Portfolio size effect in retirement accounts : what does it imply for lifecycle asset allocation funds?

Lifecycle funds offered by retirement plan providers allocate aggressively to risky asset classes when the employee participants are young, gradually switching to more conservative asset classes as they grow older and approach retirement. This approach focuses on maximizing growth of the accumulation fund in the initial years and preserving its value in the later years. The authors simulate terminal wealth outcomes based on conventional lifecycle asset allocation rules as well as on contrarian strategies that reverse the direction of asset switching. The evidence suggests that the growth in portfolio size over time significantly impacts the asset allocation decision. Due to the portfolio size effect that is observed by the authors, the terminal value of accumulation in retirement accounts is influenced more by the asset allocation strategy adopted in later years relative to that adopted in early years. By mechanistically switching to conservative assets in the later years of a plan, lifecycle strategies sacrifice significant growth opportunity and prove counterproductive to the participant's wealth accumulation objective. The authors' conclude that this sacrifice does not seem to be compensated adequately in terms of reducing the risk of potentially adverse outcomes.

Learning approach and perception of learning context in economics education : a causality test

In the study of student learning literature, the traditional view holds that when students are faced with heavy workload, poor teaching, and content that they cannot relate to – important aspects of the learning context, they will more likely utilise the surface approach to learning due to stresses, lack of understanding and lack of perceived relevance of the content (Kreber, 2003; Lizzio, Wilson, & Simons, 2002; Ramdsen, 1989; Ramsden, 1992; Trigwell & Prosser, 1991; Vermunt, 2005). For example, in studies involving health and medical sciences students, courses that utilised student-centred, problem-based approaches to teaching and learning were found to elicit a deeper approach to learning than the teacher-centred, transmissive approach (Patel, Groen, & Norman, 1991; Sadlo & Richardson, 2003). It is generally accepted that the line of causation runs from the learning context (or rather students’ self reported data on the learning context) to students’ learning approaches. That is, it is the learning context as revealed by students’ self-reported data that elicit the associated learning behaviour. However, other research studies also found that the same teaching and learning environment can be perceived differently by different students. In a study of students’ perceptions of assessment requirements, Sambell and McDowell (1998) found that students “are active in the reconstruction of the messages and meanings of assessment” (p. 391), and their interpretations are greatly influenced by their past experiences and motivations. In a qualitative study of Hong Kong tertiary students, Kember (2004) found that students using the surface learning approach reported heavier workload than students using the deep learning approach. According to Kember if students learn by extracting meanings from the content and making connections, they will more likely see the higher order intentions embodied in the content and the high cognitive abilities being assessed. On the other hand, if they rote-learn for the graded task, they fail to see the hierarchical relationship in the content and to connect the information. These rote-learners will tend to see the assessment as requiring memorising and regurgitation of a large amount of unconnected knowledge, which explains why they experience a high workload. Kember (2004) thus postulate that it is the learning approach that influences how students perceive workload. Campbell and her colleagues made a similar observation in their interview study of secondary students’ perceptions of teaching in the same classroom (Campbell et al., 2001). The above discussions suggest that students’ learning approaches can influence their perceptions of assessment demands and other aspects of the learning context such as relevance of content and teaching effectiveness. In other words, perceptions of elements in the teaching and learning context are endogenously determined. This study attempted to investigate the causal relationships at the individual level between learning approaches and perceptions of the learning context in economics education. In this study, students’ learning approaches and their perceptions of the learning context were measured. The elements of the learning context investigated include: teaching effectiveness, workload and content. The authors are aware of existence of other elements of the learning context, such as generic skills, goal clarity and career preparation. These aspects, however, were not within the scope of this present study and were therefore not investigated.

Evidence-based practice : information professionals' experience of information literacy in the workplace

Evidence-based practice is increasingly being recognised as an important issue in a range of professional contexts including education, nursing, occupational therapy and librarianship. Many of these professions have observed a relationship or interface between evidence-based practice and information literacy. Using a phenomenographic approach this research explores variation in the how library and information professionals are experiencing evidence-based practice as part of their professional work. The findings of the research provide a basis for arguing that evidence-based practice represents the professional's enactment of information literacy in the workplace.

Curtains and carnality : processural seductions in eighteenth century text and space

Libertine erotic novellas included a number of seductive descriptions of unfolding spaces often seen through the eyes of a narrator. Instructional volumes such as Point de lendermain by Vivant Denon (1777) aimed at the sexual education of young women and the titillation of men also followed suit. Similarly architectural theory such as Le Camus de Mézières’, The Genius of Architecture (1780) also promoted the sensuous and seductive aspects of surfaces and spatial arrangements. In the erotic settings of the cabinet, descriptions of curtains generate as much arousal as the outline of a naked body, and for some players it is the space that is desired above their lover.

The ultra-low friction of the articular surface is pH-dependent and is built on a hydrophobic underlay including a hypothesis on joint lubrication mechanism

In this study, the influence of pH on interfacial energy distributed over the phospholipids-bilayer surface model and the effect of hydrophobicity on coefficient of friction (f) were investigated by using microelectrophoresis. An important clinical implication of deficiency in hydrophobicity is the loss of phospholipids that is readily observed in osteoarthritis joints. This paper establishes the influence of pH on interfacial energy upon an increase f, which might be associated with a decrease of hydrophobicity of the articular surface.

An application of Keller’s Brand Equity Model in a B2B context

Powerful brands create meaningful images in the minds of customers (Keller, 1993). A strong brand image and reputation enhances differentiation and has a positive influence on buying behaviour (Gordon et al., 1993; McEnally and de Chernatony, 1999). While the power of branding is widely acknowledged in consumer markets, the nature and importance of branding in industrial markets remains under-researched. Many business-to-business (B2B) strategists have claimed brand-building belongs in the consumer realm. They argue that industrial products do not need branding as it is confusing and adds little value to functional products (Collins, 1977; Lorge, 1998; Saunders and Watt, 1979). Others argue that branding and the concept of brand equity however are increasingly important in industrial markets, because it has been shown that what a brand means to a buyer can be a determining factor in deciding between industrial purchase alternatives (Aaker, 1991). In this context, it is critical for suppliers to initiate and sustain relationships due to the small number of potential customers (Ambler, 1995; Webster and Keller, 2004). To date however, there is no model available to assist B2B marketers in identifying and measuring brand equity. In this paper, we take a step in that direction by operationalising and empirically testing a prominent brand equity model in a B2B context. This makes not only a theoretical contribution by advancing branding research, but also addresses a managerial need for information that will assist in the assessment of industrial branding efforts.

Ecology and bioprospecting

Bioprospecting is the exploration of biodiversity for new resources of social and commercial value. It is carried out by a wide range of established industries such as pharmaceuticals, manufacturing and agriculture as well as a wide range of comparatively new ones such as aquaculture, bioremediation, biomining, biomimetic engineering and nanotechnology. The benefits of bioprospecting have emerged from such a wide range of organisms and environments worldwide that it is not possible to predict what species or habitats will be critical to society, or industry, in the future. The benefits include an unexpected variety of products that include chemicals, genes, metabolic pathways, structures, materials and behaviours. These may provide physical blueprints or inspiration for new designs. Criticism aimed at bioprospecting has been addressed, in part, by international treaties and legal agreements aimed at stopping biopiracy and many activities are now funded by agencies that require capacity-building and economic benefits in host countries. Thus, much contemporary bioprospecting has multiple goals, including the conservation of biodiversity, the sustainable management of natural resources and economic development. Ecologists are involved in three vital ways: first, applying ecological principles to the discovery of new resources. In this context, natural history becomes a vast economic database. Second, carrying out field studies, most of them demographic, to help regulate the harvest of wild species. Third, emphasizing the profound importance of millions of mostly microscopic species to the global economy.

The effects of pore architecture in silk fibroin scaffolds on the growth and differentiation of mesenchymal stem cells expressing BMP7

The pore architecture of scaffolds is known to play a critical role in tissue engineering as it provides the vital framework for seeded cells to organize into a functioning tissue. In this report we have investigated the effects of different concentrations of silk fibroin protein on three-dimensional (3D) scaffold pore microstructure. Four pore size ranges of silk fibroin scaffolds were made by the freeze drying technique, with the pore sizes ranging from 50 to 300 lm. The pore sizes of the scaffolds decreased as the concentration of fibroin protein increased. Human bone marrow mesenchymal stromal cells (BMSC) transfected with the BMP7 gene were cultured in these scaffolds. A cell viability colorimetric assay, alkaline phosphatase assay and reverse transcription-polymerase chain reaction were performed to analyze the effect of pore size on cell growth, the secretion of extracellular matrix (ECM) and osteogenic differentiation. Cell migration in 3D scaffolds was confirmed by confocal microscopy. Calvarial defects in SCID mice were used to determine the bone forming ability of the silk fibroin scaffolds incorporating BMSC expressing BMP7. The results showed that BMSC expressing BMP7 preferred a pore size between 100 and 300 lm in silk fibroin protein fabricated scaffolds, with better cell proliferation and ECM production. Furthermore, in vivo transplantation of the silk fibroin scaffolds combined with BMSC expressing BMP7 induced new bone formation. This study has shown that an optimized pore architecture of silk fibroin scaffolds can modulate the bioactivity of BMP7-transfected BMSC in bone formation.

Impacts of vessel capacity reduction programs on the efficiency in fisheries. The case of Australia's multispecies in northern prawn fishery

Capacity reduction programs in the form of buybacks or decommissioning programs have had relatively widespread application in fisheries in the US, Europe and Australia. A common criticism of such programs is that they remove the least efficient vessels first, resulting in an increase in average efficiency of the remaining fleet. The effective fishing power of the fleet, therefore, does not decrease in proportion to the number of vessels removed. Further, reduced crowding may increase efficiency of the remaining vessels. In this paper, the effects of a buyback program on average technical efficiency in Australia’s Northern Prawn Fishery are examined using a multi-output distance function approach with an explicit inefficiency model. The results indicate that average efficiency of the remaining vessels was greater than that of the removed vessels, and that average efficiency of remaining vessels also increased as a result of reduced crowding.

The effects of L1 orthography on processing an artificial logographic script

To date, studies have focused on the acquisition of alphabetic second languages (L2s) in alphabetic first language (L1) users, demonstrating significant transfer effects. The present study examined the process from a reverse perspective, comparing logographic (Mandarin-Chinese) and alphabetic (English) L1 users in the acquisition of an artificial logographic script, in order to determine whether similar language-specific advantageous transfer effects occurred. English monolinguals, English-French bilinguals and Chinese-English bilinguals learned a small set of symbols in an artificial logographic script and were subsequently tested on their ability to process this script in regard to three main perspectives: L2 reading, L2 working memory (WM), and inner processing strategies. In terms of L2 reading, a lexical decision task on the artificial symbols revealed markedly faster response times in the Chinese-English bilinguals, indicating a logographic transfer effect suggestive of a visual processing advantage. A syntactic decision task evaluated the degree to which the new language was mastered beyond the single word level. No L1-specific transfer effects were found for artificial language strings. In order to investigate visual processing of the artificial logographs further, a series of WM experiments were conducted. Artificial logographs were recalled under concurrent auditory and visuo-spatial suppression conditions to disrupt phonological and visual processing, respectively. No L1-specific transfer effects were found, indicating no visual processing advantage of the Chinese-English bilinguals. However, a bilingual processing advantage was found indicative of a superior ability to control executive functions. In terms of L1 WM, the Chinese-English bilinguals outperformed the alphabetic L1 users when processing L1 words, indicating a language experience-specific advantage. Questionnaire data on the cognitive strategies that were deployed during the acquisition and processing of the artificial logographic script revealed that the Chinese-English bilinguals rated their inner speech as lower than the alphabetic L1 users, suggesting that they were transferring their phonological processing skill set to the acquisition and use of an artificial script. Overall, evidence was found to indicate that language learners transfer specific L1 orthographic processing skills to L2 logographic processing. Additionally, evidence was also found indicating that a bilingual history enhances cognitive performance in L2.