Large Funds Research Articles

The Life of the Counterparty: Shock Propagation in Hedge Fund-Prime Broker Credit Networks

The collapse of Lehman Brothers illustrated the importance of managing prime broker counterparty risks for hedge funds. Liquidity shocks to prime brokers can lead to cycles of deleveraging that produce losses at funds and potentially have harmful effects on financial market function and credit provision. While the hedge fund-prime broker credit network is highly concentrated, the average hedge fund in our sample borrows from three prime brokers and has a total credit exposure of $2.15 billion. We show that hedge fund borrowing tends to be overcollateralized and most of the collateral is allowed to be rehypothecated. Using a within fund-quarter empirical strategy, we identify the effects of an idiosyncratic liquidity shock to a major creditor. Such a shock results in significantly reduced borrowing due to the prime broker reducing credit supply instead of a precautionary reduction in credit demand from connected hedge funds. Borrowing by funds with more rehypothecable collateral is less affected because such collateral improves the constrained creditor's liquidity situation. Even large hedge funds simultaneously borrowing from multiple creditors see a significant reduction in their aggregate borrowing following the shock. Larger, more connected and better-performing hedge funds and those that do less OTC trading are better able to compensate for this loss.

Participation-effect pathways in transdisciplinary sustainability research: An empirical analysis of researchers’ and practitioners’ perceptions using a systems approach

In sustainability research, transdisciplinary (TD) approaches that involve practitioners in the research process have emerged as promising tools for enhancing real-world knowledge and engendering societal change. However, empirical insights into how such participation can contribute to the societal effects of TD research are scant and largely rely on single case studies, neglecting practitioners’ perceptions. In this article, we empirically investigate the perceptions of both researchers and practitioners on how practitioners’ participation in TD research might instigate societal changes. We present the results of a qualitative meta-level study of participation processes in seven TD sustainability research projects from a large German research funding programme. Applying a systems approach, we (i) uncover direct, indirect and interlinked participation-effect pathways; and (ii) highlight feedback effects that shape a dynamically evolving participation process. By elucidating both researchers’ and practitioners’ perceptions of participation-effect pathways, this article contributes empirical insights to an emerging scholarship on theories of change in sustainability research and provides ideas on how to better include systems thinking into TD research and future studies of societal effects.

Cost-effectiveness of a mindfulness-based mental health promotion program: economic evaluation of a nonrandomized controlled trial with propensity score matching

BackgroundMental health promotion programs have been shown to reduce the burden associated with mental distress and prevent the onset of mental disorders, but evidence of cost-effectiveness is scarce.ObjectiveTo evaluate the cost-effectiveness of a mindfulness-based mental health prevention program provided by health coaches in a multi-site field setting in Germany.MethodsThe single-study based economic evaluation was conducted as part of a nonrandomized controlled trial, comparing the effects of a group-based prevention program to usual care based on propensity score matching. Participants (N = 1166) were recruited via a large statutory health insurance fund. Health outcome was assessed with the Hospital Anxiety and Depression Scale (HADS). Cost outcomes were actually incurred costs compiled from the health insurance’ records. Incremental cost-effectiveness ratios (ICER) were analyzed from a societal and a health care perspective for a 12-month time horizon with sampling uncertainty being handled using nonparametric bootstrapping. A cost-effectiveness acceptability curve was graphed to determine the probability of cost-effectiveness at different willingness-to-pay ceiling ratios.ResultsFrom a societal perspective, prevention was cost-effective compared to usual-care by providing larger effects of 1.97 units on the HADS (95% CI [1.14, 2.81], p < 0.001) at lower mean incremental total costs of €-57 (95% CI [− 634, 480], p = 0.84), yielding an ICER of €-29 (savings) per unit improvement. From a health care perspective, the incremental health benefits were achieved at additional direct costs of €181 for prevention participants (95% CI [40, 318], p = 0.01) with an ICER of €91 per unit improvement on the HADS. Willingness-to-pay for the prevention program to achieve a 95% probability of being cost-effective compared to usual-care, was estimated at €225 per unit improvement on the HADS score from a societal, and €191 from a health care perspective respectively. Sensitivity analyses suggested differential cost-effect-ratios depending on the initial distress of participants.LimitationsDue to the complexity of the field trial, it was not feasible to randomize participants and offer an active control condition. This limitation was met by applying a rigorous matching procedure.ConclusionsOur results indicate that universal mental health promotion programs in community settings might be a cost-effective strategy to enhance well-being. Differences between the societal and health care perspective underline the call for joint funding in the dissemination of preventive services.Trial registrationGerman Clinical Trials Registration ID: DRKS00006216 (2014/06/11, retrospective registration).

Air pollution, behavioral bias, and the disposition effect in China

Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism.

Capitalising the farm family entrepreneur: negotiating private equity partnerships in Australia

ABSTRACTResearch on the financialisation of land and agribusiness has highlighted major shifts in agri-food systems globally. Yet these accounts tend to focus on the activities of financial actors, and few take seriously the role of farmers in negotiating investments in land and agribusiness. Farmers in the global North may be well placed to benefit from partnerships with financial investors, although little is known about the way that such partnerships are formed. Australian studies of farmer agency have been productive in examining farm family entrepreneurs and globally engaged farmers who work beyond the farm gate to organise supply chains. This paper adds to these studies by providing insights about a capitalising farm family entrepreneur, who successfully negotiated and entered into a direct equity partnership with a large foreign pension fund. Several observations are significant: the exceptional skill, time and expense required to negotiate these partnerships; the role of consultants and non-human actors in structuring them; and the spatially- and temporally divergent farm development practices that are enabled by a shift from debt to equity financing. These observations are indicative of a new adaptive strategy of family farmers to shifting financial landscapes and of emergent family, corporate, and financial farm hybridity.

ЗАДАЧИ ПО УСКОРЕНИЮ ВНЕДРЕНИЯ НОВЫХ СОРТОВ ЯБЛОНИ В ПРОИЗВОДСТВО

As a rule, it takes on average 25 years to develop new apple cultivars and include them in the State Register of breeding achievements. Usually the same time is spent for the widespread introduction of a new cultivar into production. This does not suit the producers, as during this time, as a rule, the requirements for cultivars change and increase due to changes in the technology of cultivation of apple orchards. Breeders face a difficult task to accelerate the creation of apple cultivars and their rapid introduction into industrial and amateur gardens. The time of single breeders is over, and in order for new cultivars to meet the requirements, they must be with a certain habit, immunity to scab, precocity, regular and high yield; have fruits with a bright color (red, yellow or green) of certain weight and size. Winter cultivars should have durability of fruit, rich taste and high marketability. Only a large interdisciplinary team of researchers can solve the problem with such requirements. Besides breeders, these groups also should include gardeners, geneticists, cytoembriologists, physiologists, biochemists, phytopathologists and agronomists with the corresponding machinery equipment. Large hybrid funds, giving the opportunity to rigidly reject hybrid seedlings, are needed for constant updating of the assortment. The establishing of small production testing of varieties in the institution-originator already in the transfer of the varieties to the state test can seriously reduce the time of introduction of new varieties into production. Such well-coordinated interdisciplinary teams can create apple cultivars with a whole range of economic and biological characteristics that meet the high requirements of the production.

Maternal gestational exposure to di-butyl phthalate (DBP) from medications and birthweight of progeny

TPS 742: Adverse birth outcomes 1, Exhibition Hall, Ground floor, August 27, 2019, 3:00 PM - 4:30 PM Background: Birthweight, an important predictor of long-term morbidity, is affected by several environmental factors. Thus, birthweight can be used as an early indicator for adverse health conditions that are linked with suboptimal in-utero development, including those possibly caused by gestational exposures to environmental toxicants. Di-butyl phthalate (DBP) is used as an excipient in some mesalamine medications prescribed for treatment of inflammatory bowel disease (IBD), leading to extremely high exposures among patients. DBP is an endocrine disruptor, yet its effects on birthweight have not been conclusively elucidated. We evaluated whether maternal gestational use of DBP-containing medications is linked with alterations in birthweight of progeny. Methods: We conducted a population-based analysis of 546,432 singletons born in 1999-2015 in a large Israeli health fund. Medication dispensing, birthweight, and demographic data were abstracted from electronic medical records. Analyses were performed using generalized estimating equation (GEE) and generalized additive linear regression models. Results: 2,276 singletons were exposed to mesalamine medications during gestation, of which 162 were exposed to a mesalamine formulation with DBP. In models adjusted for sociodemographic factors and other known predictors of birthweight, maternal gestational use of DBP-containing mesalamine formulation was associated with a reduction of 132.0g [95% C.I.:-240.8,-23.1] in birthweight, whereas use of non-DBP mesalamine formulations was associated with a decrease of 77.8g [95% C.I.:-104.7,-51.0] as compared to singletons from mothers not treated with mesalamine. Additional adjustment for gestational age did not alter results. Conclusions: Maternal gestational use of DBP-containing mesalamine medications was associated with a reduction in birthweight, although some of the effect is likely attributed to the underlying IBD. Subsequent analyses will examine longer-term adverse developmental outcomes possibly associated with gestational pharmaceutical exposure to DBP and other phthalate congeners. Future studies should evaluate whether similar findings are observed with less extreme exposures that more closely reflect background environmental levels.

A Clinician-Researcher Training Program for Family Medicine Residents.

Research training for clinicians is becoming relatively common for postdoctoral trainees in academic institutions. In contrast, there are relatively few such training programs for family physician residents. The purpose of this article is to describe a novel program for family medicine trainees in Maccabi Health Services, a large Israeli health fund. Following organizational approval and budget allocation, a call for family residents resulted in 18 applications, 15 of whom were selected for a two-year research training program. Each trainee submitted a research proposal, dealing with a community- based research question. Each protocol was allocated a budget. The Program, overseen by a steering committee of family physicians and scientists, has a designated clinical epidemiologist who coordinates all activities. The Project runs monthly face-to-face meetings where trainees present their research proposals. The group reviewed the protocols ahead of time, commented on them and criticized them. In parallel, the trainees participate in a detailed discussion of their research proposals face-to-face with the program director and clinical epidemiologist, and the revised research proposal is submitted to the Institution Review Board. The Program received enthusiastic responses from the trainees and from Maccabi Health Services, which has already approved the budget for the second year of the Program with a new stream of trainees. The approved research proposals dealt with original and important community-based clinical questions. With the aim of developing clinician-researchers in the field of family medicine, this novel program will help change the research climate in a large organization, where community-based family practitioners were not typically involved in research.

Performance of Indian Mutual Fund Schemes

Risk, diversification, features of investment avenues, and tax benefit are the factors considered by the investors in their decision making. The convenience of investing in small proportions and tax benefits attracts the investors towards mutual fund investments. The studies prove that market timing ability of fund managers drives the mutual fund scheme performance. This assessment of the above factors would help to the investors in their choice of mutual funds. 36 Indian Mutual Funds Schemes were assessed using the Sharpe, Treynor, Jensen’s measure from January to June 2019. L&amp;T Liquid Fund –Direct (Growth), L&amp;T Low Duration Fund-Growth and Edelweiss Large Cap Fund - Direct (Growth) performed well.

Les étapes du financement de la recherche académique : de la soumission en partenariat jusqu’à l’attribution et aux publications

Les agences de financement de la recherche allouent des ressources (rares) selon un processus bottom-up concurrentiel. Cet article analyse les déterminants et les conséquences des choix réalisés à chaque étape du processus de financement. En mobilisant des recherches passées (Banal-Estañol, Macho-Stadler et Pérez-Castrillo [2013], [2018] et [2019]), nous présentons de nouveaux résultats en utilisant une base de données provenant de l’une des plus grandes agences de financement dans le monde, l’Agence anglaise de recherche en sciences physiques et de l’ingénieur (EPSRC). Classification JEL : O32, I23.

Efficiency of the EU Environmental Policy in Struggling with Fine Particulate Matter (PM2.5): How Agriculture Makes a Difference?

Fine particulate matter (PM2.5) emissions are an important global issue as air pollutants lead to approximately 7 million deaths per year (World Health Organization). In an attempt to combat this global threat, countries in the European Union (EU) allocate relatively large funds for environmental policies. The main goal of this paper is to assess the long-term efficiency of the EU countries’ environmental policy in reducing the pressure of particulates pollution on the natural environment. For this purpose, multilevel panel regression models based on seminal within–between specification are used. The models are run for a panel of 25 EU countries for the years 2004–2016. In the investigations, we tried to capture the effect of the share of utilized agricultural area (UAA) in non-urban areas of the analyzed countries, as it may potentially influence policy efficiency. It was found that environmental spending in all main categories (pollution abatement, biodiversity, R&amp;D, and environmental protection) had a significant impact on decreasing pollution pressure; however, the policy was more efficient in countries which had a lower share of UAA in their non-urban areas. The study emphasized that the impact of “pollution abatement” expenditure may be underestimated in basic panel models.

AFSP invests millions in scientific research to prevent suicide

The American Foundation for Suicide Prevention (AFSP) on Sept. 4 announced 26 new grants totaling over $6.2 million. These grants were awarded to researchers across the world who focus their work on studies that help the field learn about suicide and how to prevent it. “Suicide is the tenth leading cause of death, and we are learning how to prevent it through research,” Jill Harkavy‐Friedman, vice president of research for AFSP, stated in a news release. “The studies cover a broad range of topics including new ways to screen for suicide risk, the development of effective interventions, and efforts to increase our understanding of the biology of suicidal behavior.” Each application is reviewed multiple times by the top suicide prevention researchers in the world, the release stated. The research grants are funded mainly through individual donors who attend the AFSP walks and other public education events. Many of the grantees then go on to receive further funding from the National Institute of Mental Health and other large funding agencies.

The effect of gender-specific invitation letters on utilization ofcolorectal cancer screening.

Colorectal cancer (CRC) screening can effectively reduce cancer-associated mortality. In Germany, individuals over the age of 50 or 55 have access to CRC screening services. However, utilization rates are persistently low, particular in the male population. This observational study investigates the effect of standard versus gender-specific invitation letters on utilization of CRC screening services. We analyzed utilization rates of individuals who were insured by a large health insurance fund in Bavaria, Germany. Persons who became eligible for CRC screening received a standard (2013-2014) or a gender-specific invitation letter (2015-2016). We compared utilization rates within 6 months after receipt of the invitation letter using billing codes of the health insurance fund. Invitation letters were sent to 49 535 individuals, of which 48.8 % were gender-specific. The overall utilization rate did not differ between recipients of the standard versus gender-specific invitation letter (11.6 % vs 11.1 %; RR: 0.97 [0.92-1.02], p = 0.19). However, uptake of screening colonoscopy was significantly higher among recipients of gender-specific invitations (2.9 % vs 3.5 %; RR: 1.21 [1.04-1.39], p = 0.01), whereas utilization of fecal occult blood tests declined (10.4 % vs 9.7 %; RR: 0.93 [0.88-0.99], p = 0.016). Gender-specific design of invitation letters can modify the patients' preference for specific CRC screening services and increase the acceptance of screening colonoscopy.

Is There a Quid Pro Quo between Hedge Funds and Sell-Side Equity Analysts?

In this article, the authors posit a quid pro quo in economic benefits between sell-side equity analysts and large hedge fund managers. They show that large hedge funds opportunistically trade one to four days prior to the publication of a recommendation change, a finding consistent with flow of information from analysts to hedge funds. Next, the authors demonstrate that in return for the information provided, analysts benefit from (1) better external evaluations and (2) higher trading commissions and fees for their brokerage firm. Notably, pre-trading occurs only when the analyst issuing the recommendations has a high external evaluation and the analyst’s brokerage house is a prime broker to the hedge fund. TOPICS:Manager selection, fundamental equity analysis, portfolio construction

State investments and human rights? The case of the Norwegian Government Pension Fund Global

PurposeThe purpose of this paper is to explore how the Norwegian Government incorporated its responsibility for human rights into the investment practices of its Global Pension Fund and how human rights issues were negotiated when exclusion was considered.Design/methodology/approachDrawing on a series of interviews the authors analyse the way in which responsibility for human rights has been translated into the practices of the Norwegian Government Pension Fund Global.FindingsThe paper documents how a large investment fund used several mechanisms to address human rights risks. The authors demonstrate that different logics among actors sometimes impeded addressing human rights issues. The findings demonstrate that sovereign wealth funds (SWF) can be held accountable for human rights.Research limitations/implicationsThe paper illustrates the difficulty of co-operation between actors with different logics. This can result in institutional conflict, but also in positive outcomes for human rights.Practical implicationsAttempts to introduce human rights into state investments may result in increased institutional complexity. The findings indicate that state investors can address human rights issues, but that the ability to do so is diminished where divestment creates political tension.Social implicationsLarge investors can influence companies on specific human rights issues.Originality/valueThis is one of the first empirical investigations of the human rights practices of a SWF. The authors contribute to the literatures on accounting and human rights, SWF and institutional theory.

REGIONAL DIVERSIFICATION OF THE INTENSITY OF IMPLEMENTATION OF SELECTED RDP 2014-2020 MEASURES AGAINST BACKGROUND ENVIRONMENTAL AND ORGANIZATIONAL CONDITIONS

The aim of the paper is to determine regional differentiation in the implementation of selected RDP measures 2014-2020 in the context of different natural and organizational conditions. After EU accession, Polish agricultural producers gained access to a large European market and European funds supporting agriculture and rural development. The Common Agricultural Policy (CAP), structural funds and other EU instruments have strengthened the increasingly multifaceted view of rural development. The material for analysis was data of the Agency for the Restructuring and Modernization of Agriculture (ARMA) and the Central Statistical Office (GUS). Analysis showed that the implementation of main environmental activities under the RDP 2014-2020 is, to a large extent, regionally differentiated. In relation to Less Favorited Areas, this is mainly due to natural criteria adopted for their delimitation. On the other hand, the intensity of implementation of Agri-Environmental/Agri-Environmental and Climate Measure (AE/AECM) and Organic Farming (OF) is directly correlated with average farm size. A common feature for voivodships with a larger share of AE/AECM and OF is a smaller simplification of crop rotation confirmed by a negative correlation with the share of cereal in the sown area. On this basis, it can be stated that the environmental activities of the RDP 2014-2020 implement the set goals.

Epidemiology and cost of seasonal influenza in Germany - a claims data analysis

BackgroundSeasonal influenza contributes substantially to the burden of communicable diseases in Europe, especially among paediatric populations and the elderly. The aim of the present study was to estimate the incidence of seasonal influenza in Germany, the probabilities of related complications and the economic burden of influenza per case and on a population level for different age groups.MethodsClaims data from 2012 to 2014 from > 8 million insured of a large German sick-ness fund were analysed. A matched case control study was used on a sub-sample of 100,000 influenza cases to calculate complication rates for ear infections/acute otitis media (AOM) and community-acquired pneumonia (CAP) as well as resource use and costs for seven age groups.ResultsIncidence of seasonal influenza varies between the years and is highest among infants and children 2 to 5 years of age. AOM is more likely in the younger age groups with up to 14% more patients in the influenza group than in the control group. CAP is more frequently observed in the younger age groups and in influenza patients 60 years and older. The manifestation of one influenza complication (AOM or CAP) significantly in-creases the occurrence of a second complication (AOM or CAP). The economic burden per case is highest in infants (€251.91) and persons over 60 years of age (€131.59).ConclusionThe burden of influenza is highest among infants and young children, which is also reflected in the economic burden. Influenza related costs per case are nearly double for infants compared to persons over 60 years of age.

PENGARUH ZAKAT PRODUKTIF BAZNAS KOTA MEDAN TERHADAP PERTUMBUHAN USAHA DAN KESEJAHTERAAN MUSTAHIK DI KECAMATAN MEDAN TIMUR

The purpose of this study was to determine the effect of Zakat, Infaq and Productive Sadaqah on the growth of micro enterprises and mustahiq welfare in Medan City, and also to determine the effect of the growth of micro mustahiq businesses on mustahiq welfare in Medan City. This study belongs to the explanatory or confirmatory research category, which is to get an explanation of the relationships between variables. The object to be investigated / analyzed is the variable productive Islamic charity (ZIS) with micro-business variables and welfare variables mustahik on the Medan BAZDA. This research is a quantitative research that uses an analysis of the SPSS approach. The results showed that Zakat, Infaq and Productive Sadaqah had an effect on the growth of mustahiq micro enterprises in Medan City, whereas Zakat, Infaq and Productive Sadaqah did not affect the welfare of mustahiq in Medan City. The potential of ZIS in Medan City is actually quite large, if they distribute their zakat through the BAZNAS in Medan City, a larger fund will be collected for the benefit of the ummah.

PENGARUH ZAKAT PRODUKTIF BAZNAS KOTA MEDAN TERHADAP PERTUMBUHAN USAHA DAN KESEJAHTERAAN MUSTAHIK DI KECAMATAN MEDAN TIMUR

The purpose of this study was to determine the effect of Zakat, Infaq and Productive Sadaqah on the growth of micro enterprises and mustahiq welfare in Medan City, and also to determine the effect of the growth of micro mustahiq businesses on mustahiq welfare in Medan City. This study belongs to the explanatory or confirmatory research category, which is to get an explanation of the relationships between variables. The object to be investigated / analyzed is the variable productive Islamic charity (ZIS) with micro-business variables and welfare variables mustahik on the Medan BAZDA. This research is a quantitative research that uses an analysis of the SPSS approach. The results showed that Zakat, Infaq and Productive Sadaqah had an effect on the growth of mustahiq micro enterprises in Medan City, whereas Zakat, Infaq and Productive Sadaqah did not affect the welfare of mustahiq in Medan City. The potential of ZIS in Medan City is actually quite large, if they distribute their zakat through the BAZNAS in Medan City, a larger fund will be collected for the benefit of the ummah.

ЦЕЛЕБНЫЕ СОРТА ЯБЛОНИ (ПОПУЛЯРИЗАЦИЯ СЕЛЕКЦИОННЫХ ДОСТИЖЕНИЙ)

Purposeful large-scale work on the creation of apple cultivars with improved biochemical composition of the fruit has been carried out at the Russian Research Institute of Fruit Crop Breeding (VNIISPK) for more than 60 years. Some results of the work on the creation of cultivars with the improved biochemical composition of fruit are summarized in the article. A number of the apple cultivars with high contents of sugars, ascorbic acid and P-active substances have been created. The best cultivars according to a complex of commercial traits and content of sugars in fruit are: Osipovskoye - 12.2% (on State testing), Orlovsky Partizan - 11.8% and Ivanovskoye - 11.8% (included in the State Register). The best cultivars according to the content of ascorbic acid in fruit: Vita - 21.4 mg/100g, Veteran -19.4 mg/100g and Ivanovskoye -19.5 mg/100g (the last two cultivars are included in the State Register). The best cultivars according to the content of P-active substances in fruit: Kandil Orlovsky - 558 mg/100g, Orlovsky Pioner - 514 mg/100g and Pamyati Khitrovo - 480 mg/100g (all are zoned). These cultivars are significantly different according to the biochemical composition from wide-known cultivars Antonovka Obyknovennaya, Grushevka Moskovskaya, Osenneye Polosatoye, Papirovka, Pepin Shafranny and the most new cultivars of VNIISPK breeding. Apple breeding for higher content of sugars and biological active substances (vitamins C and P) has great prospects, because the introduction of such cultivars as irreplaceable energy sources into production will allow to increase nutritional and preventive value of fruits without additional costs. However, we must remember that the purposeful development of high-sugar and high-vitamin cultivars requires the creation of large hybrid funds and years of hard work. It is also necessary to develop rapid methods to carry out mass tests quickly so that to determine the nutrients and biologically active substances in the fruit of a large number of seedlings.