On the Importance of Mutual Fund Families in Emerging Markets

This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund families. Persistence is particularly strong in the first half of the investigation period, which highlights the importance of fund families at early stages of market development.

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.

Case study: Raising awareness of how assistive technologies can support learners

Case study on Leeds City College and how they are using Texthelp Read&Write to support learners at all levels and abilities in their written work.

Financiamento eleitoral privado : estudo sobre o financiamento privado de campanha eleitoral, os possíveis efeitos da decisão do Supremo Tribunal Federal na ADI 4650 e a alternativa do Matching Fund

Monografia (especialização) – Curso de Parlamento e Direito, Câmara dos Deputados, Centro de Formação, Treinamento e Aperfeiçoamento (Cefor), 2015.

International Climate Finance and its Influence on Fairness and Policy

27 p.

A dynamic CGE modelling approach for analyzing trade-offs in climate change policy options: the case of Green Climate Fund

38 p.

Larval rearing and fry raising of Pangasius sutchi(Fowler)

Pangasius sutchi were artificially bred for determining the hatching success and larval growth response to live food in relation to varying stocking densities. The fertilized eggs were hatched out with successful hatching rates ranging between 60 and 63%. Newly hatched larvae of 4.4 mm average length were reared using Tubifex as live food in metallic trays with water temperature of 27 to 29.5°C and dissolved oxygen level of 3.88 to 6.22 mg/1 for 6-day with an average survival rate of75.56±13.25%. The P. sutchifry of9- day old were further reared using Tubifex in the polythene covered metallic trays at the stocking densities of 2-7 fry per litre of water for a period of 14 day. P. sutchi fry raising at 4 individual per litre of water for 14 day gives better results in terms of survival and growth.