Mutual Fund Advisory Contracts: An Empirical Investigation

We investigate marginal compensation rates in mutual fund advisory contracts and find the following. Equity and foreign fund advisors receive higher marginal compensation than debt and domestic fund advisors. Advisors of funds with greater turnover receive higher marginal compensation. Also, closed-end fund advisors receive higher marginal compensation than open-end fund advisors. Finally, we find that marginal compensation is lower for advisors of large funds and members of large fund families. We argue that these differences in marginal compensation reflect differences in advisor marginal product, differences in the difficulty of monitoring performance, differences in control environments, and scale economies.     

A new approach to aid urban water management decision making using trade-off sacrifice modelled by fuzzy logic.

An approach to aid decision making for urban water management is presented that is based on the concept of trade-off sacrifice level in pairwise comparisons between criteria, modelled using fuzzy logic. This approach is illustrated by a case study - selection of alternative water supplies for a Sydney household. Four key decision making criteria covering health, economic, environment and technical aspects are selected: annual probability of infection, life cycle energy use, life cycle cost and reliability. The decision making problem is to select between cases with different volume and application of recycled greywater and rainwater in light of the four criteria. Decision maker's preference is expressed by five levels of trade-off sacrifice between pairs of criteria. The decision makers can assign their preferences for sacrifice level by linguistic assessment and the output trade-off weight (TOW). Measures of decision makers' perceived trade-off level are modelled by a rule-based fuzzy logic control system. The final analysis shows the performance for each sacrifice class for each case, to aid overall decision making with stakeholders.     

Voting Rights and Market Reaction to Dual Class Common Stock Issues

This paper examines the return of the original class of common stock around the announcement of the creation of a second class of stock. As in previous studies, this one finds a generally ambiguous market reaction on the first public announcement. However, this paper offers new evidence that both the voting rights and the compensation for loss of voting rights are important determinants of the market's reaction. Specifically, it demonstrates that a second class stock issue that contains no compensation for the lost voting rights results in negative returns. When the original stockholders are compensated for lost voting rights, they experience positive abnormal returns.     

我的九条命

在我生命中各个阶段里，我与学术界不知不觉地频频有缘。启蒙时期，我科到名师的熏导业已浸淫于国学；经史子籍，无所不读，撰文作诗，直追唐宋，俨然是一个“小老学究”。当我入仕时，一秉传统士大夫的志趋，一心为国为民，在我自我流放期间，发现我唯一可谋生的本领是学术，我既没有继承万贯家财，也没有在当权时放出许多人情，作为经商的捷径，实际上，我曾试探经商之路，但是在没有有力的后台引见下，我意识到，要加入一家企业，条件是能够为其带来多少商机，我对这种用才标准并不欣赏，在此情形下，要做一个小企业家，其生活方式也难以适应，特别是对我的妻女是一种冒险。     

International Borrowing, Specialization, and Unemployment in a Small Open Economy

The authors show that an increase in international borrowing increases specialization and unemployment in a small open economy that is subject to terms‐of‐trade risks. The economy has a production advantage in the export sector. However, the size of the export sector is limited by the available funds. To insure workers against income fluctuations arising from terms‐of‐trade risks, firms in the export sector offer workers a stable wage rate with the possibility of unemployment. An increase in international borrowing increases specialization in the export sector, which leads to higher unemployment when the terms‐of‐trade shock is bad. A state‐contingent price subsidy can reduce unemployment without inefficiently reducing specialization. The results are robust to the introduction of risk‐averse firms.     

家乐福:为全球零售商上课

家乐福集团在中国开设的大型超市就像零售业中的一个"海峡"--从东方和从西方卷来的大浪交织在一起:东方--在超市一边的货架上,可以看到大量鲜活的鱼、虾、牛蛙甚至甲鱼;西方--在另一边不远的冷藏柜里,又能看到真空包装的烟熏咸肉和意大利腊肠.这个来自法国的超级零售商运用现代的模式,结合当地人的口味,在中国经营着他们的零售帝国.     

Monitoring, removal and risk assessment of cytostatic drugs in hospital wastewater.

Cytostatic agents are applied in cancer therapy and subsequently excreted into hospital wastewater. As these substances are known to be carcinogenic, mutagenic and toxic for reproduction, they should be removed from wastewater at their source of origin.In this study the fate and effects of the cancerostatic platinum compounds (CPC) cisplatin, carboplatin, oxaliplatin, 5-fluorouracil (5-FU) and the anthracyclines doxorubicin, daunorubicin and epirubicin were investigated in hospital wastewater. Wastewater from the in-patient treatment ward of a hospital in Vienna was collected and monitored for the occurrence of the selected drugs. A calculation model was established to spot the correlation between administered dosage and measured concentrations. To investigate the fate of the selected substances during wastewater treatment, the oncologic wastewater was treated in a pilot membrane bioreactor system (MBR) and in downstream advanced wastewater treatment processes (adsorption to activated carbon and UV-treatment). Genotoxic effects of the oncologic wastewater were assessed before and after wastewater treatment followed by a risk assessment.Monitoring concentrations of the selected cytostatics in the oncologic wastewater were in line with calculated concentrations. Due to different mechanisms (adsorption, biodegradation) in the MBR-system 5 - FU and the anthracyclines were removed < LOD, whereas CPC were removed by 60%. In parallel, genotoxic effects could be reduced significantly by the MBR-system. The risk for humans, the aquatic and terrestrial environment by hospital wastewater containing cytostatic drugs was classified as small in a preliminary risk assessment.     

Multiple regimes and cross-country growth behaviour

This paper provides some new evidence on the behaviour of cross-country growth rates. We reject the linear model commonly used to study cross-country growth behaviour in favour of a multiple regime alternative in which different economies obey different linear models when grouped according to initial conditions. Further, the marginal product of capital is shown to vary with the level of economic development. These results are consistent with growth models which exhibit multiple steady states. Our results call into question inferences that have been made in favour of the convergence hypothesis and further suggest that the explanatory power of the Solow growth model may be enhanced with a theory of aggregate production function differences.