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Copyright of Business: Theory & Practice is the property of Vilnius Gediminas Technical University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

As virtual discussion about passive versus active investment heats up, ETF instruments being second biggest investment vehicle (after mutual funds) in United States receive more and more attention. In this paper we perform a cross section, type and style analysis of total expense ratios (TER) of exchange traded funds. Using Database of 1020 ETFs, we find capitalization weighted average for total expense ratios of simple (non-inverse and not leveraged) ETFs are equal to 0.32 proc. Analysis shows that inverse and leveraged ETFs on average are about 3 times more expensive than simple ETFs. These numbers of total expense ratios of simple ETFs are significantly lower than in average mutual funds. This leads us to the conclusion that especially for passive investment management where cost effectiveness is critically important, ETFs are much more attractive than regular mutual funds. [ABSTRACT FROM AUTHOR]

Until World War II, there were few Lithuanians in Australia. Their numbers were boosted when 10,000 Lithuanian refugees arrived in this country in the late 1940s and early 1950s. Many congregated in the larger cities and established the structures necessary for the preservation of their national identity. These structures included Lithuanian newspapers and books, weekend schools, choirs and folk-dancing groups, Lithuanian libraries, credit unions, etc. All these initiatives were aimed at preserving the Lithuanian heritage, the "lietuvybė", and were addressed at the Lithuanian-speaking newcomers. These former refugees were still passionately hoping for an early liberation of their homeland, especially in their early years in Australia. At the same time, prompt assimilation of the European immigrants was in the forefront of the Australian Government's policy. Most Lithuanians managed to meet the Government's requirement without losing their "lietuvybė" -- an interesting phenomenon that has been studied in its own right and needs further in-depth discussion. In spite of the significant input by 10,000 Lithuanian migrants, however, the Australian population at large knew very little, or nothing at all, about Lithuania and its people. The Australian Lithuanians, aided by their Baltic colleagues, belatedly realised that it was not enough to document the Lithuanian identity and heritage just in Lithuanian. All about the Lithuanians, and the other Balts, had to be made known to Australians, in English. As a short-term measure, new newspapers, bulletins, leaflets and media releases were produced in English, featuring the facts of the foreign rule in the Baltics. Books started appearing on similar topics. In Australia today, some of the Lithuanian heritage continues to be recorded and published, in English. However, this work is carried out piecemeal and under difficul conditions. There is only one English-language Lithuanian journal in Australasia and in the whole Southern Hemisphere (Lithuanian Papers). Over 30 English-language books published in Australia during the past 50 years describe Lithuania and its people. Some are devoted entirely to this topic. Others have merely a chapter or two on Lithuania. Whether lengthy or brief, a number of these volumes are of a high standard; but several others are erroneous and misleading. [ABSTRACT FROM AUTHOR]