Better ‘Best Execution’

2018 ◽  
pp. 165-196
Author(s):  
Christopher Nagy ◽  
Tyler Gellasch
Keyword(s):  
Securities And Exchange Commission ◽  
Client Expectations ◽  
The Us ◽  
Best Execution ◽  
Public Disclosures ◽  
Investment Advisers ◽  
The Impact ◽  
Disclosure Obligations

This chapter reviews best execution and new disclosure obligations in relation to investment advisers as well as brokers; it also provides an overview of the strategies they use to meet their rapidly changing obligations. Investment advisers and brokers are confronted with increasingly stringent regulatory and client expectations to fulfil their duty of best execution. Regulators in Europe have become active in developing formal best execution obligations, but the US Securities and Exchange Commission (SEC) is lagging behind in providing a clear framework for best execution. This chapter first outlines the analogous best execution obligation for broker-dealers and explores the contours of the SEC’s expectations for investment advisers. It then assesses the impact of new European best execution obligations and the role of public disclosures in aiding the fulfilment of best execution duties. It concludes by examining various strategies used by investment advisers to fulfil their evolving duties.

SEC sues asset managers for using untested, error-filled quantitative investment models

2019 ◽  
Vol 20 (1) ◽  
pp. 44-46
Author(s):  
Wendy E. Cohen ◽  
Richard D. Marshall ◽  
Allison C. Yacker ◽  
Lance A. Zinman
Keyword(s):  
Securities And Exchange Commission ◽  
Investment Strategies ◽  
Content Type ◽  
Quantitative Models ◽  
Policies And Procedures ◽  
The Us ◽  
Investment Manager ◽  
Investment Advisers ◽  
Investment Models

Purpose To explain actions the US Securities and Exchange Commission (SEC) brought on August 27, 2018, against a group of affiliated investment advisers and broker-dealers for what the SEC considered misleading and insufficient representations and disclosures, insufficient compliance policies and procedures, and insufficient research and oversight concerning the use of faulty quantitative models to manage certain client accounts. Design/methodology/approach Explains the SEC’s findings concerning the advisers’ and broker-dealers’ failure to confirm that certain models worked as intended, to disclose the risks associated with the use of those models, to disclose the role of a research analyst in developing the models, to disclose the use of volatility overlays along with the associated risks, to determine whether a fund’s holdings were sufficient to support a consistent dividend payout without a return of capital, and to take sufficient steps to confirm the advertised performance of another investment manager whose products they were marketing. Provides insight into the SEC’s position and offers key takeaways. Findings These cases are significant for advisers who use quantitative models to implement their investment strategies in the management of client accounts and signal the SEC’s continued focus on investment advisers’ compliance with disclosure obligations to discretionary account investors. Practical implications Each manager should consider its own facts and circumstances, and should consult with counsel, in assessing how and to what extent to incorporate the SEC’s conclusions in crafting disclosure and other communications with investors on matters such as adequate representations, testing and validation of models, disclosure of errors, and verifying performance claims. Originality/value Practical guidance from experienced securities lawyers.

The Impact of In-group Favoritism on Trade Preferences

2017 ◽  
Vol 71 (4) ◽  
pp. 827-850 ◽  
Author(s):  
Diana C. Mutz ◽  
Eunji Kim
Keyword(s):  
Well Being ◽  
Population Based ◽  
Trading Partner ◽  
Relative Advantage ◽  
Trade Policies ◽  
Partner Country ◽  
The Us ◽  
Trade Preferences ◽  
The Impact

AbstractUsing a population-based survey experiment, this study evaluates the role of in-group favoritism in influencing American attitudes toward international trade. By systematically altering which countries gain or lose from a given trade policy (Americans and/or people in trading partner countries), we vary the role that in-group favoritism should play in influencing preferences.Our results provide evidence of two distinct forms of in-group favoritism. The first, and least surprising, is that Americans value the well-being of other Americans more than that of people outside their own country. Rather than maximize total gains, Americans choose policies that maximize in-group well-being. This tendency is exacerbated by a sense of national superiority; Americans favor their national in-group to a greater extent if they perceive Americans to be more deserving.Second, high levels of perceived intergroup competition lead some Americans to prefer trade policies that benefit the in-group and hurt the out-group over policies that help both their own country and the trading partner country. For a policy to elicit support, it is important not only that the US benefits, but also that the trading partner country loses so that the US achieves a greater relative advantage. We discuss the implications of these findings for understanding bipartisan public opposition to trade.

scholarly journals Contemplation and the Suffering Earth: Thomas Merton, Pope Francis, and the Next Generation

Open Theology ◽  
2018 ◽  
Vol 4 (1) ◽  
pp. 212-227
Author(s):  
Christopher Pramuk
Keyword(s):  
Spiritual Formation ◽  
Human Heart ◽  
Environmental Crisis ◽  
Technology In Education ◽  
Pope Francis ◽  
Us Congress ◽  
The Us ◽  
Thomas Merton ◽  
The Impact

Abstract During his address to the US Congress in 2015, Pope Francis lifted up the Trappist monk and famed spiritual writer Thomas Merton as one of four “great” Americans who “offer us a way of seeing and interpreting reality” that is life-giving and brings hope. Drawing from Merton and gesturing to Pope Francis’s 2015 encyclical Laudato Si’, the author explores the epistemological roots of the environmental crisis, arguing that while intellectual conversion to the crisis is crucial, Merton’s witness suggests a deeper kind of transformation is required. Reading Merton schools the imagination in the way of wisdom, or sapientia, a contemplative disposition that senses its kinship with Earth through the eyes of the heart, illuminating what Pope Francis has called “an integral ecology.” The author considers the impact of two major influences on Merton’s thought: the Russian Wisdom school of theology, or sophiology, and French theologian Jacques Ellul, whose 1964 book “The Technological Society” raises prescient questions about the role of technology in education and spiritual formation. Arguing that our present crisis is both technological and spiritual, epistemological and metaphysical, the author foregrounds Merton’s contributions to a sapiential theology and theopoetics while asking how the sciences and humanities might work together more intentionally toward the transformation of the personal and collective human heart.

scholarly journals Unwanted Conflict? The Analysis of the Impact of Misperception, Beliefs and Psychology of President Nasser at the Outbreak of the Six Day War

2019 ◽  
Vol 01 (02) ◽  
pp. 1950003
Author(s):  
Janko Šćepanović
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Structural Explanation ◽  
Defining Moments ◽  
The Us ◽  
History Of ◽  
The Subject ◽  
Six Day War ◽  
The Impact

The Six Day War was one of the most defining moments in the history of the Modern Middle East. This paper seeks to add to the existing scholarship on the subject by going beyond the structural explanation. It gives special attention to the role of unit-level variables like perception, personality, and political psychology of decision-makers. As one scholar noted, threats are not perceived in a vacuum, and are, instead, products of complex synthesis of subjective appraisal of events by the decision-makers. The focus will be on the beliefs and perceptions of the most impactful actor in this crisis: Egyptian President Nasser. As will be argued, his decision-making was shaped by his experience with foreign imperialism, a general misconception of super power intentions, an incorrect analogy between two crucial crisis situations with Israel: the February 1960 Rotem Crisis, and the build-up to the June War in 1967, and especially his complicated relations with the US leaders.

A review of the SEC Participating Affiliate No-Action Letters’ relief from Investment Advisers Act of 1940 registration for foreign investment advisers

2017 ◽  
Vol 18 (4) ◽  
pp. 22-28 ◽  
Author(s):  
Wendy E. Cohen ◽  
David Y. Dickstein ◽  
Christian B. Hennion ◽  
Richard D. Marshall ◽  
Allison C. Yacker ◽  
...  
Keyword(s):  
Foreign Investment ◽  
Financial Services ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
The Us ◽  
Information Update ◽  
Practical Guidance ◽  
Investment Advisers

Purpose To explain the US Securities and Exchange Commission (the “SEC”) staff’s (the “Staff”) participating affiliate exemption from investment adviser registration for foreign advisers set forth in a line of Staff no-action letters issued between 1992 and 2005 (the “Participating Affiliate Letters”) and to discuss recent guidance issued by the Staff in an information update published in March 2017 (the “Information Update”) with respect to complying with requirements of the Participating Affiliate Letters. Design/methodology/approach Reviews the development of the Staff’s approach regarding the non-registration of foreign advisers that rely on the Participating Affiliate Letters from prior to the issuance of those letters through the Information Update and sets forth recommendations for registered investment advisers and their participating affiliates. Findings While there are arguments that the Information Update goes beyond restating established standards and does not clearly explain whether submission of all listed documentation is required, the Information Update will likely standardize the information submitted to the SEC. Originality/value Practical guidance for advisers relying on the Participating Affiliate Letters from experienced securities and financial services lawyers.

The Impact of Publishing and Patenting Activities on New Product Development and Firm Performance: The Case of the US Pharmaceutical Industry

2003 ◽  
Vol 07 (02) ◽  
pp. 213-221 ◽  
Author(s):  
G. Steven McMillan ◽  
Alfredo Mauri ◽  
Robert D. Halmilton
Keyword(s):  
Firm Performance ◽  
Pharmaceutical Industry ◽  
Product Development ◽  
New Product Development ◽  
New Product ◽  
The Us ◽  
Managerial Implications ◽  
Performance Results ◽  
The Impact

This paper studies the role of publishing and patenting activities as predictors of new product development for a sample of companies in the U.S. pharmaceutical industry. The research also examines the relation between new product development and firm performance. Hypotheses are developed based on the well-established absorptive capacity literature. The results show that publishing scientific articles and stock of patents are both significant predictors of the number of new molecular entities (NMEs) for which a firm receives approval. In addition, the degree to which a firm builds on its own technology (measured as self-citations in its patents) also predicts NMEs, but the regression coefficient had an unexpected negative sign. Finally, the performance results confirm that the approval of NMEs is significantly associated with the market-to-book ratio of a firm. The managerial implications of these findings and study limitations are also discussed.

scholarly journals United States Ending the Human Immunodeficiency Virus (HIV) Epidemic plan: evaluation of the role of industry funding in published pre-exposure prophylaxis (PrEP) literature

2021 ◽  
Author(s):  
Somya Gupta ◽  
Reuben Granich
Keyword(s):  
Industry Funding ◽  
Potential Conflict ◽  
Immunodeficiency Virus ◽  
The Us ◽  
Frequent Testing ◽  
Potential Impact ◽  
Corporate Support ◽  
Exposure Prophylaxis ◽  
The Impact

Pre-exposure prophylaxis (PrEP) is integral to the US End of AIDS strategy. However, low adherence, high costs, frequent testing and monitoring side effects make delivery of PrEP complicated. Gilead has sponsored PrEP-related research efforts and access as part of its marketing efforts. We review potential conflict of interests (COI) in the scientific literature for the US PrEP related articles to understand the impact of Gilead’s corporate sponsorship.We identified 93 US PrEP articles published in the top 10 medical journals and top 10 HIV/AIDS journals in 2018. There were 289 first three and senior authors in these articles, of which, 34 (11%) declared a Gilead COI and 28 (10%) had undeclared Gilead COI. Only 10 authors accounted for 50% of the articles, with 70% of them having potential COI including receiving grants, fees and study drugs. The 93 articles were associated with 51 leading institutions (institution of three or more authors or participating institutions in a trial). Authors from 12 (24%) institutions declared an institutional Gilead COI and 22 (45%) institutions had undeclared Gilead support. Overall, of the 93 included articles, 30 (32%) had declared Gilead COI. Combining declared and undeclared COIs for authors and institutions provided an overall 83 (89%) articles with a potential Gilead COI. Of the 93 articles, 60 (71%) had favorable conclusions in 60 (71%). Declared Gilead support was significantly associated with favorable article conclusions (p<.05) but combined declared/undeclared author and/or institutional Gilead support was not associated with favorable conclusion. Nearly 90% of US PrEP articles had Gilead support and authors failed to report individual or institutional COI in 70% of articles. Direct corporate support is important for scientific research. However, Gilead’s marketing push for PrEP, undeclared COI, and potential influence of Gilead supported authors are of concern given the potential impact on the scientific discourse and the US HIV control strategy.

scholarly journals Stosunki rosyjsko-irańskie w latach 2011–2019. Pragmatyczny sojusz czy trwałe partnerstwo?

2020 ◽  
Vol 48 (1) ◽  
pp. 35-59
Author(s):  
Andrzej Purat ◽  
Paweł Bielicki
Keyword(s):  
The United States ◽  
Religious Leader ◽  
Donald Trump ◽  
Economic Issues ◽  
Political Processes ◽  
The Us ◽  
History Of ◽  
The Arab Spring ◽  
The Impact

The main goal of our considerations is to analyse the most important conditions and dependencies that characterise Russian-Iranian relations from the beginning of the Arab Spring to the present day. We pay special attention to the infl uence of the United States on the development of diplomatic contacts between Moscow and Tehran and the conflict in Syria.Firstly, we describe the history of relations between the two countries after 1979 and the takeover of power by the religious leader, Ayatollah Khomeini, who, despite adopting an anti-Western course in international politics, did not show a desire to get closer to the Soviet neighbour. Secondly, we describe the relations of both countries from the collapse of the USSR to 2011, focusing on Iran’s role in influencing political processes in the post-Soviet area. Thirdly, we present the position of Russia and the Middle East about the war in Syria and the role of the Kurds. We also examine the impact of US policy on establishing links between Russia and Iran. Moreover, we raise economic issues and Moscow’s growing desire to dominate the Iranian economy and army.In the summary, we try to answer the question of what Russian-Iranian relations will look like in the future, especially in the era of the gradually ending war in Syria. Importantly, we refer to the issue of the US anti-Iranian rhetoric reinforced by Donald Trump and how it can influence the further strengthening of the Russia-Iran alliance.

scholarly journals Predicting urban innovation from the US Workforce Mobility Network

2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Moreno Bonaventura ◽  
Luca Maria Aiello ◽  
Daniele Quercia ◽  
Vito Latora
Keyword(s):  
Real Time ◽  
Scaling Laws ◽  
Census Data ◽  
Empirical Studies ◽  
Past Research ◽  
Innovation Performance ◽  
Professional Networks ◽  
The Us ◽  
The Impact

AbstractWhile great emphasis has been placed on the role of social interactions as a driver of innovation growth, very few empirical studies have explicitly investigated the impact of social network structures on the innovation performance of cities. Past research has mostly explored scaling laws of socio-economic outputs of cities as determined by, for example, the single predictor of population. Here, by drawing on a publicly available dataset of the startup ecosystem, we build the first Workforce Mobility Network among metropolitan areas in the US. We found that node centrality computed on this network accounts for most of the variability observed in cities’ innovation performance and significantly outperforms other predictors such as population size or density, suggesting that policies and initiatives aiming at sustaining innovation processes might benefit from fostering professional networks alongside other economic or systemic incentives. As opposed to previous approaches powered by census data, our model can be updated in real-time upon open databases, opening up new opportunities both for researchers in a variety of disciplines to study urban economies in new ways, and for practitioners to design tools for monitoring such economies in real-time.

scholarly journals Frail Males on the American Frontier: The Role of Environmental Harshness on Sex Ratios at Birth across a Period of Rapid Industrialization

2021 ◽  
Vol 10 (9) ◽  
pp. 319
Author(s):  
Ryan Schacht ◽  
Mike Hollingshaus ◽  
Heidi Hanson ◽  
Shane J. Macfarlan ◽  
Douglas Tharp ◽  
...  
Keyword(s):  
Sex Ratios ◽  
Early 20Th Century ◽  
Infrastructure Development ◽  
Social Variables ◽  
American Frontier ◽  
The Us ◽  
Rapid Industrialization ◽  
The Impact ◽  
Shed Light

While sex ratios at birth (SRB) have been shown to vary within and across populations, after over a century of research, explanations have remained elusive. A variety of ecological, demographic, economic, and social variables have been evaluated, yet their association with SRB has been equivocal. Here, in an attempt to shed light on this unresolved topic within the literature, we approach the question of what drives variation in SRB using detailed longitudinal data spanning the frontier-era to the early 20th century in a population from the US state of Utah. Using several measures of environmental harshness, we find that fewer boys are born during challenging times. However, these results hold only for the frontier-era and not into a period of rapid economic and infrastructure development. We argue that the mixed state of the literature may result from the impact and frequency of exogenous stressors being dampened due to industrialization.

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