scholarly journals Alphas: A Case study in International Institutional Mutual Funds

2020 ◽  
Vol 9 (4) ◽  
pp. 10
Author(s):  
Francisco A Delgado ◽  
Cathy S Goldberg ◽  
Carol M. Graham
Keyword(s):  
Mutual Funds ◽  
Multiple Regression ◽  
Small Companies ◽  
Fund Managers ◽  
Correct Category ◽  
The Right ◽  
Performance Results

In this paper we show that not taking into account the fact that fund managers “deviate” from their stated categories biases upward their alphas. When evaluating fund managers most studies compare managers against the S&P 500 regardless of the sectors managers actually invest in. This procedure does not take into account that an important proportion of US stock managers invest in medium and small companies. This neglect biases performance results. In the international stock arena, not only do studies use the incorrect benchmark but they also neglect to take into account the fact that managers deviate from their stated sector. In this paper we not only employ the correct category the managers invest in but we also take into account the fact that managers systematically drift away from their stated category. This drift occurs for approximately half the funds examined and causes the estimated alpha of managers to be on average 45 basis points higher than it should be if we were to undertake the multiple regression that fund drift demands. In addition to using the right benchmarks, adjusting for “drift” in this paper we chose to use as “benchmarks” the ETF’s in each category so as to compare managers not against theoretical constructs, but against an actual investable vehicle in the corresponding category.

scholarly journals THE EFFECT OF IMPLEMENTATION PREVENTIVE MAINTENANCE SYSTEM AND THE VALUES OF AVAILABILITY, PERFORMANCE AND QUALITY TOWARDS OVERALL EQUIPMENT EFFECTIVENESS (Case Study in PT. Astra Honda Motor)

2017 ◽  
Vol 11 (2) ◽  
pp. 121
Author(s):  
Dicky Kurniawan
Keyword(s):  
Multiple Regression ◽  
Preventive Maintenance ◽  
Activity Data ◽  
System Effect ◽  
Maintenance Activity ◽  
Average Data ◽  
Maintenance System ◽  
Performance Quality ◽  
The Right

The background of this research refers to many companies that cannot identify about the system effect and overall equipment effectiveness (OEE) values, and cannot implement the right system continuously. So that, this research is to investigate some factors that influence the OEE values. <br />The objective of this research were to investigate the effects of preventive maintenance to OEE and to decide whether of availability, performance, quality that most contribute to OEE values at PT. <br />Astra Honda Motor. <br />The design of this research applies case study to examine all hypothesis in this study. The methods used in this study was simple and multiple regression between independent variables and dependent variable. Data analysis used in this research were collected from preventive maintenance activity data and machining crank case production data. There were 91 average data of preventive maintenance activity and usable for analyzed by simple regression and 578 average data of machining crank case production completed and usable for analyzed by multiple regression. <br />The result of research indicated that the first, preventive maintenance has no significant impact to OEE values. The second, availability give more contribution to OEE values than performance and quality.

Factors Affecting Financial Literacy of Vietnamese Adults: A Case Study for Hanoi and Nghe An

2017 ◽  
Vol 33 (2) ◽  
Author(s):  
Tue Nguyen Dang
Keyword(s):  
Higher Education ◽  
Multiple Regression ◽  
Financial Literacy ◽  
Urban Areas ◽  
Logistic Models ◽  
Factors Affecting ◽  
Financial Behaviors ◽  
Financial Decisions ◽  
Literacy Level

This research examines the factors affecting the financial literacy of Vietnamese adults. Using a sample of 266 observations of adults in 2 big cities in Vietnam (Hanoi and Vinh in Nghe An Province), the author evaluates the literacy level of adults in these urban areas. The financial literacy of the interviewed people is low. The multiple regression results show that lower financial literacy levels associate with higher age and married status and higher financial literacy levels associate with higher education, more family members, the person making financial decisions and the person attending a useful financial course. This research also explores the association between financial literacy and financial behaviors of individuals employing logistic models. It is found that higher financial literacy associates with less probability of overspending and higher probability of saving money and careful spending. Higher financial literacy is also found to associate with higher probability of opening a savings account and making various investments. 

A Critical Analysis of Selected Public and Private Mutual Fund Schemes in India

2019 ◽  
Vol 118 (8) ◽  
pp. 28-34
Author(s):  
Dr. V. Murali Krishna ◽  
Dr T. Hima Bindu ◽  
Dr. Ravikumar Gunakala
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Portfolio Diversification ◽  
Financial Intermediaries ◽  
Public And Private ◽  
Fund Managers ◽  
Fixed Base ◽  
Banking Institutions ◽  
Different Levels

Mutual Fund Industry is one of the emerged dominant financial intermediaries in Indian Capital Market. The main objective of investing in a mutual fund is to diversify risk. Though the mutual fund invests in diversified portfolio, the fund managers take different levels of risk in order to achieve the schemes objectives. Mutual funds allow portfolio diversification and relative risk management through collection of funds from the savers/investors, the same investing in equity and debt stocks. This type of invested funds is managed by professional experts called as fund managers Funds are categorized as income should fixed base in India are a kind of mutual fund which makes investment in debt securities that have been issued to the corporate, banking institutions and to government in general

The Calculation of Turbulent Diffusion Coefficients in Aquatic Ecosystems

2019 ◽  
Vol 70 (11) ◽  
pp. 3903-3907
Author(s):  
Galina Marusic ◽  
Valeriu Panaitescu
Keyword(s):  
Transport Equation ◽  
Turbulent Diffusion ◽  
Diffusion Coefficients ◽  
Aquatic Ecosystems ◽  
Specific Area ◽  
Left Bank ◽  
The Right ◽  
Prut River

The paper deals with the issues related to the pollution of aquatic ecosystems. The influence of turbulence on the transport and dispersion of pollutants in the mentioned systems, as well as the calculation of the turbulent diffusion coefficients are studied. A case study on the determination of turbulent diffusion coefficients for some sectors of the Prut River is presented. A new method is proposed for the determination of the turbulent diffusion coefficients in the pollutant transport equation for specific sectors of a river, according to the associated number of P�clet, calculated for each specific area: the left bank, the right bank and the middle of the river.

Traditionalism and politics: A case study of Northern Nigeria

1967 ◽  
Vol 2 (4) ◽  
pp. 509-524 ◽  
Author(s):  
B. J. O. Dudley
Keyword(s):  
Social Change ◽  
Local Government ◽  
Status Quo ◽  
Political Elite ◽  
High Time ◽  
The Political ◽  
Northern Nigeria ◽  
The North ◽  
The Right

In the debate on the Native Authority (Amendment) Law of 1955, the late Premier of the North, Sir Ahmadu Bello, Sardauna of Sokoto, replying to the demand that ‘it is high time in the development of local government systems in this Region that obsolete and undemocratic ways of appointing Emirs’ Councils should close’, commented that ‘the right traditions that we have gone away from are the cutting off of the hands of thieves, and that has caused a lot of thieving in this country. Why should we not be cutting (off) the hands of thieves in order to reduce thieving? That is logical and it is lawful in our tradition and custom here.’ This could be read as a defence against social change, a recrudescence of ‘barbarism’ after the inroads of pax Britannica, and a plea for the retention of the status quo and the entrenched privilege of the political elite.

scholarly journals Fieldwork on epistemic authority markers: What we can learn from different types of data

2020 ◽  
Vol 54 (2) ◽  
pp. 405-445 ◽  
Author(s):  
Karolina Grzech
Keyword(s):  
Data Collection ◽  
Discourse Markers ◽  
Epistemic Modality ◽  
Linguistic Meaning ◽  
Epistemic Authority ◽  
Data Collection And Analysis ◽  
The Right To Know ◽  
Cognitive Study ◽  
The Right

AbstractEpistemicity in language encompasses various kinds of constructions and expressions that have to do with knowledge-related aspects of linguistic meaning (cf. Grzech, Karolina, Eva Schultze-Berndt and Henrik Bergqvist. 2020c. Knowing in interaction: an introduction. Folia Linguistica [this issue]). It includes some well-established categories, such as evidentiality and epistemic modality (Boye, Kasper. 2012. Epistemic meaning: A crosslinguistic and functional-cognitive study. Berlin: De Gruyter Mouton), but also categories that have been less well described to-date. In this paper, I focus on one such category: the marking of epistemic authority, i.e. the encoding of “the right to know or claim” (Stivers, Tanya, Lorenza Mondada & Jakob Steensig. 2011b. Knowledge, morality and affiliation in social interaction. In Stivers et al. 2011a). I explore how the marking of epistemic authority can be documented and analysed in the context of linguistic fieldwork. The discussion is based on a case study of Upper Napo Kichwa, a Quechuan language spoken in the Ecuadorian Amazon that exhibits a rich paradigm of epistemic discourse markers, encoding meanings related to epistemic authority and distribution of knowledge between discourse participants. I describe and appraise the methodology for epistemic fieldwork used in the Upper Napo Kichwa documentation and description project. I give a detailed account of the different tools and methods of data collection, showing their strengths and weaknesses. I also discuss the decisions made at the different stages of the project and their implications for data collection and analysis. In discussing these issues, I extrapolate from the case study, proposing practical solutions for fieldwork-based research on epistemic markers.

Unemployment in the Affective Economy: Exploring the Affective Governing of Young Unemployed People in the Danish Welfare State

2020 ◽  
Vol 66 (3) ◽  
pp. 335-361
Author(s):  
Sabina Pultz
Keyword(s):  
Welfare State ◽  
Complex Relationship ◽  
Field Observations ◽  
Unemployed People ◽  
Political Implications ◽  
Governmentality Studies ◽  
The Right ◽  
The Unemployed ◽  
The Ideal

Abstract This case study investigates the affective governing of young unemployed people, and it concludes that getting money in the Danish welfare state comes with an “affective price”. In the quest for a job, unemployed people have been increasingly responsibilized in order to live up to the ideal of the active jobseeker. Consequently, when faced with unemployment, they are encouraged to work harder on themselves and their motivation. Based on an interview study with young unemployed people (N=39) and field observations made at employment fund agencies in Denmark (2014–15), I explore how young unemployed people are governed by and through their emotions. By supplementing governmentality studies (Foucault et al. 1988, 2010) with the concept of “affective economy” from Ahmed (2014), I discuss how young unemployed people who receive money from the Danish state are placed in a situation of debt. The paper unfolds how this debt becomes visible as the unemployed people often describe feeling under suspicion for not doing enough, for not being motivated enough. Through an abundance of (pro) activity, they have to prove the suspicion of being lazy wrong, and through managing themselves as active jobseekers, they earn the right to get money from the state. Here motivation, passion and empowerment are key currencies. I discuss the intricate interplay between monetary and affective currencies as well as political implications in the context of the Danish welfare. The article contributes by making visible the importance of taking affective matters into account when investigating the complex relationship between politics and psychology.

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