Do Female Mutual Fund Managers Manage Differently?

We examine the performance and investment behavior of female fixed‐income mutual fund managers compared with male fixed‐income mutual fund managers. We find that male‐ and female‐managed funds do not differ significantly in terms of performance, risk, and other fund characteristics. Our results suggest that differences in investment behavior often attributed to gender may be related to investment knowledge and wealth constraints. Despite the similarities between male and female managers, we find evidence that gender influences the decision making of mutual fund investors. We find that the net asset flows into funds managed by females are lower than for males, especially for the manager's initial year managing the fund.     

Wirtschaftspolitik für die Eurozone

At the root of the euro crisis was not only a sovereign debt crisis but also a balance-of-payments crisis. A multi-faceted approach is required to restore sustainable growth and prevent a vicious circle of public and private sector deleveraging leading to weaker economic activity, which in turn results in a further deterioration in banks’ asset quality. Both governments and the European Central Bank (ECB) face challenges. Governments must make progress in restoring the health and resilience of the banking sector and introduce microeconomic reforms in product, services and labour markets to reduce divergent trends in competitiveness and productivity. Budgetary discipline must be respected, and the ECB should avoid any deflationary bias while stabilising inflation at or around two per cent for the euro area as a whole.     

Problems with precaution: the transfusion medicine experience

The precautionary principle is a dominant paradigm governing risk-based decision-making. Today, there are increasing pressures to re-examine aggressive precautionary approaches, and to assess how the principle should be applied in the modern system. In this paper, we examined three key applications of precautionary approaches in the field of transfusion medicine to provide insight into the risks and benefits of these approaches. The three case studies examined were the donor deferral policies to safeguard against transfusion transmission of human immunodeficiency virus, variant Creutzfeldt–Jacob disease, and, lastly, xenotropic murine leukemia virus-related virus. Characterization of precautionary applications was conducted using an embedded case study design. Our findings indicate that transfusion transmission mitigation strategies have become increasingly aggressive in the face of theoretical risks. In contrast, the review processes for implementation and reversal of precautionary policies have been slow, and historical donor deferral policies are still in place today. Application of precautionary approaches has proved challenging with both benefits and pitfalls. In light of emerging threats to the blood system, policy-makers should consider the implementation of frameworks to guide the appropriate application of precaution in transfusion medicine in the future.     

Changes in land use, land tenure, and landscape fragmentation in the Tijuana River Watershed following reform of the ejido sector

Changes in land use and land tenure can influence both physical fragmentation and ownership fragmentation of landscapes, with implications for biodiversity. In this study, we evaluated changes in land use and land tenure in the Tijuana River Watershed, a region of high biodiversity and endemism, following the implementation of a new Agrarian Law which allowed for privatization and sales of communal land (ejidos) beginning in 1992. In order to understand changes in land use and cover, we constructed maps from aerial photographs and Aster images and measured changes between 1994 and 2005. In order to understand changes in land tenure, we collected data from Mexican government sources on ejido land size, ownership, and sales, and we conducted 55 structured interviews with ejidatarios in the watershed. Our results demonstrate that land-use/cover change between 1994 and 2005 was dominated by an increase in urban area and grasslands, and a decrease in coastal sage scrub, chaparral, and, to a lesser degree, agriculture. In particular, the conversion of coastal sage scrub has left a far more fragmented landscape than existed in 1994. In addition, most of the ejidos in the watershed, as well as individuals interviewed, had participated in some stage of the land certification and titling process allowed by the new Agrarian Law, resulting in substantial changes in land tenure. However, land tenure security appeared to play a larger role than a desire to sell land and, contrary to studies from other regions, full title to the land was obtained in a range of urban and rural settings, rather than primarily on land closest to urban zones. Our results suggest that past predictions regarding future urban growth and fragmentation of native vegetation in the region have proven accurate and highlights regions of change that merit further study.     

Editorial announcement

In this paper we develop a general equilibrium model of the Mexican economy in which unemployment and government deficits play important roles. The unemployment rate depends on a downwardly rigid real wage in the urban sector. The government runs a deficit simply by selling bonds that consumers consider perfect substitutes for physical capital as savings instruments. The model is used to analyze the impact of the 1980 fiscal reform. The presence of the rigid real wage and alternative specifications of government policies regarding the size of the deficit are found to have significant effects on the comparative statics results. Whether or not the reform improves the welfare of rural households compared to urban households, for example, depends on whether government policy is to keep the deficit constant or keep expenditures constant in response to changes in tax revenues.