What Style Liquidity Timing Skills Do Mutual Fund Managers Possess?

Recent studies claim that mutual fund managers demonstrate strong MARKET liquidity timing skills. We extend their liquidity timing tests to the four‐factor case and investigate liquidity timing skills with respect to the MARKET, SIZE, VALUE and MOMENTUM factors. Contrary to these claims, we find no evidence that fund managers adjust market exposure in anticipation of market liquidity changes. We find rather strong evidence that fund managers successfully overweight small stocks as market liquidity increases. Our study also demonstrates that it is easy to misidentify SIZE liquidity timing as MARKET liquidity timing in models that focus only on MARKET liquidity timing.     

Influence of knowledge,bodily integrity,religion and media on attitudes toward organ donation on the university campus

This study examines the influence of knowledge, bodily integrity, religion, and media on attitudes toward organ donation on University campus. A total of 724 participants completed surveys for this study a multivariate regression model was used to test the effects of these factors on participants' attitudes toward organ donation. The variable sets considered are the knowledge of organ donation, bodily integrity, religion, media, and attitudes toward organ donation. The results suggest that the effect of knowledge, bodily integrity, religion, and media influences the intention to donate organs. There is a positive relationship between the knowledge levels of participants on the University campus and belief levels and organ donation attitudes, and the fear of disintegration of their bodies is still an obstacle to organ donation. The paper indicates how it is possible to distinguish different components of organ donation behavior and to present the conclusions regarding the context on a University campus. The findings extend the exchanges with respect to the part of beliefs in the intentions of organ donation and arrangement of attitudes and have a significant incentive in making open approaches that further promote organ donation.     

Egypt's Growth Performance Under Economic Liberalism: A Reassessment With New GDP Estimates, 1886–1945

The stagnation of Egyptian living standards in the first half of the 20th century has been widely presumed in economic history. However, this conventional wisdom is partially based on a fragmented body of evidence on aggregate output. In particular, no estimates of national income exist for any extended period prior to World War II. Using a money–based cointegration approach and a new measure of broad money, we exploit Egypt's intimate economic links with the U.K. to provide the first continuous estimates of GDP for the period 1886–1945. Our estimates are consistent with trends in agriculture and other stylized facts about the Egyptian economy in the late 19th and early 20th century. The empirical results provide qualified support to the conventional wisdom about Egypt's growth performance in addition to offering a detailed characterization of output cycles.     

The Political Economy of Interwar Egyptian Cotton Policy

The optimal tariff was a central concern to economists and policymakers in interwar Egypt. The government took the position that Egypt conformed to the small-country assumption in world cotton markets. Using time-series and panel data for the period 1895–1939, this article demonstrates that Egyptian long-staple cotton commanded significant market power in international markets. An optimal export tariff would have encouraged economic diversification and generated huge government revenues, making it possible to finance industrialization plans. However, the burden of taxation would have been shared by Egyptian landlords and British interests. Thus, an optimal export tariff was incompatible with the goals of Egypt's ruling elite, who dictated the orientation of trade policy until the 1950s.