On the comparative performance of socially responsible and Islamic mutual funds

This is the first study to provide comprehensive analyses of the relative performance of both socially responsible investment (SRI) and Islamic mutual funds. The analysis proceeds in two stages. In the first, the performance of the two categories of funds is measured using partial frontier methods. In the second stage, we use quantile regression techniques. By combining two variants of the Free Disposal Hull (FDH) methods (order- m and order- α) in the first stage of analysis and quantile regression in the second stage, we provide detailed analyses of the impact of different covariates across methods and across different quantiles. In spite of the differences in the screening criteria and portfolio management of both types of funds, variation in the performance is only found for some of the quantiles of the conditional distribution of mutual fund performance. We established that for the most inefficient funds the superior performance of SRI funds is significant. In contrast, for the best mutual funds this evidence vanished and even Islamic funds perform better than SRI. These results show the benefits of performing the analysis using quantile regression. © 2013 Elsevier B.V.

Do ethics imply persistence? The case of Islamic and socially responsible funds

We analyse the performance persistence of Islamic and Socially Responsible Investment (SRI) mutual funds. We adopt a multi-stage strategy in which, in the first stage, partial frontiers’ approaches are considered to measure the performance of the different funds in the sample. In the second stage, the results yielded by the partial frontiers are plugged into different investment strategies based on a recursive estimation methodology whose persistence performance is evaluated in the third stage of the analysis. Results indicate that, for both types of funds, performance persistence actually exists, but only for the worst and, most notably, best funds. This result is robust not only across methods (and different choices of tuning parameters within each method) but also across both SRI and Islamic funds—although in the case of the latter persistence was stronger for the best funds. The persistence of SRI and Islamic funds represents an important result for investors and the market, since it provides information on both which funds to invest in and which funds to avoid. Last but not least, the use of the aforementioned techniques in the context of mutual funds could also be of interest for the non-conclusive literature.

Entropy Based Approach to Finding Interacting Genes Responsible for Complex Human Disease

2000 Mathematics Subject Classification: 62P10, 92D10, 92D30, 94A17, 62L10.

Are tumoral factors responsible for host tissue wasting in cancer cachexia?

Both cytokines and tumor factors have been implicated in tissue loss in cancercachexia. Loss of adipose tissue is most likely due to the tumor (and host) factorzinc-α2-glycoprotein because of its direct lipolytic effect, ability to sensitizeadipocytes to lipolytic stimuli and increased expression in cachexia. TNF-α andthe tumor factor proteolysis-inducing factor are the major contenders for skeletalmuscle at rophy; both increase protein degradat ion through theubiquitin-proteasome pathway and depres s protein synthesis throughphosphorylation of eukaryotic initiation factor 2α. However, while most studiesreport proteolysis-inducing factor levels to correlate with the appearance ofcachexia, there is some disagreement regarding a correlation between serumlevels of TNF-α and weight loss. Furthermore, only antagonists to proteolysisinducingfactor prevent muscle loss in cancer patients, suggesting that tumorfactors are the most important. © 2010 Future Medicine Ltd.

The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

Concessions in National Parks: Responsible Tourism

Concession operations in natural areas have always been a source of controversy. The objectives of profit and preservation are seen by many to be incompatible. The author will examine the relationship of national park concessions and the environments in which they operate, focusing on concession selection and operation, using responsible tourism concepts as a guide

Tourism in the Egyptian Red Sea Area: A Responsible Development Approach

Egypt has always been a world-renowned tourism destination of antiquity. A government policy of product diversification attempts to disperse tourists more evenly in the country. The Egyptian Red Sea coast is therefore targeted as a new tourism development zone. The author identifies the new development patterns in the Egyptian Red Sea area and discusses the potential tourism impact on the coastal environment. It is recommended that a responsible development approach be adopted for coastal and marine tourism in the Egyptian Red Sea area

Perceptions and Preferences of Commercial Fishers for Dedicated Access Privilege Framework in a Multispecies Fishery

The decline of the world's fisheries and the inability of traditional management frameworks to maintain them, has led managers to adopt alternative management frameworks. The use of dedicated access privileges have often been shown to have varying popularity among factions within the commercial fishing industry and managers. Here, we examine commercial fishers' preference for alternative management frameworks in the context of a unique multispecies fisheries of the Florida Keys. By surveying commercial fishers, we find that that the size of operation plays no role in affecting fisher perception regarding dedicated access privileges. Furthermore, fishers who are organized are less likely to support dedicated access privilege frameworks. Overall, we do not find enough support in the fishing industry for the implementation of dedicated access privileges in the Florida Keys. These findings can provide inputs in developing effective management plans in the region.

Coastal geomorphology, processes and erosion at the tourist destination of Ferryland, Newfoundland and Labrador

The community of Ferryland is located on the southeastern coast of the Avalon Peninsula. The town traditionally relied on a fishing-based economy until the collapse of the fishery in the early 1990s. The present economy emphasizes sustainable development in the tourism sector with focus on archaeology, geotourism and other recreational uses. This paper discusses coastal erosion and impacts on sites and infrastructure using methods including: local knowledge, Real Time Kinematic (RTK) surveying and other survey techniques, seawater level measurement, meteorological data from a locally-installed station, custom-made drifter tube buoys, photography, HD video, and investigation using various modes of transport including inflatable boat. The major findings of the study include that the residents and stakeholders are genuinely interested in and knowledgeable of coastal erosion. The causes of coastal erosion include: large waves, surge, longshore currents, harbour oscillations, mass wasting, and location of infrastructure causing alterations of these processes. Freeze-thaw Cycles (FTC), rainfall, and gravity loosen and transport rock, till, and fill materials downslope. Large waves and currents transport the materials alongshore or into the nearshore. Harbour oscillations causing high velocity currents (> 2 m/s) are responsible for shoreline erosion and damage to property in The Pool. Historical resources such as gun batteries and ordnance pieces which date to the 1700s are being lost or threatened through coastal erosion of till and rock cliffs. Improper drainage and maintenance is responsible for erosion of roads and supporting shoulders, necessitating mitigation measures. Sediment transport and deposition during and after large wave and surge events lead to undercutting of infrastructure and increased risk of washover of existing infrastructure. Erosion is ongoing at Bois Island and Ferryland Head Isthmus through slope processes and undercutting; The Pool and the lower Colony of Avalon site through harbour oscillations and related undermining; the tombolo and the main breakwater through wave attack; and Meade’s Cove including the East Coast Trail through wave attack and undercutting. The floor of the latrine in the lower Colony of Avalon site indicates that sea level was approximately 1.25m below present in the 1620s, a relative sea level rise rate of 3.2 mm/y. The recommendations include suggested mitigation to reduce impacts specific to each site.

The exclusive fishing zone for the artisanal fishery in Chocó Colombia: origins, development, and consequences for artisanal fisheries and food security.

Exclusive Fishing Zones (EFZs) are a type of place-based management tool often used to mitigate conflicts between fishing sectors by granting fishing rights to one of the sectors. This case study enhances our knowledge of the pre- and post-implementation processes associated with EFZs as well as its consequences for fish stocks and artisanal fishers and their families. The study draws upon interviews with artisanal fishers and key informants related to an EFZ established in 2008 in Colombia (the Chocó-EFZ). The findings of this research indicate that conflicts at sea and on land between artisanal and industrial fisheries triggered the Chocó-EFZ process. Results also show some potential benefits of the Chocó-EFZ including: a) mitigating conflicts between artisanal fishers and industrial shrimpers; b) contributing to the food security of artisanal fishing households and sustaining local fish stocks; c) supporting an existing informal community-based management as well as promoting the development of a co-management regime. Potential negative effects of the Chocó-EFZ include: a) displacement of industrial fishing effort and, b) job loss within the industrial shrimp industry. The findings of this research also indicate that there are multiple factors that jeopardize the effectiveness and continuation of the Chocó-EFZ, some of which include diversity of fisheries, power struggles among stakeholders, and disagreement about exclusive access to fish resources.

Biological factors affecting sea survival of Atlantic salmon Salmo salar L., in Western Arm Brook and an analysis of selection by the commercial fishery of nearby St. Barbe Bay, Newfoundland

The problems faced by scientists in charge of managing Atlantic salmon (Salmo salar) stocks are : i) how to maintain spawning runs consisting of repeat spawners and large multi-sea-winter (MSW) adults in the face of selective homewater and distant commercial fisheries and , ii) how to more accurately predict returns of adults. Using data from scales collected from maiden Atlantic salmon grilse from two locations on the Northern Peninsula of Newfoundland, St. Barbe Bay and Western Arm Brook, their length at smolting was back calculated. These data were then used to examine whether the St. Barbe commercial fishery is selective for salmon of particular smolt age and/or size. Analysis indicated that come commercial fishery selected larger, but not necessarily older adults that those escaping to Western Arm Brook over the period of this study, 1978-1987. It was determined that less than average size smolts survived better than above average size smolts. Slection for repeat spawners, large MSW salmon, and larger grilse has meant reductions in the proportions of these adults in the spawning runs on Western Arm Brook. This may impact the Western Arm Brook salmon stock by increasing the population instability. Sea survival was significantly correlated with selection by the commercial fishery. Characteristics of adults in Western Arm Brook during the period of study (1978-1987) did not help in explaining yearly variation in sea survival. The characteristics of smolts, however, when subjected to multiple regression analysis explained 57.2 percent of the yearly variation in sea survival.

Measuring the economic performance of socially responsible companies

This paper presents a one-dimensional exploratory study which compares the socially responsible companies included in the Spanish sustainability index, FTSE4Good Ibex, with the rest of the indices in the IBEX family. The aim is to use different economic variables to establish whether there are differences in economic performance. Parametric testing was used to study whether there are differences between the two types of companies. The results demonstrate that there are no statistically significant differences in economic performance between the two groups. The study confirms that companies with good practices are as profitable as the rest, but it also demonstrates that the economic-financial behaviour is not better as a result of being in the sustainability index.

Upstream mechanisms responsible for H₂O₂-induced activation of MAPK and PKB in vascular smooth muscle cells

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.