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.

Transient Temperature Distribution in a Sheet Metal by Low-Energy Laser Scanning

Low-energy laser-heating techniques are widely used in engineering applications such as, thinfilm deposition, surface treatment, metal forming and micro-structural pattern formation. In this paper,under the conditions of ignoring the thermo-mechanical coupling, a numerical simulation on the spatialand temporal temperature distribution in a sheet metal produced by the laser beam scanning in virtue of thefinite element method is presented. Both the three-dimensional transient temperature field and thetemperature evolution as a function of heat penetrating depth in the metal sheet are calculated. Thetemperature dependence of material properties was taken into account. It was shown that, after taking thetemperature dependence of the material absorbance effect into consideration, the temperature change ratealong the scanning direction and the temperature maximum were both increased.

Bottle and Pumpcast Data from the 1988 Black Sea Expedition

This report contains inorganic nutrient chemistry, sulfide and oxygen data collected during cruises 2 through 5 of the 1988 Black Sea Oceanographic Expedition aboard the R/V Knorr. Continuous nutrient and sulfide data were obtained in the upper 375 m using a pumped profiling system. Discrete samples were collected from rosette-CTD casts. The corresponding physical oceanographic data have been presented by White et al. (1989). Although all of the data reported has been edited at least twice, errors may remain. We encourage queries and plan to distribute updates on electronic media if there are any non-trivial changes.

Numeric Calculation for Transient Thermal Stress Field in Wall-Shape Metal Part During Laser Direct Forming

In order to investigate the transient thermal stress field in wall-shape metal part during laser direct forming, a FEM model basing on ANSYS is established, and its algorithm is also dealt with. Calculation results show that while the wall-shape metal part is being deposited, in X direction, the thermal stress in the top layer of the wall-shape metal part is tensile stress and in the inner of the wall-shape metal part is compressive stress. The reason causing above-mentioned thermal stress status in the wall-shape metal part is illustrated, and the influence of the time and the processing parameters on the thermal stress field in wall-shape metal part is also studied. The calculation results are consistent with experimental results in tendency.

Investigation on the Interaction of Laser Beam and Metal Powders Conveyed by Coaxial Powder Feeder

In order to investigate the transient thermal stress field in wall-shape metal part during laser direct forming, a FEM model basing on ANSYS is established, and its algorithm is also dealt with. Calculation results show that while the wall-shape metal part is being deposited, in X direction, the thermal stress in the top layer of the wall-shape metal part is tensile stress and in the inner of the wall-shape metal part is compressive stress. The reason causing above-mentioned thermal stress status in the wall-shape metal part is illustrated, and the influence of the time and the processing parameters on the thermal stress field in wall-shape metal part is also studied. The calculation results are consistent with experimental results in tendency.

BONDING OF ALUMINA AND METAL USING BULK METALLIC GLASS FORMING ALLOY

Metal-alumina joints have found various practical applications in electronic devices and high technology industry. However, making of sound metal ceramic brazed couple is still a challenge in terms of its direct application in the industry. In this work we successfully braze copper with Al2O3 ceramic using Zr52.5Cu17.9Ni14.6Al10Ti5 bulk metallic glass forming alloy as filler alloy. The shear strength of the joints can reach 140 MPa, and the microstructrural analysis confirms a reliable chemical boning of the interface. The results show that the bulk metallic glass forming alloys with high concentration of active elements are prospective for using as filler alloy in metal-ceramic bonding.

Investigations of cohesive zone properties of the interface between metal film and ceramic substrate at nano- and micro-scales

Cohesive zone characterizations of the interface between metal film and ceramic substrate at micro- and nano-scales are performed in the present research. At the nano-scale, a special potential for special material interface (Ag/MgO) is adopted to investigate the interface separation mechanism by using MD simulation, and stress-separation relationship will be obtained. At the micro-scale, peeling experiment is performed for the Al film/Al2O3 substrate system with an adhesive layer at the interface. Adhesive is a mixture of epoxy and polyimide with mass ratio 1:1, by which a brittle cohesive property is obtained. The relationships between energy release rate, the film thickness and the adhesive layer thickness are measured during the steady-state peeling. The experimental result has a similar trend as modeling result for a weak adhesion interface case.

Interface cracking and particulate size effect in particle-reinforced metal-matrix composites

The mechanical behaviors of the ceramic particle-reinforced metal matrix composites are modeled based on the conventional theory of mechanism-based strain gradient plasticity presented by Huang et al. Two cases of interface features with and without the effects of interface cracking will be analyzed, respectively. Through comparing the result based on the interface cracking model with experimental result, the effectiveness of the present model can be evaluated. Simultaneously, the length parameters included in the strain gradient plasticity theory can be obtained.