A RE-EXAMINATION OF THE EFFECT OF 12B–1 PLANS ON MUTUAL FUND EXPENSE RATIOS

In this paper we re-examine the effect of 12b–1 payments on mutual fund expense ratios by analyzing data from 1988 through 1991. The findings are consistent with previous studies that find charges are a dead-weight cost borne by shareholders. However, we show that this cost increases over time.     

An examination of the relative roles played by consumer behaviour settings and levels of involvement in determining environmental behaviour

It is well documented that if environmental degradation is to be halted then pro-environmental activities need to be put in place now. This requires the participation of consumers (C), marketers (M) and policy-makers (in this case, the local council (LC)). An examination of the environmental portfolios of LCs and Ms indicates a noticeable increase in behavioural activity which has led to an improvement in their environmental provision. This includes services ranging from recycling to providing information on environmental issues. However, empirical evidence indicates that consumers may have either inadequate or inappropriate knowledge about environmental issues which may have led to low involvement levels and consequently limited behaviour. It may therefore be necessary to distinguish between cognitions that are affected under high or low involvement situations. The involvement levels, however, may be mediated by the consumer behaviour settings (CBS). Using the Behavioural Perspective Model the study observes the impact of CBS and involvement on environmental behaviour. The results indicate that in the low involvement condition CBS has a crucial role to play whereas in the high involvement situation its role may not be significant.     

The effect of rule 12b-1 on bond fund expense ratios

This paper presents empirical evidence that bond mutual funds which have adopted the use of 12b-1 fees have not achieved the goal of lowering expense ratios. Using a model specific to bond funds, as opposed to generic models used in previous studies on equity funds, the analysis confirms that the 12b-1 fee is an additional cost borne by shareholders of the fund without any additional benefit. However, this cost as a percent of the net asset value of the fund has decreased from 1991 through 1994. This reduction coincides with the submission of a proposed rule change by the National Association of Security Dealers concerning maximum sales charges imposed by mutual funds on December 28, 1990 and the implementation of limits on 12b-1 fees which became effective in July of 1993.     

How supply chain architecture and product architecture impact firm performance: An empirical examination

In order to enhance performance, manufacturing firms are building various capabilities and utilizing supply chain networks that are geographically dispersed around the globe. This study examines how decisions related to supply chain architecture and product architecture influence organizational competitiveness. Building on the co-specialization perspective, we evaluate the performance implications of product modularity and supply chain agility. While, product modularity constitutes a product configuration related to sourcing and assembling of products, supply chain agility is a supply chain configuration related to velocity (sensing, comprehending, and responding) and visibility (supplier network, internal operations, and external environment). Both the product and supply chain architectural decisions can impact performance, individually and in conjunction with each other. We empirically test the hypothesized relationships using data collected from 103 manufacturing firms. Results show that supply chain agility and product modularity directly enhance responsiveness and enable organizations to reduce cost. Furthermore, supply chain agility partially mediates the relationship between product modularity and both responsiveness and cost reduction. We elaborate on the key contributions of this study for both research and practice, discuss limitations, and also offer various avenues for further research.     

Why do mothers breastfeed girls less than boys? Evidence and implications for child health in India

Breastfeeding is negatively correlated with future fertility because nursing temporarily reduces fecundity and because mothers usually wean on becoming pregnant again. We model breastfeeding under son-biased fertility preferences and show that breastfeeding duration increases with birth order, especially near target family size; is lowest for daughters and children without older brothers because their parents try again for a son; and exhibits the largest gender gap near target family size, when gender is most predictive of subsequent fertility. Data from India confirm each prediction. Moreover, child survival exhibits similar patterns, especially in settings where the alternatives to breastmilk are unsanitary.     

Methods and tools for integrated assessment of land use policies on sustainable development in developing countries

For stimulating sustainable development in developing countries, land use patterns and land use changes are considered critical, and therefore effective and efficient land use policies are needed. In this paper we present a methodological framework that has been developed in a joint European and developing countries project (LUPIS – Land Use Policies and Sustainable Development in Developing Countries), to assess the impact of land use policies on sustainable development in developing countries. An illustrative application is presented for a case study in China, where water pollution due to agriculture in Taihu Basin is a major problem.     

The integration of microcomputers in marketing research and decision making

This paper focuses on the integrative and pervasive use of microcomputers in marketing research and managerial decision making. The marketing research process is conceptualized as consisting of six phases. At each phase, microcomputer applications and illustrative software are identified as implications for the practice of marketing research discussed. Next the paper illustrates the use of microcomputers in selected application areas such as market segmentation, sales forecasting, new product development, pricing and decision support and expert systems. Guidelines for the selection of microcomputer software in specific situations are provided. The paper concludes with some observations on the future applications of microcomputers in marketing research and decision making.     

Closed-End Fund Expenses and Investment Selection

Investment returns on closed‐end funds are highly volatile. Because expenses have a definite negative impact on closed‐end fund returns, investors should include the expense ratio as a criterion for fund selection in addition to performance, investment objective, and risk of the fund. This paper constructs a model of the expense ratio of closed‐end funds to explain cross‐sectional differences in the expense ratios for the period between 1989–1996. We relate closed‐end fund expenses to fund characteristics and identify the factors that can help investors choose low expense closed‐end funds.