Search results

The purpose of this paper is to propose a new measure of portfolio activity, the modified turnover (MT), which represents the portion of the portfolio that the manager changes from one quarter to the next. Compared with the traditional turnover, the MT measure has a distinct interpretation, relies on portfolio holdings, includes the effects of flows and ignores the effects of offsetting trades.

Using quarterly holdings data, the authors examine the relationship between fund turnover, performance, and flows for a sample of 2,856 actively managed mutual funds over the period 1991-2012. The authors provide numerical examples to illustrate how the suggested measure, MT, is different from the traditional turnover measure. The authors use panel regressions, simple and double sorts to examine the predictability of performance.

The authors find evidence that high MT predicts lower performance. The comparison between the highest and lowest quintiles sorted based on MT reveals a difference of −2.41 percent in the annual risk-adjusted return. Furthermore, high MT predicts lower net flows. The authors also find that MT relates positively to other activeness measures while volatility, flows, size, number of stocks, and the expense ratio are significant determinants of MT. Overall, the results suggest that frequent churning of a portfolio is value destroying for investors and signals a manager’s lack of skill.

The authors offer a simple measure, namely, MT, for estimating the fraction of a portfolio that changes from one quarter to the next. Armed with this tool, the authors investigate whether funds deviate from their previous quarter’s holdings because of valuable or noisy information, and whether such signals are exploited by fund investors.

The purpose of this paper is to survey the lease vs buy coverage in leading managerial finance textbooks and to clarify the impact of tax rates and borrowing rates.

The survey uses “plain vanilla” lease vs buy scenarios to critique and clarify particular issues in the textbook presentations.

The survey finds: a lone text shows that there can be a gain from leasing if the lessee’s tax rate is higher than the lessor’s, which challenges the “conventional wisdom” maintained in all the other texts; some textbook examples attribute an overall benefit to leasing to the tax rate difference, but the benefit is actually due to a borrowing rate difference, and borrowing rate differences may be a more important source of leasing benefits than tax rate differences.

The survey provides insights that are not well known and should be useful to instructors and practitioners.

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

This article uses the case of paid domestic work in Los Angeles to argue that affluent and middle‐class members of U.S. society constitute important participants in the informal economy. In‐depth, tape‐recorded interviews conducted with thirty‐five employers of nannies and house cleaners, and survey responses of 154 Latina house cleaners and nannies shows that compliance with government regulations, as indicated by payment of Social Security, Medicare and federal tax withholdings, are rare. Affluent citizens may not directly depend on informally generated income, but as employers of paid domestic workers and nannies, they do depend on informally organized and remunerated services. Employers of paid domestic workers rely on three major narrative strategies to distance themselves from the regulations, arguing that the standards should be followed by certain categories of people (attorneys, celebrities, the very wealthy), that the regulations apply only to those employing full‐time help, and that the regulations are illegitimate because both undocumented workers and the state lack legitimacy. These rationalizations allow them to simultaneously condemn Zoe Baird and yet follow the same practices. Upgrading the occupation requires state support and the education of employers. This process would lead to greater recognition of paid domestic work as an occupation, one that merits the protections and regulatory guidelines governing other jobs.

Using data from the linked National Health Interview Survey National Death Index (NHIS‐NDI), a new and unique data set, we examine the interaction of age and self‐rated health as a predictor of overall and cause‐specific mortality. Proponents of wear and tear theories argue that as the body ages, it begins to degenerate, leaving the aged in poor health and vulnerable to their ultimate mortality. We find that although the majority of the elderly rate their health as good or better, low levels of education and income contribute to poor perceived health, and the effect of age on mortality varies by level of perceived health. While the oldest old who report the poorest health experience greater risks of mortality, elders who report good health experience much lower risks. As a larger share of our population survives into old age, it is important to emphasize preventive health care policy, as well as strong economic and health care safety nets, not only to promote health but also to lengthen life.

This survey covers civil, electrical and electronics, energy, environment, general, materials, mechanical, and traffic and transportation engineering. Areas such as biomedical and chemical engineering will be dealt with in future issues. Readers may find that the classifications included in this survey are not mutually exclusive but do occasionally overlap with one another. For instance, the section on environmental engineering includes a review of a book on the environmental impact of nuclear power plants, which might as easily have been part of the section on energy technology. Before we go into a discussion of data bases and indexes, I would like to note in this introductory section some recent bibliographic aids published during the period surveyed. Most engineering libraries will find them very valuable in their reference and acquisition functions. Since normal review sources will cover these books, I am merely listing them below: Malinowski, Harold Robert, Richard A. Gray and Dorothy A. Gray. Science and Engineering Literature. 2d ed., Littleton, Colorado, Libraries Unlimited, 1976. 368p. LC 76–17794 ISBN 0–87287–098–7. $13.30; Mildren, K. W., ed. Use of Engineering Literature. Woburn, Mass., Butterworths, 1976. 621p. ISBN 0–408–70714–3. $37.95. Mount, Ellis. Guide to Basic Information Sources in Engineering. New York, Wiley, Halsted Press, 1976. 196p. LC 75–43261 ISBN 0–47070–15013–0. $11.95 and Guide to European Sources of Technical Information. 4th ed., edited by Ann Pernet. Guernsey, Eng., F. Hodgson, 1976. 415p. ISBN 0–85280–161–0. $52.00.

In this paper we develop a conceptual model of the cultural context within which gender and social support affect health among the elderly. We argue that given the highly contextualized and subjective nature of social support, observed associations between social contacts and health cannot be explained using simple survey probes concerning contacts during some period. The research employs two large surveys of older blacks and Hispanics to illustrate the speculative nature of any explanation of the association among various social contacts, disability, and death that are based only on responses to questions concerning the presence or absence of specific contacts. We end with a call for an extension of what is currently common practice in the study of social support and health to include greater attention to the subjective nature of social support and a greater appreciation of the cultural and social contexts within which social support operates to influence the health of older men and women.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.