Managed fund attributes and performance : Australian evidence

This cross-sectional study goes beyond the traditional performance evaluation of managed funds and extends the literature to consider fund-specific attributes that influence performance. Using a sample of 168 Australian open-ended equity funds, the risk adjusted performance is measured using three alternative evaluation techniques. We find that funds with higher management fees and long fund history have contributed to the underperformance. Along with the traditional attributes identified by the literature, market capitalisation of the security held by the fund is included as a unique attribute with significant results, indicating that funds targeting small capitalisation companies display superior performance.

Schémas de classification et repérage des documents administratifs électroniques dans un contexte de gestion décentralisée des ressources informationnelles

Les employés d’un organisme utilisent souvent un schéma de classification personnel pour organiser les documents électroniques qui sont sous leur contrôle direct, ce qui suggère la difficulté pour d’autres employés de repérer ces documents et la perte possible de documentation pour l’organisme. Aucune étude empirique n’a été menée à ce jour afin de vérifier dans quelle mesure les schémas de classification personnels permettent, ou même facilitent, le repérage des documents électroniques par des tiers, dans le cadre d’un travail collaboratif par exemple, ou lorsqu’il s’agit de reconstituer un dossier. Le premier objectif de notre recherche était de décrire les caractéristiques de schémas de classification personnels utilisés pour organiser et classer des documents administratifs électroniques. Le deuxième objectif consistait à vérifier, dans un environnement contrôlé, les différences sur le plan de l’efficacité du repérage de documents électroniques qui sont fonction du schéma de classification utilisé. Nous voulions vérifier s’il était possible de repérer un document avec la même efficacité, quel que soit le schéma de classification utilisé pour ce faire. Une collecte de données en deux étapes fut réalisée pour atteindre ces objectifs. Nous avons d’abord identifié les caractéristiques structurelles, logiques et sémantiques de 21 schémas de classification utilisés par des employés de l’Université de Montréal pour organiser et classer les documents électroniques qui sont sous leur contrôle direct. Par la suite, nous avons comparé, à partir d'une expérimentation contrôlée, la capacité d’un groupe de 70 répondants à repérer des documents électroniques à l’aide de cinq schémas de classification ayant des caractéristiques structurelles, logiques et sémantiques variées. Trois variables ont été utilisées pour mesurer l’efficacité du repérage : la proportion de documents repérés, le temps moyen requis (en secondes) pour repérer les documents et la proportion de documents repérés dès le premier essai. Les résultats révèlent plusieurs caractéristiques structurelles, logiques et sémantiques communes à une majorité de schémas de classification personnels : macro-structure étendue, structure peu profonde, complexe et déséquilibrée, regroupement par thème, ordre alphabétique des classes, etc. Les résultats des tests d’analyse de la variance révèlent des différences significatives sur le plan de l’efficacité du repérage de documents électroniques qui sont fonction des caractéristiques structurelles, logiques et sémantiques du schéma de classification utilisé. Un schéma de classification caractérisé par une macro-structure peu étendue et une logique basée partiellement sur une division par classes d’activités augmente la probabilité de repérer plus rapidement les documents. Au plan sémantique, une dénomination explicite des classes (par exemple, par utilisation de définitions ou en évitant acronymes et abréviations) augmente la probabilité de succès au repérage. Enfin, un schéma de classification caractérisé par une macro-structure peu étendue, une logique basée partiellement sur une division par classes d’activités et une sémantique qui utilise peu d’abréviations augmente la probabilité de repérer les documents dès le premier essai.

Experts vs. Discounters: Consumer Free Riding and Experts Withholding Advice in Markets for Credence Goods

This paper studies the incentives for credence goods experts to invest effort in diagnosis if effort is both costly and unobservable, and if they face competition by discounters who are not able to perform a diagnosis. The unobservability of diagnosis effort and the credence characteristic of the good induce experts to choose incentive compatible tariff structures. This makes them vulnerable to competition by discounters. We explore the conditions under which honestly diagnosing experts survive competition by discounters; we identify situations in which experts misdiagnose consumers in order to prevent them from free-riding on experts' advice; and we discuss policy options to solve the free-riding consumers–cheating experts problem.

Microarrays in Molecular Profiling of Ewing Sarcoma Family of Tumors and CDKN2A Aberrations

Background: The Ewing sarcoma family of tumors (ESFT) are rare but highly malignant neoplasms that occur mainly in bone or but also in soft tissue. ESFT affects patients typically in their second decade of life, whereby children and adolescents bear the heaviest incidence burden. Despite recent advances in the clinical management of ESFT patients, their prognosis and survival are still disappointingly poor, especially in cases with metastasis. No targeted therapy for ESFT patients is currently available. Moreover, based merely on current clinical and biological characteristics, accurate classification of ESFT patients often fails at the time of diagnosis. Therefore, there is a constant need for novel molecular biomarkers to be applied in tandem with conventional parameters to further intensify ESFT risk-stratification and treatment selection, and ultimately to develop novel targeted therapies. In this context, a greater understanding of the genetics and immune characteristics of ESFT is needed. Aims: This study sought to open novel insights into gene copy number changes and gene expression in ESFT and, further, to enlighten the role of inflammation in ESFT. For this purpose, microarrays were used to provide gene-level information on a genomewide scale. In addition, this study focused on screening of 9p21.3 deletion sizes and frequencies in ESFT and, in another pediatric cancer, acute lymphocytic leukemia (ALL), in order to define more exact criteria for highrisk patient selection and to provide data for developing a more reliable diagnostic method to detect CDKN2A deletions. Results: In study I, 20 novel ESFT-associated suppressor genes and oncogenes were pinpointed using combined array CGH and expression analysis. In addition, interesting chromosomal rearrangements were identified: (1) Duplication of derivative chromosome der(22)(11;22) was detected in three ESFT patients. This duplication included the EWSR1-FLI1 fusion gene leading to increase in its copy number; (2) Cryptic amplifications on chromosomes 20 and 22 were detected, suggesting a novel translocation between chromosomes 20 and 22, which most probably produces a fusion between EWSR1 and NFATC2. In study II, bioinformatic analysis of ESFT expression profiles showed that inflammatory gene activation is detectable in ESFT patient samples and that the activation is characterized by macrophage gene expression. Most interestingly, ESFT patient samples were shown to express certain inflammatory genes that were prognostically significant. High local expression of C5 and JAK1 at the tumor site was shown to associate with favorable clinical outcome, whereas high local expression of IL8 was shown to be detrimental. Studies III and IV showed that the smallest overlapping region of deletion in 9p21.3 includes CDKN2A in all cases and that the length of this region is 12.2 kb in both Ewing sarcoma and ALL. Furthermore, our results showed that the most widely used commercial CDKN2A FISH probe creates false negative results in the narrowest microdeletion cases (<190 kb). Therefore, more accurate methods should be developed for the detection of deletions in the CDKN2A locus. Conclusions: This study provides novel insights into the genetic changes involved in the biology of ESFT, in the interaction between ESFT cells and immune system, and in the inactivation of CDKN2A. Novel ESFT biomarker genes identified in this study serve as a useful resource for future studies and in developing novel therapeutic strategies to improve the survival of patients with ESFT.

Tariff strategies and small open economies

In this paper we examine the issue of optimal tariffs for a small economy that trades with a large economy. We define ‘small’ and ‘large’ in the sense that the world prices are determined solely by the large country, and, therefore, the small country faces exogenously given world prices. Within this framework it is shown that there exist situations in which the small country has an incentive to behave as a Stackelberg leader by committing itself to a non-zero optimal tariff. Although the small country is unable to directly affect world prices, by pre-committing to a non-zero trade tax it may induce a reduction of the large country's optimal trade tax, thereby indirectly improving its terms of trade and welfare. JEL Classification: F13, F35

The economics of hydro-meteorological disasters: approaching the estimation of the total costs

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Market impact of international sporting and cultural events

We study market reaction to the announcements of the selected country hosting the Summer and Winter Olympic Games, the World Football Cup, the European Football Cup and World and Specialized Exhibitions. We generalize previous results analyzing a large number and different types of mega-events, evaluate the effects for winning and losing countries, investigate the determinants of the observed market reaction and control for the ex ante probability of a country being a successful bidder. Average abnormal returns measured at the announcement date and around the event are not significantly different from zero. Further, we find no evidence supporting that industries, that a priori were more likely to extract direct benefits from the event, observe positive significant effects. Yet, when we control for anticipation, the stock price reactions around the announcements are significant.

Modelling regulatory change V's volume of trading effects in HSIF and HSI volatility

In an earlier paper, we adopted a bi-variate BEKK–GARCH framework and employed a systematic approach to examine structural breaks in the Hang Seng Index and Index Futures market volatility. Switching dummy variables were included and tested in the variance equations to check for any structural changes in the autoregressive volatility structure due to the events that have taken place in the Hong Kong market surrounding the Asian markets crisis. In this paper, we include measures of daily trading volume from both markets in the estimation. Likelihood ratio tests indicate the switching dummy variables become insignificant and the GARCH effects diminish but remain significant. There is some evidence that the Sequential Arrival of Information Model (SIM) provides a platform to explain these market induced effects when volume of trade is accounted for.

Age and productivity of academics: A case study of a public university in Malaysia

This study examines the relationship between age and productivity measured based on key performance indicators (KPI) amongst academic staff at Universiti Sains Malaysia (USM). Three models were used in the analysis: linear, quadratic and piece-wise spline. The linear model indicates that age is negatively related to KPI. The quadratic model shows an inverted-U shaped relationship where KPI peaks at age 41 years. The piece-wise spline model indicates academic staff reach the peak of their productivity between ages 46-50 years with another productive age interval between 36-40 years implying 10 golden years when KPI could be harvested fruitfully. There is a significant downtrend in the KPI after 50 years of age. Other factors that have significant influence on KPI are gender, academic rank and discipline. The sub-models show that the influence of age on KPI is more significant amongst academic staff in the arts compared to the science stream. Age influence on KPI is significant amongst female staff but not male staff. We conclude that assessing performance in the workplace with regard to age requires complex methodological engagement and also needs to be based on a wider lens which recognises and includes within the discussion, the intangible and social dimensions of performance.

Firm heterogeneity and lobbying

The structure of protection across sectors is usually interpreted as the result of competition among lobbies to influence politicians, but little attention has been devoted to the importance of individual firms in this process. This paper builds a model incorporating firm heterogeneity into a lobbying setup `a la Grossman and Helpman (1994), in a monopolistic competitive environment. We obtain that increased sectorial dispersion cause a fall in equilibrium tariff provided that the exporter’s cutoff is above the mean of the distribution. Also, higher average productivity brings about a fall in the equilibrium tariff, whereas an increase in export costs cause an increase in the tariff. JEL Classification codes: D43, D7, F12, F13, L11

Mudanças institucionais, receitas cumulativas do governo federal e exportações no Brasil entre 1982 e 2001

Desde o início dos anos oitenta, o governo federal brasileiro passou a substituir a receitas de impostos tradicionais por receita de contribuições sociais (cumulativas) na composição da sua receita total (mudança de gestão). Alega-se que este procedimento é uma conseqüência das regras de compartilhamento estabelecidas (receitas de impostos do governo federal são compartilhadas com estados e municípios enquanto que receitas de contribuição não o são).Existem argumentos na literatura mostrando que este processo de descentralização das receitas teve sua origem na mudança de regime político (militar para democrático), outros com a nova Constituição de 1988 e, por último, outros afirmando que ele só foi possível porque a ineficiência das contribuições foi encoberta pela ineficiência alocativa da inflação. Por outro lado, fatos ocorridos no mesmo período, embora não citados na literatura, poderiam explicar ou ajudar na explicação deste comportamento. Entre eles, a fragmentação do poder executivo a partir de 1989 com a primeira eleição presidencial e/ou o processo de abertura da economia a partir dos anos noventa. Usando a técnica de OLS, observou-se que a Nova Constituição e a abertura da economia explicariam esta mudança de gestão. De qualquer forma, independente do que esteja explicando esta mudança, ela é apontada como altamente prejudicial a competitividade das exportações brasileiras. Existem várias proxies tentando medir este efeito, nenhuma delas considerando uma medida de gestão. Resolvemos realizar esta tentativa. Como tínhamos desconfiança da exogeneidade da variável representativa da abertura da economia no teste anterior, tratamos a questão com o instrumental de séries de tempo. No longo prazo, descobrimos que a mudança de gestão afeta negativamente as exportações e positivamente a abertura da economia por ser menos punitiva com as importações em termos de competitividade (as contribuições incidem apenas na comercialização dos produtos importados). JEL classification: H27; H77, H87.

Índice de atividade dos fundos de investimento em ações: determinantes e consequências

Este trabalho estima, no mercado brasileiro, o índice de atividade de compra e venda de ativos que compõem os fundos de investimento em ações e o impacto dessa atividade no desempenho dos fundos. Além disso, o estudo procura evidenciar os determinantes do índice de atividade usando as características dos fundos e as características dos gestores. O estudo segue a metodologia de mensuração de atividade de Gaspar, Massa e Matos (2005) e Índice de Sharpe e Índice de Jensen para mensuração de desempenho dos fundos. Através de base de dados de composição, retornos, características dos fundos e características dos gestores, o estudo destaca elevados índices de atividade, impactando negativamente o desempenho dos fundos. A idade, a formação acadêmica e a experiência de mercado do gestor são determinantes para altos níveis de atividade dos fundos.

Reaproveitamento de cinzas de carvão mineral na formulação de argamassas

Este trabalho tem como objetivo o estudo da incorporação de cinzas provenientes da combustão do carvão mineral em caldeiras de leito fluidizado, na produção de argamassas, em substituição parcial do cimento. Foram elaborados corpos de prova utilizando-se os cimentos Portland com as especificações CPII-E-32 de características normais e areia de classificação abaixo da malha 100. Foram preparadas misturas na proporção 4 partes de agregado e 1 parte de cimento, com a inserção de cinzas nas proporções 0, 10, 20, 30, 40 e 50%. A argamassa foi desenvolvida em misturador e a moldagem foi feita em moldes de 5 cm x 10 cm. Foi analisado o comportamento de resistência à compressão após 28 dias. A resistência diminui conforme o aumento da porcentagem de cinzas. Foram feitas análises complementares de difração de raios X e constatou-se que a substituição desse resíduo pode ser feita com sucesso em argamassas com teores de até 30%.