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Probabilistic linguistic term sets (PLTSs) provide a flexible tool to express linguistic preferences, and several multi-criteria decision models based on PLTSs have been recently developed. In this framework, distortion risk measures are extensively used in finance and insurance applications, but are rarely applied in fuzzy systems. In this paper, distortion risk measures are applied to fuzzy tail decisions. In particular, three tail risk measurement methods are put forward, referred to as probabilistic linguistic VaR (PLVaR), expected probability linguistic VaR (EPLVaR), and Wang tail risk measure and extensively study their properties. Our novel methods help to clarify the connections between distortion risk measure and fuzzy tail decision-making. In particular, the Wang tail risk measure is characterized by consistency and stability of decision results. The criteria and expert weights are unknown or only partially known during the decision making process, and the maximising PLTSs deviations are showed how to determine them. The theoretical results are showcased on an optimal stock fund selection problem, where the three tail risk measures are compared and analyzed. [ABSTRACT FROM AUTHOR]

The primary purpose of this study is to evaluate the active management in a mutual fund from the perspective of a Czech retail investor and compare it against their passive alternative. In total, 50 mutual funds and three passive exchange-traded funds (ETFs) were analyzed across three regional groups (Global, American, and European) from July 2011 to June 2021. The data was analyzed through regression utilizing the Fama-French 3 factor model to determine the funds' alpha, ensuring a fair risk-adjusted comparison of funds. The detailed analysis showed that 13 of the 50 officially active funds are not considered active and may be suspected of so-called closet indexing. Such funds are being paid for active management, which they are not performing. Thus, the client is being deceived and is essentially getting an overpriced index fund. Moreover, it was confirmed that ongoing fee is a negative performance predictor – more expensive funds deliver lower net returns; thus, they cannot justify their cost. The findings mentioned above were consistent among the analyzed groups but were less apparent and significant for the European funds. Lastly, the results were compared with previous research and discussed from theoretical and practical perspectives. [ABSTRACT FROM AUTHOR]

We analyze the multiscale behaviors of high-frequency intraday prices, with a focus on how asset prices are correlated over different timescales. The multiscale approach proposed in this paper is designed for the analysis of high-frequency intraday prices. It incorporates microstructure noise into the stochastic price process. We consider a noisy fractional Brownian motion model and illustrate its various statistical properties. This leads us to introduce new latent correlation and noise estimators. New numerical algorithms are developed for model estimation using empirical high-frequency data. For a collection of stocks and exchange-traded funds, examples are provided to illustrate the relationship between multiscale correlation and sampling frequency as well as the evolution of multiscale correlation over time. [ABSTRACT FROM AUTHOR]

Background: COVID-19-related global health governance (GHG) processes and public health measures taken influenced population health priorities worldwide. We investigated the intersection between COVID-19-related GHG and how it redefined population health priorities in Canada and other G20 countries. We analysed a Canada-related multilevel qualitative study and a scoping review of selected G20 countries. Findings show the importance of linking equity considerations to funding and accountability when responding to COVID-19. Nationalism and limited coordination among governance actors contributed to fragmented COVID-19 public health responses. COVID-19-related consequences were not systematically negative, but when they were, they affected more population groups living and working in conditions of vulnerability and marginalisation. Policy options and recommendations: Six policy options are proposed addressing upstream determinants of health, such as providing sufficient funding for equitable and accountable global and public health outcomes and implementing gender-focused policies to reduce COVID-19 response-related inequities and negative consequences downstream. Specific programmatic (e.g., assessing the needs of the community early) and research recommendations are also suggested to redress identified gaps. Conclusion: Despite the consequences of the COVID-19 pandemic, programmatic and research opportunities along with concrete policy options must be mobilised and implemented without further delay. We collectively share the duty to act upon global health justice. [ABSTRACT FROM AUTHOR]

In this article we analyze the effect of net funding (difference between new investments and redemptions occurring in the period) on the turnover of Brazilian equity fund portfolios. Turnover indicates the level of change in equity allocations in the period and in this study the proxy used was the Churn Rate. The database has 1,461 funds. The main results suggest a positive effect of net funding on turnover in equity portfolios of the sample funds. A moderation relationship could also be observed in the relationship between funding and turnover when considering funds that can invest abroad. Neste artigo, analisa-se o efeito da captação líquida (diferença entre novos investimentos e resgates ocorridos no período) na rotatividade de carteiras de fundos de ações brasileiros. A rotatividade indica o nível de alteração nas alocações de ativos no período, neste estudo a proxy utilizada foi a Churn Rate. O banco de dados conta com 1.461 fundos. Os principais resultados sugerem um efeito positivo da captação líquida na rotatividade em ações das carteiras dos fundos da amostra. Observou-se, ainda, uma relação de moderação na relação entre captação e rotatividade, quando se consideram fundos que podem investir no exterior. [ABSTRACT FROM AUTHOR]

The value of net assets (NAV) per unit reflects the price of a mutual fund and also the yield of the mutual fund, therefore, the objective of this study is to examine the impact of external and internal factors on NAV per unit of sharia equity mutual funds. These factors are inflation, exchange rate, Jakarta composite indec (JCI), stock selection skill and market timing ability on the net asset value of sharia equity mutual funds in Indonesia. The research period from 2017-2022 with data per semester, to see the overall influence of these factors before Covid-19 and during Covid-19. Data processing uses Eviews 12. The method used is the Random Effect Model (REM) with the analysis model using Generalized Least Square (GLS). The results of this research state that over all the inflation has no effect. The exchange rate has a significantly negative effect. The JCI has no effect, Stock selection skill has a significant positive effect. Market timing ability had a significant positive effect. Differences in results in a period are due to changes in economic conditions in Indonesia. [ABSTRACT FROM AUTHOR]

A mutual fund is a common instrument for households and corporations to invest in the financial markets through diversified portfolios of securities. Investing in managed mutual funds involves relying on a fund manager's knowledge, expertise, and investment strategy to beat the fund's benchmark. The purpose of this paper is to help mutual fund investors in their fund selection process. The fuzzy-set qualitative comparative analysis (fsQCA) is the methodology applied to identify combinations of factors that facilitate the selection of performing mutual funds. The goal is to determine whether fund manager skill, as measured by Jensen's Alpha and other qualitative factors, is a key driver of performance. Our research focuses on US-registered equity funds with a global investing scope over a 5-year period (2016–2021), and we combine three mutual fund databases to obtain more complete data while enhancing data accuracy and consistency. The findings reveal that both manager skill and fund size are pervasive factors included in all three successful combinations of sufficiency conditions leading to high-performance funds. In addition, it is verified that manager skill is the only necessary condition to ensure high returns on mutual funds. Investors' fund selection process is a cumbersome task that can be simplified with the successful recipes provided by the fsQCA model. [ABSTRACT FROM AUTHOR]

I provide an explanation for the well-established paradox that mutual funds that close to new investors fail to maintain their pre-closure positive abnormal performance after closing. Using a large sample of active US equity mutual funds, I find that the within-style performance ranks of closed funds revert to the mean as strongly as those of a control group of open funds. Furthermore, I show that funds that are closed do not drastically alter their investment allocations and hold portfolios that are indistinguishable from their portfolios prior to closing in terms of risk-adjusted performance. Therefore, mean reverting stock returns explain the deterioration in fund performance after closing to new investors. I also document that funds are not capable of better preserving their assets when anticipating a decline in performance by closing to new investors and thus adding exclusivity. Furthermore, the control group of open funds does not suffer from excessive flows. Closing to new investors is at best unnecessary from the stand-alone perspective of the fund. [ABSTRACT FROM AUTHOR]

The purpose of this study is to form several optimal portfolios based on the proportion of funds invested in stocks, then the most optimal portfolio will be selected among the optimal portfolios that have been formed. The method used in this study is the lexicographic goal programming method, which is to determine the optimal portfolio based on the proportion of invested funds, then the selection of the most optimal portfolio is determined using the expected shortfall method. This study used data from 5 companies contained in Indonesia Stock Exchange (IDX). The results showed that from the proportion of invested funds, 11 optimal portfolios were obtained. Using the expected shortfall method, the most optimal portfolio of 11 portfolios was obtained, namely type 5 portfolio. [ABSTRACT FROM AUTHOR]

Financial innovation seeks to reduce risk for investors through the creation of new products. Internationally, innovation processes have resulted in better structured financial instruments. These instruments allow people from other countries to invest in shares of companies in developing markets, such as Mexico. This paper analyzes the performance of the returns granted by the iShares MCSI Mexico, an Exchange-Traded Fund (ETF), whose portfolio is made up of forty-four Mexican stocks. It is compared to the performance of the Mexican market through the IPyC and the exchange rate. Using the EGARCH methodology, the ETF was found to be much riskier than the other two instruments over a three-year period, especially during the period when the Mexican economy was shut down due to the pandemic. [ABSTRACT FROM AUTHOR]

While previous research on higher education policy diffusion often conceptualizes diffusion as occuring across neighboring governments, we conceptualize policy diffusion as also occuring across pairs of governments (dyads) regardless of geographic proximity. We apply both conceptualizations and use survival analysis techniques to examine factors associated with state adoption of performance funding equity metrics. Results show that the proportion of neighbors with equity metrics is unrelated to the likelihood of adopting a metric for either the 2- or 4-year sector, suggesting no evidence of policy diffusion across borders. The directed dyad analysis reveals that states are less likely to adopt a 4-year metric when the other state in the pair already operates a 4-year metric, indicating that states look beyond neighbors in policy avoidance behaviors. Internal state factors such as higher levels of legislative professionalism and greater enrollment of underrepresented minority and low-income students increase the likelihood of policy adoption. A state is less likely to imitate the adoption of 2-year equity metrics in another state when the pair show greater differences in legislative professionalism, minority and low-income student enrollment, income per capita, and income inequality. Our research highlights the utility of quantitatively modeling policy diffusion across governmental units that are distantly located, especially for higher education policy components that are nationally visible. [ABSTRACT FROM AUTHOR]

This paper uses a pooled cross-sectional sample of actively managed US equity mutual funds from 1991–2022 to show that tracking error volatility (TEV) is characterised by reversion. Mutual funds with relatively high (low) TEV tend to reduce (increase) their TEV in subsequent periods, and the degree of reversion is determined by the degree to which TEV is relatively high or low. This suggests that TEV is managed over time to satisfy relative risk budgets. This paper also shows that the previous literature's finding that mutual funds increase their TEV as their performance declines holds even when taking into consideration that both performance and change in TEV may be jointly determined by TEV level. The results are robust to a variety of measurement periods and methodologies. [ABSTRACT FROM AUTHOR]

The impacts of climate policies on the global financial system have aroused wide attention all over the world. Fund markets are an important part of the financial system and play a crucial role in the stability of the financial system. In this paper, the impacts of climate policies on fund markets are evaluated from direct and indirect risk contagion channels using the data of Chinese ordinary stock funds and partial stock hybrid funds during 2007–2020. Risk contagion indicates that a fund's selling of stocks causes the stock price to fall, causing asset losses to other funds holding the same stocks. We construct a risk contagion model based on common asset holdings of funds. The analysis of direct risk exposure of funds to climate policy in China shows that five climate-policy-relevant sectors account for more than half of the total value of shareholdings. The climate risk stress-test indicates that ignoring the indirect risk contagion channel significantly underestimates the adverse effects of and climate policies on fund markets. More stringent, short-term climate targets and earlier implementation of climate policies helps to mitigate otherwise drastic changes required in energy markets in China to achieve a 2°C long-term target, and reduces the adverse effects of climate policies on the fund market. Furthermore, the impact of climate policies on different investment funds shows significant differences, leading to winners and losers. The losers are funds that adopt a high-carbon investment strategy, while winners are funds adopting a green investment strategy. Indirect risk contagion significantly increases the adverse effects of climate policies on investment fund markets. Early implementation of climate policy and more stringent short-term targets reduce the adverse effects of climate policies on the fund market. Investment funds can become winners by adopting green investment strategies with the introduction of climate policy. [ABSTRACT FROM AUTHOR]

Australian Genomics is a national collaborative partnership of more than 100 organizations piloting a whole-of-system approach to integrating genomics into healthcare, based on federation principles. In the first five years of operation, Australian Genomics has evaluated the outcomes of genomic testing in more than 5,200 individuals across 19 rare disease and cancer flagship studies. Comprehensive analyses of the health economic, policy, ethical, legal, implementation and workforce implications of incorporating genomics in the Australian context have informed evidence-based change in policy and practice, resulting in national government funding and equity of access for a range of genomic tests. Simultaneously, Australian Genomics has built national skills, infrastructure, policy, and data resources to enable effective data sharing to drive discovery research and support improvements in clinical genomic delivery. We describe outcomes of a 5-year national program to accelerate the implementation of genomics into healthcare. We evaluated genomic testing in more than 5,200 individuals across 19 rare disease and cancer flagship studies. Simultaneously, we built skills, infrastructure, policy, and data resources to drive discovery research and support clinical genomic delivery. [ABSTRACT FROM AUTHOR]

Governments and health technology assessment agencies are putting greater focus on and efforts in understanding and addressing health inequities. Cost-effectiveness analyses are used to evaluate the costs and health gains of different interventions to inform the decision-making process on funding of new treatments. Distributional cost-effectiveness analysis (DCEA) is an extension of cost-effectiveness analysis that quantifies the equity impact of funding new treatments. Key challenges for the routine and consistent implementation of DCEA are the lack of clearly defined equity concerns from decision makers and endorsed measures to define equity subgroups and the availability of evidence that allows analysis of differences in data inputs associated with the equity characteristics of interest. In this article, we detail the data gaps and challenges to build robust DCEA analysis routinely in health technology assessment and suggest actions to overcome these hurdles. • Governments are putting greater focus on tackling health inequities, and health technology assessment bodies are responding by working to formally incorporate equity considerations into the decision-making process on funding of interventions. • Distributional cost-effectiveness analysis (DCEA) is a method to assess how health effects and costs are distributed between subpopulations and any ensuing trade-offs between maximizing overall population health and equity. DCEA provides a quantitative method for incorporating equity impact assessment into decision making. • Data gaps may limit the implementation of robust DCEA routinely for products undergoing health technology assessment. Therefore, data collection, analysis, and reporting need to be improved and aligned with the equity concepts of interest to decision makers. [ABSTRACT FROM AUTHOR]

In this paper, we analyzed the risk-adjusted performance of funds related to Environmental, Social and Governance (ESG-related funds), considering periods of financial constraints and the COVID-19 Pandemic. The database is comprised of 3,840 equity mutual funds in the period from January/2006 to December/2020. Each year, considering daily returns, we employed the Returns-Based Style Analysis to classify each fund as an ESG-related fund or a conventional fund; all funds in the category "Equities - Sustainability / Governance" were also considered as ESG-related mutual funds. Using daily data, for each year, the performance was estimated based on the fourfactors model. The main results indicate that, on average, ESG-related funds presented higher risk-adjusted returns during periods of financial constraints. These results suggest that, during market downturns, investors tend to obtain better risk-adjusted returns for investing in green funds. A similar result was observed in relation to the COVID-19 period, suggesting that, based on the methods and procedures used, ESG-related funds achieved a better performance when compared to "conventional" funds during the Pandemic. [ABSTRACT FROM AUTHOR]

Research background: Exponential growth of passive mutual funds after 2007-2008 global financial crisis put pressure on active fund managers to lower the management fees. The real costs of active fund management are, however, very often higher than the values of management fees reported publicly. Thus it is not easy to decide on the quality of the fund management and estimate the level of management charges optimal for the future fund performance. Purpose of the article: In this study, we propose to utilize an actual rate of the management fee (ARMF) disclosed in the management company financial statements as a measure of the real value of the management costs and investigate its determinants in mutual funds of different styles. Methods: Using a dataset of 21,618 monthly observations for 500 mutual funds from a market of diversified structure and high management fees charged we test the operating model of a mutual fund performance, and derive the formula of a before-fee return with the ARMF as its component. The fund performance is measured by a raw before-fee return and two types of risk-adjusted alphas based on the multifactor model of Carhart (1997) and the fund attributes. Later, using panel data we explain ARMF by mutual fund performance and attributes. We also compare the results to the ones obtained for the total operational cost (TOC) -- a value similar to ARMF that is disclosed in mutual fund financial reports. Findings & value added: We find that the proposed ARMF is related more to the size and not to the performance, age or a cash flow of mutual funds. We observe it among all studied fund styles. The largest deviations of the average ARMF are seen in the management companies that belong to the banks' capital groups. The proposed measure of the management fee included in the operating model of a mutual fund performance can be used for any local mutual fund worldwide, and compared with other fund markets of more or less diversified style structures. [ABSTRACT FROM AUTHOR]

In this paper, we investigate the information sharing within an organisation and its consequences on mutual fund performance. Using a sample from the US open-end mutual fund industry, information sharing inside an organisation is quantified via the dependence of individual funds from the fund family joint information set. The findings indicate a positive relationship between the degree of information sharing and the resulting fund performance. This remains robust across different performance evaluation metrics and various model specifications. Such superior performance can be attributed to the quality of information shared across affiliated fund members and timely information diffusion within the fund family. [ABSTRACT FROM AUTHOR]

There is a lot of scope for growth in the subject of behavioural finance, which is still relatively new. Policymakers, institutions, market infrastructure organizations, and businesses all have a hard time making sense of individual investors' behaviour in the stock market since there isn't adequate literature in the Indian context. Funds invested in stock are unique among commercial activities in that they are nearly always reliant on the advice of others. Stock advice from an expert seems like a no-brainer for them, therefore it seems sense that they think it will help them earn money. And yet, the mere idea of investing advising has certain very important characteristics. If the goal of an investor is financial gain, then asking for advice on where to put their money amounts to a request for direction. The main purpose of the study are to study the investment behaviour of the respondents, to identify various factors considered by the investors while taking the investment decision and to measure the influence of the stock brokers on the investor decisions. The study has been carried out in Chennai city to understand the investor behaviour towards the stock market and stock brokers. It is descriptive study conducted during the month of August 2022 with 200 sample investors. The investors who have investment in the stock market regularly are considered as sample respondents for the study. They selected using convenient sampling method. A Google Forms is prepared and circulated through the WhatsApp group of the brokers. The first 200 completed filled Google forms are selected for the study. The data are analyzed with the help of SPSS software. The study concluded that the level of influence is found same across all the age group of investors. [ABSTRACT FROM AUTHOR]

In this article we empirically study the investment behavior, portfolio distribution and returns of the pension investors in Türkiye with an extraordinarily high-quality administrative data in December 2019. To analyze the variation in investors’ portfolios of defined contribution pension plans, we calculate the share of wealth invested in the equity, fixed income and default funds. Results show that there is substantial heterogeneity in the level of pension wealth invested in equity funds, fixed income securities funds and default option funds. However, portfolio returns do not significantly vary among investors. Also, the distribution of pension wealth in defined contribution pension plans are extremely unequal. The portfolio weights of equity funds are very small. Although the distribution is slightly better for fixed income funds, almost the same pattern is for these portfolios. On the contrary, the portfolio weights of default funds are very high compared to equity and fixed income funds. This shows that stickiness to the default option is widespread for Turkish pension investors. [ABSTRACT FROM AUTHOR]

Agency has received much attention in recent historical institutionalist theorizing of change processes, but remains largely disconnected from questions about mechanisms that stabilize institutions. To help fill this lacuna, the paper presents bricolage as one key mechanism through which actors stabilize an institutional setup. It suggests that institutions may be defended by keeping intact the institutional logic on which the incumbent coalition is based, but rearrange the salience of the ideational and institutional elements that make up the existing institutional setup. The empirical relevance of the argument is supported through a case analysis of a 1980-reform that could have changed the face of German corporatism, but never was, namely the policy of collective equity funds (Tariffonds). Through process tracing, we explain the fate of the reform with the effectiveness of a last-minute intervention based on a bricolage of the extant institutional logic. [ABSTRACT FROM AUTHOR]

Public investments in research, development, demonstration, and deployment in energy systems are crucial for accelerating the adoption of new energy technologies that can support a low-carbon just energy transition and promote the fair and equitable distribution of benefits and costs, improving social equity. However, the impact of energy innovation funding on social equity through progressing the just energy transition has not been explored in prior research for advanced economies. Thus, this research quantitively examines how energy innovation funding affects social equity in 23 developed economies for the period of 1995–2020. Employing a fixed effect, augmented mean group, and a system-generalized method of moments technique along with a mediating model, this study finds that increasing energy innovation funding significantly improves social equity directly as well as indirectly via accelerating energy justice in advanced economies. Therefore, proper allocation and utilization of public energy innovation budgets are necessary to promote clean energy technologies, advance the just energy transition, and improve social equity, inclusion, and community engagement. This study emphasizes the importance of policy interventions that promote a just energy transition and energy innovation funding to build resilient and inclusive energy systems that improve social equity while achieving Sustainable Development Goal 7, affordable and clean energy. • Energy innovation funding is crucial for sustainable, equitable energy systems. • Just energy transition and social equity are positively linked. • Energy innovation funding impacts social equity via just energy transition. • Combining just energy transition and energy innovation funding can promote social equity. • Policy interventions promoting just energy transition are crucial for social equity. [ABSTRACT FROM AUTHOR]

As an effective approach in ranking decision making units (DMUs), cross-efficiency evaluation is only extended to two basic network systems: series and parallel, which is not applicable to the common complex network system in reality. By using the directional distance function (DDF), this paper extends the cross-efficiency evaluation to a complex system called the parallel two-stage system, which consists of several independent parallel processes and each of them is a sub-system with a general two-stage series structure. The proposed method is able to decompose the cross-efficiency measure of the system into the weighted average of those of processes, stages and overall stages, respectively, and as a result, successfully achieves the layer-by-layer decomposition of cross-efficiency measures under complex nested networks. An empirical study on 40 open-ended equity funds in China from 2018 to 2020 verifies that the newly proposed method not only has a stronger performance discrimination power than self-evaluation, but also can identify the relationships among efficiencies of the system, processes and stages, and meanwhile it can reflect the effects of processes and stages on the system. More importantly, our method has a better practical value for actual fund investment selection. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this study is to assess the potential maximum loss in more concentrated investment portfolios and more diversified portfolios using the VaR calculation as a tool for controlling and managing market risk. For this, the study proposes to answer the following research question: "Do more diversified equity funds present less risk?". Methodology: The historical simulation model was applied, considering seven portfolios of equity investment funds (FIAs) and 493 daily returns, under the 95% confidence level. Results: The results indicated that the maximum expected loss is higher in more concentrated portfolios. Therefore, the diversification strategy helped to reduce risk and is an important instrument to be considered in a stock portfolio. Contributions of the Study: The main contribution of the study is to provide subsidies for investors and asset managers, while providing a simulation and practical application of VaR in the analysis of portfolio diversification in equity investment funds. [ABSTRACT FROM AUTHOR]

This paper proposes the notion of the proper size interval for funds and the market redemption return in fund markets. We establish a model to determine the proper size interval that accounts for the interests of both investors and fund managers as well as market constraints. We then propose a method to analyze fund managers' abilities and fund sizes compared to the market averages. Using data on Chinese equity and hybrid funds for the sample period from 2009 to 2019, we find that there is a negative log-linear relationship between fund net excess return and fund size. Our model shows that both equity and hybrid funds experience the transition from being over-sized to properly- and under-sized. Under-sized and over-sized funds account for about 60% and 30% of the total sample, respectively, while less than 10% of funds have a proper size. Compared with over- or under-sized funds, funds with a proper size can generate higher returns and higher capital inflow. Our empirical results confirm that funds with higher managerial ability indeed outperform those funds with lower managerial ability, regardless of the category of fund size. Overall, our model provides a new method for fund investors, managers, and regulators to classify and evaluate funds. [ABSTRACT FROM AUTHOR]

The Brazilian mutual fund industry, despite having a high increase in net worth, is concentrated around a few large administrators. Therefore, it is worth questioning the extent to which this level of concentration can affect the performance delivered to the shareholders, as greater concentration implies less competition. In this way, this research aimed to analyze the impact of market competition on the performance persistence of equity mutual funds in Brazil. Using a sample of free portfolio equity investment funds from 2010 to 2019, the main results point to the existence of performance persistence for Brazilian free portfolio equity funds. Furthermore, they pointed out a positive and statistically significant relationship between the level of competition and the performance of funds, as well as in the interaction between competition and performance persistence. Consequently, indicating that, funds with greater performance persistence tend to maintain this persistence even in the face of greater industry competition. [ABSTRACT FROM AUTHOR]

Investors are attentive to lesbian, gay, bisexual, and transgender (LGBT) topic and a firm's adoption of LGBT-supportive policy. Using a sample of new LGBT adopters from KLD database, we show that mutual funds with a strong (weak) preference for LGBT stocks increase (decrease) their holdings in new LGBT adopters and receive more (less) capital flows when investor sentiment toward LGBT is high. We also find significant evidence that LGBT-induced trading activities lead to comovements in stock returns and share turnover. Specifically, LGBT adopters experience an increase (decrease) in return comovement with a portfolio of existing (non-) LGBT stocks. Our additional analyses based on an alternative sample from the Human Rights Campaign yield consistent results and suggest that investors consider not only the presence or lack of LGBT-supportive policy in a firm but also its LGBT performance when they make trading decisions. This research makes an important contribution to our limited understanding of the LGBT policy effect on investors, a key group of the firm's stakeholders. [ABSTRACT FROM AUTHOR]

Many important areas of the law place great confidence in the ability of contracting parties to bargain effectively. In this Article, I question the wisdom of a formalistic faith in bargaining by identifying flaws in the bargaining process at the high end of the market, where parties are sophisticated and have substantial resources to aid them in bargaining. My analysis focuses on the private equity fund industry, which is widely regarded as one of the most elite contracting spaces in the market. Because of rigorous investor qualification laws and other distinctive features of private equity funds, this industry enjoys many advantages compared to most realworld contracting settings. A careful review, however, reveals issues. Drawing on proprietary survey data and dozens of conversations with industry participants, this Article offers an in-depth analysis of bargaining problems in private equity funds. These bargaining problems raise a difficult question for scholars and policymakers: If optimal bargaining outcomes and processes are elusive in this high-end market and ongoing SEC intervention is needed, what can realistically be expected across the broader spectrum of real-world contracting settings? These findings provide a striking illustration of the fact that bargaining cannot simply be assumed to produce optimal outcomes in realworld environments. Acknowledging this reality has significant implications for securities law, the law of business organizations, and contract law. [ABSTRACT FROM AUTHOR]

Labor's shareholder activism deserves a share of the credit for governance reforms that made boards of directors and CEOs more accountable to shareholders. Of the $34 trillion of shareholder wealth created during the past thirty years, half was a reallocation from worker pay to investors. The objectives were straightforward-more power and money for investors - and so were the targets-CEOs and directors who were too closely aligned with non-shareholder constituencies and who failed to do the shareholders' bidding. Union investors sought to restrain skyrocketing CEO compensation with demands for say on pay, options expensing, and pay transparency. [Extracted from the article]

This paper explores inflows and outflows patterns in retail equity mutual funds related to past and future performance derived from detailed monthly security-level holdings of funds in the Czech Republic. We find that retail investors become sensitive to bad performance in times of aggregate illiquidity and while investing in funds that hold more illiquid assets. Moreover, we document that when facing illiquidity and deteriorating performance, under-performing equity investing funds experience lower investor purchases and a larger share of redemption requests. We observe similar investor behaviour in periods when retail investors face constraints on their disposable income. • Fund flow–performance is analyzed using detailed supervisory data. • Fund inflows and outflows react more to good performance than to bad performance. • Retail equity fund investors react to bad performance during illiquid periods. • Fund flows respond to changing income constraints of retail investors. [ABSTRACT FROM AUTHOR]

The objective of this study was to understand the steps to health coverage benefit utilization in Cambodia toward improving access to health care and financial risk protection for the poor. We particularly examine the role of user awareness in the pathway to care seeking and benefit utilization with respect to the Health Equity Funds (HEF). Using 2016 survey data that were nationally representative of households with children under two years of age, we used a series of logistic regression models to evaluate associations between respondents' awareness of benefits, public health care seeking behaviors, coverage benefit claims, and out-of-pocket expenditures. Beneficiaries were generally aware of their entitlements, although their awareness of specific benefits, such as transport reimbursement, was relatively lower. Awareness of free services at public health centers was associated with twice the odds of having ever visited a public provider for outpatient care, while awareness of free services at public hospitals was associated with higher odds of always seeking inpatient care in the public sector. Study findings point to the decision of where to seek care as the critical point in the pathway to HEF utilization. If the decision had already been made to go to a public provider, it was likely that HEF benefits were claimed. Interventions that prompt appropriate care seeking in the public sector may do the most to improve HEF utilization and subsequently improve access to care through sufficient financial risk protection. [ABSTRACT FROM AUTHOR]

The four zone professional learning model is a practical, comprehensive approach to striving toward equity through professional learning within gifted education programs. Grounded in equity literacy and funds of knowledge frameworks and based in best practices in culturally responsive gifted professional learning, the zones address the knowledge and skills necessary for proficient teachers of the gifted through the process of systemic change. The model was designed and developed over several years utilizing the plan-study-do-act action research model. This article discusses the methodological evolution of the model, the research and theoretical frameworks in which it is grounded, and future implications. [ABSTRACT FROM AUTHOR]

In Cambodia, diabetes caused nearly 3% of the country's mortality in 2016 and became the fourth highest cause of disability in 2017. Providing sufficient financial risk protection from health care expenditures may be part of the solution towards effectively tackling the diabetes burden and motivating individuals to appropriately seek care to effectively manage their condition. In this study, we aim to estimate the distributional health and financial impacts of strategies providing financial coverage for diabetes services through the Health Equity Funds (HEF) in Cambodia. The trajectory of diabetes was represented using a Markov model to estimate the societal costs, health impacts, and individual out-of-pocket expenditures associated with six strategies of HEF coverage over a time horizon of 45 years. Input parameters for the model were compiled from published literature and publicly available household survey data. Strategies covered different combinations of types of diabetes care costs (i.e., diagnostic services, medications, and management of diabetes-related complications). Health impacts were computed as the number of disability-adjusted life-years (DALYs) averted and financial risk protection was analyzed in terms of cases of catastrophic health expenditure (CHE) averted. Model simulations demonstrated that coverage for medications would be cost-effective, accruing health benefits ($27 per DALY averted) and increases in financial risk protection ($2 per case of CHE averted) for the poorest in Cambodia. Women experienced particular gains in health and financial risk protection. Increasing the number of individuals eligible for financial coverage also improved the value of such investments. For HEF coverage, the government would pay between an estimated $28 and $58 per diabetic patient depending on the extent of coverage and services covered. Efforts to increase the availability of services and capacity of primary care facilities to support diabetes care could have far-reaching impacts on the burden of diabetes and contribute to long-term health system strengthening. [ABSTRACT FROM AUTHOR]