introduction of Lionfish (Pterois volitans/miles complex) to the Western Atlantic Ocean.

Lionfish (Pterois volitans/miles complex) are venomous coral reef fishes from the Indian and western Pacific oceans that are now found in the western Atlantic Ocean. Adult lionfish have been observed from Miami, Florida to Cape Hatteras, North Carolina, and juvenile lionfish have been observed off North Carolina, New York, and Bermuda. The large number of adults observed and the occurrence of juveniles indicate that lionfish are established and reproducing along the southeast United States coast. Introductions of marine species occur in many ways. Ballast water discharge, a very common method of introduction for marine invertebrates, is responsible for many freshwater fish introductions. In contrast, most marine fish introductions result from intentional stocking for fishery purposes. Lionfish, however, likely were introduced via unintentional or intentional aquarium releases, and the introduction of lionfish into United States waters should lead to an assessment of the threat posed by the aquarium trade as a vector for fish introductions. Currently, no management actions are being taken to limit the effect of lionfish on the southeast United States continental shelf ecosystem. Further, only limited funds have been made available for research. Nevertheless, the extent of the introduction has been documented and a forecast of the maximum potential spread of lionfish is being developed. Under a scenario of no management actions and limited research, three predictions are made: ● With no action, the lionfish population will continue to grow along the southeast United States shelf. ● Effects on the marine ecosystem of the southeast United States will become more noticeable as the lionfish population grows. ● There will be incidents of lionfish envenomations of divers and/or fishers along the east coast of the United States. Removing lionfish from the southeast United States continental shelf ecosystem would be expensive and likely impossible. A bounty could be established that would encourage the removal of fish and provide specimens for research. However, the bounty would need to be lower than the price of fish in the aquarium trade (~$25-$50 each) to ensure that captured specimens were from the wild. Such a low bounty may not provide enough incentive for capturing lionfish in the wild. Further, such action would only increase the interaction between the public and lionfish, increasing the risk of lionfish envenomations. As the introduction of lionfish is very likely irreversible, future actions should focus on five areas. 1) The population of lionfish should be tracked. 2) Research should be conducted so that scientists can make better predictions regarding the status of the invasion and the effects on native species, ecosystem function, and ecosystem services. 3) Outreach and education efforts must be increased, both specifically toward lionfish and more generally toward the aquarium trade as a method of fish introductions. 4) Additional regulation should be considered to reduce the frequency of marine fish introduction into U.S. waters. However, the issue is more complicated than simply limiting the import of non-native species, and these complexities need to be considered simultaneously. 5) Health care providers along the east coast of the United States need to be notified that a venomous fish is now resident along the southeast United States. The introduction and spread of lionfish illustrates the difficulty inherent in managing introduced species in marine systems. Introduced species often spread via natural mechanisms after the initial introduction. Efforts to control the introduction of marine fish will fail if managers do not consider the natural dispersal of a species following an introduction. Thus, management strategies limiting marine fish introductions need to be applied over the scale of natural ecological dispersal to be effective, pointing to the need for a regional management approach defined by natural processes not by political boundaries. The introduction and success of lionfish along the east coast should change the long-held perception that marine fish invasions are a minimal threat to marine ecosystems. Research is needed to determine the effects of specific invasive fish species in specific ecosystems. More broadly, a cohesive plan is needed to manage, mitigate and minimize the effects of marine invasive fish species on ecosystems that are already compromised by other human activities. Presently, the magnitude of marine fish introductions as a stressor on marine ecosystems cannot be quantified, but can no longer be dismissed as negligible. (PDF contains 31 pages)

Cruise Report NOAA Ship McARTHUR II Cruise AR-04-04: Leg 2 (June 1-12, 2004): A pilot survey of deepwater coral/sponge assemblages and their susceptibility to fishing/harvest impacts at the Olympic Coast National Marine Sanctuary (OCNMS)

Summary: The offshore shelf and canyon habitats of the OCNMS (Fig. 1) are areas of high primary productivity and biodiversity that support extensive groundfish fisheries. Recent acoustic surveys conducted in these waters have indicated the presence of hard-bottom substrates believed to harbor unique deep-sea coral and sponge assemblages. Such fauna are often associated with shallow tropical waters, however an increasing number of studies around the world have recorded them in deeper, cold-water habitats in both northern and southern latitudes. These habitats are of tremendous value as sites of recruitment for commercially important fishes. Yet, ironically, studies have shown how the gear used in offshore demersal fishing, as well as other commercial operations on the seafloor, can cause severe physical disturbances to resident benthic fauna. Due to their exposed structure, slow growth and recruitment rates, and long life spans, deep-sea corals and sponges may be especially vulnerable to such disturbances, requiring very long periods to recover. Potential effects of fishing and other commercial operations in such critical habitats, and the need to define appropriate strategies for the protection of these resources, have been identified as a high-priority management issue for the sanctuary. To begin addressing this issue, an initial pilot survey was conducted June 1-12, 2004 at six sites in offshore waters of the OCNMS (Fig. 2, average depths of 147-265 m) to explore for the presence of deep-sea coral/sponge assemblages and to look for evidence of potential anthropogenic impacts in these critical habitats. The survey was conducted on the NOAA Ship McARTHUR-II using the Navy’s Phantom DHD2+2 remotely operated vehicle (ROV), which was equipped with a video camera, lasers, and a manipulator arm for the collection of voucher specimens. At each site, a 0.1-m2 grab sampler also was used to collect samples of sediments for the analysis of macroinfauna (> 1.0 mm), total organic carbon (TOC), grain size, and chemical contaminants. Vertical profiles of salinity, dissolved oxygen (DO), temperature, and pressure were recorded at each site with a small SeaCat conductivity-temperature-depth (CTD) profiler. Niskin bottles attached to the CTD also obtained near-bottom water samples in support of a companion study of microbial indicators of coral health and general ecological condition across these sites. All samples except the sediment-contaminant samples are being analyzed with present project funds. Original cruise plans included a total of 12 candidate stations to investigate (Fig. 3). However, inclement weather and equipment failures restricted the sampling to half of these sites. In spite of the limited sampling, the work completed was sufficient to address key project objectives and included several significant scientific observations. Foremost, the cruise was successful in demonstrating the presence of target deepwater coral species in these waters. Patches of the rare stony coral Lophelia pertusa, more characteristic of deepwater coral/sponge assemblages in the North Atlantic, were observed for the first time in OCNMS at a site in 271 meters of water. A large proportion of these corals consisted of dead and broken skeletal remains, and a broken gorgonian (soft coral) also was observed nearby. The source of these disturbances is not known. However, observations from several sites included evidence of bottom trawl marks in the sediment and derelict fishing gear (long lines). Preliminary results also support the view that these areas are important reservoirs of marine biodiversity and of value as habitat for demersal fishes. For example, onboard examination of 18 bottom-sediment grabs revealed benthic infaunal species representative of 14 different invertebrate phyla. Twenty-eight species of fishes from 11 families, including 11 (possibly 12) species of ommercially important rockfishes, also were identified from ROV video footage. These initial discoveries have sparked considerable interests in follow-up studies to learn more about the spatial extent of these assemblages and magnitude of potential impacts from commercial-fishing and other anthropogenic activities in the area. It is essential to expand our knowledge of these deep-sea communities and their vulnerability to potential environmental risks in order to determine the most appropriate management strategies. The survey was conducted under a partnership between NOAA’s National Centers for Coastal Ocean Science (NCCOS) and National Marine Sanctuary Program (NMSP) and included scientists from NCCOS, OCNMS, and several other west-coast State, academic, private, and tribal research institutions (see Section 4 for a complete listing of participating scientists). (PDF contains 20 pages)

Back to Office Report: Pakistan 30.5 - 3.6.04

This is a report of Mr. Haylor's visit to Pakistan to negotiate a Partnership Agreement, agree a National Co-ordinator for STREAM in Pakistan and begin the process of recruiting a Communications Hub Manager. An agreement was also obtained by him for funds from FAO for supporting the establishment of the Communications Hub and to conduct an Aquatic Resources and Poverty Review and a Country Strategy Paper.(PDF contains 22 pages)

“El Niño” study based on analysis of ocean surface temperatures 1935-57

ENGLISH: The following report describes the findings of an "El Niño" project carried out at the Department of Meteorology of the University of California, Los Angeles, at the request of, and with funds provided from, the Inter-American Tropical Tuna Commission. The project was, in its early stages, supervised by Professor M. Neiburger, but was in June 1959 transferred to Professor J. Bjerknes, who thereby became the sole author of this final report. Readers who may be interested in the general background of knowledge of the maritime meteorology of the Eastern Pacific are herewith referred to Professor Neiburger's final report of the "Subtropical Pacific Meteorology Project." That report, submitted in September 1958 to the Office of Naval Research, summarizes the results of all the meteorological soundings released at sea since 1949 from California in the north to Peru in the south. The soundings off Ecuador and Peru were all taken by the "Shellback" expedition during July 1952. Important as this first exploration of the atmosphere over the Eastern Equatorial Pacific was, it did not even begin to explore " El Niño " itself, which is confined to the southern summer season and, moreover, only reaches catastrophic proportions in a few exceptional years. SPANISH: Este estudio da a conocer los resultados de una investigación que, bajo el nombre de Proyecto "El Niño", ha sido efectuada en el Departamento de Meteorología de la Universidad de California, Los Angeles, a solicitud de la Comisión Interamericana del Atún Tropical y con fondos provistos por ésta. En sus primeras etapas, el proyecto fué supervisado por el Profesor M. Neiburger, pero en junio de 1959 fué transferido al Profesor J. Bjerknes, quien de este modo vino a ser el solo autor de este informe final. A los lectores interesados en los conocimientos de fondo de la meteorología marítima del Pacífico Oriental se les recomienda consultar el informe final del Profesor Neiburger intitulado "Subtropical Pacific Meteorology Project". Este informe, sometido a la "Office of Naval Research" en septiembre de 1958 sumariza los resultados de todos los sondeos meteorológicos efectuados en el mar desde 1949 en el área entre California en el norte y Perú en el sur. Todos los sondeos frente al Ecuador y el Perú fueron hechos por la Expedición "Shellback" durante el mes de julio de 1952. Importante como fué esta primera exploración de la atmósfera sobre el Pacífico Ecuatorial del Este, ni siquiera comenzó a explorar "El Niño" en sí, que se confina a la estación de verano en el sur y, más aún, sólo alcanza proporciones catastróficas en unos pocos años excepcionales.

Virgilio Txerribuztangoerrekan. (I. Bukoliken eta Georgiken euskal itzulpenak)

[ES] Las traducciones de los clásicos antiguos empiezan a asomar en la literatura vasca a principios del siglo XIX: su objeto no es, en modo alguno, hacerlos accesibles a un público que de otro modo no podría leerlos, sino servir de ejercicio primero a los traductores y después a los lectores y, a un tiempo y sobre todo, dignificar la literatura vasca con obras de validez universal que, además, no implican la sumisión a ninguna cultura nacional. El que Virgilio haya sido siempre —con excepción del paréntesis romántico— el clásico por excelencia ha hecho que sus traducciones ocupen un lugar sobresaliente también en la historia de las letras vascas: el anónimo autor del manuscrito Melibeo del fondo Bonaparte, Iturriaga, Miangolarra, Arregi, Ibiñagabeitia y Orixe son los autores de esta porción —sin duda la más importante con mucho— del Fortleben vasco de Virgilio. Las traducciones de las Églogas y Geórgicas se analizan aquí desde la perspectiva que imponen la filología y la historia literaria: por un lado, se establecen las bases para, primero, interpretar correctamente dichas traducciones en su calidad de tales y, segundo, situarlas debidamente en el conjunto de la obras de sus autores y, en general, en la historia de la literatura vasca; por otro lado, se presta especial atención a las peculiaridades —notables— que la pervivencia de Virgilio presenta en el País Vasco.

Los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria: la influencia de las estructuras multitramo

[ES] Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenidos sobre el análisis de la población completa de MBS emitidos (262 tramos configurados sobre 94 fondos de titulización) indican que la estructuración multitramo de los MBS ha ayudado a reducir el riesgo percibido global de las emisiones de MBS, mediante la generación de mercados más completos y la reducción de los problemas derivados de la existencia de asimetrías informativas implícitas en el proceso de selección de los activos transmitidos por parte de la entidad cedente. Esta reducción del riesgo percibido ha tenido un efecto directo sobre la rentabilidad ofrecida por los bonos de titulización emitidos. Además, no se encuentran evidencias de que la emisión de MBS persiga la transmisión efectiva de riesgos, más bien al contrario. Las Entidades de crédito, por lo general, han retenido los tramos de primeras pérdidas, lo que ha contribuido a mantener en niveles muy bajos (por debajo de la rentabilidad de la deuda soberana) la rentabilidad ofrecida por los MBS. Precisamente, el escaso diferencial ofrecido por los bonos de titulización se debe a que los tramos retenidos no han ofrecido primas de rentabilidad ajustadas al riesgo inherente.