Are lifecycle funds appropriate as default options in participant-directed retirement plans?

The appropriateness of default investment options in participant-directed retirement plans like 401(k) has been in sharp focus given that most participants fail to nominate an investment option to direct their contributions. In United States (US), prior to the Pension Protection Act (PPA) of 2006, plan fiduciaries often selected a money market fund as the default option. Whilst this ‘low risk and low return’ investment option was considered to be a ‘safe’ choice by many fiduciaries who were fearful of litigation risk, it was heavily criticized for resulting in inadequate wealth at retirement, particularly when retirees were living much longer and facing inflation risk (see, for example, Viceira, 2008; Skinner, 2009)...

The performance of diversified emerging market equity funds

We investigate the performance of globally diversified emerging market equity funds during the first decade of the twenty-first century. A vast majority of these funds do not outperform the market benchmark even before transaction costs. The systematic risk of most of the funds is similar to that of the market benchmark portfolio, which may suggest that they aim to offer diversification benefits rather than seeking superior risk-adjusted returns through active management. We do not find any evidence of market timing ability amongst these funds. Finally, whilst we detect persistence in performance, this result is driven mainly by the poorly performing funds.

Structural, electrical, and optical properties of InAsxSb1-x epitaxial films grown by liquid-phase epitaxy

The InAsxSb1-x films were grown on (100) GaSb substrates by liquid-phase epitaxy, and their structural, electrical, and optical properties were investigated. The high-resolution x-ray diffraction results reveal that the single crystalline InAsxSb1-x films with a midrange composition are epitaxially grown on the GaSb substrates. Temperature dependence of the Hall mobility was theoretically modeled by considering several predominant scattering mechanisms. The results indicate that ionized impurity and dislocation scatterings dominate at low temperatures, while polar optical phonon scattering is important at room temperature (RT). Furthermore, the InAsxSb1-x films with the higher As composition exhibit the better crystalline quality and the higher mobility. The InAs0.35Sb0.65 film exhibits a Hall mobility of 4.62x10(4) cm(2) V-1 s(-1). The cutoff wavelength of photoresponse is extended to about 12 mu m with a maximum responsivity of 0.21 V/W at RT, showing great potential for RT long-wavelength infrared detection. (C) 2008 American Institute of Physics. [DOI: 10.1063/1.2989116]

Influence of growth temperature on structural and magnetic characterization of (In, Cr)As quantum dots

(In, Cr)As ferromagnetic semiconductor quantum dots (QDs) were grown by molecular beam epitaxy on GaAs (001) substrates. The growth temperature effects on structure and magnetism of the QDs were investigated systematically. The Cr(2+)3d(4) states and quantum confined effect are assumed to play an important role in the room-temperature ferromagnetism of (In, Cr)As QDs. (C) 2009 Elsevier B.V. All rights reserved.