Conditioning manager alphas on economic information: another look at the persistence of performance

This article presents evidence on persistence in the relativeinvestment performance of large, institutional equity managers.Similar to existing evidence for mutual funds, we find persistentperformance concentrated in the managers with poor prior-periodperformance measures. A conditional approach, using time-varyingmeasures of risk and abnormal performance, is better able todetect this persistence and to predict the future performanceof the funds than are traditional methods.     

US domestic airline alliances: does the national welfare impact turn on strategic international gains?

The six largest U.S. airlines announced in the beginning of 1998 the formation of three domestic alliances, but the size and scope of these alliances spurred significant public interest concerns. GAO analysis suggests a rough equivalence between the domestic costs and benefits of alliances, yet the international competitive effects have not been considered. I argue that the national welfare merits of domestic airline alliances turn on positive international competitive effects. Empirical tests - run on comprehensive panel data covering the international airline markets among 21 nations over the 1983–1992 period - support domestic market concentration resulting in strategic international gains; hence, domestic airline alliances likely improve national welfare.     

The EEOC's new ADA mental disability guidelines: an EAP is a pretty reasonable accommodation

The EEOC's enforcement guidelines for psychiatric disabilities may present a significant challenge for the small employer. The authors discuss the parameters of this challenge and consider the ADA mental disability guidelines in the context of an operational framework to assist employers. It is pointed out that an EAP or a managed behavioral health firm with knowledge of ADA can be useful in identifying cost-effective accommodations for employees claiming mental disabilities.     

加强学法指导提高教学质量——小学数学教学中怎样进行学法指导

世界上最有价值的知识是关于方法的知识,教给了方法就是交给了"点石成金"的指头,交给了捕猎物的猎枪,学生就可以用它去捕获猎物,索取知识的金山.     

湿地农业生态系统可持续发展评价--以黑龙江省洪河农场为例

运用农业(农村)可持续化与现代化综合指标体系以1995—1998年的资料为基础，结合实际调查，对洪河农场的整体情况进行评价。     

资源循环利用与矿区循环经济发展

文章从理论和实践两个方面证明和阐述了资源循环利用是矿区发展循环经济的有效途径,进而从矿区生态背景调查与分析入手,提出纵向主导产业链设计和横向耦合共生产业链构建的方法,最终形成矿区资源循环利用产业网状体系,从而达到既提高经济效益又从根本上改善生态环境的"双赢"目的。     

Volatility timing in mutual funds: evidence from daily returns

I use daily mutual fund returns to shed new light on the questionof whether or not mutual fund managers are successful markettimers. Previous studies find that funds are unable to timethe market return. I study the funds' ability to time marketvolatility. I show that volatility timing is an important factorin the returns of mutual funds and has led to higher risk-adjustedreturns. The returns of surviving funds are especially sensitiveto market volatility; those of nonsurvivors are not.