Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal–agent relationship between fund managers and their clients.

Enforcing service level agreements using an economically enhanced resource manager

Traditional resource management has had as its main objective the optimisation of throughput, based on parameters such as CPU, memory, and network bandwidth. With the appearance of Grid Markets, new variables that determine economic expenditure, benefit and opportunity must be taken into account. The SORMA project aims to allow resource owners and consumers to exploit market mechanisms to sell and buy resources across the Grid. SORMA’s motivation is to achieve efficient resource utilisation by maximising revenue for resource providers, and minimising the cost of resource consumption within a market environment. An overriding factor in Grid markets is the need to ensure that desired Quality of Service levels meet the expectations of market participants. This paper explains the proposed use of an Economically Enhanced Resource Manager (EERM) for resource provisioning based on economic models. In particular, this paper describes techniques used by the EERM to support revenue maximisation across multiple Service Level Agreements.

Enforcing service level agreements using an economically enhanced resource manager

Traditional resource management has had as its main objective the optimisation of throughput, based on pa- rameters such as CPU, memory, and network bandwidth. With the appearance of Grid Markets, new variables that determine economic expenditure, benefit and opportunity must be taken into account. The SORMA project aims to allow resource owners and consumers to exploit market mechanisms to sell and buy resources across the Grid. SORMA’s motivation is to achieve efficient resource utilisation by maximising revenue for resource providers, and minimising the cost of resource consumption within a market environment. An overriding factor in Grid markets is the need to ensure that desired Quality of Service levels meet the expectations of market participants. This paper explains the proposed use of an Economically Enhanced Resource Manager (EERM) for resource provisioning based on economic models. In particular, this paper describes techniques used by the EERM to support revenue maximisation across multiple Service Level Agreements.

Manager's task to support integrated autonomy at the workplace : Results from an intervention

A new managerial task arises in today’s working life: to provide conditions for and influence interaction between actors and thus to enable the emergence of organizing structure in tune with a changing environment. We call this the enabling managerial task. The goal of this paper is to study whether training first line managers in the enabling managerial task could lead to changes in the work for the subordinates. This paper presents results from questionnaires answered by the subordinates of the managers before and after the training. The training was organized as a learning network and consisted of eight workshops carried out over a period of one year (September 2009–June 2010), where the managers met with each other and the researchers once a month. Each workshop consisted of three parts, during three and a half hours. The first hour was devoted to joint reflection on a task that had been undertaken since the last workshop; some results were presented from the employee pre-assessments, followed by relevant theory and illuminating practices, finally the managers created new tasks for themselves to undertake during the following month. The subordinates’ answers show positive change in all of the seventeen scales used to assess it. The improvements are significant in scales measuring the relationship between the manager and the employees, as well as in those measuring interaction between employees. It is concluded that the result was a success for all managers that had the possibility of using the training in their management work.

The Profile of a Manager in Higher Education Institution in Latin America: The Case of the EBAPE

The aim of this study is to analyze the profile of today’s manager, according to the classical management literature, working on internationalized higher education institute. This paper draws together knowledge about the manager’s profile in a corporate environment and how it can be appreciated in a higher education institute all of this taking into consideration the environment that nowadays exists in these institutions. Data were collected through semi-structured interviews, with professors of the Fundacao Getulio Vargas, more specific on their Public and Business Administration School (EBAPE), which had active roles on its development, internationalization and during some point in time their management. The findings obtained where analyzed under the perspective brought by the theoretical reference framework, and, based on this approach is represented the manager whom could have a better perspective to administrate a higher education institute.

WISE-MANager: criação e gestão de sessões colaborativas em redes de sensores sem fio

As redes de sensores sem fios (WSN- WSN-Wireless Sensor Network) utilizam um grande número de dispositivos sem fios (sensores), que são de baixo custo e equipados com interfaces wireless. Utilizam um conjunto de sensores autónomos que colaboram entre si para efectuar a monitorização das condições ambientais, tais como: temperatura, oxigénio, luz, humidade, pressão, gases poluentes, entre outras. Estas redes podem operar durante largos períodos de tempo, sem intervenção humana, sendo que esse tempo depende do nível de bateria desses nós. De modo a que os gestores de um Museu possam gerir de forma mais adequada as obras de arte e arquivos históricos, surge o projecto WISE-MUSE – Environmental Monitoring based on Wireless Sensor Networks, que permite implementar soluções para a monitorização museológica, com a utilização de redes de sensores sem fios. Actualmente, a colaboração entre o utilizador e a WSN é muito ténue, sendo que apenas existe colaboração entre os nós sensores. De forma a aumentar esta colaboração, e no âmbito do projecto WISE-MUSE surge o CWSN – Collaborative Wireless Sensor Network Model, que define um modelo de colaboração na rede de sensores sem fios, permitindo a utilização de sessões colaborativas para a monitorização da rede. Com o intuito de obter o máximo rendimento da rede, é necessário definir qual o deployment a utilizar. O tipo de deployment de uma WSN é a forma como os nós são distribuídos pela rede. Em zonas longínquas, ou de difícil acesso, os nós são colocados de forma aleatória, por exemplo, caiem de um avião. Nos locais de fácil acesso, podem ser colocados no local exacto. Portanto, este projecto de Mestrado de Engenharia Informática apresenta duas contribuições principais: (i) um estudo de propagação no Museu da Baleia; e; (ii) o WISE-MANager, um sistema de gestão de sessões colaborativas. De forma a definir qual o deployment da rede a instalar no Museu da Baleia, será apresentado um estudo de propagação do sinal empírico, que determinou a melhor posição física dos nós, para que a rede tenha uma boa performance. O sistema WISE-MANager permite a criação, monitorização e gestão de sessões colaborativas numa WSN baseada no protocolo Zigbee. O intuito da utilização de sessões colaborativas é proporcionar uma melhor interacção entre o utilizador e a WSN, visto que o utilizador pode personalizar o tipo de monitorização a efectuar (por nó sensor, por fenómeno ou por intervalo de tempo), e interrogar à rede e aos seus componentes, aumentando assim a flexibilidade da WSN.A gestão de redes de sensores sem fios é muito importante para que o utilizador tenha controlo sobre a mesma ao saber quais os dispositivos da rede, assim como o seu nível de energia. Por tanto, através de WISE-MANager, os gestores do Museu serão capazes de analisar a rede, detectar eventuais problemas e obter parâmetros específicos.

GH-Releasing Hormone Receptor Gene: A Novel Splice-Disrupting Mutation and Study of Founder Effects

Background: Mutations in GH-releasing hormone receptor gene (GHRHR) are emerging as the most common cause of autosomal recessive isolated GH deficiency (IGHD). Objective: To search for GHRHR mutations in patients with familial or sporadic IGHD and to investigate founder effects in recurring mutations. Methods: The coding region of GHRHR was entirely amplified and sequenced from DNA of 18 patients with IGHD (16 unrelated) with topic posterior pituitary lobe on MRI. Haplotypes containing promoter SNPs and microsatellites flanking GHRHR were analyzed in patients with c.57+1G>A (IVS1+1G>A) mutation of our previously published kindred and also a Brazilian patient and 2 previously reported Japanese sisters with c. 1146G>A (p.E382E) mutation. Results: A novel homozygous intronic GHRHR c.752-1G>A (IVS7-1G>A) mutation, predicting loss of the constitutive splice acceptor site, was identified in two siblings with IGHD. A compound heterozygous c.[57+1G>A];[1146G>A] and a heterozygous c.527C>T (p.A176V) were found in two sporadic cases. Haplotype analysis provided evidence for a founder effect for the c.57+1G>A mutation and independent recurrence for the c.1146G>A mutation. Conclusion: We report a novel splice-disrupting mutation in GHRHR in 2 siblings and provide evidence that all c.57+1G>A (IVS1+1G>A) mutant chromosomes have the same haplotype ancestor, indicating the occurrence of a founder effect in Brazilian patients with IGHD. Copyright (C) 2012 S. Karger AG, Basel

An ancient founder mutation in PROKR2 impairs human reproduction

Congenital gonadotropin-releasing hormone (GnRH) deficiency manifests as absent or incomplete sexual maturation and infertility. Although the disease exhibits marked locus and allelic heterogeneity, with the causal mutations being both rare and private, one causal mutation in the prokineticin receptor, PROKR2 L173R, appears unusually prevalent among GnRH-deficient patients of diverse geographic and ethnic origins. To track the genetic ancestry of PROKR2 L173R, haplotype mapping was performed in 22 unrelated patients with GnRH deficiency carrying L173R and their 30 first-degree relatives. The mutations age was estimated using a haplotype-decay model. Thirteen subjects were informative and in all of them the mutation was present on the same approximate to 123 kb haplotype whose population frequency is 10. Thus, PROKR2 L173R represents a founder mutation whose age is estimated at approximately 9000 years. Inheritance of PROKR2 L173R-associated GnRH deficiency was complex with highly variable penetrance among carriers, influenced by additional mutations in the other PROKR2 allele (recessive inheritance) or another gene (digenicity). The paradoxical identification of an ancient founder mutation that impairs reproduction has intriguing implications for the inheritance mechanisms of PROKR2 L173R-associated GnRH deficiency and for the relevant processes of evolutionary selection, including potential selective advantages of mutation carriers in genes affecting reproduction.

Prevalence of the BRCA1 founder mutation c.5266dupin Brazilian individuals at-risk for the hereditary breast and ovarian cancer syndrome

About 5-10% of breast and ovarian carcinomas are hereditary and most of these result from germline mutations in the BRCA1 and BRCA2 genes. In women of Ashkenazi Jewish ascendance, up to 30% of breast and ovarian carcinomas may be attributable to mutations in these genes, where 3 founder mutations, c.68_69del (185delAG) and c.5266dup (5382insC) in BRCA1 and c.5946del (6174delT) in BRCA2, are commonly encountered. It has been suggested by some authors that screening for founder mutations should be undertaken in all Brazilian women with breast cancer. Thus, the goal of this study was to determine the prevalence of three founder mutations, commonly identified in Ashkenazi individuals in a sample of non-Ashkenazi cancer-affected Brazilian women with clearly defined risk factors for hereditary breast and ovarian cancer (HBOC) syndrome. Among 137 unrelated Brazilian women from HBOC families, the BRCA1c.5266dup mutation was identified in seven individuals (5%). This prevalence is similar to that encountered in non-Ashkenazi HBOC families in other populations. However, among patients with bilateral breast cancer, the frequency of c.5266dup was significantly higher when compared to patients with unilateral breast tumors (12.1% vs 1.2%, p = 0.023). The BRCA1 c.68_69del and BRCA2 c.5946del mutations did not occur in this sample. We conclude that screening non-Ashkenazi breast cancer-affected women from the ethnically heterogeneous Brazilian populations for the BRCA1 c.68_69del and BRCA2 c.5946del is not justified, and that screening for BRCA1c.5266dup should be considered in high risk patients, given its prevalence as a single mutation. In high-risk patients, a negative screening result should always be followed by comprehensive BRCA gene testing. The finding of a significantly higher frequency of BRCA1 c.5266dup in women with bilateral breast cancer, as well as existence of other as yet unidentified founder mutations in this population, should be further assessed in a larger well characterized high-risk cohort.