Behavioral aspects of investment fund's markets: are good managers lucky or skilled?

It is generally accepted that financial markets are efficient in the long run a lthough there may be some deviations in the short run. It is also accepted that a good portfolio manager is the one who beats the market persistently along time, this type of manager could not exist if markets were perfectly efficient According to this in a pure efficient market we should find that managers know that they can not beat the market so they would undertake only pure passive management strategies. Assuming a certain degree of inefficiency in the short run, a market may show some managers who tr y to beat the market by undertaking active strategies. From Fama’s efficient markets theory we can state that these active managers may beat the market occasionally although they will not be able to enhance significantly their performance in the long run. On the other hand, in an inefficient market it would be expected to find a higher level of activity related with the higher probability of beating the market. In this paper we follow two objectives: first, we set a basis to analyse the level of efficiency in an asset invest- ment funds market by measuring performance, strategies activity and it’s persistence for a certain group of funds during the period of study. Second, we analyse individual performance persistence in order to determine the existence of skilled managers. The CAPM model is taken as theoretical background and the use of the Sharpe’s ratio as a suitable performance measure in a limited information environment leads to a group performance measurement proposal. The empiri- cal study takes quarterly data from 1999-2007 period, for the whole population of the Spanish asset investment funds market, provided by the CNMV (Comisión Nacional del Mercado de Valores). This period of study has been chosen to ensure a wide enough range of efficient market observation so it would allow us to set a proper basis to compare with the following period. As a result we develop a model that allows us to measure efficiency in a given asset mutual funds market, based on the level of strategy’s activity undertaken by managers. We also observe persistence in individual performance for a certain group of funds

Debt enforcement and relational contracting

We examine how third-party debt enforcement affects the emergence and performance ofrelational contracts in credit markets. We implement an experiment with finitely repeatedcredit relationships in which borrowers can default. In the weak enforcement treatmentdefaulting borrowers can keep their funds invested. In the strong enforcement treatmentdefaulting borrowers have to liquidate their investment. Under weak enforcement fewerrelationships emerge in which loans are extended and repaid. When such relationships doemerge they exhibit a lower credit volume than under strong enforcement. These findingssuggest that relational contracting in credit markets requires a minimum standard of thirdpartydebt enforcement.

Iowa Problem Indentification for Federal 402 State and Community Highway Safety Programs, Iowa Department of Public Safety, January, 2002

The major objective of this problem identification document is the determination of the relative severity of traffic safety problems in each of the 99 counties. The National Highway Traffic Safety Administration and the Iowa Governor's Traffic Safety Bureau are committed to the reduction of death and injury on the nation's roads. As part of its duty in administering federal traffic safety funds in the State of Iowa, the Governor's Traffic Safety Bureau conducts a comprehensive Problem Identification update each year.

Iowa Water Pollution Control Works and Drinking Water Facilities Financing Programs (Joint Programs of the Iowa Finance Authority and the Iowa Department of Natural Resources), June 30, 2002

State Agency Audit Report State Revolving Fund - Clean Water & Drinking Programs

City of Earlham, Independent Auditor's Reports Schedule of Expenditures of Federal Awards, June 30, 2002

City Audit Report, Clean Water-State Revolving Fund Grant, Earlham Iowa,

Mainmise sur l'état social : mobilisation patronale et caisse de compensation en Suisse (1908-1960)

Qui sait qu'en Suisse, les associations patronales mettent en oeuvre l'Etat social ? Qui sait que associations organisent la majorité des caisses de compensation, dont la fonction principale est de collecter les cotisations et de payer les rentes de l'Assurance-vieillesse et survivants ? Qui connaît ces caisses par lesquelles transitent les milliards de l'Etat social ? L'objectif de cette thèse consiste à comprendre les raisons qui ont poussé le patronat helvétique à mettre en oeuvre les politiques de protection sociale, dont il a pourtant toujours essayé de limiter le développement. Résoudre ce paradoxe implique de se pencher sur près d'un siècle d'histoire mêlée du patronat et des politiques sociales. Ce travail retrace, sur la base d'archives privées et publiques souvent inédites, les raisons qui ont poussé les patrons à créer les premières caisses de compensation dans l'entre-deux-guerres, puis à imposer cette forme d'organisation pour l'aide aux soldats mobilisés (autour de 1940) et l'Assurance- vieillesse et survivants (autour de 1948). Il étudie également comment les associations patronales sont parvenues à défendre leurs caisses jusqu'à aujourd'hui, contre ceux qui dénonçaient l'irrationalité de l'existence d'une centaine de caisses de compensation publiques et privées concurrentes pour mettre en oeuvre un seul système d'assurances sociales. Cette recherche amène deux grands résultats. D'une part, elle propose une histoire originale des politiques sociales en Suisse. Le prisme des caisses de compensation patronales contribue en effet à interroger notre compréhension de l'histoire des politiques de protection sociale, dans laquelle on sous-estime parfois l'importance des conflits pour fixer les frontières entre formes de protection publique et privée. D'autre part, ce travail présente une histoire inédite de l'action collective des patrons dans les régulations du travail au sens large. A travers les caisses de compensation, c'est en effet à réaliser une histoire de l'Union centrale des associations patronales suisses que je me suis aussi attelé. Faute de parvenir à empêcher tout développement des politiques sociales, les patrons ont fait en sorte d'acquérir sur ces politiques une forme de mainmise. Entre histoire des politiques sociales et histoire du patronat, ce travail tente d'expliquer comment les caisses de compensation y ont contribué. Who knows that, in Switzerland, employers' associations implement the best known policies constituting the welfare state? Who knows that the equalization funds, (Caisses de compensation / Ausgleichskassen), organized by employers' associations or by the Swiss Cantons, are responsible for pooling payroll deductions and for paying benefits of the Swiss public pay-as-you-go, old-age insurance and many other branches of the welfare policies? Who knows these caisses de compensation that channel the monies dedicated to the financing of the Welfare state ? The main objective of this research is to understand the reasons why Swiss employers do implement such welfare policies that they usually reject for political reasons. In order to solve this puzzle, this research investigates half of a century of the connected histories of welfare policies and employers' collective action. It also investigates, based on public and private archive records, how employers founded the first caisses in the Interwar period, and imposed them to organize the main developments of the Welfare state during the Second World War. The research also underlines how employers defended their caisses de compensation against those questioning the rationality of this fragmented system aiming to implement one single set of public welfare through one hundred competing private and public caisses de compensation. This research highlights two main results. On the one hand, it helps to improve our understanding of the history of the welfare policies in Switzerland. Underlining the role of the caisses de compensation helps to highlight the importance of the interplay of public and private actors regarding social polices. On the other hand, this research charts a pioneering history of Swiss' employers' collective action regarding labor issues. Because they could not prevent all public welfare policy, employers achieved a form of stranglehold (mainmise) on the welfare State. Halfway between social policy and employers' associations' history, this research try to reveal how their caisses de compensation helped them in this objective.

Connecting Iowa’s Disproportionate Minority Confinement Efforts to the Iowa Justice Data Warehouse, 2002

Funds for this report and grant were provided to the Iowa Division of Criminal and Juvenile Justice Planning (CJJP) and Statistical Analysis Center, by the Justice Research and Statistics Association (JRSA) through a cooperative agreement entitled “Juvenile Justice Evaluation Resource Center” with the Office of Juvenile Justice and Delinquency Prevention (OJJDP), U.S. Department of Justice (DOJ).

An Examination of Iowa's School Liaison Program, 2001

In the early 1990’s the Chief Juvenile Court Officers (JCOs) and other key players desired to provide services, such as school support, family support, and community support to both juvenile court and at-risk youths within the school setting. With strong support from both Iowa’s Attorney General and Governor the Iowa State Legislature first appropriated funds for school liaisons in 1994. The liaison program is currently funded with 75 percent state dollars appropriated to the Department of Human Services and a minimum of 25 percent match from the local school districts. In some cases the schools do not actually match funds with “school money,” rather they may utilize community money from other sources, such as the local decategorization process. In 1994, the state legislature funded this effort at $400,000. Since that time the amount has grown to more than $3,000,000. In the early years there were just a handful of liaisons working in a few school districts, but by the beginning of the 2000-2001 school year there were 304 schools served by 147 liaisons. The cost per liaison, including salary and benefits, was estimated at approximately $34,324 including both the DHS and school contributions. It was a desire of the Chief JCOs to place the liaisons under the school districts and thus allow them to be independent of the juvenile court. Agreements were developed between the schools and juvenile court regarding employee status, funding, information sharing, and other such issues.

The Juvenile Accountability Incentive Block Grant (JAIBG) Program in Iowa, 1999 – 2000

The issue of effectively holding juveniles accountable for criminal behavior is a topic of public concern and debate. Congress created the Juvenile Accountability Incentive Block Grant (JAIBG) program and appropriated new federal funds through the Office of Juvenile Justice and Delinquency Prevention (OJJDP). The goals of the program are to reduce juvenile delinquency, improve the juvenile justice system, and increase accountability for juvenile offenders.

De viles rurals a indrets de la regió metropolitana de Barcelona: transformacions històriques del paisatge a la Vall del Congost (Figaró-Montmany, l’Ametlla del Vallès i la Garriga, 1850-2010)

El projecte ha assolit la majoria d’objectius, ajustats a la reducció d'una quarta part de l'import concedit: 1) caracteritzar la transformació del paisatge agro-forestal i urbà a dos municipis de la vall del Congost, La Garriga i Figaró-Montmany, reconstruint amb SIG els mapes d'ús del sòl de 1854, 1949, 1956 i 2005, obtenint per intersecció de cobertes les matrius dels canvis d'ús; i 2) avaluar amb l’índex de connectivitat ecològica l'impacte ambiental d'aquells canvis des del punt de vista de la biodiversitat i la resiliència del paisatges, amb un especial èmfasi en la reforestació induïda per l'abandonament rural i la pèrdua de paisatges en mosaic, en un àmbit més gran pel període 1956-1993-2005. Aquests resultats han permès preparar varis articles per publicar en co-autoría a revistes com Landscape History, Environment and History o Landscape and Urban Planning. Ja és a punt de poder-se lliurar el primer amb el títol de "Looking backwards into a Mediterranean edge environment: Landscape changes and ecological connectivity in El Congost Valley (province of Barcelona, Catalonia) 1850-2005", incloent dos objectius esmentats a la memòria: identificar les principals forces motores d'aquells canvis en el paisatge relacionant els usos del sòl amb les formes d'ordenació del territori, caracteritzar-ne les forces rectores econòmico-socials i el paper jugat per la protecció del Parc Natural del Montseny i els Cingles de Bertí. Els resultats també permetran abordar en el futur altres aspectes, com per exemple estimar el potencial energètic de la biomassa local tot cercant que el seu aprofitament generi sinèrgies territorials positives per a l'ecologia del paisatge amb la recuperació d’una ramaderia extensiva i una agricultura ecològica que facin possible la restauració dels paisatges en mosaic. L'estudi ha pogut incorporar un aspecte inicialment no previst, el cens d'orquídies mediterrànies a Figaró-Montmany elaborat pel naturalista Paul Wilcox

A variant in the gene FUT9 is associated with susceptibility to placental malaria infection

Malaria in pregnancy forms a substantial part of the worldwide burden of malaria, with an estimated annual death toll of up to 200,000 infants, as well as increased maternal morbidity and mortality. Studies of genetic susceptibility to malaria have so far focused on infant malaria, with only a few studies investigating the genetic basis of placental malaria, focusing only on a limited number of candidate genes. The aim of this study therefore was to identify novel host genetic factors involved in placental malaria infection. To this end we carried out a nested case-control study on 180 Mozambican pregnant women with placental malaria infection, and 180 controls within an intervention trial of malaria prevention. We genotyped 880 SNPs in a set of 64 functionally related genes involved in glycosylation and innate immunity. A SNP located in the gene FUT9, rs3811070, was significantly associated with placental malaria infection (OR = 2.31, permutation p-value = 0.028). Haplotypic analysis revealed a similarly strong association of a common haplotype of four SNPs including rs3811070. FUT9 codes for a fucosyl-transferase that is catalyzing the last step in the biosynthesis of the Lewis-x antigen, which forms part of the Lewis blood group-related antigens. These results therefore suggest an involvement of this antigen in the pathogenesis of placental malaria infection.

A targeted association study of immunity genes and networks suggests novel associations with placental malaria infection

A large proportion of the death toll associated with malaria is a consequence of malaria infection during pregnancy, causing up to 200,000 infant deaths annually. We previously published the first extensive genetic association study of placental malaria infection, and here we extend this analysis considerably, investigating genetic variation in over 9,000 SNPs in more than 1,000 genes involved in immunity and inflammation for their involvement in susceptibility to placental malaria infection. We applied a new approach incorporating results from both single gene analysis as well as gene-gene interactionson a protein-protein interaction network. We found suggestive associations of variants in the gene KLRK1 in the single geneanalysis, as well as evidence for associations of multiple members of the IL-7/IL-7R signalling cascade in the combined analysis. To our knowledge, this is the first large-scale genetic study on placental malaria infection to date, opening the door for follow-up studies trying to elucidate the genetic basis of this neglected form of malaria.

Reliable detection of directional couplings using rank statistics

To detect directional couplings from time series various measures based on distances in reconstructed state spaces were introduced. These measures can, however, be biased by asymmetries in the dynamics' structure, noise color, or noise level, which are ubiquitous in experimental signals. Using theoretical reasoning and results from model systems we identify the various sources of bias and show that most of them can be eliminated by an appropriate normalization. We furthermore diminish the remaining biases by introducing a measure based on ranks of distances. This rank-based measure outperforms existing distance-based measures concerning both sensitivity and specificity for directional couplings. Therefore, our findings are relevant for a reliable detection of directional couplings from experimental signals.

Welcoming New Iowans; A Guide for Christians and Churches, 2002

Immigrant and refugee newcomers have an important role in Iowa. These newcomers have revitalized many Iowa communities, workplaces and faith-based institutions. The arrival of immigrants and refugees poses challenges as well as rewards; understanding and addressing these issues is vital to welcoming and accommodating new Iowans and assuring their part in the long-term economic and social health of our state. This handbook represents a unique collaboration between the University of Northern Iowa (UNI) and Ecumenical Ministries of Iowa (EMI). The goal of this collaboration is to create a guidebook for Iowans to learn more about Iowa’s growing immigrant and refugee population and discover ways to welcome these newcomers and accommodate them in our communities and churches. The unique nature of this joint publication between a public university and Christian churches acknowledges that both institutions have a stake in accommodating immigrants in Iowa. UNI and all institutions of higher education need to support population growth to assure future enrollments. Churches and many other community institutions need immigrants and other newcomers to help maintain their viability. Universities and churches also need healthy local economies. Newcomers can provide much needed skills and labor to make this happen. In short, His collaboration recognizes that making immigration in Iowa work has important long-term implications for us all. This book was written and compiled by two university faculty members, but it is not an official university endorsement of Christianity as the only religion practiced and accepted by Iowans, and no university funds were used to print or distribute this handbook. This handbook is written for Iowa’s Christian community and is based on the Biblical mandate to welcome newcomers, but we acknowledge Iowa’s other religious groups and their role in accommodating newcomers as well. We readily acknowledge that other faith-based organizations also welcome newcomers and have a stake in making immigration a positive experience. In order to accommodate the perspectives and needs of these groups, the UNI New Iowans Program is planning to develop similar handbooks for Iowa’s Jewish and Muslim communities. This handbook includes a number of resource lists for individuals, newcomers, churches and others. Of course, as soon as these lists are printed, they may become out-of-date. In order to obtain the most up-to-date information, please visit the UNI New Iowans Web site: www.bcs.uni.edu/idm/newiowans/ The UNI New Iowans website also makes this handbook available in a PDF format.

State of Iowa HIV and AIDS Surveillance Report, September 2005

This quarter, we received reports for 26 HIV diagnoses. So far this year, there have been 79 HIV diagnoses reported, exactly the same as this time last year. Thirty-five percent received concurrent AIDS diagnoses. There were 57 AIDS diagnoses in the first three quarters of 2005, 20% higher than what we saw at this time last year. Nearly half (47%) of these were persons who had been diagnosed with HIV for at least one year (fifteen years for two persons), and the rest received concurrent HIV and AIDS diagnoses. In surveillance news, Illinois, Maine, and Philadelphia have announced that they will begin HIV reporting by name on January 1, 2006. Currently they use code or name-to-code systems to report new diagnoses of HIV. The Centers for Disease Control and Prevention do not accept information from areas that report HIV cases by code, so no national surveillance data are available for HIV diagnoses. For this reason, Ryan White CARE Act funds cannot be appropriated according to the number of persons living with HIV. Instead, funds are distributed according to the number of AIDS cases reported to surveillance systems. These data are not representative of current trends in the epidemic and may be rewarding areas for having poorer health care systems.