A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Building-up influence: post-war industrialization in the State of Minas Gerais, Brazil

This paper examines the post-War industrialization process in the Brazilian State of Minas Gerais, focusing on one of its desirable outcomes, namely the capacity to generate growth through the impact of strong input-output linkages. This process is placed into historical perspective considering the ideas that permeate the economic development debate throughout the period of analysis. Changes in the regional economic structure are assessed through the use of three input-output tables for the years of 1953, 1980 and 1995. By adopting the fields of influence methodology as the analytical core, it is shown that the efforts towards the creation of a more integrated regional economy have generated stronger influence of the targeted sectors (metal products, transportation equipment, chemical, and services). However, structural changes also contributed to strengthen leakage in the system originated in traditional economic activities.

Building governance in the international financial system: Context and challenges

ABSTRACTThe international financial system has undergone deep changes since the 1970s and its stability cannot be reached in spite of actor's interests or the existence of countless coordination fora. Analyzing the system's incentive structure, one can note that its stability depends on the control of imbalances, which are not always harmful for States, creating, thus, a disturbing component in the quest for international financial management. Furthermore, non-state actors have acquired a disproportional share of power following financial globalization, escaping the control of States and of the international community.

The role of leaders in building organizational learning capacity

In a world in which social, economic, and environmental circumstances are continuously evolving and increasingly complex, leaders face the challenging prospect of navigating their organizations through unpredictable operating conditions. Finding a way to tap into the learning capacity of the people who comprise their organizations may be the answer to adapt and to survive. This qualitative research study explored the role of leaders in building this organizational learning capacity. The literature identified three domains of personal, interpersonal, and organizational capacity for learning in an organizational setting. Interviews with three senior leaders who had successfully built learning capacity in their respective organizations revealed four elements of leader commitment: (a) to the process of building learning capacity, (b) to organizational objectives and results, (c) to personal actions and behaviours, and (d) to the people of the organization. Each of the four elements of leader commitment spans the three domains of learning capacity that can guide leaders as they build organizational learning capacity.

The role of education in building individual human capital : How do professionals look at it?

This study followed a qualitative research approach to investigate how welleducated professionals see the role of formal education in building human capital. Individuals need to understand the relationship between education and their human capital to justify the time and money they invested to get their education. Colleges and universities need to know the value of their output, to better value and promote the process of knowledge production and transmission and help the general public appreciate their work more. While the importance of a good education is a key factor in the success of learners, this study revealed the power of social capital in making this success a reality. It may not be enough for an individual to acquire good education to guarantee a better future. The power of social connections can be the main determinant in one’s wellbeing. This study shows that it is important to address students’ life outside school beside the importance of a classroom education.

A Home at School: Building Stronger Indigenous People through Cultural Resurgence in an Urban Ontario Public School Context.

In this thesis, I work through the educational narratives of young Aboriginal women and men as I explore the relationship between cultural programming and student engagement. My analysis is structured through a collaborative Indigenous research project. My overarching task is to explore how a cultural support program, the Native Youth Advancement with Education Hamilton (NYA WEH) Program, offered at Sir John A. Macdonald Secondary School, located in Hamilton, Ontario, Canada, attempts to re-imagine Aboriginal education in ways that directly challenge the residential school legacy. In particular, I work to illuminate how particular forms of Aboriginal education are connected to the graduation rates of Aboriginal youth. I argue that the ways in which the NYA WEH Program navigates Native Studies curriculum, relationships, and notions of culture and tradition are significant to the engagement of Aboriginal youth. This research develops theoretical connections between the contemporary experience of Aboriginal social inequality and educational initiatives which attempt to reverse that legacy. By placing the NYA WEH Program narratives side-by-side with literature supporting Aboriginal education for Self-determination, I work to learn how to best support and encourage Aboriginal student engagement in secondary schools across Ontario.

Conceptualizing Institutional Capacity Building Through a Learning Process Set in Motion by a Foundation

Employing critical pedagogy and transformative theory as a theoretical framework, I examined a learning process associated with building capacity in community-based organizations (CBOs) through an investigation of the Institutional Capacity Building Program (ICBP) initiated by a Foundation. The study sought to: (a) examine the importance of institutional capacity building for individual and community development; (b) investigate elements of a process associated with a program and characteristics of a learning process for building capacity in CBOs; and (c) analyze the Foundation’s approach to synthesizing, systematizing, and sharing learning. The study used a narrative research design that included 3 one-on-one, hour-long interviews with 2 women having unique vantage points in ICBP: one is a program facilitator working at the Foundation and the other runs a CBO supported by the Foundation. The interviews’ semistructured questions allowed interviewees to share stories regarding their experience with the learning process of ICB and enabled themes to emerge from their day-to-day experience. Through the analysis of this learning process for institutional capacity building, a few lessons can be drawn from the experience of the Foundation.

Relationship Building with Aboriginal Elders in the Publicly Funded Secondary School Classroom: A Study of Ethical Space from an Aboriginal Persepective

This is a current story of ethical space in education that is often neglected in the design of educational experiences for Aboriginal students. This story is told through an Aboriginal lens rooted in the structured Two Row Wampum Belt relational agreement between Aboriginal peoples and Settlers. Through ethnographic narrative based on an extensive literature review, individual in-depth interviews, and a personal journal, this study documents the processes of acceptance, silence, complications, and then rejection to position Aboriginal Elders as inclusive bodies of knowledge in publicly funded secondary school classrooms. Aboriginal Elders are valued as Knowledge Holders, as Aboriginal teachers, guides, and mentors. Yet, the complexities of colonial rights, politics, and policies continue to intrude deeply into the lives of Aboriginal peoples to cause silence, confusion, and struggle rather than an evolution of new knowledge amongst two co-existing solitudes under the original terms of the Two Row Wampum Belt. The study was delayed and then came to an end when the school boards and local schools scrutinized its operating policies and unresolved funding issues. This study demonstrated that despite the Two Row Wampum Belt agreement that promised a co- existent relationship between Aboriginal peoples and Settlers, the strategy of inviting Aboriginal Elders to work alongside teachers in the classroom was viewed as being in conflict with the Settler’s institutional/educational objectivities, and, as such, was denied to Aboriginal students.

Building Beyond Limits : Fantastic Collisions Between Bodies and Machines in French and English Fin-de-Siècle Literature

«Construire hors limite: collisions fantastiques entre corps et machines dans la littérature fin-de-siècle française et anglaise» explore un ensemble de textes qui ont surgi à la fin du dix-neuvième siècle en réponse et en réaction à la fulgurante évolution de l’environnement scientifique et technologique, et qui considèrent la relation entre l’homme et la machine en fantasmant sur la zone grise où ils s’intersectent. Les principaux textes étudiés comprennent L’Ève future de Villiers de l’Isle-Adam, Le Surmâle d’Alfred Jarry, Trilby de George Du Maurier, Le Château des Carpathes de Jules Verne, ainsi qu’une sélection de contes dont nous pouvons qualifier de «contes à appareils», notamment «La Machine à parler» de Marcel Schwob. Utilisant la théorie des systèmes comme base méthodologique, cette dissertation cherche à réinterpréter les textes de la fin du dix-neuvième siècle qui naviguent les limites de l’humain et du mécanique et les surfaces sensibles où ils se touchent et interagissent en les réinscrivant dans un projet plus vaste de construction d’identité qui défie le temps chronologique et les échelles mathématiques. Le lien entre la théorie des systèmes et l’architecture – comme méthode d’organisation d’espace blanc en espace habitable – est exploré dans le but de comprendre la manière dont nous façonnons et interprétons le néant à l’origine de l’identité individuelle, et par association collective, en pratiquant littéralement la schématisation et la construction du corps. Des auteurs tels Villiers et Jarry imaginent la construction du corps comme une entreprise scientifique nécessairement fondée et réalisée avec les matériaux et les technologies disponibles, pour ensuite démanteler cette proposition en condamnant le corps technologique à la destruction. La construction d’une identité amplifiée par la technologie prend donc des proportions prométhéennes perpétuellement redessinées dans des actes cycliques de rasage (destruction) et d’érection (édification), et reflétées dans l’écriture palimpsestique du texte. L’intégrité du corps organique étant mis en question, le noyau même de ce que signifie l’être (dans son sens de verbe infinitif) humain pourrait bien s’avérer, si l’on considère la correspondance entre perte de voix et état pathologique dans les textes de Du Maurier, Verne et Schwob, être une structure des plus précaires, distinctement hors sens (unsound).

A multiple-building diffraction attenuation function expressed in terms of UTD coefficients for microcellular communications

This work presents an explicit formulation for multiple- edge diffraction for mobile radiowave propagation in terms of uniform theory of diffraction (UTD) coefficients when a spherical incident wave is considered. This solution can be used in an UTD context and sharply reduces the computing time over existing formulation. Results can be applied in the planning of microcellular systems

House Building and Personal Finance-A Study of Salaried Employees in Kerala

School of Management Studies,Cochin University of Science and Technology

Sustainable Building Materials in Kerala – An Overview

Kerala, God’s own country is blessed with immense natural resources. It’s high time that the state’s natural resources being utilized effectively. While sustainable development is the need of the hour, we have to take lead in initiating activities that would minimize the exploitation of our natural resources resulting in their effective utilization. This paper narrates an overview of innovative building materials especially using natural fibres available in Kerala and discusses the feasibility of utilising such fibres in the context of sustainable building materials in Kerala. The paper also discusses how these materials can be effectively utilized to reduce the huge investment in the construction industry

Cultural diversity : obstacle or help in building european unity?. 'La diversidad cultural : ¿obstáculo o ayuda para la construcción de la unidad europea?'.

Resumen tomado del autor

Struggling readers at key stage 2 : building success in reading and writing.

La investigación sobre las posibles causas de dificultades para la lectura es probablemente el más estudiado en materia de educación. Las razones para el fracaso son tan diversas como los propios niños, pero no son debidas a dificultades específicas de aprendizaje sino a problemas de carácter general. La dislexia se señala como una de las dificultades para el aprendizaje del lenguaje. Se dan recomendaciones a los profesores para que, antes de iniciar el programa de recuperación para la lectura, realicen una observación del niño y una evaluación de las habilidades ya adquiridas en su alfabetización básica. Con esta información, el profesor tiene que trabajar, descubrir lo que el niño hace bien y qué estrategias utilizar.

Text : building skills in english. Book 1.

Se adapta al curriculum nacional inglés y desarrolla las habilidades esenciales de este idioma para la etapa 3 (key stage 3) de secundaria. Su contenido comprende seis unidades cada una de las cuales presenta sus propios objetivos respecto a los niveles de lectura, composición, hablar y escuchar, y comprensión y utilización de la lengua. También, se incluyen en cada una de las unidades enlaces intercurriculares a otras materias como historia y ciudadanía.