1,721,683 research outputs found
Extinction Training Suppresses Activity of Fear Memory Ensembles Across the Hippocampus and Alters Transcriptomes of Fear-Encoding Cells
No full textImmunohistochemistry cell counts, freezing data, and R scripts for the manuscript titled "Extinction Training Suppresses Activity of Fear Memory Ensembles Across the Hippocampus and Alters Transcriptomes of Fear-Encoding Cells" by Zuniga, Han et al
Superannuation: Switching and Roulette Wheels
No full textAbstract: Purpose - To investigate the effects of switching strategies between investment options for Australian superannuation funds. Design/methodology/approach - Outlines the switching arrangements available, refers to relevant research and explains Bauer and Dahlquist's (2001) 'roulette wheel' approach to evaluating switching strategies. Applies it to 1985-2005 monthly returns data for Australian and global investment opportunities including property and blended options. Explains the methodology and considers consistency with other research. Findings - Although Australian equities gave negative returns for 89 of the 252 months, an Australian equity buy-and-hold strategy gave better returns than 63% of possible switching paths. Buy-and-hold was also superior to switching between Australian property and T-bills etc., confirming Sharpe's (1975) idea that investors need a 70% to 80% forecast accuracy for switching to work. Research limitations/implications - Calls for more research on superannuation funds' default investment options and switching effects, including switching at the margin. Originality/value - Provides evidence that buy-and-hold is usually better than switching strategies in the context of Australian superannuation funds.No Full Tex
Institutional homogeneity and choice in superannuation
No full textIn this analysis of institutional investor performance, two questions are addressed. First, what degree of similarity is observed within the market place for retail superannuation funds? Second, what are the implications of homogenous behaviour for member choice policy? The answers from this study are as follows: as an industry, institutional investors destroyed value for superannuation investors for the period 1991 through 2003, underperforming passive portfolio returns by around 60 basis points per annum. Moreover, we find there is a great deal of clustering around this average underperformance. It also appears as though funds have similar risk characteristics which are, on average, defensive. The findings suggest that the products offered by those competing in this market are very similar in nature, hence limiting the potency' of choice policy in Australia.No Full Tex
Superannuation Funds: The Fees and Performance\ud Debate: Discussion Paper No. 130
No full textThose who have followed the debate between Drew and Noland (2000)2 and Hayes (2001) in this journal will understand that the controversy surrounding one of the most hotly contested ideas in financial economics – market efficiency and fund manager skill – is truly alive and well. Drew and Noland (2000) and Hayes (2001) are both in agreement that idea of a market which is efficient in an informational sense represents more than a clash of theory with practice, it is a debate which strikes at the heart of how Australia’s AUD 500 billion pool of retirement savings should be managed3. Hayes (2001) is partial to the view that the “Australian equity market is not perfectly efficient‿ and that “active investment managers have been effectively exploiting these inefficiencies over the past 20 years.‿ The essence of Hayes’ (2001) argument seems to be that contribution of Drew and Noland (2000) is limited as it employed a methodology that considered post MER returns. Hayes (2001) suggests that that the received practice for evaluation is “based on raw data before fees and expenses‿ and that “MERs are management and administrative charges which have no relevance to the manager’s ability to outperform the index.‿ This reply offers an alternate view to Hayes’ (2001) claim of irrelevance of the MER in assessing manager performance. Specifically, we provide evidence in this paper of the impact of fees on the performance of both retail and wholesale funds managing domestic equities on behalf of superannuation investors. Two decades after the publication of Bird, Chin, and McCrae’s pioneering work “Superannuation fund managers – how do they rate?‿ in the JASSA of 1982, we are still debating the skill (or otherwise) of fund managers and its implications for efficient capital markets
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
A test of the fama-french three factor model in the Australian equity market
No full textStudies that have investigated the cross-section of average returns on common stocks in the United States have found evidence that factors related to firm size (market equity) and style (book equity to market equity) help explain the cross-section of average stock returns. This paper tests the explanatory power of such factors in Australia. Further, we also investigate the claim that the size and style effect is the result of seasonal phenomena. We find general support for the three-factor model of Fama and French (1996). We also reject the claim that these effects are exclusively a seasonal phenomenon.No Full Tex
Idiosyncratic volatility and security returns: evidence from the Asian Region
No full textNo Full Tex
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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