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.

Proceedings of the Second PICES Workshop on the Okhotsk Sea and Adjacent Areas [Nemuro, Japan, November 9-12, 1998]

Table of Contents [pdf, 0.01 Mb] Preface [pdf, 0.01 Mb] Masaaki Aota Long-term tendencies of sea ice concentration and air temperature in the Okhotsk Sea coast of Hokkaido [pdf, 0.05 Mb] Hajime Ito & Miki Yoshioka Geography of the seasonally ice covered seas [pdf, 0.5 Mb] George V. Shevchenko & Victor F. Putov On wind and tide induced sea-ice drift on the northeastern shelf of Sakhalin Island (analysis of radar data) [pdf, 0.96 Mb] Boris S. Dyakov, A.A. Nikitin, L. S. Muktepavel & T.A. Shatilina Variability of the Japan and Okhotsk Seas ice cover depending on geopotential field H500 over the Far-Eastern region [pdf, 0.10 Mb] Aleksandr G. Petrov & Nikolay A. Rykov Intermediate cold layer and ice cover in the Sea of Okhotsk [pdf, 0.37 Mb] Vladimir Ponomarev, Olga Trusenkova, Elena Ustinova & Dmitry Kaplunenko Interannual variations of oceanographic and meteorological characteristics in the Sea of Okhotsk [pdf, 0.16 Mb] George V. Shevchenko & Akie Kato Seasonal and interannual changes of atmospheric pressure, air and water temperature in the area of the Kuril Ridge [pdf, 0.13 Mb] George V. Shevchenko & Vladimir Yu. Saveliev Spatial variability of the wind field in the area of the Kuril Islands [pdf, 0.15 Mb] Alexander L. Figurkin & Igor A. Zhigalov Seasonal variability and specifity of the oceanological conditions in the northern Okhotsk Sea in 1997 [pdf, 1.04 Mb] Igor A. Zhabin Ventilation of the upper portion of the intermediate water in the Okhotsk Sea [pdf, 0.80 Mb] Vladimir A. Luchin & Alexander L. Figurkin Oceanographic conditions over the Kashevarov Bank [pdf, 0.61 Mb] Toshiyuki Awaji, Tomohiro Nakamura, Takaki Hatayama, Kazunori Akimoto & Takatoshi Takizawa Tidal exchange through the Kuril Straits [pdf, 2.01 Mb] Tomohiro Nakamura, Toshiyuki Awaji, Takaki Hatayama, Kazunori Akimoto, Takatoshi Takizawa & Masao Fukasawa Vertical mixing induced by tidally generated internal waves in the Kuril Straits [pdf, 0.83 Mb] Katsuro Katsumata & Ichiro Yasuda Water exchange between the Okhotsk Sea and the North Pacific Ocean estimated by simple models [pdf, 0.97 Mb] Konstantin A. Rogachev Oyashio west path culmination as the consequence of a rapid thermohaline transition in the Pacific Subarctic [pdf, 0.22 Mb] Yasuhiro Kawasaki On the year-to-year change in subarctic water characteristics around the Kuril Islands [pdf, 0.39 Mb] Alexander L. Figurkin & Evgeniy E. Ovsyannikov Influence of oceanological conditions of the West Kamchatka shelf waters on spawning grounds and on pollock egg distribution [pdf, 0.97 Mb] Igor E. Kochergin & Alexander A. Bogdanovsky Transport and turbulence characteristics for the northeastern Sakhalin shelf conditions [pdf, 0.08 Mb] Igor E. Kochergin, Alexander A. Bogdanovsky, Valentina D. Budaeva, Vyacheslav G. Makarov, Vasily F. Mishukov, S.N. Ovsienko, Victor F. Putov, L.A. Reitsema, J.W. Sciallabba, O.O. Sergucheva & P.V. Yarosh Modeling of oil spills for the shelf conditions of northeastern Sakhalin [pdf, 0.32 Mb] Valentina D. Budaeva & Vyacheslav G. Makarov A peculiar water regime of currents in the area of eastern Sakhalin shelf [pdf, 0.66 Mb] Nikolay A. Rykov The oceanographic databases on the Sakhalin shelf [pdf, 0.27 Mb] Akifumi Nakata, Iori Tanaka, Hiroki Yagi, Tomomi Watanabe, Gennady A. Kantakov & Andrew D. Samatov Formation of high-density water (over 26.8 sigma-t) near the La Perouse Strait (the Soya Strait) [pdf, 0.09 Mb] Minoru Odamaki & Kouji Iwamoto Currents and tidal observations by Hydrographic Department of Maritime Safety Agency, off the Okhotsk coast of Hokkaido [pdf, 0.16 Mb] Yasushi Fukamachi, Genta Mizuta, Kay I. Ohshima, Motoyo Itoh, Masaaki Wakatsuchi & Masaaki Aota Mooring measurements off Shiretoko Peninsula, Hokkaido in 1997-1998 [pdf, 0.19 Mb] Mikhail A. Danchenkov, David Aubrey & Stephen C. Riser Oceanographic features of the La Perouse Strait [pdf, 0.91 Mb] Iori Tanaka & Akifumi Nakata Results of direct current measurements in the La Perouse Strait (the Soya Strait), 1995-1998 [pdf, 0.06 Mb] Gennady A. Kantakov & George V. Shevchenko In situ observations of Tsushima and West-Sakhalin currents near La Perouse (Soya) Strait [pdf, 0.79 Mb] Irina Y. Bragina Geographical and biological characteristics of the net zooplankton in the southwestern part of the Sea of Okhotsk during 1987-1996 [pdf, 0.27 Mb] List of corresponding authors [pdf, 0.01 Mb] (Document pdf contains 193 pages)

Report of the second STREAM regional conference. Tagaytay City, Philippines 8-10 June 2003

The Second STREAM Regional Conference was held in Tagaytay City, Philippines, from 8-10 June 2003 with the participation of 23 people from Australia, Cambodia, India, Nepal, Philippines, Thailand, Vietnam and Yunnan (China). Following a regional overview of STREAM’s themes, country partners, donors and funding, and activities, participants visited four “stations” on the themes of livelihoods, institutions, policy development, and communications, working in groups representing National Coordinators, Communications Hub Managers, and Partners. They engaged in discussions with a “station leader” and each other to learn about and comment on objectives, activities, outcomes and outputs, and to consider issues that need addressing in STREAM. (PDF has 49 pages.)

Marine Mammal Strandings in the United States: Proceedings of the Second Marine Mammal Stranding Workshop, Miami, Florida, December 3-5, 1987

Over a decade ago, in August 1977, the First Marine Mammal Stranding Workshop was convened in Athens, Georgia. That workshop, organized by j.R. Geraci and D.J. St. Aubin, not only considered biology and pathology of stranded marine mammals, but it also served as a springboard for the formation of regional marine mammal stranding networks in the United States. The ramifications have been extremely important to the field of marine mammalogy since, for some species, examination or rehabilitation of stranded specimens serves as virtually the only source of information on distribution, anatomy, physiology, reproduction, and pathology. The First Marine Mammal Stranding Workshop led to increased awareness of the marine mammals themselves, as well as the logistic and legal factors associated with effective handling of the animals. A number of individuals indicated that they felt that a Second Marine Mammal Stranding Workshop held prior to the Seventh Biennial Conference on the Biology of Marine Mammals (Miami, Florida; December 1987) would be both timely and productive. Accordingly, we organized the workshop and scheduled it to occur on 3-5 December. Our goals for the workshop were several, including 1) providing descriptions of some research, especially new techniques, regarding stranded marine mammals; 2) providing a forum where scientists could interact and possibly initiate cooperative research activities; 3) presenting information regarding procedures used effectively to handle stranded animals; 4) assessing ways to standardize data and specimen collection, archiving, and retrieval; and 5) providing a forum for assessing accomplishments and status of regional stranding networks to date, as well as for making recommendations regarding future activities of the networks. Nearly 100 individuals representing Federal and State governments, academic institutions, the oceanarium industry, consulting groups, conservation organizations, and the private sector attended the workshop (see Workshop Participants, this volume). (PDF file contains 166 pages.)

Chiral gold(I) vs chiral silver complexes as catalysts for the enantioselective synthesis of the second generation GSK-hepatitis C virus inhibitor

The synthesis of a GSK 2(nd) generation inhibitor of the hepatitis C virus, by enantioselective 1,3-dipolar cycloaddition between a leucine derived iminoester and tert-butyl acrylate, was studied. The comparison between silver(I) and gold(I) catalysts in this reaction was established by working with chiral phosphoramidites or with chiral BINAP. The best reaction conditions were used for the total synthesis of the hepatitis C virus inhibitor by a four step procedure affording this product in 99% ee and in 63% overall yield. The origin of the enantioselectivity of the chiral gold(I) catalyst was justified according to DFT calculations, the stabilizing coulombic interaction between the nitrogen atom of the thiazole moiety and one of the gold atoms being crucial.

An adaptive sliding mode control law for the power maximization of the wind turbine system

POWERENG 2011

Civil framework of the Internet : Law n°. 12.965, of April 23, 2014, which establishes the principles, guarantees, rights and duties for use of the Internet in Brazil

Traz atualizado o texto do Marco Civil Brasileiro da Internet, a Lei nº 12.965, de 23 de abril de 2014.

Influence of the second cladding on the properties of four-layer large flattened mode fibers

A theoretical method to analyze four-layer large flattened mode (LFM) fibers is presented. The influence of the second cladding on the properties of four-layer LFM fiber, including the fundamental and higher-order modal fields, effective area, bending loss, and dispersion, are studied by comparison. At the same time, the reasons for the different characteristics are considered. The obtained results indicate that the effective area of the four-layer LFM fiber is about 1.6 times larger than that of the conventional standard step-index fiber and the fibers have better bend-induced filtering ability than three-layer LFM fibers. (C) 2007 Society of Photo-Optical Instrumentation Engineers.

Influence of the second cladding on the properties of four-layer large flattened mode fibers

A theoretical method to analyze four-layer large flattened mode (LFM) fibers is presented. The influence of the second cladding on the properties of four-layer LFM fiber, including the fundamental and higher-order modal fields, effective area, bending loss, and dispersion, are studied by comparison. At the same time, the reasons for the different characteristics are considered. The obtained results indicate that the effective area of the four-layer LFM fiber is about 1.6 times larger than that of the conventional standard step-index fiber and the fibers have better bend-induced filtering ability than three-layer LFM fibers. (C) 2007 Society of Photo-Optical Instrumentation Engineers.